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Al Nusrah Front praises Chechen commander killed in Aleppo
The Al Nusrah Front for the People of the Levant, al Qaeda's official branch in Syria, praised a Chechen jihadist commander who was killed during recent fighting to take control of a prison in Aleppo. The Chechen, known as Saifullah al Shishani, had defected from the Islamic State of Iraq and the Sham last fall and joined the Al Nusrah Front.
Muhammad al Julani, the emir of the Al Nusrah Front who has sworn allegiance to al Qaeda leader Ayman al Zawahiri, praised Saifullah as a "heroic knight," in a statement that was released on Al Nusrah's Twitter account. The statement was obtained and translated by the SITE Intelligence Group.
"Here the heroic knight has dismounted after a good march of jihad, which began in the Caucasus and ended in the Levant," Julani said, according to SITE. "Saifullah was killed while moving with all his might to liberate the Muslim men and women from the prison of the tyrant [Bashar al Assad]."
Julani confirmed that Saifullah swore allegiance to the Al Nusrah Front.
"He gave only one condition to me before he extended his hand in pledging allegiance, which was to storm the prison and liberate it, and he did not accept an alternative."
Julani's statement confirmed reports last week that Saifullah was killed while fighting alongside Ahrar al Sham, a jihadist group that is allied with Al Nusrah, to take control of a hospital and prison in Aleppo. [See Threat Matrix report, Chechen commander for Al Nusrah Front reported killed in Aleppo.]
Abdul Halim Shishanov, "a member of the Shariah Committee" of the Muhajireen Army, according to SITE, also confirmed Saifullah's death, and noted the Saifullah and his cadre of fighters had all sworn allegiance to the Al Nusrah Front.
"The group of Saifullah had over 500 mujahideen and they all supported him in his oath to the Al Nusrah Front and stood under that banner. "
Background on Saifullah
Saifullah led the "Al-Khilafa army," or Army of the Caliphate, according to the Syrian Observatory for Human Rights. It is likely that this is a reference to the Ansar al Khilafah, of Supporters of the Caliphate, an Al Nusrah Front unit that was formed in December 2012. [See LWJ report, Syrian jihadists form 'Supporters of the Khilafah' Brigade.] The Al Nusrah Front and Ansar al Khilafah seized a village near Aleppo in July 2013 and executed Syrian soldiers.
Saifullah was previously a commander in the Muhajireen Army, which has now split. The other faction is led by Chechen commander Omar al Shishani; he has sworn allegiance to the Islamic State of Iraq and the Sham. Last year, Saifullah and another Chechen commander split with Abu Omar and the ISIS.
"Saifullah al Shishani defected with 400 of his men three months ago, followed by Sheikh Salah al Shishani with 800 of his men," Al Akhbar reported in early January.
Al Qaeda General Command disowned the ISIS last week. The denunciation took place after months of infighting between the ISIS on one side and the Al Nusrah Front and the Islamic Front on the other, as well as a very public leadership dispute between the leaders of the ISIS and Al Nusrah. Al Qaeda attempted to mediate the dispute, and the ISIS' leader, Abu Bakr al Baghdadi, rebuffed the efforts.
Pro-al Qaeda clerics are now calling on members of the ISIS to defect. While al Qaeda's denunciation has weakened the ISIS in Syria, jihadists such as Saifullah who have been or currently are abandoning the group are largely flocking to the Al Nusrah Front.
Video of Saifullah killed in a mortar attack:
READER COMMENTS: "Al Nusrah Front praises Chechen commander killed in Aleppo"
Posted by irebukeu at February 15, 2014 9:52 AM ET:
A video of the moment of death can be seen here. It looks like at least three people are hit in the (mortar?) strike
A 46 minute video of the attack along with untranslated original audio can be found here


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- Aug 10:
- Data: Violent crime fell in Marin while rising in Bay Area; property crime spiked
- Tiburon crime data: Property crime up slightly but far from its 10-year peak
- Fairfax crime data: Police chief reports spike in alcohol-related crimes
- Mill Valley crime data: Property crime at lowest level in at least a decade
- Sausalito crime data: Property crime surges 30 percent to 10-year high
- San Anselmo crime data: Violent crime down by half; property crime at 10-year low
- Ross crime data: Town saw drop in property crime and rare bump in violent crime
- Belvedere crime data: Statistics show slight rise in thefts
- San Rafael crime data: Violent crime falls except for robberies; property crime spikes
- Twin Cities crime data: Property crime up 27 percent from previous year
- Unincorporated Marin crime data: Violent crime and property crime at 10-year lows
Violent crime and property crime both fell in Novato last year, according to the latest statistics from the California Department of Justice.
The city reported 96 violent crimes in 2012, down from 108 the prior year and a 10-year peak of 157 in 2007. The numbers included 65 assaults, 26 robberies and five rape cases.
Property crimes fell to 956 last year from 992 the year before. The 10-year high was 1,313 in 2004.
The data do not include the unincorporated neighborhoods of Novato.
The California Department of Justice releases its annual reports on crime statistics the summer after the end of a calendar year. The annual report includes eight categories: homicide, forcible rape, robbery, assault, burglary, motor vehicle theft, theft and arson.
Contact Gary Klien via email at firstname.lastname@example.com or https://twitter.com/GaryKlien

subset: commoncrawl


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According to Digital Photography Review – "Sharp today announced the six megapixel, 1/1.8″ type RJ21T3AAPT/ST CCD. This new sensor is exactly the same size (type) as used in many current four and five megapixel digital cameras and so will be an attractive option for digital camera manufacturer as an easy way to launch 'new' models with more megapixels (it's sad but people are still buying the numbers game)."
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Network Canada are back once again to throw another huge Canada Day celebration at The Argyle - "The biggest in Australian history".
Join us from 4.30pm, Network Cananda's famous trivia comp starts at 5pm, then Canadian DJs playing all night.
Fun & games, charity raffles & lucky door prizes. Over $10,000 in prizes & giveaways, including a trip to Canada thanks to Air New Zealand!
Canadian food & drinks specials:
Real poutine • Caesars • Perogies • Pancakes
Canadian beers & cocktail specials • Canadian club whisky
For details visit networkcanada.com.au
See all the pics from Canada Day 2012


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Quickie Decorating
Special Offers
To get this updated country style, choose calming hues, soft pillows, loose-knit throws and a bunch of eclectic pieces.
1. Try blue a perennial favorite. You can't go wrong with a shade like Benjamin Moore's Delano Waters. Blue is cool soothing but not overwhelming. Capel's Palmer Stripe rug unites the light (Makati baskets from the Container Store) with the dark (Ethan Allen's fan-back chair).
2. Create a display that has strength in numbers. Hang different-size framed pictures together in a pleasing arrangement for the visual impact of something much larger. A collection of prints and photos provides an opportunity to make your space welcoming and warm.
3. Think "mixing" more than "matching." Don't have a pair of identical end tables? Not a problem. This room's laid-back charm comes from casual couplings like the light blue wicker end table from Urban Cottage (to the right of the sofa) and the small bookshelf (to the left).
Latest Stories
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Luke Pentony presents the latest edition of The Wrap, Grandstand's look back at the highlights of the NRL matches broadcast on ABC Local Radio:
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From Wikipedia, the free encyclopedia - View original article
Avinu Malkeinu (Hebrew: אָבִינוּ מַלְכֵּנוּ; "Our Father, Our King") is a Jewish prayer recited during Jewish services on Rosh Hashanah and Yom Kippur, as well on the Ten Days of Repentance from Rosh Hashanah through Yom Kippur. In the Ashkenazic tradition, it is recited on all fast days; in the Sephardic tradition only because it is recited for the Ten Days of Repentance does it occur on the fast days of Yom Kippur and the Fast of Gedaliah.[1]
Joseph H. Hertz (died 1946), chief rabbi of the British Empire, described it as "the oldest and most moving of all the litanies of the Jewish Year."[2] It makes use of two sobriquets for God that appear separately in the Bible; "Our Father" (Isaiah 63:16) and "Our King" (Isaiah 33:22).
The Talmud (T.B. Ta'anith 25b) records Rabbi Akiba (died 135 CE) reciting two verses each beginning "Our Father, Our King" in a prayer to end a drought (apparently successfully). In a much later compilation of Talmudic notes, published circa 1515, this is expanded to five verses. It is very probable that, at first, there was no set number of verses, no sequence, nor perhaps any fixed text. Apparently an early version had the verses in alphabetic sequence, which would mean 22 verses. The prayer book of Amram Gaon (9th century) had 25 verses.[3] Presently, the Sephardic (Spanish and Portuguese) tradition has 29 verses, among the Mizrahi Jews the Syrian tradition has 31 or 32 verses, but the Yemenite has only 27 verses, the Salonika as many as 53 verses, the Ashkenazic has 38 verses, the Polish tradition has 44 verses, all with different sequences. And within traditions, some verses change depending on the occasion, such as Rosh Hashana (when it is said kotvenu - "inscribe us"), or the Ne'ila Yom Kippur service (chotmenu - "seal us"), or a lesser fast day (zokhrenu - "remember us").[4]
Each line of the prayer begins with the words "Avinu Malkeinu" ["Our Father, Our King"] and is then followed by varying phrases, mostly supplicatory. There is often a slow, chanting, repetitive aspect to the melody to represent the pious pleading within the prayer. There are 54 such verses. Verses 15-23 are recited responsively, first by the leader and then repeated by the congregation. The reader also reads the last verse aloud (and sometimes it is sung by the entire congregation) but, traditionally, in a whisper, as it is a supplication.[5]
On most days when Avinu Malkeinu is recited, it is included during Shacharit and Mincha on that day. It is omitted on Shabbat (except Yom Kippur at Ne'ila) and at Mincha on Fridays. On Erev Yom Kippur it is not recited at Mincha but some congregations do recite it in the morning when it falls on Friday. On Yom Kippur, Avinu Malkeinu is also recited during Maariv and Ne'ila, except when Yom Kippur falls on Shabbat in the Ashkenazi tradition, in which case Avinu Malkeinu is recited during Ne'ila only. During the Avinu Malkenu, the Ark is opened, and at the end of the prayer, the Ark is closed. In the Sephardic tradition, it is recited on Shabbat, and the Ark is not opened.
Throughout the Ten Days of Repentance, five lines of Avinu Malkeinu that refer to various heavenly books include the word Kotveinu ("Inscribe us"). During Ne'ila, this is replaced with Chotmeinu ("Seal us"). This reflects the belief that on Rosh Hashanah all is written and revealed and on Yom Kippur all decrees for the coming year are sealed. When recited on Fast Days (other than the Fast of Gedaliah which falls in the days of Penitence) the phrase Barech Aleinu ("bless us") in the 4th verse is recited instead of the usual Chadesh Aleinu ("renew us"), and "Zochreinu" (remember us) is recited in verses 19-23 in place of "Kotveinu B'Sefer" (inscribe us in the book). Fast Days on which it is not recited (by any custom) are Tisha B'Av, the afternoon of the Fast of Esther except when it is brought forward (thus not falling immediately before Purim) and when the 10th of Tevet falls on a Friday it is omitted at Mincha (as is usual on a Friday).
Sephardic Jews do not recite Avinu Malkeinu on fast days (except those that fall in the days of Penitence). Instead, a series of Selichot prayers specific to the day are recited.
In the interests of gender neutrality, the UK Liberal Jewish prayer-book for Rosh Hashanah and Yom Kippur (Machzor Ruach Chadashah) translates the epithet as "Our Creator, Our Sovereign". It also contains a contemporary prayer based on Avinu Malkeinu in which the feminine noun Shekhinah is featured.[6]
The band Mogwai's instrumental epic My Father My King is a setting of the main melody to Avinu Malkeinu.
Rebbesoul and Shlomit Levi perform a hauntingly angelic acoustic and an electric version on "Fringe of Blue" (2007).[7]
The band Phish plays the song in a 5/4 time signature (titled "Avenu Malkenu").[8]
Barbra Streisand sings the song with much feeling. (There is a remix by Offer Nissim)
The singer/songwriter, Lior, also performs a powerful and emotive version of the song at many of his live gigs. It is recorded on his live album, "Doorways of My Mind" (2006).
In the 1992 film, School Ties, the headmaster of the WASP elitist prep school walks in on David Greene reciting Avinu Malkeinu on Rosh Hashanah. (David is a Jewish student on an athletic scholarship to the school who deals with antisemitism by practicing Judaism clandestinely).
In 2013, Stephen DeCesare, (a Roman Catholic composer), wrote a version dedicated to Cantor Fred Scheff of Temple Shalom, Middletown RI. (Music available on sheetmusicplus.com).
The Israeli heavy metal band Orphaned Land incorporates the Avinu Malkeinu into their song "Our Own Messiah" from their 2013 album All Is One.
Singer Lena Måndotter har recorded "Avinu Malkeinu" on her album "Songs from the River" (Rootsy/Warner Music 2009)
Wikimedia Commons has media related to Avinu Malkeinu. |


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Staybridge Suites Charlotte Ballantyne
Enjoy Charlotte Hotel's Pristine Setting
Welcome to the Staybridge Suites® Charlotte Ballantyne hotel, located on the south side of Charlotte, in one of the area's premiere shopping, family friendly, and business districts. Spacious suites come with fully equipped kitchens and amenities to enjoy vacation or conduct business from the hotel's convenient location in Charlotte, NC.
This elite hotel's location, within the award-winning Ballantyne Corporate Park, is ideal for business travelers; the complimentary corporate park shuttle can take hotel guests to companies located there. The hotel also features a comfortable meeting space for a small group. Additionally, guests will enjoy complimentary hot buffet breakfast and an evening reception, along with wifi access throughout the hotel.
Explore nearby Ballantyne Village, with its exceptional dining ,or tee off at the renowned Golf Club at Ballantyne. With easy access to the I-485 and I-77 head to Carowinds Amusement Park, Carolina Place Mall, or Simons Premium outlet.The Bank of America Stadium for a Carolina Panthers football game or to explore the NASCAR Hall of Fame, both located in uptown Charlotte, North Carolina.
You can relax in the indoor pool and work out in the 24-hour Fitness Center, or in our outdoor Courtyard equipped with firepit and gas grill; perfect for a family gathering.
Click "Pet Policy" link for information regarding our Pet Policy and other helpful information.Quick Info
- Check In: 3:00 PM
- Check Out: 12:00 PM
- Minimum Check-In Age: 21
- Late Check Out Available
- Parking: Free
- Print Fact sheet
- Chat Online
Important Update[{"start": "1411358400000","end":"1417323600000", "desc": "In order to improve the condition of our property will be performing some maintenance and upkeep on our roof and building over the next 8 to 12 weeks. The project will begin Monday September 22nd and work hours will be from 8am-5pm Monday thru Friday."}]
Hotel Highlights
- On-site Guest Self-Laundry Facilities
- Housekeeping Full Service
- Complimentary Breakfast Buffet
- Standard Wireless Internet service is free for all members
- On-Site Fitness Center Available
- Complimentary Shuttle Available
Guest Reviews
Overall Experience
Great room
January 26, 2015
I travel frequently and am picky about my accommodations. I highly recommend this hotel as do my five other travel companions. Very clean, quite and roomy. lots of light and the windows opened!
It felt like home here
ByCaffeine Molecule
January 26, 2015
Great value for the price and the suite was the closest thing to being in my own home.
January 26, 2015
As I continue to be a guest at Staybridge, I find it an excellent facility in every respect.
Overall, a good stay
January 23, 2015
Overall, we had a good stay at this hotel. Check-in was smooth and I was recognized as a platinum IHG member. We were not asked about scheduling housekeeping even though we were staying for 12 days. We did have daily trash removal and fresh towels each day. The fitness center is very nice with new equipment. The breakfast was OK and the evening social Tue - Thurs was nicely done. The one bedroom suite was comfortable and had everything that we needed. I was disappointed at not being able to purchase a women's razor in the sundry shop without buying the entire men's toiletry kit.


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One of today's WSJ headlines reads "Nasdaq CEO Lost Touch Amid Facebook Chaos," referring to Robert Greifeld's being on a flight from California to New York from 12:14-5:07 without phone or internet service on the afternoon of the Facebook IPO. What follows is a tick-tock description of that day, culminating in SEC Chairman Mary's Schapiro's call to Greifeld to ask for explanations on the offering. She was "surprised" at not being able to get ahold of him. (She called at 4:03, and he called her back at about 6.)
Am I the only one who thinks the fuss over Nasdaq's trading glitches is overblown? I mean, don't get me wrong, mistakes were made. Nasdaq tested its system with 53 million shares trading, and apparently 70 million shares traded in the opening, "about a third more than the exchange had run in its test." Order confirmations were delayed, and released problematically:
At 1:50 p.m., Nasdaq released long-delayed confirmations of earlier trades into the market. Some brokerage firms would later complain that a wave of sell orders on Nasdaq made it look as if investors suddenly were turning against Facebook. About 12 million Facebook shares changed hands around 1:50 p.m., and the stock price fell about $2 in minutes.
It's bad that people couldn't complete trades when they wanted to, especially as it became clear the anticipated IPO pop was not going to happen. I know that people lost money on these sales, and Nasdaq will spend $40 million compensating them, as it should. Still, it seems like Nasdaq is getting a bum rap on this one.
To me the deeper problem with the IPO was that it was fundamentally mispriced, and that Morgan Stanley let Facebook investors flood the market by upping the IPO size at the last minute. It was "the wave of sell orders" that made it seem like the market was turning against Facebook--the problem was that the price was too high to start with. Sure, Nasdaq's technology snafus didn't help matters, but Facebook is trading down more than $10 from its IPO price. The company sold too much at at too high a price.
So what if Nasdaq's CEO was up in the clouds when the sale went down? He can't repeal the law of supply and demand. And if your trading strategy is based on being able to trade into and out of stocks fast--well, live by the sword...
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Faithful Glom readers know that Special Purpose Acquisition Corporations (SPACs) have been on my mind for some time. SPACs are a type of "blank-check" company that goes public in order to raise money, and then begins a hunt for a target. The beauty of the SPAC model is that going public is easy--the SPAC is basically a shell, so disclosures are minimal and cheap. If and when the SPAC acquires a target, (usually a private company) that target immediately becomes public without the hassle of an IPO. Some call it a "back-door" IPO--but please don't associate SPACs with the more seedy reverse mergers that led to so many Chinese companies with questionable accounting practices going public. They're different, trust me.
I wondered what effect the JOBS Act would have on the SPAC market. Because JOBS' "on ramp"/emerging growth company option makes it easier and cheaper from young corporations to go public, I figured JOBS would make SPACs relatively less attractive. Why use a SPAC when you can just go public on your own?
I have to admit, I never considered that SPACs themselves would opt to go public as emerging growth companies. But according to the WSJ,
Just eight weeks after [JOBS']passage, however, more than a dozen of the companies seeking to use its looser rules for going public aren't the type of high-tech growth companies lawmakers had in mind.
"Special-purpose acquisition companies" and "blank check" companies, basically empty shells with almost no employees that are used in mergers or as a backdoor route to U.S. stock listings, have been quick to identify themselves in regulatory filings as "emerging growth companies."
The article quotes Meredith Cross, director of the SEC's Division of Corporation Finance, as having examined whether "trusts that collect music and movie-royalty payments, or structures used to create tax-free corporate spinoffs" could qualify as emerging growth companies. "These are not companies that are job creators," she observes.
JOBS Act, meet the Law of Unintended Consequences. Nothing in JOBS requires that EGCs be job creators--they just have to "total annual gross revenues of less than $1 billion." Ms. Cross is apparently reluctant to label SPACs and blank-check companies as non-job-creators--she points out that SPACs can lead to private job-providing companies to become public, thus qualifying as job creators. But the statute doesn't require jobs creation, so I don't see why we care. Is the scandal that some companies that don't create jobs are benefiting from the law? I am shocked, shocked.
As to SPACs using the on-ramp, at first I didn't get it. SPACs' disclosures are largely boilerplate, along the lines of "we have this much money, it earned this much interest"--at least until they acquire a target. In other words, it's pretty easy for them to go public already. Why bother with the on-ramp?
But Stuart Neuhauser of Ellenoff Grossman & Schole LLP explains that if his client Infinity Cross Border Acquisition Corp. does acquire a target, "[w]hen we become an operating company the savings could be enormous." Ah, this makes sense--EGC status lasts up to 5 years, as long as your revenues, market cap, and debt issuances stay low, and with that status comes "scaled-back disclosures, certain exemptions to executive-compensation disclosures and attestation requirements for the auditors." So a private company looking to go public on the cheap (even cheaper than by way of the JOBS Act's on-ramp) might well favor an EGC acquiror that promises lower disclosure burdens over a traditional public company that would require more in-depth disclosure when the target eventually goes public.
According to the article, Neuhauser thinks "most SPACs will bill themselves as emerging-growth companies." Very interesting...
Permalink | IPOs | Comments (0) | TrackBack (0) | Bookmark
Google went public on August 18, 2004, at a price ($85) that was literally underpriced from its auction clearing price. (We know this because "winning" bids were allotted 75% of what they asked for at a particular price. The clearing price would have been the price at which 100% of the bids at that price were filled.) What happened then? There was a pop, an 18% pop that is almost exactly average for first-day pops, and the shares closed at a little over $100. Then what happened? They sort of went down. By September 3, Google shares were at $100.01, lower than the closing price on opening day. Then what happened? You know what happened. Google is at $600/share now, and hit $700/share in December 2007 (those were the days).
Why do I bring this up? Because I have been fascinated with IPOs for a long time, and I have written three articles about underpricing here, here and here. Reading about the Facebook IPO, all the questions, criticisms and insights seem very familiar. So, once and for all, I think we need to come to terms with two things, teach journalists about these two things, and then calm down about IPOs for the rest of the history of capital markets.
1. First-day pops are meaningless. Say my house is worth $300k. If I list it for $290k, and someone buys it and then immediately resells it for $300k, then this doesn't mean my house is worth any more than if I had originally listed it for $300k and it sold. Or, if I listed it for $310k, and the buyer resold it for $300k. These are all $300k houses. In the first instance, I left some money on the table, which makes the second instance more attractive to me. But none of these scenarios changes whether my house is worth $300k or not.
Now, some people would argue that pop creates value. That if onlookers see someone resell my house immediately for more than she paid, they will be attracted to my house and may purchase it from the second buyer for more than $300k. This may in fact be true, given the amount of uninformed trading associated wtih IPOs. But, eventually the price will return to $300k. If the pop creates value, it is created for someone other than the seller. The argument that the seller benefits is tenuous -- the seller may reap the benefits in a follow-on offering or via "good feelings" for its retail brand.
Could the absence of a pop destroy value, even if temporarily? Maybe. The confusion and criticism over the Google IPO may have caused its price to struggle the first few weeks. But then fundamental value caught up.
2. First-day pops are meaningless. It bears to be repeated. Studies have shown that firms with the biggest pops (60% or more) have the worst one-year returns of all issuers in that same year. Anecdotally, we know that some firms with the largest pops (Webvan, mp3.com, VA Linux) don't even exist in the same form any more. First-day pops are not correlated with long-term value.
So, was Facebook's IPO successful? This all depends on what the definition of success is. If "successful" means "had an initial offering price that rose on the first day," then no. If "successful" means reaped the optimal amount of capital for its shares, then maybe so. I think it's interesting to think about the Facebook IPO with the Google IPO in mind. That IPO was considered unsuccessful by many. There were technological glitches. There were last-minute disclosure snafus. It was August. It was a slow time for technology IPOs. At the last minute, a bunch of insiders sold their shares, too. Rumors suggested that Google paid a very low commission to its lead underwriter. None of these things had anything to do with the fundamental value of Google, and time bore that out. I say let's see.
Permalink | IPOs | Comments (0) | TrackBack (0) | Bookmark
The post-mortem on Facebook's IPO is well underway. Who's to blame? There's an argument for the answer "no one"--after all, if the IPO's goal is to raise money for the company, Facebook accomplished the mission by not leaving a penny on the table. Indeed, it reached into investors' pockets and grabbed a few dollars, to boot.
From investors' perspective, however, the IPO was a bust. The SEC and Congress are investigating. Without further ado, in no particular order, I present the Facebook IPO theories I've run across.
1. CFO David Ebersman. Ebersman is faulted for boosting the number of shares by 25% right before kickoff (money that, incidentally, went to investors rather than the company). According to the WSJ Ebersman did not defer to the bankers as companies typically do. And by letting outside investors get more than half of the IPO proceeds (57% according to WaPo), Ebersman arguably did leave money--Facebook's money--on the table.
2. Morgan Stanley: Lead underwriter, its job was to price at least accurately. Instead, it kowtowed to a heavyweight client and let itself (and its reputation) get used.The WSJ also makes it sounds like Ebersman, rather than the bankers, set the final price of $38. Normally I tell my students the company plays the role of "concerned spectator" in the final pricing decision. Facebook was doing a whole lot more. By the way, did you know that the underwriter discount was only 1.1%? The underwriter's discount is the cheaper price at which the banks buy the shares from the company. They then turn around and sell them to the general public at the IPO price. The spread is their automatic profit, and the compensation they get for the risk of the deal and for providing price support. Typically the spread is more like 5-7%. Wow. Morgan Stanley may have bungled this offering, but am I the only one that feels a little sorry for them?
3. Goldman Sachs. Always a popular villain, Goldman's sin was telling clients earlier this month that they were revising downwards their projections for Facebook's earnings. Morgan Stanley did the same thing, but Goldman is the perennial favorite if you're going to launch an I-bank conspiracy theory. Lawsuits have already been filed alleging selective disclosure.
4. The secondary markets. Rich Karlgaard of Forbes: "Facebook's shares have been dead in the water for the last 12 months. Private investors had already bid up Facebook to a $100 billion value a year ago."
5. Zuckerberg: Christine observed months ago that Zuckerberg has almost secured paranoiac control of the company. And he couldn't be bothered to lose the hoodie.
6. Nasdaq: Technical glitches, delays in trading, FINRA investigations. Oh my!
7. Timing: Rich Karlgaard again:
From Facebook's shares debuted in a cloudy market. Beyond Europe in 2012, May is a bad time to go public. For the past several decades, nearly all of the stock market's gains have occurred between October and May. The canard "Sell in May and go away" turns out to be true.
If you see/have more theories, let us know in the comments.
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After some hiccups, Facebook shares hit the market late this morning priced at $38, the high end of their target range. According to the WSJ's Deal Journal, "given the hype and demand the question has largely been "How big a pop is coming?" not "Will there be a pop?" For the record, two weeks ago I asked if there'd be a pop, and I'm still wondering.
Facebook shares opened at $42.05 and "then instantaneously hit $42.99, up 13% from its IPO pricing." But when I left for lunch shares were trading at a meager $39 and some change--more a bump than a pop. Now (1:30 EST) they're around $40, and they may well end up by close of business. Still, early reports characterize the IPO as "more whimper than bang", "fizzling", and "cool." Underwriters have reportedly been buying to prop up the price.
I observed regarding the Carlyle IPO "No first day pop means you didn't leave any money on the table. And that's a good thing, right? But that's not how it's playing in the press." A similar story seems to be unfolding with Facebook. Which leaves me with these unconnected thoughts:
1. Facebook's shares traded heavily on the private secondary markets, about which I've had much to say. Given those trades, there's more information about what Facebook shares are actually worth. Ergo, more accurate pricing. Ergo, less pop.
2. To the extent that the conventional wisdom is that the first-day pop is about branding, name recognition, and reputation building--um, Facebook doesn't need that. This IPO has dominated the business news. Facebook is the highest valued U.S. company ever at IPO, its $104 billion valuation dwarfing UPS's $60 billion in 1999. Pop, schmop.
3. There were some investors that were too late to the SharesPost/SecondMarket party. The last private auction sold Facebook at $44/share. Those buyers would have been better off waiting for the public sale with the rest of us. How unhappy are they? And...will they sue?
4. Zuckerberg, Goldman Sachs, and the other early investors who are cashing out don't really give a damn about a first day pop. So what if the IPO investors don't see an immediate return? Zuckerberg & Co. maximized their first-day take by pricing the shares accurately, and they're laughing all the way to the bank.
Update: FB closed up 23 cents. So no pop to speak of.
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Yesterday private equity giant Carlyle priced its IPO at $22, below its initial range of $23-25, looking for a first day pop (according to the WSJ). It couldn't find it, and closed yesterday up just $0.2%. Also in the IPO news, Facebook set a range of $28-35, valuing the company at $96 billion, lower than some valuations had suggested--and,notably, lower than the most recent price on SharePost, $44. It looks like Facebook is looking for the first-day pop, as well.
Why? There are 2 dominant stories for IPO underpricing, one sinister and one innocent. Both hinge on the fact that in an IPO investment banks act as intermediaries, buying the company's shares at a discount and then turning around and selling them to the public. The sinister story blames greedy investment bankers that strong-arm companies into asking too little for their shares so that the bankers can curry favor with their clients. The innocent one chalks underpricing up to information asymmetry: it's hard to gauge the true price of a stock that hasn't been traded, and uninformed investors will shy away from the market entirely unless they can be enticed in with the prospect of a sure thing. (Steven Davidoff has a characteristically incisive review of all the underpricing theories here).
Here's what I think is weird about the recent IPO news. First, Carlyle is a sophisticated player, not your average Groupon or LinkedIn to be victimized by investment banks. I could see Carlyle's management saying: "You know, we want to raise as much money as possible, first day pop be damned." No first day pop means you didn't leave any money on the table. And that's a good thing, right? But that's not how it's playing in the press. Carlyle's IPO is "unimpressive," "lackluster." Uh, how about "shrewd" or "accurately priced"?
Facebook's IPO is interesting because it lacks the information asymmetries that plague the typical IPO. We know Facebook's market valuation as measured by sophisticated, er, accredited, investors. As Davidoff writes, "Underpricing has also been found to be lower when information about the issuer is more freely available so that uninformed investors are at less of a disadvantage." Yet Facebook is pricing quite a bit lower than the last SharesPost sale of shares. Which suggests either 1) that the information asymmetry story is wrong, and that management and/or the banks purposefully leave money on the table for their own sinister purposes. Or 2) that the secondary market isn't particularly good at valuation.
Last month I predicted that SharesPost would be in trouble if there's no first day pop. Today's WSJ quoted an investor that was pretty sanguine about it: John Landis bought at $31-32/share, and he's still hopeful that he'll make money, speculating that the low end of the range might be a "tactic to build excitement for the IPO." The WSJ didn't quote any investors who bought Facebook at $44/share. I know what they're hoping now. We'll have to wait until May 18th to find out.
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Glom readers know I've been thinking about Special Purpose Acquisition Corporations (SPACs) for a while now. Yesterday Justice Holdings Ltd. (listed on the London Stock Exchange), announced that it would take a 29% stake in Burger King, buying from private equity firm 3G Capital, Inc., which took the company private only 18 months ago. After the acquisition the company will trade as Burger King Worldwide Inc. on the NYSE.
According to Bloomberg Businessweek, Justice Holdings, a SPAC started by Nicolas Berggruen, Martin Franklin and Ackman, raised 900 million pounds ($1.4 billion) in a February 2011 initial public offering in London.
From the WSJ:
The decision to go public again was driven by building momentum at the restaurant chain, with the deal providing Burger King a chance to list itself without going through the time-consuming process of a traditional initial public offering, Burger King Chief Financial Officer Daniel Schwartz said Tuesday.
"This route allows management to focus on running the business," Mr. Schwartz said.
This probably the most high-profile SPAC acquisition ever, and certainly in the past few years. While our work focuses on domestic SPACs, it's definitely an international phenomenon.
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The Facebook registration statement was filed today. If you were Facebook, how would you grab the attention of investors?
Think big: "Our mission is to make the world more open and connected."
The sales pitch is pretty simple: growth, growth, growth!
The first Risk Factor? "If we fail to retain existing users or add new users, or if our users decrease their level of engagement with Facebook, our revenue, financial results, and business may be significantly harmed."
The purpose of the IPO? "The principal purposes of our initial public offering are to create a public market for our Class A common stock and thereby enable future access to the public equity markets by us and our employees, obtain additional capital, and facilitate an orderly distribution of shares for the selling stockholders."
Their strategy in a nutshell: expand and monetize.
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Carlyle Group is the next in a line of private equity firms to want to go public in an initial public offering. Our old pal Victor Fleischer has written extensively about one of the first of these publicly traded partnerships from the buyout firm industry and the tax manueverings of these PTP IPOs. Well, Carlyle's IPO rings with a different controversy.
Having first filed for an IPO in September, Carlyle filed its second amendment this month, which contained an interesting new item in its "Risk Factors" section. The following appears under the heading "Risks Related to Our Organizational Structure":
Our partnership agreement will contain provisions that require individual arbitration of any disputes arising out of or relating in any way to our partnership agreement or the common units, including those under the federal securities laws of the United States. Accordingly, you will not be permitted to bring any such claim in court or as part of any representative or class proceeding and your cost of seeking and obtaining recoveries may be higher than otherwise would be the case.
And, to be specific, this means claims relating to:
the provisions of our partnership agreement (including without limitation the validity, scope or enforceability of the arbitration provisions of our partnership agreement or the arbitrability of any such claim, suit, action or proceeding);
• the duties, obligations or liabilities of us to our common unitholders or our general partner, or of our common unitholders or our general partner to us, or among partners;
• the rights or powers of, or restrictions on, us, our common unitholders or our general partner; • any provision of the Delaware Limited Partnership Act or other similar applicable statutes;
• any other instrument, document, agreement or certificate contemplated either by any provision of the Delaware Limited Partnership Act relating to us or by our partnership agreement; and
• the federal securities laws of the United States or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder.
And, just in case you were wondering, readers are told in bold that claims may only be brought to the artbitrator in the investor's individual capacity and arbitrators may not consolidate claims. copies of the LP agreement have not been filed with the SEC yet, but reports say that arbitration would be held in Wilmington, DE.
This report quotes a lot of folks, including law prof Don Langevoort, on whether this provision would fly with the SEC, which has to approve its registration for IPO. This provision actually modifies the affect of the securities acts, which might peeve the SEC. Apparently, the SEC has said no to this kid of thing before, but not with a PTP and not since 1990, which seems like an entirely different era as far as investor rights go.
As an observer, this kind of provision makes me nervous for investors. However, as a law professor, I think it would be fascinating if the SEC okayed the provision and the IPO went forward. Think of the interesting questions that might be answered if one or more (hopefully a lot more) public companies had these kind of waivers: Would shareholders demand to pay less for no recourse to class-action securities claims? Would different kinds of shareholders care? Ironically, small shareholders might not care at all because they rarely follow class actions for their shares anyway, but large shareholders might care a lot. Would companies with these types of waivers disclose more or less? More accurately or less accurately? Could this be similar to dual class common, an evil that shareholders really didn't care about?
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In 2010 I blogged about David Kirkpatrick's business history, The Facebook Effect. Earlier this week, the California Legislative Analyst's Office invoked Kirkpatrick's title to speculate about tax revenues from a Facebook IPO. From the Overview of the Governor's Budget:
The Facebook Effect. Facebook Inc., a privately held company headquartered in Palo Alto, may proceed with an initial public offering (IPO) of its stock in 2012. Facebook reportedly is considering issuing $10 billion of stock in an IPO that would value the company at over $100 billion. Other companies also are considering IPOs in the coming years.
In the coming months, the state's revenue forecasts will need to be adjusted somewhat to account for the possibility of hundreds of millions of dollars of additional revenues related to the Facebook IPO. These revenues could affect the budgetary outlook beginning in 2012-13. We caution that it will be impossible to forecast IPO-related state revenues with any precision, and it is likely that little information about the state revenue gain from the Facebook IPO will be available before investors file tax returns in April 2013. (Even then, due to the confidentiality of individual taxpayer information, we are unlikely to know precisely how much state revenues increased due to Facebook's IPO.)
In considering the size of the Facebook IPO effect in the coming months, revenue forecasters will have a difficult task. Our office's income models are based on historical trends and, therefore, already assume that some level of IPO activity occurs for California companies each year. Moreover, in our recent forecasts, our office has deliberately built in "extra" capital gains (above those generated by our model) in 2010, 2011, and 2012 to try to account for a variety of factors, including the surprisingly strong PIT receipts in some recent months. Finally, Facebook-related capital gains likely will prove to be a relatively small percentage of California's overall capital gains in 2012. If the stock market as a whole has an unusually strong or weak year, that fact could change forecasted capital gains up or down by much more than the positive Facebook effect.
In case you missed it, the projected size of the IPO is $10 billion, and the expected valuation of Facebook $100 billion! For a sense of perspective, Google sold $1.67 billion in its IPO in 2004, giving Google a valuation of more than $23 billion.
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Usha has already blogged about the possibility of Facebook foregoing the traditional bookbuilding IPO in favor of an online auction. In 2004, I first wrote on the online auction as an alternative to a traditional IPO in Moral Hazard and the Initial Public Offering. At the time, I argued that online auctions could yield a higher price for the issuer due to the underpricing phenomenon. However, after that article was published, online IPOs slowed to a trickle, absent the one highly publicized Google IPO, which was not technically a dutch auction at all. (Here is a listing of all online auctions to date. There have been no new IPO auctions since 2008.) I wrote about the Google IPO in this article, What Google Can't Tell Us About Online Auctions (and What it Can).
I finally came to the conclusion that auctions were great at capturing the market price of an issuer's shares, without the underpricing discount; however, investment banks are able to increase the market price so the end result to the issuer may be the same or greater. This led to the third article, Initial Public Offerings and the Failed Promise of Disintermediation. I think the Google IPO is a great example of this. Google, which was just as hot in 2004 as Facebook is in 2011, believed quite correctly that it did not need Wall Street to sell its shares. The public did not need to be sold on buying Google. So, if you have the most fabulous house in a hot market, you can do FSBO. But, Google actually needed Wall Street to buy, which didn't happen. The larger institutional investors sat out and the analysts were very negative, rightly or wrongly. Now, Google's share price has never looked back, so I'm sure Sergey and Brin aren't shedding any tears. But, Facebook might think twice about deciding to go it alone on sheer Palo Alto power alone.
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So, in case you haven't looked at your retirement savings the past week, stocks have taken a beating lately. Because of this, stories are popping up suggesting that the tech IPO boom version 2.0 may slow down. Groupon and Zynga filed registration statements this summer, but have not launched yet. (Groupon's Amend. No. 1 here; Zynga's Amend. No. 1 here).
So, how have this Spring's tech IPOs fared? I looked at Zipcar, Linkedin, Pandora and Zillow. Yes, they have all gone down recently, but all are down from their high trading first days. Zipcar priced at $18 on April 14, opened at $30 and rose to $31.50. Today it is $22. Linkedin priced at $45 on May 19, opened at $83, and rose to $122. It's at $84. Pandora priced at $16 on June 15, opened at $20, rose to $26. It's $13.21. Zillow priced at $20 on July 20 and opened at $60, its all-time high. It is now at $26.80. In keeping with the IPO model, those who were allowed to buy stock at the IPO price are in the best position; investors who purchased the first day of trading, the worst.
And what about the Facebook elephant in the room?
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As Christine has noted, IPOs are back, and that means fun for corporate law types. Today's front-page WSJ reads "Groupon to Gauge Limits of IPO Mania." Facebook, Zynga, and companies I'm not cool enough to have heard about are being floated as IPO candidates, and venture capitalists are salivating over the social network economy, both leading actors and bit-part players. IPOs are back, baby!
Except that they never really left. Rather, companies were accessing the public markets while skirting the regulations surrounding going public, by way of "reverse mergers." With a reverse merger, an already-public shell corporation acquires a public company. Presto, the once-private company trades publicly--generally over-the-counter, it's true, but publicly. Chinese companies in particular have used this method to trade in the U.S. Reverse mergers figure in today's WSJ because the SEC is examining whether audits of these Chinese firms were up to snuff. According to the article, since February about 40 Chinese firms have acknowledged accounting problems or had trading of their stock suspended for accounting issues.
Some readers might remember that I've been working on a special flavor of reverse merger, a SPAC. Among other things, it's given me a window into the world of OTC trading and the Pink Sheets--a world of tiny companies that don't usually make it to the paper or to the attention of law professors. They're not generally mentioned in the financial press, but there have been a healthy number of IPOs in this space.
I'd argue that we know relatively little about IPOs, but we know even less about this marginal world at the edges of securities law. More on SPACs, and on what they can teach us, at the end of the summer. I hope.
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Last week, commentators were saying that LinkedIn was pricing its IPO shares low ($32-35/share, $3 billion valuation), possibly signaling a concern about a social media bubble. Well, apparently not everyone is afraid of a little frothy bubble action. A few days ago, LinkedIn repriced at $45. Way off.
Shares opened today at $83/share. Yes, you aren't having flashbacks -- Google priced at $85 and went up 18% the first day. Shares of LinkedIn were recently trading at over $120, and is right now at about $108.
So, time to brush off things we used to talk about when we talked about IPOs. Why so much underpricing? Mistake? Strategic on the part of the issuer? On the part of the underwriter? Who drove the run-up? Smart money? Herd money? What will the share price be in 12 months? 36 months? I love IPOs.
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LinkedIn is set to issue shares in an initial public offering on May 19, and the share price sets a valuation on the social network company at $3 billion (share price range $32-35). Nice. LinkedIn is the first in a pipeline of new generation social media companies that everyone expects to go public: Facebook, Groupon, Zynga, Twitter, etc. Pandora is on its third amendment to its registration statement after filing in February 2011, but no IPO date has been set. Skype is also on its third amendment after filing in August 2010, and no IPO date has been set.
The question that analysts keep asking harkens back to the 1999-2000 tech bubble: Do the companies make a profit? Yes, they are cool. But shareholders need something more than cool after a month or two. LinkedIn generates revenue through a premium service for subscribers and advertising. It announced profits for 2010, but generated losses in 2009. Is LinkedIn's IPO a sign of a bubble or just a sign that the IPO market is returning from a cold, cold slump?
As an aside, how many academics use LinkedIn? I think I set up a profile over five years ago, but I'm more of a daily Facebook user. Academics have such a fine line between personal and professional existences that Facebook seems to have filled that niche. If I were practicing, I could see having a social network presence that was all business, though. And, Academia.edu tells me that 5 of my FB friends are on its site, which posits itself as both the "LinkedIn for academics" and the "Facebook for academics." Any Academia.edu aficionados?
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$10 Indian Gold Eagle XF
Product Details
Recognized as part of the early 20th-century renaissance of American coinage, this vintage Gold coin is a great addition for collectors and investors who want to hold gold that circulated nearly a century ago.
This highly collectible $10 Indian Gold Eagle coin, in Extra Fine condition, contains .48375 oz of Gold. Designed by Augustus St. Gaudens, these coins, minted from 1907-1933, have stars on the edge signifying the number of states in the union.
Random Year - Date(s) on these coins will be of our choosing and may or may not vary, determined by stock on hand.
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Product ID: | 14241 |
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Purity: | .900 |
Manufacturer: | U.S. Mint |
Thickness: | 2.03 mm |
Diameter: | 27 mm |
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text:
(While Keeping It Simple and On Your Own Terms)
Expand your brand, create exposure, generate leads
and make sales with Facebook
Dear Aspiring Facebook Marketer,
If you want the rare ability to make money by mastering Facebook marketing, and on your own terms (i.e. so you're not a slave to Facebook), and do so within the next 60 days, then this letter will show you how.
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Make that three products for the price of one …
Because my former business partner and video marketing expert, Glenn Arcaro, generously pitched in his very own "The Hollywood Facebook Viral Video" and "Top Hollywood Secrets" courses. Look, you gotta have video in your repertoire, may as well learn from the best. Glenn is the man!
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Complete Guide to Facebook Business Pages (Updated For 2012)
How to Create The Ultimate Lead Converting Facebook Landing Pages
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By the way, once you've completed the core six modules of the course, you will still receive continued access to advanced and bonus material that I might throw in down the line, plus all the goodies and bonuses I add later to stack value and make the program even better, and you're always welcome to continue to send your questions for our Q & A sessions.
You just pay once.
And really, you can't beat a price like this anywhere. It's my goal to make sure Facebook Mastery Club makes a difference for your business.
See You On the Inside,
DiDi Alcheva


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Brother Raul Alvear Jr. was born August 18th, 1974 in São José do Rio Pardo in São Paulo, Brazil. He is the son of missionaries Raul and Janice Alvear. Sister Janice Alvear came to Brazil in 1968 when she was 18 years old. Brother Alvear's father is from Chile. Elder Alvear's parents became missionaries to Brazil after receiving the revelation of the Oneness through the ministry of American missionaries when he was 12 years old.
Brother Raul Alvear Jr. received the Holy Ghost when he was four years old. He was baptized in Jesus name when he was five. At the age of eight, Brother Raul Alvear Jr. felt the call on his life to preach the Word of God. When he was 14, Brother Alvear told his parents that God wanted him to pastor in Campinas. He went back to an old house his parents had previously used for a bible school and started the Work of God. He began with just a small bible school and three faithful members, now there is a beautiful church built beside the old house.
On April 26th, 2003 Brother Alvear Jr. married his wife Michele. Two years later Julia was born March 2nd, 2005. In the midst of all the work that needs to be done in Brazil, the Alvear's have raised a wonderful daughter. It's been over 20 years that Brother Alvear has been the pastor in Campinas. He has 15 daughter-works.
A few years ago Brazil was split into 8 districts, and Brother Alvear was appointed to be overseer of the southern district which contains about 200 churches. In total Brazil has around 300 works, 400 ministers, and 10,000 members. There are established works in 11 of the 26 states and preaching points and contacts in four other states. Brother Alvear continues passionately in the faith because he believes in the cause of Christ. His vision for Brazil is great but God is God of the impossible.
Brother Joseph Conroy was born and raised in an Irish Catholic Family in Chicago,Illinois. As a teenager he moved to California with his family to the city of Fresno. A visit from an elderly Jehovahs Witness woman led him to pick up a Bible and begin to read it for the very first time. The Apostles Doctrine and Experience that he read about stirred him deeply. But "did anyone still HAVE that today?" he wondered. As the next few years went by Brother Conroys hunger for the True Experience of Pentecost grew and intensified until finally in March of 1972 God sent a young man to invite him to a Pentecostal Service at Truth Tabernacle then pastored by Brother Murray Layne and pastored today by Brother Vaughn Morton. From the very first service Brother Conroy knew "THIS IS THAT!" It was only a matter of a few services until Brother Conroy experienced his own Pentecost.
Over the next few years Brother Conroy dug deep into the Word of God with the input of many great Bible Teachers of the times. His ministry began with puppet shows, Teaching the Beginners Sunday School Class, then graduated to Search for Truth Home Bible Studies. Early in the 1980's Brother Conroy received his calling to go to the Middle East as a missionary. In 1987 he went to the land of Syria where he was met with wonderful and immediate success. The work that began in Aleppo, Syria grew as Brother Conroy and others from his first work in Syria evangelized from Istanbul, Turkey to Amman. Jordan. Today over twenty years later the fruit of Brother Conroys ministry is spread around the globe. Souls that have come to New Testament Salvation from this missionary outreach today are in many nations including Syria, Lebanon, Turkey, Iraq, Jordan, Egypt, Sudan, Zimbabwe, The Netherlands, Malta, Denmark, Sweden, Canada , The United States and now Germany where for the last several years Brother Conroy has been labouring to establish a solid Jesus Name Apostolic Outreach for men women and young people of ALL nationalities. At the church in Augsburg he currently has represented in his fledgling congregation men and women from such diverse ethnic backgrounds as Portugal, Germany, Aramiac people, Puerto Rico, America as well as several African tribes represented including Yoruba, Ibo and Edu.
His vision is to establish a network of Apostolic Churches in Europe that can stand free from politics and intrigue and rather proclaim the grace of the Lord Jesus Christ so freely revealed in Act's 2:38. Hopefully some day the Apostolic Message will be preached as widely in Europe as it has been in North America for the last one hundred years! Brother Conroy is doing his best to help make that a reality.
Brother Robert Traylor was born February 3, 1971 in Russllville, AK, to Dwight and Linda Traylor, a family with deep Pentecostal roots. He was raised in the apostolic faith during his early childhood; however, tragic events caused his family to lose faith and backslide. But God had a plan, and he called Bro Traylor out and saved him out of his darkness. Brother Traylor's parents also returned to God, and today attend an apostolic church in Bebee, AK.
About 3 years after coming back to God, the Traylor family spent four months in Russia in the work of God. It was then that Robert met his wife, Yulia. Sister Yulia was in apostolic church, and she helped the Traylor family with their stay in Saint Petersburg. Robert and Yulia were married in Russia December 5, 2004. Brother Robert Traylor ended up staying in Russia for eighteen months, and during this time, God placed profound love and desire for that nation in his heart, and that changed his life. In 2006 he returned to the United States with his wife, and they helped their local ministry in a variety of areas. Over the next five years, the Traylors had three children: Mary, Nickolai and Dianna.
With God's blessing, they built a new home. But on the first night in their new home, God awakened Sister Yulia and told her that they would not be staying there very long. Right then they felt that Jesus had a different direction for their life. Shortly afterward, they accepted the call of God to move back to Russia. Their new work is in the Saint-Petersburg region called Red Village. They have already established several connections in the government, business, law, and religious areas that they believe may be helpful in developing the work of the Lord in that region.
Missionary Tim Joiner was born in 1965, in the state of Louisiana. He was blessed to be raised in an Apostolic home. His parents were home missionaries, who established a number of churches for the Kingdom of God. Bro. Joiner was no stranger to church work and in his early teens he began preaching and helping his father in the local church.
In 1983, Bro. Joiner married a young lady, Brigette Croy, who was a member of his father's church. They were blessed to have two children, Mark and Haley. The Joiner family spent many years evangelizing all over the USA. In the year of 1998, Bro. and Sis. Joiner made a trip to Belize, traveling around just seeing the country. After returning to the states, God began to deal with his heart about Belize. Bro. Joiner tried running from the call to the foreign field until God got his attention and he committed himself to the call.
On January 8th, 2001, the Joiner Family loaded up a 1984 church van and a 12-foot trailer, and headed to Belize, via Mexico. The January night they left, it was raining and sleeting terribly. After many days of traveling, in spite of breakdowns and problems with the Mexican authorities, they made it to Belize.
The Apostolic Pentecostal Church of Belize was established and a church was begun in the living room of a home owned by a woman who had family in the church of Pastor A.L. Lyle, in Jeanerette, La. They quickly outgrew the living room and a church was built out of poles, cut down from the jungle, covered with plastic tarps. They worshipped under this structure on sawdust floors, for almost two years. God blessed them to purchase a piece of property in a wonderful location, in the center of the village of Guinea Grass. Today, a beautiful church, school, home, and dormitories sit on this piece of land.
If you were to visit the Joiner family and the work of God in Belize, you will find a revival church full of Apostolic folks, a tremendous Christian school, with a godly youth group. If you have time, there are five other established churches that you may possibly get to visit while there.
Marc Schreckhise was born in Honduras in 1977 to Dan and Judy Schreckhise and raised there as a missionaries son. It was at an early age that God began to put a love for this country in his heart. As he grew up watching his Father work tirelessly for the Lord in this mission field, something in him began to grow. Looking back, it was easy to see that God was growing a burden in his heart for the country of his birth.
On December 20th 2003, Marc was married to his wonderful wife Lori. Lori was born into a home missionary family that has a love for the work of God. It was at an early age before they met that God began to deal with Lori about the mission field. God spoke to her and told her she would be involved with reaching many countries in Central America . How God works!
It was recently that God began to deal with both Marc and Lori about returning to Honduras as missionaries. One night while going over his childhood pictures of Honduras , God began to stir that calling in their hearts. Late that night as they were praying for direction, God began to direct them to Honduras . An overwhelming peace settled over them as they began to weep in the presence of the Lord. There was no doubt! They were headed Honduras .
Marc and Lori are now on location in Siguatepeque, Honduras and is also working in Guatemala. Pray that God will bless the efforts of this Honduran born native who has finally answered the call to "come home."Brother Ryan Thompson was born and raised in Indianapolis, Indiana in a Pentecostal home. Bro. Thompson went to Brazil when his father, an Apostolic pastor, was invited to preach a conference there in 1996. He was eighteen years old. It was that year that he was called to preach. He worked under the leadership of Brother Raul Alvear Jr., helping in many areas while in South Brazil with Bro. Alvear. He worked with the youth and helped take care of a church.
Bro. Thompson met and married Sis. Meide, a wonderful young lady who is a native Brazilian. They were married on the 23rd of August 1998. Shortly after their marriage they felt the confirmation of the Lord and with the blessings of Brother Alvear Sr., went to the northern city of Arapiraca. They arrived there in January 1999 and assumed a small work with seven members. That same year they built their first daughter work and began to reach out to other interior cities. Ten years later they have a total of ten works including preaching points. Currently, their headquarters church runs about 120 and altogether they have about 400 people. They have seen hundreds of people baptized in North Brazil and have seen miracles, signs and wonders.
The Lord blessed the Thompsons with a little boy, Logan Lee Thompson on November 18, 2003. Another blessing, a daughter, Nathalee Lorena Thompson was born December 27, 2008. Brother Thompson had long had a dream to build a Bible School and training center, and in May, 2006, they were able to purchase over 12 acres of land for this purpose. They are in the process of working on this project even now. His vision is to reach areas in Northeast Brazil that are untouched with the wonderful gospel message that we know. Pray for the Thompson family and for the work of God in Northeast Brazil.
Robert Nix is a veteran missionary with over thirty years' involvement in foreign missions service. Bro. Nix has been preaching for over 50 years. After marrying Sue Palmer in 1961, they founded a church in Douglas, Arizona. Later, he served as full-time instructor and music director for Pentecostal Bible Institute (Tupelo, MS) before moving on to assume the pastorate of a church in Jackson, TN. It was from Jackson that he and his wife launched out into the mission field in 1967.
They served in Peru for sixteen years -- where Bro. Nix and Bro. Dale Brown founded a Bible School that, after more than 40 years, still serves Oneness congregations in all of Peru – before moving to Costa Rica , where they spent almost two years helping the church regain its footing after a time of terrible struggle. A 13- year hiatus in the United States followed, in which the Nixes planted two churches (Oregon and S. Texas).
In 1998, Robert and Sue Nix were once again appointed to Peru, where they serve today as head of the work and as President of the Bible School. They are involved in aggressive training and sending forth of ministry, as well as pastoring the congregation that meets in the Bible School complex. The Nixes are firm believers and followers of the Truth of God's Word, in holiness, righteousness and integrity. The work is again experiencing tremendous growth as a result of God's blessing. They are the parents of four sons who all pastor Truth-loving churches, and the proud grandparents of fourteen grandchildren.
Bishop Raul and Janice Alvear are lifelong missionaries in Brazil. Bishop Alvear came at a young age to Brazil from Chile with his family to work in missions and Sister Alvear came to Brazil in 1968. Both worked as single missionaries and then at a conference in June 1972 they met in the city of Sao Paulo, Brazil. After a short courtship they were married in December of the same year.
Mission work has been their whole life. From a humble beginning under a tree in a pagan village the work today boasts of several hundred churches, scores of house meetings, radio programs, prison ministries, children's outreaches, etc. The work includes hundreds of national pastors and several national missionaries with a small extension into the country of Paraguay.
Bishop Alvear just ordained their oldest son as bishop over the entire work while they will travel strengthening the work as long as health and funds permit. The work also includes a Bible school called EBA with many students from different areas studying the precious word of God. The work has extended into 15 of the 23 states of Brazil and contacts in several of the other states. The work also has a large campground in southern Brazil and one in the far north. Although neither is completely finished they will serve future generations.
The Alvear´s oldest adopted son is a native missionary to the Amazon jungle. The work has grown and right now there is great emphasis put on evangelism and church planting. They say, "It has been a privilege, not a sacrifice to live our life on a mission field. There can be no deeper joy than that of saving souls!"
Brother Michael Jones was born April 13, 1966 in Sacramento California. He married his wife, Marie, in November 1988 and joined the U.S. Air Force a couple of weeks later. Brother and Sister Jones have three daughters: Ashley, Courtney, and Rebekah. They have been stationed, in the military, in Delaware, Japan, Hawaii, New Mexico, Korea, and Germany (currently). Brother Jones has completed three tours of duty in the Middle East: Saudi Arabia and Cairo in 1990-1991; Kirkuk, Iraq in 2009-2010; and Al Dhafra, U.A.E. in 2011-2012. Brother and Sister Jones came to the Lord in 1992, in a small mission work, in Japan. Brother Jones felt God's call on his life almost immediately, with a strong burden for missions. Sister Jones shares her husband's burden. Not only is she involved in their work in Wiesbaden, but she has built a church building on her own land in Bicol, Philippines, paid for it out of her own money and helped her people to get a pastor.
In addition to missions, Brother Jones has a burden for education. He holds a Bachelor's Degree in Religious Education, a Master's Degree in Education, and a Teach English as a Foreign Language (TEFL) certification. His primary job in the Air Force is developing and certifying teachers and trainers. Brother Jones has a vision of establishing apostolic education programs in orphanages. In addition, developing leaders and ministers in both continuing education, and as necessary, for local nationals who are called, but do not want to, or cannot, leave their area of burden.
In January 2010, Brother Jones started a church in Germany. Currently, it is the only apostolic church in the German state of Hesse, located in the greater Rhine-Mein / Frankfurt area, in the city of Wiesbaden. Please help us and pray for our labor in Germany: over 5.5 million people, in this area alone, need to be reached with the Gospel.


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Ann Anderson: Support appreciated
Tuesday, August 20, 2013
To the editor:
The Humane Society of Moffat County would like to thank the following businesses and individuals: Amy Andrews, owner of D'Tail; Laura Tyler and Sandra Kruczek, owners of Total Teamwork Training; Murdochs; Pizza Hut; Kaci Dunlap; Kaedyn Talkington and Sadie Smilanich for their help and financial support. Thank you so much everyone.
Ann Anderson
HSMC secretary
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Galloway schools move elections to November, end budget vote
Written by STEVE PRISAMENT Tuesday, January 24, 2012 10:18 am
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GALLOWAY ŌĆō The Board of Education voted 7-1 Monday, Jan. 23 to move its election from April to the general election ballot in November and eliminate a public vote on the budget if it stays under the 2 percent cap.
Board member Rich Dase voted no. Another member, John Knorr, was absent.
Legislation signed into law last week by Gov. Chris Christie allows for the action and had already been adopted by 20 school districts.
Switching to the new process was not mandatory, but could be achieved in three ways. The school board could vote to do it, the Township Council could vote it in or a public referendum could move the election date and end voting on school budgets that remain under the cap.
Once the decision has been made, the district must stay with the new procedure for four years. After four years, it was unclear if any one of the methods could be used to return to previous practice.
What if the school board and the council disagree?
Board member Robert Iannacone said not to worry about details; there will be changes in four years.
Iannacone complained about councilŌĆÖs oversight after the most recent budget election.
ŌĆ£Our budget was defeated by less than 1 percent,ŌĆØ Iannacone said. ŌĆ£But the council members want to be heroes. They reduced our budget by $300,000.ŌĆØ
Board President Ernest Huggard said school budgets are the only government budgets in the
Not anymore, at least not for four years in
ŌĆ£We needed to be proactive,ŌĆØ Huggard said. ŌĆ£The Board of Education felt it was in our best interest. Based on all the facts, we had a lively discussion and we felt it was in our best interest.ŌĆØ
He said the change would benefit the schools.
ŌĆ£More citizens will participate,ŌĆØ Huggard said of moving the election date. ŌĆ£It will foster a positive interest in our public schools.ŌĆØ
The item was only listed on the agenda for discussion, but a unanimous voice vote by the board members moved it to be voted on as a resolution.
According to Dase, father of Freeholder Richard Dase, the school board vote would become politicized if it coincides with municipal, county, state and federal elections.
ŌĆ£Politics and children should not mix,ŌĆØ Dase said before the vote.
Huggard dismissed that concern after the vote.
ŌĆ£We donŌĆÖt believe that will be the case,ŌĆØ he said. ŌĆ£ItŌĆÖs a valid concern. IŌĆÖve heard that same concern, but we donŌĆÖt feel that will be the case.ŌĆØ
Mayor Don Purdy said that the election might be more political, but thatŌĆÖs all right.
ŌĆ£ItŌĆÖs the better way,ŌĆØ Purdy said Tuesday morning. ŌĆ£Things have changed on local and state levels. People need to come out and vote; itŌĆÖs one of the great rights we have in this country.ŌĆØ
The public should give more attention to school elections, he said.
ŌĆ£IŌĆÖm up in air on budget,ŌĆØ Purdy said. ŌĆ£IŌĆÖve always felt uncomfortable overseeing their budget. Now, if residents are not happy with the school budget, they can look to change school board representation.ŌĆØ
People need to focus more on where tax dollars are spent, he said.
ŌĆ£This is a way for the people to have accurate input. Instead of 300 people voting at a school election, there will be 5,000 people voting,ŌĆØ Purdy said. ŌĆ£If the budgets arenŌĆÖt what the public thinks are in line, you vote the school board members out.ŌĆØ
He said people would and should be more involved with the schools.
ŌĆ£I urge people to get involved,ŌĆØ Purdy said. ŌĆ£Get involved even if you donŌĆÖt have kids in school. Accountability will be left more on the school board and what theyŌĆÖre elected to do. ItŌĆÖll be on their shoulders.ŌĆØ
Board of Education Vice President George Schwenger said the changes would help end divisiveness in the community.
ŌĆ£This will be a big thing off our back,ŌĆØ Schwenger said. ŌĆ£ItŌĆÖs pit young vs. old in the township. People who are mad at the property tax take it out on the school budget.ŌĆØ
The law was signed by the governor Tuesday, Jan. 17.
If no decision was made this year, the change could have been made next year or in any subsequent year by one of the same three actions. In 2015, the process would remain the same unless action to change back is taken at that time.
The budget can now be approved by the Board of Education following its normal springtime schedule and doesnŌĆÖt need public approval as long as it remains under the cap put in place by Christie last year.
If it goes over the 2 percent cap, only the part of the budget over the cap would be voted on in the November election. The fiscal year is unchanged.
Until now, residents voted on school board members and the budget in April.
If the budget were defeated, it would then go before council, which could pass the budget as proposed or make cuts. Council cut $362,000 out of this yearŌĆÖs proposed budget after it was defeated.
In December, residents voted down by eight votes a referendum for roof replacement at Smithville, Arthur Rann and Roland Rogers elementary schools, fire alarm replacement for Smithville, Roland Rogers and
That referendum is scheduled to go back before the public March 13.
Dase, Iannacone and Eileen Kasunich are up for re-election this year. No council seats are up for re-election on Tuesday, Nov. 6.
A large turnout is expected since it is a presidential election year.
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- Letter: ItŌĆÖs time to move out of Galloway


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Date Posted
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Responsible for the design, maintenancce and/or development of software application programs or systems integration, report customization or a custom business software application in support of an enhanced information systems and technology.
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About | Projects | Docs | Forums | Lists | Bugs | Get Gentoo! | Support | Planet | Wiki
Corey Shields wrote: [Mon Sep 26 2005, 11:38:17AM CDT] > On Monday 26 September 2005 09:22 am, Corey Shields wrote: > > fwiw, I think we should promote such usage (and as Donnie points out, it is > > legit given the conditions are met). > > > > The more businesses are "supporting" and pushing Gentoo, the more our > > userbase will grow. Just my $.02 My own small-amount-of-change: I don't mind commercial folks using our logo, but I think they should license it. Now that doesn't necessarily mean that actual money needs to be involved, but permission needs to be sought, and the time needs to be limited (with, of course, the option to renew the license). I think we need that much to maintain the Gentoo trademark(s), although that question should really be run by the legal folks for confirmation. -g2boojum- -- Grant Goodyear Gentoo Developer email@example.com http://www.gentoo.org/~g2boojum GPG Fingerprint: D706 9802 1663 DEF5 81B0 9573 A6DC 7152 E0F6 5B76
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