Legal developments concerning a Pulitzer Prize-winning weekly newspaper published on the California coast but formed in the state of Vermont is offering hope for beleaguered newspapers throughout the country. The newspaper, the Point Reyes Light, incorporated in May as an L3C, a Low profit Limited Liability company authorized under Vermont law. The first-in-the-nation L3C statute was approved by the Vermont legislature and signed into law by Governor Jim Douglas in 2008.“We believe that this is the first newspaper in the country to incorporate as an L3C, and it gives hope to other papers facing their possible demise due to lower advertising revenues and competition from the web,” said Kim Butler, a business law attorney in the Lebanon office of Downs Rachlin Martin PLLC, who advised the owners on the law. “According to the owners, it is unlikely that this newspaper will ever make a substantial profit. Rather, it is organized and run for the benefit of its readers and the journalism profession. The L3C structure provides for that.”The Light was awarded a Pulitzer Prize in 1979 for investigative reporting, but had struggled financially since it was sold in 2005 by long-time editor and publisher David V. Mitchell, who retired. The Light is now owned by the Point Reyes Light Publishing Company L3C that in turn is owned by Marin Media Institute, a nonprofit corporation governed by a board comprised of journalists, writers and educators. Its directors include West Marin County residents Corey Goodman, a biotech entrepreneur, and Mark Dowie, the former publisher and editor of Mother Jones magazine and a noted investigative journalist.Butler was connected with the paper through client Warren Bingham, a respected media consultant and former operator of the Stinehour Press, a high-quality fine printing company in Vermont’s Northeast Kingdom, which also fell victim to a changing publishing industry a couple of years ago.The concept of the L3C was developed by Robert Lang of the Mary Elizabeth and Gordon B. Mannweiler Foundation, and Marcus Owens, former head of the IRS Tax Exempt Organization Division. In a collaborative effort involving a panel of experts assembled by them, Lang and Owens crafted an entity that is specifically designed to facilitate low-profit investing by private foundations in socially responsible businesses whose primary mission is charitable. In 2008, they worked with the Downs Rachlin Martin lobbying team in Montpelier and with the Vermont legislature to make the concept a reality.As an L3C owned by a nonprofit corporation, the company has more options available to it to keep the presses rolling, according to Butler. The paper can accept grants from nonprofit organizations as well as program-related investments, or PRIs. Under IRS rules, private foundations and donor-advised funds must give away five percent of their assets each year. The PRI is an allowed contribution. Under the rules, a PRI must be made in a company that significantly furthers one or more charitable or educational purposes. The company may not have as a significant purpose the production of income or the appreciation of property, and the company may not exist for political purposes.Although the L3C might not be the answer for every newspaper, it may provide hope for some, according to Michael Donoghue, executive director of the Vermont Press Association. “Newspapers continue to be the number one source of news and advertising for Americans, but some newspapers are struggling, some have even been forced out of business, and many have to re-think their business model,” he said. “We need more creative thinking from papers like the Light to keep local journalism strong and investigative reporting alive. Newspapers are essential in trying to ensure democracy, open government, transparency and for keeping communities informed on news, weather, sports, features, public notices and more.”Downs Rachlin Martin PLLC is a full-service law firm with more than 60 attorneys and six offices in Vermont, New Hampshire and New York. DRM provides legal services to local, national and international clients in practice areas that include bankruptcy and business restructuring, business law, captive insurance, energy and telecommunications, family law, health law, intellectual property, labor and employment, litigation, real estate and land use, environmental law, tax law and trusts and estates. The firm represents clients in legislative, regulatory and public affairs through the Government and Public Affairs group. DRM is the law firm member for Vermont of Lex Mundi, the world’s leading association of independent law firms.Source: Downs Rachlin Martin. 6.29.2010##
Category: fdtnwcmtdulfdxvp Guatemala Seizes 320 Barrels of Chemicals Meant for Drug Manufacturing
By Dialogo April 03, 2012 In a warehouse in the port of Santo Tomás de Castilla, on the Caribbean around 300 km northwest of the capital, the Guatemalan police seized 320 barrels of chemical substances for the production of synthetic drugs, originating in China and destined for Honduras, the agency announced. The substance, identified as monomethylamine, is banned in Guatemala, but it was labeled as polyester for industrial use. According to the authorities, the chemical precursors arrived at the port terminal on the ship San Antonio, in four containers of 80 barrels each. The chemical substances came from Shanghai and had as their destination the Honduran firm San Marcos, Ocotepeque Importadora y Exportadora S.A., the Anti-Narcotics Analysis and Information Division (Daia) of the National Civil Police specified in a statement. The daily Prensa Libre commented that the import documentation specified that the product would remain in Guatemala for 17 days and would then be transported to the southern part of the country to be loaded onto another ship that would take it to Puerto Cortés, Honduras. The police and the Army have seized more than 2,500 receptacles containing chemical substances so far this year, chiefly in Guatemala City, Puerto Quetzal (on the Pacific), and Puerto Santo Tomás de Castilla (on the Caribbean).
Category: fdtnwcmtdulfdxvp Winners and Losers in Nassau Coliseum Redevelopment Deal
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A rendering of what Forest City Ratner’s redeveloped arena would look like at Nassau Coliseum site.Forest City Enterprises may have beaten The Madison Square Garden Co. for rights Thursday to renovate Nassau Coliseum, but with so many stakeholders, the scorecard runs longer than the Islanders championship-less streak.The long-awaited decision that followed a decade of failed attempts at rebuilding the 40-year-old Uniondale arena still requires the dysfunctional county legislature to approve the lease amid the unpredictability and heightened partisanship of looming local elections.But, with the clock running down to the 2015 expiration of the current lease with management company SMG and the New York Islanders, which announced last fall the NHL team is moving to Barclays Center in Brooklyn—also owned by Forest City—urgency is on the latest proposal’s side.Assuming the latest coliseum redevelopment plan doesn’t go the way of failed mini-city dubbed The Lighthouse Project or $400 million in borrowing to rebuild the arena that voters rejected in a 2011 referendum, here’s the winners and losers as the proposed Nassau Events Center moves forward.WINNERBruce RatnerThe executive chairman of Forest City Ratner Companies and minority owner of the Brooklyn Nets clearly seized the day by convincing Nassau County Executive Ed Mangano to agree to the 34-year lease less than a year after Ratner lured the Islanders, the coliseum’s main attraction, to his new venue in Brooklyn.LOSERJames DolanThe head of MSG and Cablevision whose family also owns the Knicks and Rangers—respective rivals to the Nets and Islanders—missed a golden opportunity to solidify his Long Island monopoly after Mangano said his company’s proposed lease was too stingy with its county cut of the revenue. But is it as bad as hiring Isiah Thomas?WINNERSHofstra University/Nassau Community CollegeThe two higher education institutions that border the 77-acre coliseum property are destined to get a real college downtown of retail and restaurants if the outside of the arena is developed as planned, instead of students and faculty having scattered Hempstead Turnpike establishments as their main options.LOSERSFine Dining EnthusiastsAmong MSG’s team of partners in their proposal was The Cordish Companies, which planned—among other arena-adjacent entertainment ideas—to bring to Long Island the region’s first restaurant led by world-renowned French chef Jean-Georges Vongerichten, widely considered one of the top 10 chefs in America.TIEDIslanders FansDie-hard fans will eventually have to take the Long Island Rail Road to Brooklyn to see their team play, but under the winning proposal, at least there will be six Isles’ games at the coliseum—four during the regular season and two pre-or-post season. So tailgate parties on the turnpike may just be rare and not totally a thing of the past.WINNERSTaxpayersIf the deal falls through and the coliseum is abandoned after the Islanders leave, the concrete wasteland in the center of the Nassau Hub—the area surrounding the arena that generates 70 percent of county tax revenue—would blow a massive hole in both the county budget and that of the Uniondale School District.LOSERSVotersCounty legislators are expected to demand hearings be held on the proposal, meaning that—like most everything that has to go before the legislature—there is a lot more arguing to come on this issue, which is all but certain to become fodder in Mangano’s re-election campaign.WINNERSNewsday ReportersRecall how the Dolans cracked down on snarkiness among sports writers at LI’s lone daily newspaper after the family that owns the Knicks and Rangers took over? Now imagine how many more hoops the paper’s news staff would have to jump through when reporting on the Island’s largest and frequently newsworthy sports complex.LOSERSPress ReportersWe had some fun calling Newsday out for failing to disclose the Dolan’s campaign contributions in their recent story on Forest City’s political spending. Imagine what an amazing new target the Press would have had if Newsday endorsed Mangano after the county executive handed their owners the real estate deal of a lifetime.
Category: fdtnwcmtdulfdxvp Japan’s first-quarter GDP shrinks less than initial estimate
Private consumption, which accounts for more than half of Japan’s economy, fell 0.8 percent compared with the preliminary 0.7 percent decline, as solid demand for daily necessities was offset by declines in spending on services.Net exports – or exports minus imports – subtracted 0.2 percentage point from revised GDP growth, as the coronavirus slammed global demand.Analysts are forecasting the economy will suffer an annualised contraction of more than 20 percent in April-June as Prime Minister Shinzo Abe announced a state of emergency and requested citizens to stay home and businesses to close to prevent the virus spreading.Although the emergency was lifted in late May, the economy is expected to recover only moderately in coming months due to the pandemic’s sweeping impact globally and at home.The Bank of Japan is likely to maintain this month its projection that the economy will gradually recover from the damage in the latter half of this year, sources said.The BOJ eased monetary policy for two straight months in April, joining government efforts to cushion the blow from the pandemic. The government has compiled two stimulus packages worth a combined US$2.2 trillion.Topics : The revised data confirmed Japan had slipped into recession for the first time in 4-1/2 years, after a 7.2 percent contraction in October-December, pressured by last year’s sales tax hike and the US-China trade war. Recessions are defined as two straight quarters of contraction.On quarter-on-quarter basis, the economy contracted 0.6 percent in the first quarter compared with an initial reading of a 0.9 percent decline.Business spending showed gains after the finance ministry’s survey earlier this month, which was used to calculate the revised gross domestic product, drew fewer respondents than usual. Spending is expected to falter in coming months.Capital spending rose 1.9 percent from the previous quarter, reversing from a preliminary 0.5 percent fall. Japan’s economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally.The world’s third-largest economy shrank an annualised 2.2 percent in January-March, revised data showed on Monday, less than the 3.4 percent contraction indicated in a preliminary reading and compared with a median market forecast of a 2.1 percent drop.
Category: fdtnwcmtdulfdxvp Arsenal to launch bid to sign Juventus centre-half Daniele Rugani on loan
Arsenal to launch bid to sign Juventus centre-half Daniele Rugani on loan Metro Sport ReporterSunday 28 Jul 2019 11:48 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link4.8kShares Daniele Rugani has emerged as a transfer target for Arsenal (Picture: Getty)Arsenal are set to launch a bid to sign Juventus defender Daniele Rugani on loan.With club captain Laurent Koscielny effectively on strike and Rob Holding unlikely to make his first team return after 10 months out with a knee injury until the end of September, Unai Emery remains in desperate need of defensive reinforcements, despite a recent flurry of transfer activity.The signing of Dani Ceballos on a season-long loan from Real Madrid was confirmed on Thursday, while Arsenal are growing increasingly confident of prising Kieran Tierney from Celtic.Nicolas Pepe is expected to arrive from Lille in a club-record £72million deal next week, but William Saliba represents the only defensive signing the club has made so far this summer and the French teenager has, in any case, been immediately loaned back to Saint-Etienne.AdvertisementAdvertisementADVERTISEMENTMore: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Comment The fitness of Georgio Chiellini could impact on Arsenal’s hopes of signing Daniele Rugani (Picture: Getty) Matthijs de Ligt could restrict first team opportunities for Daniele Rugani at Juventus (Picture: Getty)According to Turin-based Corriere Torino, Arsenal will now turn their attentions to Rugani, whose first team opportunities are likely to be restricted by the presence of Matthijs de Ligt who signed from Ajax earlier this month.Rugani made 20 appearances in all competitions for Juventus last season and is valued at around €40m.Arsenal are unlikely to be able to raise the funds for a permanent transfer but will explore the option of a loan deal, but that could reportedly hinge on the fitness of veteran Giorgio Chiellini who is currently nursing a calf injury.Chelsea were reported to have made an ‘unthinkable’ offer for Rugani last summer with Maurizio Sarri, now in charge of Juventus, having identified the centre-half as a top talent during his spell at Empoli.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Advertisement Advertisement
Category: fdtnwcmtdulfdxvp ATP doubles nine-month return as equities surge
Christian Hyldahl, ATPHyldahl told IPE that the pension fund’s investment team was continuing to focus on illiquid assets such as infrastructure and real estate.“We announced the transaction involving Copenhagen airport recently and this investment will go through in the fourth quarter hopefully,” he said. “We are looking at this type of investment that can generate an extra return.”There was a danger when investing in alternatives that investors that were last in the queue could end up with poorer deals, Hyldahl warned.“But if you are patient and thinking long-term in your sourcing of these deals, you can do well,” he added.The pension fund was screening hundreds of illiquid asset deals but was only likely to complete around 10, the CEO said.ATP said listed Danish equities were major performance contributors in the January-to-September period, generating a return of DKK5.3bn.Hyldahl added that the pension fund had performed well in three underlying equity classes, including international and unlisted equities.ATP said the value of its guaranteed benefits fell by DKK17.7bn between January and September, mainly because of rising interest rates in Europe.However, its hedging portfolio had made a loss alongside this of DKK16.4bn, which meant the hedging strategy had been successful, it said.ATP’s investment portfolio consists of its bonus potential, or free reserves, which totalled DKK120.2bn at the end of September.The pension fund’s overall assets – which include its huge hedging portfolio designed to back pension promises – dipped to DKK758.1bn at the end of September from DKK759.2bn at the end of December 2016. Christian Hyldahl, ATP’s chief executive, struck a note of caution despite the strong return.“The outlook is for lower returns in the future as central banks tighten liquidity and raise interest rates,” he said. “While global economic growth seems to be firmly on track, geopolitical uncertainty has increased.”ATP had leeway to take risks, Hyldahl said, but would do so based on an “extremely disciplined” approach to both portfolio construction and risk management to make sure it produced satisfactory results in the long term despite the expected low-return environment. Denmark’s ATP doubled its investment return in the first nine months of 2017 compared with the same period last year, with strong equities performance driving profits.In its interim results for January to September, the giant statutory pension fund said its investment portfolio produced a DKK24.6bn (€3.3bn) return before tax and expenses, equivalent to a rate of return of 24.4%.This was nearly twice the DKK12.5bn return made on the portfolio in the first nine months of 2016.ATP said the return was achieved broadly across the portfolio, but was driven in particular by equity investments.
Category: fdtnwcmtdulfdxvp UK asset management body announces first head of European affairs
Woelfing previously held the position of regulatory and legal specialist at the IA and is a member of the financial stability and prudential requirements working group at Efama, the Brussels-based trade body for EU fund and asset managers. He has also been a political advisor at the European Parliament, and originally trained as a lawyer in Germany.Chris Cummings, the IA’s CEO, said: “With more than £1.4trn of European assets managed in the UK, a figure that is growing every year, it is essential that the IA has a more permanent voice in Brussels that can help represent our industry and the clients they serve at a European level.”Woelfing’s experience would be valuable “to ensure the asset management industry’s voice is better understood by policy makers and regulators in Europe,” he added. The trade body for UK asset managers has created – and filled – the position of head of European affairs as part of its move to establish permanent representation in Europe.Johannes Woelfing, who has been with the Investment Association (IA) for four years, has been appointed to the role and will be the association’s main representative in Brussels as of September.He will be responsible for the IA’s policy work with regards to the European Union and for setting up the association’s Brussels office.A spokeswoman for the IA said the move was not directly related to the UK’s departure from the EU and was part of the association’s long-term strategy for it to have representation reflecting its members’ reach.
Category: fdtnwcmtdulfdxvp Joseph Mariathasan: Coping with autocracies
Credit: Jorge GryntyszOnline film streaming service Netflix drew criticism for removing content at the request of Saudi ArabiaCritics argue that such companies should be prepared to uphold the values of liberal democracies and should not bow to pressure to amend business practises to cater for local requirements. For investors focused on incorporating environmental, social, and corporate governance (ESG) criteria, deciding on what should be reasonable behaviour is an issue that deserves wider debate.It is somewhat hypocritical to decry the behaviour of the modern social media titans when set against the behaviour of the older behemoths of the stock market throughout the last century.Perhaps the most egregious was IBM supplying tabulating machines to the Nazis in the 1930s, which allegedly helped in the genocide of European Jews – as reported by Edwin Black in his 2001 book ‘IBM and the Holocaust: The Strategic Alliance Between Nazi Germany and America’s Most Powerful Corporation’.Stakeholders versus shareholdersThe fundamental issue for investors is to decide to what extent companies should be driven by the philosophy espoused by Milton Friedman: that the only social responsibility of a business is to use its resources to engage in activities designed to increase its profits, so long as it stays within the rules of the game.The problem with this argument is that it justifies the reported actions of IBM – as well as the sale of any weapons or destructive substances, provided they are within the law.Should companies refuse to deal with regimes that are deemed to be inimical to the liberal values of free speech and democracy? It would certainly seem an attractive way forward, but would rule out dealings with a large fraction of the globe, including “allies” such as Saudi Arabia.To espouse the ideals of ESG investing is to promote the idea that it is all stakeholders that matter. Company management needs to bear this in mind in its actions.The pendulum does appear to be swinging back towards the idea of stakeholder value, rather than solely shareholder value maximisation. Some commentators – such as Columbia University’s Jeffrey Sachs in this letter to the FT from October 2018 – argue that the future of the planet depends on such a shift.Perhaps a distinction can be made between actively supplying goods and services intended for questionable purposes, and passive acquiescence when faced with laws that deny the supply of goods and services that could promote liberal values. Both may be unacceptable to idealists, but clearly the former is in a different league to the latter.On those grounds, it is the providers to Saudi Arabia of arms being used in a destructive and pointless war in Yemen that should be criticised, and not a company that declines to supply something on the grounds that it has been told it is illegal to do so.When US president Donald Trump declared that he would not punish Saudi Arabia or crown prince Mohammed bin Salman for the murder of Washington Post journalist Jamal Khashoggi, as it would impact US weapons sales to the country, perhaps it demonstrated that there were greater issues of concern for ESG activists than US social media companies.Further readingLong Term Matters: What do Facebook’s investors care?Long Term Matters: What should investors do about authoritarian governments? (The video is still available on YouTube.)Countries such as China and Saudi Arabia have values and laws that are often different to those of liberal democracies. This poses a challenge to international technology companies such as Facebook and Google. Earlier this month, Netflix pulled an episode of Patriot Act, presented by Arab-American comedian Hasan Minhaj, in response to objections by Saudi Arabia.As the episode was essentially a diatribe against the Saudi ruling family, the fact that the country raised objections was not a surprise. But should Netflix have acceded to its demands?Netflix stated that its actions were in response to a “valid legal request”. Saudi Arabia claimed it contravened Article 6, paragraph 1 of Saudi Arabia’s Anti-Cyber Crime Law, which forbids “production, preparation, transmission, or storage of material impinging on public order, religious values, public morals, and privacy, through the information network or computers”. The penalty is up to 5 years in prison.Presumably if Netflix had refused to pull the episode in Saudi Arabia the company’s operations there would have been closed down. For shareholders, it would not have made any significant difference given the size of the market, and conceivably such an act of “virtue signalling” might have brought benefits, as others have found. Netflix chose not to go down this path but, by doing so, it attracted considerable criticism.
Category: fdtnwcmtdulfdxvp Answering Advocates of Gay Marriage
Katherine Young and Paul Nathanson. “Marriage-a-la-mode: Answering Advocates of Gay Marriage.” Paper presented at Emory University, Atlanta, GA (May 14, 2003). Katherine K. Young is professor of the history of religions in the Faculty of Religious Studies at McGill University where she teaches in the areas of comparative religion, gender, ethics, and Hinduism. Paul Nathanson, a researcher in the same faculty, is a freelance editor and author of Over the Rainbow: The Wizard of Oz as a Secular Myth of America.Claim 1: Marriage is an institution designed to foster the love between two people. Gay people can love each other just as straight people can. Ergo, marriage should be open to gay people.Claim 2: Not all straight couples have children, but no one argues that their marriages are unacceptableClaim 3: Some gay couples do have children and therefore need marriage to provide the appropriate context.Claim 4: Marriage and the family are always changing anyway, so why not allow this change?Claim 5: Marriage and the family have already changed, so why not acknowledge the reality?Claim 6: Children would be no worse off with happily married gay parents than they are with unhappily married straight ones.Claim 7: Given global overpopulation, why would anyone worry about some alleged need to have more children in any case?Claim 8: Marriage should change, whether it already has or not, because patriarchal institutions are evil.Claim 9: Gay marriage has had historical and anthropological precedents.Claim 10: Banning gay marriage is like banning interracial marriage.Claim 11: The case for gay marriage is more “poignant” than the case against it.Claim 12: Gay marriage is necessary for the self-esteem of a minority.Claim 13: Anyone who opposes same-sex marriage is homophobic.Claim 14: Exceptions could be made for religious communities that disapprove of gay marriage, or religious communities could simply add their rites to those of the state.Claim 15: To sustain an “ethic of caring and responsibility,” we must include gay people in every institution.Claim 16: Norms of any kind at all are discriminatory.Claim 17: Almost everyone believes in equality. How can we have that if gay citizens are denied the same rights as other citizens?Claim 18: Winning the struggle for gay marriage is important for the cause of gay liberation.Claim 19: What about majority rule in democratic countries?Claim 20: But gay people are a small minority. Allowing them to marry would mean nothing more than a slight alteration to the existing system and would even add support for the institution. What’s all the fuss about?http://catholiceducation.org/articles/sexuality/ho0064.html#04
Category: fdtnwcmtdulfdxvp Franklin County Community Foundation helps the hungry
Brookville, Ind. — The Franklin County Community Foundation awarded “Hoosiers Feeding the Hungry’s Meat the Need program $3,000. The funds will be used to pay for the processing of donated game and livestock animals.Hunters and farmers can make donations at any participating area meat processor. Donations will be processed, packaged and frozen for distribution to local hunger relief agencies.“The funds provided by the Community Foundation will pay for approximately 2,300 pounds of donated large game and livestock in Franklin County, which will then be distributed to area hunger relief agencies – providing meals to almost 24,370 households in need within Brookville and surrounding areas.” Hoosiers Feeding the Hungry’s Executive Director, Deb Treesh said.Statistics indicate 1 out of 4 Hoosier households with children struggle to have enough food to feed their family and 30 percent have to choose between paying bills or buying food.For more information go online to hoosiersfeedingthehungry.org./.