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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q
For the quarterly period ended June 30, 2012 or
Commission file number 1-32740 ENERGY TRANSFER EQUITY, L.P. (Exact name of registrant as specified in its charter)
3738 Oak Lawn Avenue, Dallas, Texas 75219 (Address of principal executive offices) (zip code) (214) 981-0700 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý At August 1, 2012, the registrant had units outstanding as follows: Energy Transfer Equity, L.P. 279,955,608 Common Units FORM 10-Q ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES TABLE OF CONTENTS i Forward-Looking Statements Certain matters discussed in this report, excluding historical information, as well as some statements by Energy Transfer Equity, L.P. ("Energy Transfer Equity," the "Partnership" or "ETE") in periodic press releases and some oral statements of Energy Transfer Equity officials during presentations about the Partnership, include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "estimate," "intend," "continue," "believe," "may," "will" or similar expressions help identify forward-looking statements. Although the Partnership and its General Partner believe such forward-looking statements are based on reasonable assumptions and current expectations and projections about future events, no assurance can be given that such assumptions, expectations or projections will prove to be correct. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from those anticipated, estimated or expressed, forecasted, projected or expected in forward-looking statements since many of the factors that determine these results are subject to uncertainties and risks that are difficult to predict and beyond management's control. For additional discussion of risks, uncertainties and assumptions, see "Part II — Other Information – Item 1A. Risk Factors" for the quarter ended March 31, 2012 and included in this Quarterly Report on Form 10-Q, as well as "Part I — Item 1A. Risk Factors" in the Partnership's Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission on February 22, 2012. Definitions The following is a list of certain acronyms and terms generally used in the energy industry and throughout this document:
Adjusted EBITDA is a term used throughout this document, which we define as earnings before interest, taxes, depreciation, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, non-cash impairment charges, loss on extinguishment of debt, gain on deconsolidation of ETP's Propane Business and other non-operating income or expense items. Unrealized gains and losses on commodity risk management activities includes unrealized gains and losses on commodity derivatives and inventory fair value adjustments (excluding lower of cost or market adjustments). Adjusted EBITDA reflects amounts for less than wholly owned subsidiaries and unconsolidated affiliates based on proportionate ownership. iv PART I — FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 1 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 2 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per unit data) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 3 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 4 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2012 (Dollars in thousands) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 5 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (unaudited)
The accompanying notes are an integral part of these consolidated financial statements. 6 ENERGY TRANSFER EQUITY, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular dollar amounts, except per unit data, are in thousands) (unaudited)
Business Operations Unless the context requires otherwise, references to "we," "us," "our," the "Partnership" and "ETE" mean Energy Transfer Equity, L.P. and its consolidated subsidiaries, which include ETP, ETP GP, ETP LLC, Regency, Regency GP, Regency LLC, and Southern Union. References to the "Parent Company" mean Energy Transfer Equity, L.P. on a stand-alone basis. At June 30, 2012, our equity interests in ETP and Regency consisted of:
On March 26, 2012, we acquired all of the outstanding shares of Southern Union for approximately $3.01 billion in cash and approximately 57.0 million ETE Common Units. See Note 3 for more information regarding the Southern Union Merger. The unaudited consolidated financial statements of ETE presented herein for the three and six month periods ended June 30, 2012 and 2011 include the results of operations of: •the Parent Company;
Our unaudited consolidated financial statements include the results of operations of Southern Union from March 26, 2012, the date we acquired Southern Union, through June 30, 2012. Business Operations The Parent Company's principal sources of cash flow have historically derived from its direct and indirect investments in the limited partner and general partner interests in ETP and Regency. Effective with the acquisition of Southern Union, the Parent Company also generates cash flows through its wholly-owned subsidiary, Southern Union. The Parent Company's primary cash requirements are for general and administrative expenses, debt service requirements and distributions to its partners and holders of the Preferred Units. Parent Company-only assets are not available to satisfy the debts and other obligations of ETE's subsidiaries. In order to understand the financial condition of the Parent Company on a stand-alone basis, see Note 21 for stand-alone financial information apart from that of the consolidated partnership information included herein. The following is a brief description of our operating entities:
See Note 20 for discussion regarding our reportable segments. Preparation of Interim Financial Statements The accompanying consolidated balance sheet as of December 31, 2011, which has been derived from audited financial statements, and the unaudited interim consolidated financial statements and notes thereto of the Partnership as of June 30, 2012 and for the three and six months ended June 30, 2012 and 2011, have been prepared in accordance with GAAP for interim consolidated financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for complete consolidated financial statements. However, management believes that the disclosures made are adequate to make the information not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year due to the seasonal nature of the Partnership's operations, maintenance activities of the Partnership's subsidiaries and the impact of forward natural gas prices and differentials on certain derivative financial instruments that are accounted for using mark-to-market accounting. Management has evaluated subsequent events through the date the financial statements were issued. In the opinion of management, all adjustments (all of which are normal and recurring) have been made that are necessary to fairly state the consolidated financial position of the Partnership as of June 30, 2012, and the Partnership's results of operations and cash flows for the three and six months ended June 30, 2012 and 2011. The unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto presented in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the SEC on February 22, 2012. Certain prior period amounts have been reclassified to conform to the 2012 presentation. These reclassifications had no impact on net income or total equity.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the accrual for and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The natural gas industry conducts its business by processing actual transactions at the end of the month following the month of delivery. Consequently, the most current month's financial results for natural gas and NGL related operations are estimated using volume estimates and market prices. Any differences between estimated results and actual results are recognized in the following month's financial statements. Management believes that the estimated operating results represent the actual results in all material respects. Some of the other significant estimates made by management include, but are not limited to, the timing of certain forecasted transactions that are hedged, the fair value of derivative instruments, useful lives for depreciation and amortization, purchase accounting allocations and subsequent realizability of intangible assets, fair value measurements used in the goodwill impairment test, market value of inventory, assets and liabilities resulting from the regulated ratemaking process, contingency reserves and environmental reserves. Actual values and results could differ from those estimates. 8 Significant Accounting Policies As a result of the Southern Union Merger on March 26, 2012, the following significant accounting policies have been added to our significant accounting policies described in our Form 10-K for the year ended December 31, 2011. Pensions and Other Postretirement Benefit Plans Employers are required to recognize in their balance sheets the overfunded or underfunded status of defined benefit pension and other postretirement plans, measured as the difference between the fair value of the plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for other postretirement plans). Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability. Employers must recognize the change in the funded status of the plan in the year in which the change occurs through Accumulated other comprehensive income in equity. See Note 14 for further information regarding pensions and other postretirement benefit plans. Revenue Recognition for Southern Union's Natural Gas Distribution Operations In Southern Union's natural gas distribution operations, natural gas utility customers are billed on a monthly-cycle basis. The related cost of natural gas and revenue taxes are matched with cycle-billed revenues through utilization of purchased natural gas adjustment provisions in tariffs approved by the regulatory agencies having jurisdiction. Revenues from natural gas delivered but not yet billed are accrued, along with the related natural gas purchase costs and revenue-related taxes.
Southern Union Merger On March 26, 2012, Sigma Acquisition Corporation, a Delaware corporation and a wholly-owned subsidiary of ETE, completed its acquisition of Southern Union. Southern Union is the surviving entity in the merger and operates as a wholly-owned subsidiary of ETE. The assets acquired as a result of this merger significantly expand our existing geographic footprint of natural gas pipeline and natural gas transportation capacity and into natural gas utilities distribution, and are complementary to the assets owned and operated by our other entities. Under the terms of the merger agreement, Southern Union stockholders were able to elect to exchange each outstanding share of Southern Union common stock for $44.25 in cash or 1.00 ETE Common Unit, with no more than 60% of the aggregate merger consideration payable in cash and no more than 50% of the merger consideration payable in ETE Common Units. Based on the final results of the merger consideration, elections were as follows:
Effective with the closing of the transaction, Southern Union's common stock is no longer publicly traded. Citrus Merger In connection with the Southern Union Merger on March 26, 2012, ETP completed its acquisition of CrossCountry, a subsidiary of Southern Union which owns an indirect 50% interest in Citrus, the owner of FGT. The total merger consideration was approximately $2.0 billion, consisting of approximately $1.9 billion in cash and approximately 2.25 million ETP Common Units. See Note 4 for more information regarding ETP's equity method investment in Citrus. In connection with the Citrus Merger, we relinquished our rights to an aggregate $220 million of IDRs from ETP that we would otherwise be entitled to receive over 16 consecutive quarters following the closing of the merger. Pursuant to the merger agreement, we also granted ETP a right of first offer with respect to any disposition by us or SUGS, a subsidiary of Southern Union that owns and operates a natural gas gathering and processing system serving the Permian Basin in West Texas and New Mexico. 9 Summary of Assets Acquired and Liabilities Assumed We accounted for the Southern Union Merger using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their fair values as of the acquisition date. Our consolidated balance sheet presented as of June 30, 2012 reflects the preliminary purchase price allocations based on available information. Certain amounts included in the preliminary purchase price allocation as of June 30, 2012 have been changed from amounts reflected as of March 31, 2012 based on management's review of the valuation. Management is continuing to review the valuation and expects to be substantially complete with the purchase price allocation in the third quarter of 2012. The following table summarizes the preliminary assets acquired and liabilities assumed recognized as of the merger date:
Goodwill was allocated by reportable business segment as $1.17 billion to the Southern Union Transportation and Storage segment; $598.3 million to the Southern Union Gathering and Processing segment; $251.8 million to the Southern Union Distribution segment; and $10.8 million to Corporate and other. Other liabilities assumed include approximately $46.0 million of AROs, which are primarily related to owned natural gas storage wells and offshore lines and platforms. At the end of the useful life of these underlying assets, Southern Union is legally or contractually required to abandon in place or remove the asset. An ARO is required to be recorded when a legal obligation to retire an asset exists and such obligation can be reasonably estimated. Although a number of other onshore assets in Southern Union's system are subject to agreements that give rise to an ARO upon the discontinued use of the assets, AROs were not recorded because these assets have an indeterminate removal or abandonment date given the expected continued use of the assets with proper maintenance or replacement. As of June 30, 2012 AROs assumed as a result of the Southern Union Merger were approximately $46.5 million. Pro Forma Results of Operations The following unaudited pro forma consolidated results of operations for the three and six months ended June 30, 2012 and 2011 are presented as if the Southern Union Merger had been completed on January 1, 2011. Actual results for the three months ended June 30, 2012 include Southern Union for the entire period; however, pro forma amounts shown below reflect adjustments for certain acquisition-related costs recognized during the period.
10 The pro forma consolidated results of operations include adjustments to: •include the results of Southern Union for all periods presented;
•include incremental interest expense related to financing the transactions; •adjust for one-time expenses; and •adjust for relative changes in ownership resulting from the transactions. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the Southern Union Merger been completed at the beginning of the periods presented or the future results of the combined operations. Southern Union's revenue included in our consolidated statement of operations was approximately $472.5 million and $512.2 million for the three months ended June 30, 2012 and since the acquisition date to June 30, 2012, respectively. Southern Union's net income and net loss included in our consolidated statement of operations were approximately $11.7 million and $26.8 million for the three months ended June 30, 2012 and since the acquisition date to June 30, 2012, respectively. Expenses Related to the Southern Union Merger As a result of the acquisition, we recognized $8.3 million of merger-related costs during the three months ended June 30, 2012 and $38.2 million during the six months ended June 30, 2012. Pending Sunoco Merger On April 30, 2012, ETP announced that it had entered into a definitive merger agreement whereby ETP will acquire Sunoco in exchange for ETP Common Units and cash. Under the terms of the merger agreement, Sunoco shareholders would receive, for each Sunoco common share, either $50.00 in cash, 1.0490 ETP Common Units or a combination of $25.00 in cash and 0.5245 of an ETP Common Unit. The cash and unit elections, however, will be subject to proration to ensure that the total amount of cash paid and the total number of ETP Common Units issued in the merger to Sunoco shareholders as a whole are equal to the total amount of cash and number of ETP Common Units that would have been paid and issued if all Sunoco shareholders received the standard mix of consideration. Upon closing, Sunoco shareholders are expected to own approximately 20% of ETP's outstanding limited partner units. This transaction is expected to close in the third or fourth quarter of 2012, subject to approval of Sunoco's shareholders and customary regulatory approvals. Sunoco owns the general partner interest of Sunoco Logistics, consisting of a 2% general partner interest, 100% of the IDRs, and 32.4% of the outstanding common units of Sunoco Logistics. Sunoco also generates cash flow from a portfolio of retail outlets for the sale of gasoline and middle distillates in the east coast, midwest and southeast areas of the United States. Sunoco Logistics is a publicly traded limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary pipeline, terminalling and crude oil acquisition and marketing assets. Pending Holdco Transaction On June 15, 2012, ETE and ETP entered into a transaction agreement pursuant to which, immediately following and subject to the closing of the Sunoco merger, (i) ETE will contribute its interest in Southern Union into an ETP-controlled entity in exchange for a 60% equity interest in the new entity, to be called Holdco and (ii) ETP will contribute its interest in Sunoco to Holdco and will retain a 40% equity interest in Holdco (the "Holdco Transaction"). Prior to the contribution of Sunoco to Holdco, Sunoco will contribute its interests in Sunoco Logistics to ETP in exchange for 50,706,000 ETP Class F Units representing limited partner interest in ETP ("ETP Class F Units") plus an additional number of ETP Class F Units determined based upon the amount of cash contributed to ETP by Sunoco at the closing of the merger, as calculated in accordance with the merger agreement. The ETP Class F Units will be entitled to 35% of the quarterly cash distributions generated by ETP and its subsidiaries other than Holdco, subject to a maximum cash distribution of $3.75 per ETP Class F Unit per year. Pursuant to a stockholders agreement between ETE and ETP, ETP will control Holdco. Consequently, ETP expects to consolidate Holdco (including Sunoco and Southern Union) in its consolidated financial statements subsequent to consummation of the Holdco Transaction. Under the terms of the Holdco Transaction agreement, we will relinquish an aggregate of $210 million of IDRs over 12 consecutive quarters following the closing of the Holdco Transaction. 11
Citrus Corp. ETP acquired a 50% interest in Citrus, which owns 100% of FGT on March 26, 2012. A subsidiary of Kinder Morgan, Inc. owns the remaining 50% interest in Citrus. In exchange for the interest in Citrus, Southern Union received $1.9 billion in cash and $105 million of ETP Common Units. ETP initially recorded its investment in Citrus at $2.0 billion, which exceeded its proportionate share of Citrus' equity by $1.03 billion, all of which is treated as equity method goodwill due to the application of regulatory accounting. AmeriGas Partners, L.P. On January 12, 2012, ETP contributed its Propane Business to AmeriGas in exchange for approximately $1.46 billion in cash and approximately 29.6 million AmeriGas Common Units valued at $1.12 billion at the time of the contribution. In addition, AmeriGas assumed approximately $71 million of existing debt of the Propane Business. ETP recognized a gain on deconsolidation of $1.06 billion and recorded equity in losses of $36.4 million and equity in earnings of $3.1 million related to AmeriGas for the three and six months ended June 30, 2012, respectively. ETP's investment in AmeriGas initially reflected $630.0 million in excess of the proportionate share of AmeriGas' limited partners' capital. Of this excess fair value, $288.6 million is being amortized over a weighted average period of 14 years and $341.4 million is being treated as equity method goodwill and non-amortizable intangible assets. We have not reflected the Propane operations as discontinued operations as ETP will have a continuing involvement in this business as a result of the investment in AmeriGas. In June 2012, we sold the remainder of our retail propane operations, consisting of our cylinder exchange business, to a third party. In connection with the contribution agreement with AmeriGas, certain excess sales proceeds from the sale of the cylinder exchange business were remitted to AmeriGas, and we received net proceeds of approximately $43.0 million. Midcontinent Express Pipeline LLC Regency owns a 50% interest in MEP, which owns approximately 500 miles of natural gas pipelines that extend from Southeast Oklahoma, across Northeast Texas, Northern Louisiana and Central Mississippi to an interconnect with the Transcontinental natural gas pipeline system in Butler, Alabama. RIGS Haynesville Partnership Co. Regency owns a 49.99% interest in HPC, which, through its ownership of the RIGS, delivers natural gas from Northwest Louisiana to downstream pipelines and markets through a 450-mile intrastate pipeline system. Fayetteville Express Pipeline LLC ETP owns a 50% interest in the FEP, which owns an approximately 185-mile natural gas pipeline that originates in Conway County, Arkansas, continues eastward through White County, Arkansas and terminates at an interconnect with Trunkline Gas Company in Panola County, Mississippi. Summarized Financial Information The following tables present aggregated selected income statement data for our unconsolidated affiliates, including AmeriGas, Citrus, FEP, HPC and MEP (on a 100% basis for all periods presented).
In addition to the equity method investments described above, ETP, Regency and Southern Union each have other insignificant equity method investments. 12
Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit. Non-cash investing and financing activities are as follows:
Inventories consisted of the following:
ETP utilizes commodity derivatives to manage price volatility associated with its natural gas inventory and designates certain of these derivatives as fair value hedges for accounting purposes. Changes in fair value of the designated hedged inventory have been recorded in inventory on our consolidated balance sheets and in cost of products sold in our consolidated statements of operations.
A net increase in goodwill of $1.42 billion was recorded during the six months ended June 30, 2012, which includes goodwill of $2.03 billion recorded as a result of the Southern Union Merger partially offset by a decrease of $605.6 million as a result of ETP's contribution of its Propane Business to AmeriGas. The goodwill recorded as a result of the Southern Union Merger was primarily due to expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes. See Note 3 for further discussion of Southern Union Merger. 13
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value. Price risk management assets and liabilities are recorded at fair value. We have marketable securities, commodity derivatives, interest rate derivatives, the Preferred Units and embedded derivatives in the Regency Preferred Units that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible "level" of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on quotes from an active exchange of Eurodollar futures for the same period as the future interest swap settlements, and we discount the future cash flows accordingly, including the effects of credit risk. Level 3 inputs are unobservable. Derivatives related to the Regency Preferred Units are valued using a binomial lattice model. The market inputs utilized in the model include credit spread, probabilities of the occurrence of certain events, common unit price, dividend yield, and expected value, and are considered Level 3. The fair value of the Preferred Units was based predominantly on an income approach model and is also considered Level 3. Based on the estimated borrowing rates currently available to us and our subsidiaries for long-term loans with similar terms and average maturities, the aggregate fair value and carrying amount of our consolidated debt obligations as of June 30, 2012 was $19.33 billion and $18.07 billion, respectively. As of December 31, 2011, the aggregate fair value and carrying amount of our consolidated debt obligations was $12.21 billion and $11.37 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. 14 The following tables summarize the fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of June 30, 2012 and December 31, 2011 based on inputs used to derive their fair values:
The following table presents the material unobservable inputs used to estimate the fair value of the Preferred Units and the embedded derivatives in Regency's Preferred Units:
16 Changes in the remaining term of the Preferred Units, U.S. Treasury yields and valuations in related instruments would cause a change in the yield to value the Preferred Units. Changes in Regency's cost of equity and U. S. Treasury yields would cause a change in the credit spread used to value the embedded derivatives in the Regency Preferred Units. Changes in Regency's historical unit price volatility would cause a change in the volatility used to value the embedded derivatives. The following table presents a reconciliation of the beginning and ending balances for our Level 3 financial instruments measured at fair value on a recurring basis using significant unobservable inputs for the six months ended June 30, 2012. There were no transfers between the fair value hierarchy levels during the six months ended June 30, 2012 or 2011.
A reconciliation of net income and weighted average units used in computing basic and diluted net income per unit is as follows:
The calculation above for the three and six months ended June 30, 2012 for diluted net income per limited partner unit excludes the impact of any ETE Common Units that would be issued upon conversion of the Preferred Units, because inclusion would have been antidilutive. The Preferred Units have a liquidation preference of $300 million and are subject to mandatory conversion as discussed in Note 11. 17
Our debt obligations consisted of the following:
The following table reflects future maturities of long-term debt for each of the next five years and thereafter. These amounts exclude $157.4 million in net unamortized premiums and fair value adjustments related to interest rate swaps:
ETE Senior Secured Term Loan We used the net proceeds from our Senior Secured Term Loan, along with proceeds received from ETP in the Citrus Merger, to fund the cash portion of the Southern Union Merger and pay related fees and expenses, including existing borrowings under our revolving credit facility and for general partnership purposes. 18 Borrowings bear interest at either the Eurodollar rate plus an applicable margin or the alternative base rate plus an applicable margin. The alternative base rate used to calculate interest on base rate loans will be calculated using the greater of a prime rate, a federal funds effective rate plus 0.50%, and an adjusted one-month LIBOR rate plus 1.00%. The applicable margins are 3.0% for Eurodollar loans and from 2.0% for base rate loans. The effective interest rate on the amount outstanding as of June 30, 2012 was 3.75%. Southern Union Junior Subordinated Notes Southern Union has interest rate swap agreements that effectively fix the interest rate applicable to the floating rate on $525.0 million of the $600.0 million Junior Subordinated Notes due 2066. The interest rate on the remaining notes is a variable rate based upon the three-month LIBOR rate plus 3.0175%. The balance of the variable rate portion of the Junior Subordinated Notes was $75.0 million at an effective interest rate of 3.48% at June 30, 2012. Panhandle Term Loans In February 2012, Southern Union refinanced LNG Holdings' $455.0 million term loan due March 2012 with an unsecured three-year term loan facility due February 2015, with LNG Holdings as borrower and PEPL and Trunkline LNG as guarantors and a floating interest rate tied to LIBOR plus a margin based on the rating of PEPL's senior unsecured debt. The effective interest rate of PEPL's term loan was 1.87% at June 30, 2012. Bridge Term Loan Facility Upon obtaining permanent financing for the Southern Union Merger in March 2012, we terminated the 364-day Bridge Term Loan Facility. For the six months ended June 30, 2012, bridge loan related fees reflects the recognition of $62.2 million of commitment fees upon termination of the facility. ETP Senior Notes In January 2012 ETP completed a public offering of $1.00 billion aggregate principal amount of 5.20% Senior Notes due February 1, 2022 and $1.00 billion aggregate principal amount of 6.50% Senior Notes due February 1, 2042 and used the net proceeds of $1.98 billion from the offering to fund the cash portion of the purchase price of the Citrus Merger and for general partnership purposes. ETP may redeem some or all of the notes at any time and from time to time pursuant to the terms of the indenture subject to the payment of a "make-whole" premium. Interest will be paid semi-annually. In January 2012 ETP announced a tender offer for approximately $750.0 million aggregate principal amount of specified series of the ETP Senior Notes. The tender offer consisted of two separate offers: an Any and All Offer and a Maximum Tender Offer. The senior notes described below were repurchased under the offers for a total cost of $885.9 million and a loss on extinguishment of debt of $115.0 million was recorded during the six months ended June 30, 2012. In the Any and All Offer ETP offered to purchase any and all of its 5.65% Senior Notes due August 1, 2012, at a fixed price. Pursuant to the Any and All Offer, ETP purchased $292 million aggregate principal amount of its 5.65% Senior Notes due August 1, 2012. In the Maximum Tender Offer ETP offered to purchase certain series of outstanding ETP Senior Notes at a fixed spread over the index rate. Pursuant to the Maximum Tender Offer, on February 7, 2012, ETP purchased $200 million aggregate principal amount of its 9.7% Senior Notes due March 15, 2019, $200 million aggregate principal amount of its 9.0% Senior Notes due April 15, 2019 and $58.1 million aggregate principal amount of its 8.5% Senior Notes due April 15, 2014. Regency Senior Notes In May 2012, Regency exercised its option to redeem 35%, or $87.5 million, of its outstanding senior notes due 2016 at a price of 109.375%. Revolving Credit Facilities Parent Company Credit Facility As of June 30, 2012, we had $10.0 million outstanding borrowings under the Parent Company Credit Facility and the amount available for future borrowings was $190.0 million. The weighted average interest rate on the total amount outstanding as of June 30, 2012 was 3.74%. 19 ETP Credit Facility As of June 30, 2012, ETP had a balance of $493.4 million outstanding under the ETP Credit Facility, and the amount available for future borrowings was $1.98 billion after taking into account letters of credit of $30.3 million. The weighted average interest rate on the total amount outstanding as of June 30, 2012 was 1.74%. Regency Credit Facility As of June 30, 2012, there was a balance outstanding under the Regency Credit Facility of $515.0 million in revolving credit loans and approximately $9.0 million in letters of credit. The total amount available under the Regency Credit Facility, as of June 30, 2012, which is reduced by any letters of credit, was approximately $376.0 million. The weighted average interest rate on the total amount outstanding as of June 30, 2012 was 2.88%. Southern Union Credit Facilities The Southern Union Credit Facility provides for a $700 million revolving credit facility which matures on May 20, 2016. Borrowings on the Southern Union Credit Facility are available for working capital, other general company purposes and letter of credit requirements. The interest rate and commitment fee under the Southern Union Credit Facility are calculated using a pricing grid, which is based on the credit ratings for Southern Union's senior unsecured notes. The annualized interest rate for the Southern Union Credit Facility was 1.87% as of June 30, 2012. Covenants Related to Our Credit Agreements Covenants Related to Southern Union Southern Union is not party to any lending agreement that would accelerate the maturity date of any obligation due to a failure to maintain any specific credit rating, nor would a reduction in any credit rating, by itself, cause an event of default under any of Southern Union's lending agreements. Covenants exist in certain of the Southern Union's debt agreements that require Southern Union to maintain a certain level of net worth, to meet certain debt to total capitalization ratios and to meet certain ratios of earnings before depreciation, interest and taxes to cash interest expense. A failure by Southern Union to satisfy any such covenant would give rise to an event of default under the associated debt, which could become immediately due and payable if Southern Union did not cure such default within any permitted cure period or if Southern Union did not obtain amendments, consents or waivers from its lenders with respect to such covenants. Southern Union's restrictive covenants include restrictions on debt levels, restrictions on liens securing debt and guarantees, restrictions on mergers and on the sales of assets, capitalization requirements, dividend restrictions, cross default and cross-acceleration and prepayment of debt provisions. A breach of any of these covenants could result in acceleration of Southern Union's debt and other financial obligations and that of its subsidiaries. Under the current credit agreements, the significant debt covenants and cross defaults are as follows:
In addition to the above restrictions and default provisions, Southern Union and/or its subsidiaries are subject to a number of additional restrictions and covenants. These restrictions and covenants include limitations on additional debt at some of its subsidiaries; limitations on the use of proceeds from borrowing at some of its subsidiaries; limitations, in some cases, on transactions with its affiliates; limitations on the incurrence of liens; potential limitations on the abilities of some of its subsidiaries to declare and pay dividends and potential limitations on some of its subsidiaries to participate in Southern Union's cash management program; and limitations on Southern Union's ability to prepay debt. 20 Compliance with Our Covenants We were in compliance with all requirements, tests, limitations, and covenants related to our respective credit agreements as of June 30, 2012.
ETE Preferred Units The Parent Company has outstanding 3,000,000 Series A Convertible Preferred Units to an affiliate of GE Energy Financial Services, Inc. having an aggregate liquidation preference of $300.0 million. These units are reflected as a non-current liability in our consolidated balance sheets. The Preferred Units are measured at fair value on a recurring basis. Changes in the estimated fair value of the ETE Preferred Units are recorded in other income (expense) on the consolidated statements of operations. Regency Preferred Units Regency had 4,371,586 Regency Preferred Units outstanding at June 30, 2012, which were convertible into 4,645,229 Regency Common Units. If outstanding on September 2, 2029, the Regency Preferred Units are mandatorily redeemable for $80.0 million plus all accrued but unpaid distributions thereon. Holders of the Regency Preferred Units receive fixed quarterly cash distributions of $0.445 per unit. Holders can elect to convert Regency Preferred Units to Regency Common Units at any time in accordance with Regency's Partnership Agreement.
ETE Common Units Issued The change in ETE Common Units during the six months ended June 30, 2012 was as follows:
Sales of Common Units by Subsidiaries The Parent Company accounts for the difference between the carrying amount of its investments in ETP and Regency and the underlying book value arising from the issuance or redemption of units by ETP or Regency (excluding transactions with the Parent Company) as capital transactions. As a result of ETP's and Regency's issuances of common units during the six months ended June 30, 2012, we recognized decreases in partners' capital of $13.9 million. Sales of Common Units by ETP On July 3, 2012, ETP issued 15,525,000 ETP Common Units representing limited partner interests at $44.57 per ETP Common Unit in a public offering. Proceeds, net of commissions, of approximately $671.1 million from the offering were used to repay amounts outstanding under the ETP Credit Facility, to fund capital expenditures related to pipeline construction projects and for general partnership purposes. During the six months ended June 30, 2012, ETP received proceeds from units issued pursuant to an Equity Distribution Agreement with Credit Suisse Securities (USA) LLC of $76.7 million, net of commissions, which were used for general partnership purposes. No ETP Common Units remain available to be issued under the ETP Equity Distribution Agreement as of June 30, 2012. For the six months ended June 30, 2012, distributions of approximately $16.8 million were reinvested under its DRIP resulting in the issuance of 379,258 ETP Common Units. As of June 30, 2012, a total of 5,017,063 ETP Common Units remain available to be issued under this registration statement. 21 ETP issued approximately 2.25 million ETP Common Units to Southern Union as a portion of consideration in the Citrus Merger. See Note 3 for additional discussion. Sale of Common Units by Regency In March 2012, Regency issued 12,650,000 Regency Common Units through a public offering. The net proceeds of approximately $296.8 million were used to repay borrowings outstanding under the Regency Credit Facility and were used to redeem 35% in aggregate principal amount of its outstanding Senior Notes due 2016 and pay related premium expenses and interest. On June 19, 2012, Regency entered into an Equity Distribution Agreement with Citi under which Regency may offer and sell Regency Common Units, having an aggregate offering price of up to $200 million from time to time through Citi, as sales agent for Regency. Sales of these units, if any, made under the Regency Equity Distribution Agreement will be made by means of ordinary brokers' transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed upon by Regency and Citi. Under the terms of this agreement, Regency may also sell Regency Common Units to Citi as principal for its own account at a price agreed upon at the time of sale. Any sale of Regency Common Units to Citi as principal would be pursuant to the terms of a separate agreement between the Partnership and Citi. Regency intends to use the net proceeds from the sale of these units for general partnership purposes. As of June 30, 2012, Regency has not issued any Regency Common Units pursuant to this agreement. Parent Company Quarterly Distributions of Available Cash Following are distributions declared and/or paid by us subsequent to December 31, 2011:
ETP Quarterly Distributions of Available Cash Following are distributions declared and/or paid by ETP subsequent to December 31, 2011:
Regency Quarterly Distributions of Available Cash Following are distributions declared and/or paid by Regency subsequent to December 31, 2011:
22 Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax:
We, ETP, and Regency have equity incentive plans for employees, officers and directors, which provide for various types of awards, including options to purchase common units, restricted units, phantom units, DERs, common unit appreciation rights, and other unit-based awards. ETE Long-Term Incentive Plan During the six months ended June 30, 2012, no awards were granted to ETE employees. As of June 30, 2012 a total of 76,172 unit awards remain unvested, including the new awards granted to ETE directors during the period. We expect to recognize a total of $0.9 million in compensation expense over a weighted average period of 1.7 years related to unvested awards. ETP Unit-Based Compensation Plans During the six months ended June 30, 2012, ETP employees were granted a total of 62,917 unvested awards with five-year service vesting requirements, and directors were granted a total of 4,400 unvested awards with three-year service vesting requirements. The weighted average grant-date fair value of these awards was 46.99 per unit. As of June 30, 2012 a total of 2,369,652 unit awards remain unvested, including the new awards granted during the period. ETP expects to recognize a total of $61.8 million in compensation expense over a weighted average period of 1.7 years related to unvested awards. Regency Unit-Based Compensation Plans Common Unit Options There was no Regency Common Unit Option activity for the six months ended June 30, 2012. The aggregate intrinsic value and weighted average contractual term in years as of June 30, 2012 for the outstanding and exercisable common unit options was $0.3 million and 3.9 years, respectively. During the six months ended June 30, 2011, Regency received $0.7 million in proceeds from the exercise of unit options. Phantom Units During the six months ended June 30, 2012, Regency employees and directors were granted 7,250 Regency phantom units with three-year service vesting requirements. As of June 30, 2012, a total of 991,206 Regency Phantom Units remain unvested, with a weighted average grant date fair value of $24.59. Regency expects to recognize a total of $17.8 million in compensation expense over a weighted average period of 3.8 years related to Regency's unvested phantom units.
Southern Union has pension plans that cover substantially all of its distribution operations' employees. Normal retirement age is 65, but certain plan provisions allow for earlier retirement. Pension benefits are calculated under formulas principally based on average earnings and length of service for salaried and non-union employees and average earnings and length of service or negotiated non-wage based formulas for union employees. 23 Southern Union has other postretirement plans that cover most of its employees. The health care plans generally provide for cost sharing between Southern Union and its retirees in the form of retiree contributions, deductibles, coinsurance, and a fixed cost cap on the amount Southern Union pays annually to provide future retiree health care coverage under certain of these plans. Pension and other postretirement benefit liabilities are accrued on an actuarial basis during the years an employee provides services. The following table contains information at the acquisition date (March 26, 2012) about the obligations and funded status of Southern Union's pension and other postretirement plans on a combined basis:


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Featuring a plethora of designs ranging from eye-catching geometrics to over-scaled botanicals, the Arbor Collection's expansive and affordable indoor/outdoor selection has something for everyone. Power-loomed in Egypt of 100%polypropylene, Arbor's soft, subdued color palette fits as nicely indoors as it does outside, making it the ideal all-seasons rug.
- Collection: Arbor
- Brand: Loloi
- Material: 100% Polypropylene
- Weave: Machine Made
- Styles: Transitional Rugs
- Origin: Egypt
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text:
Gay Chicago Rewind by Sukie de la Croix in ChicagoPride.com. #tbt
Thu Mar 05
Obama admin to urge Supreme Court strike down state bans on gay marriage
Tue Mar 03
I'm dating a jerk. What should I do? I really like him. :(
Mon Mar 02
Throwback Thursday -- a new Gay Chicago Rewind by Sukie de la Croix on ChicagoPride.com.
Thu Feb 26
Emanuel to face Garcia in April runoff; gay Latino wins big
Wed Feb 25
Runoff for Rahm: Mayor Falls Short of Winning Second Term Outright
Wed Feb 25
Tegan and Sara... "Everything Is Awesome" #Oscars2015
Mon Feb 23
Boystown's Frost Fest kicks off this afternoon with a Soup Walk. More details on ChicagoPride.com.
Sun Feb 22
Come on out to Maneuvers Bar in Joliet this Saturday!!
Sun Feb 22
Steve Grand named among Out's 100 Most Eligible Gay Bachelors... voting continues online.
Sat Feb 21


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Refurbished Elite Exotic Racer 1:18 Electric RTR RC Race Car
regular price: $25.00
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This is a refurbished RC car. This RC car comes with a 90 day warranty. We have our highly trained technical staff repair and test our refurbished products to make sure they are in perfect working order. Introducing the Elite Exotic Racer 1:18 Electric RTR RC Race Car. This RC car features a full function radio control that allows you to steer the car in any direction. You can drive in style whether it is day or night thanks to the wheel lights and under lights. With a detailed paint job with special racing decals, anyone can appreciate the look of this RC. All you need is 4 AA batteries for the Car and a 9V battery for the transmitter and you're good to go. Get the Elite Exotic Racer 1:18 Electric RC Car today and own the streets!
- Electric Powered
- Full Function Radio Control
- Detailed Paint Job
- Under Lights
- Clear Rubber Tires
- Wheel Lights
- Removable Shell Body
- Elite Exotic Racer 1:18 Electric RC Race Car
- Transmitter
- Length: 10 Inches
- Width: 4.25 Inches
- Height: 3 Inches
Battery Requirements:
- Vehicle: 4 AA Alkaline Batteries (Not Included)
- Transmitter: 9V Alkaline Battery (Not Included)
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SAE 2015 New Energy Vehicle Forum
September 3-4, 2015
Shanghai, China
Crowne Plaza Shanghai Anting Golf
International expertise comes together at the SAE 2015 New Energy Vehicle Forum to provide a rigorous examination of both the Technology and Technology Business Development of Electric Vehicles, Plug-In Hybrids and Fuel Cell Vehicles. The primary focus will be on the key vehicle systems and sub-systems. This will be addressed in association with a second track examining the processes of finance and applied technologies, including technology transfer and commercialization.


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RIKON Benchtop Bandsaw Now $229.99
Add a great bandsaw to even the smallest shop! Buy Now & Save $60
New SawStop Jobsite Saw!
Get the safety of a SawStop wherever the job takes you. Learn More!
HTC-2000 Mobile Base Now $49.99
Put your shop on wheels! Save $20
Look up product instructions, videos and articles about your favorite tools using our Learning Center.
Join us on your favorite social network! Share your projects and learn from other woodworkers.
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Great product,would highly recomend.
By Ian
from Angier NC.
About Me Avid Do-It-Yourselfer
Comments about Butler Tray Hinge, Square, 2-1/2" L x 1-1/2" W Hinge, Each, Requires No. 5 Screws Not Included :
Black Walnut Butler Tray Table, Oak cmputer desk
just what I was expecting, well pleased
By peanut
from Southern Indiana
used these hinges for a flip up door on a TV cabinent, use vcr and satelite receiver behind this door.
By Al
from Trumbull, CT
About Me Professional
I run a small retirement furniture repair business and do not buy a lot of items at one time only as required for a project. [...]
Screw holes not consistant with prior.
By Lloyd
from Los Angeles, CA
These hinges required #6 screws whereas previous purchases required #5 screws. Store only had two pair so I had to order remainder online. Bummer!


text: Tub was overfilling and water would not stop until machine turned off replaved water level valve but did not solve problem Kirk N. • Oak Island, NC • April 19, 2014 My Repair & Advice Filled tub to about 6 inches and inspected washer. Noticed that the tube leading from the air entrapment bubble on the exterior side of the drum had a small leak in it. Clipped off the part of the tube that had the hole in it(it was very close to the connector nipple) reconnected and problem was solved. Was this review helpful to you?


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Question for those who sail cutters
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Question for those who sail cutters
All of my sailing experience has been on sloop rigged boats. When at the Annapolis boat show we went out on a 54' Hylas, a cutter rig. Every time we tacked one of the crew was up on the bow pushing the genoa over and around the staysail to complete the tack. I've never seen this before.
Is it that much more difficult to tack that you need a crew member up there to get the sail through the slot or was I just seeing inexperience?
And what does one do with a double headsail configuration, where you have only inches between the stays? Tartan had this setup on their 4300.
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Obviously you all have probably attended multiple gun shows but I have never been to one before. I am planning on building an AR in the near future and there will be a gun show here in about a month (the only one all year in the area I believe). I was wondering if I would be able to buy a lower there and if so what kind of Identification and such am I going to need? Also are there usually good deals there or will it all be overpriced? Basically just looking for any advice you've got for me as it will be my first time there and I don't really have anyone else to go with that has been to these things. Thanks guys.
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Go for a decent brand -- Rock River Arms, Stag Arms, DPMS, Colt, Bushmaster, etc. There are stories about Olympic Arms and a few other brands where those parts don't mate well with parts from other manufacturers. (There are also higher-end brands, but they usually are hand-fitted together and come as complete rifles.) What you will need depends on where you live and what the local laws are. ARs are illegal in any form in some parts of the country. An AR lower is the rifle in the eyes of the Feds, so they will do a NICS check when you buy your lower. Basically, you fill out a form and they call it in. It takes a few minutes. Assuming you are not a felon, you should get approved. You will need a picture ID (like a license) for the NICS check. As far as pricing goes, check ar15.com in the Equipment Exchange and look at what new lowers are going for. Some will be complete with the lower parts kit (trigger group, grip) and some will be stripped. Price out complete lowers unless you enjoy fiddling with assembling stuff. Good luck with the gun show. The ones around here don't bring many deals. Here's to hoping you have better luck.
same here, been going to shows looking for AR parts and not having alot of luck, not many people there with parts other then the ones with complete rifles and selling them at a price higher then in the stores, you better know what ya looking for and what price or they will ream ya for sure
Know what you want, and the price you are willing to pay. I have seen a few deals, and many over priced tables. I will be looking ot build an AR maybe this summer, I have been told to buy an upper and lower instead of a complete gun. I have seen an M4 Bushmaster built at a local gun shop complete gun for $700 - $800 The show I went to this weekend they were $1600 - $2000.
________________________________I feel sorry for people who don't drink. When they wake up in the morning, that's as good as they're going to feel all day. ~Frank Sinatra~
Alright thanks for the advice guys. Hopefully there will be some tables with decent pricing. I only really plan on buying a lower there and everything else online so I don't have to deal with the hassle of shipping to an FFL dealer.
There is a gun show coming up on Apr.3,4,5 that I an sure that you can buy a complete AR lower for between $350 to $400 as long as you are not looking for anything special. Where is the show you ask? If you are any where east of the Mississippi this is the show to attend, it is worth the trip.Knob Creek Gun Range


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Happy birthday PS Vita
Download two exclusive new themes
Celebrate the third anniversary of PlayStation Vita with two incredible themes available from PlayStation Store. Personalise your PS Vita background with:
Theme one - All your favourite PS Vita characters, mixing it up.
Theme two - Toro and Friends theme, which is free until 24 February 2015.


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Thanks so much to all of those who made it out to our Hi-Dive show! Below are a few pictures. It was such an awesome time and was great meeting lots of new people. It was most likely our last show of 2014 but with 2015 quickly approaching we have much to be excited about. In December, we are looking to finish up tracking for our album and with the new year we are looking at many exciting things. Be sure to follow us on Facebook or check back here over the next few months. We'll be giving updates on how the record is going as well as launching preorder options! We are really stoked about all this and we hope you are too!
November 2014
With the year coming to an end we have one more show scheduled for 2014. November 18th, 2014 we will be playing with the awesome bands Choir Vandals, Tiny Moving Parts, and Dads @ Hi-Dive Denver. We are super excited for this show and the chance to share some of our newer music with you guys! Hit any of us up for tickets as this show may very well sell out. We've had a few set backs with the recording of our album but that is to be expected. However, significant progress is being made and I recently laid down some more bass tracks. These songs are sounding incredible and we can't wait to share them with you all. Please help us bring 2014 to an end and welcome what is to be our most exciting year yet in 2015.
LP 2015 Update
Just wanted to give an update on our progress with our upcoming album. We have six songs pretty much done (just needing vocals and final mixing), and we are finishing up writing songs for another 4 or so songs to be recorded soon as well! We are super stoked to announce that we'll be releasing our first single from the album in the very near future. Our goal is to have the album ready to release early next year but we'll have a few singles out along the way. We wanted to thank everyone who came out to our From Indian Lakes show! It was a blast and it was great to see so many of you. We have two shows coming up: one at the Marquis in Denver on Sept 24th and another at Bushwackers Saloon in Denver Oct 11th. We hope you can make it out to one of these and hit us up if you want tickets! On one final note, I would just like to say everyone's support means a lot and we are super excited for this album release! It has been by far our most collaborative effort between band members and I think that will make it extra special!
Hope to see you all soon!


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Reuters [today.reuters.com]
The settlement stems from a lawsuit filed by Lane's Gifts earlier this year in an Arkansas state court and is designed to settle all outstanding claims against Google for fraud committed using its pay-per-click ad system back to 2002, it said.
The $90 million would involve legal fees and credits -- rather than any cash payments -- to all advertisers who apply to be part of the class settlement, once the judge certifies the agreement, Google spokesman Steve Langdon said.
I certainly hope CPC goes away. I think it's time we admitted that it is a bad business model because it is so susceptible to click fraud. CPM, unfortunately, is highly susceptible to click fraud also, depending upon how the impressions are determined.
It strikes me that these countermeasures are already widely known. Basically, anyone who has ever written a web client can figure them out, and the web is chock full of documentation on how to write web clients.
CPM is maybe more open to click fraud because the SE's have less data about the impressions of the ads. Plus, there's a tendency to trust impression based data on the part of advertisers because they assume it is safe.
Trust me, it's not. Some of the worst click (impression) fraud I've seen has come from a CPM based ad network who shall not be named but of whom you have certainly heard.
You pay more for more traffic. Publishers inflate the traffic they produce with click fraud in order to charge more.
CPM would probably make it worse. CPA is a safer model, but depending on how it's done, it shifts fraud opportunities to advertisers.
The biggest knock on CPA is that it's only relevant for probably 20% of advertisers. Will a Dentist in Sandusky, Ohio be able to advertise using a confirmation page and such? Pretty unlikely, IMO.
CPC is here to stay. Automated Click fraud (the worst kind)can be marginalized. If the SE's use the right technology, it's just not that hard.
Many have out the very simple plan of action for Google to take -- assuming it's genuinely interested in dinging its numbers and putting the burning fire that is cost-per-click fraud out. Then again, I tend to believe that the advertisers have all but accepted click fraud as a cost of doing business. I offer Google's soaring revenue as my evidence. Why not take that settlement number up to $500 million? In my opinion, the $90 million number is absolutely meaningless aside from how the market would react to it. According to this settlement proposal, Google still gets to decide how much credit to issue, if it will issue credit, etc. to any given advertiser who might apply for it.
[edited by: jatar_k at 5:01 pm (utc) on Mar. 10, 2006] [edit reason] no urls thanks [/edit]
I gave up after complaining about click fraud for some unique key words that got hammered from different IP's scattered all over the world. Their analysis was that it was legit traffic.
Has anyone published a matrix of different vendors and their click-fraud (suspected) rates?
Maybe we can get a federal law passed for public disclosure of fraudulent activity where customers are charged and not notified!? (i mean, we have federal laws for everything else, why not?)
This could not be further from the truth (no offense intended).
There are a vast number of ways to interpret the available data in order to find fraudulent traffic and a lot of them no one has come up with yet.
Then there are the large (and growing) number of novel ways people go about generating fradulent traffic, which adds an exponent to the above paragraph.
I think this is sad. Even assuming the low end of click fraud (say, 10%), it amazes me that people are willing to put up with this in exchange for advertising on the web. It makes me wonder what sorts of businesses these people were in before they advertised on the web. What sorts of businesses would desensitize people to (at least) 10% loss of profits?
Minimizing the number of false positives is a huge imperative of any spam filtering service/software, because false positives suck value directly from business and personal emails.
Not so with click fraud. Search engines who are monitoring both the client and the server side can act on suspicion without incurring negative consequences.
In cases of suspicious clicks, we pass the click onto advertisers without charging them. If the suspicious click is indeed fraudulent, then no harm is done.
If the click isn't fraudulent, so much the better, as the advertiser gets the click for free.
There's really only one bad outcome in the click fraud decision making process, and that's charging an advertiser for a fraudulent click.
Spam filters have to avoid two bad outcomes - allowing a spam email to make it to the user and preventing a real email from arriving at its intended destination.
Because spam filters must necessarily make distinctions at the grey margins between these two bad outcomes, spammers can continue to make spam look like real email, and it will continue to get through.
Ah, but the ad publisher/SE loses out because they were unable to charge for a click that wasn't fraudulent.
This is one of the reasons why click fraud detection is difficult (and I am opposed to CPC in general). The ad publisher/SE bears the cost of the suspicious but non-fraudulent click.


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Convenient location
Dead cockroaches in room when we arrived, water damage in bathroom causing ceiling to buckle over shower, rude staff upon check-in, they messed up our reservation and we had to fight with them our first morning after housekeeping informed us when they knocked at 8 am that we were suppose to be out already (checkout isn't until 12 either way) and provide proof that we booked two nights online in order to get the online booking price as opposed to their walk-in price which was $20 more, continental breakfast was mediocre... overall not pleased and will not stay with them again
Good staff
Nasty rooms Doors have huge gaps in them allowing bugs and cold/hot air to come in Bugs all over the room
I liked the price
The room smelled funny there was a hole in the wall that was poorly patched. The inn over all just needed some tlc
I didn't get raped or killed
The bullet holes in the door, no ventilation, stains everywhere, connecting door, criminal activity that took place outside my room
The room was clean and the stay was quiet.
Only thing that sticks out is the shower head needed to be replaced.
Bed and PILLOWS were great.
No breakfast or morning coffee was included.
The cost was OK.
A little difficult to get into and out of area, not on a main road.
staff was very helpful . clean rooms . just a nice place to stay .
Recycle everywhere, electric hook ups for cars, it felt homey and the staff was great! Restaurants in walking distance.
The hotel was extremely clean. The room was spotless. I love that the duvet covers and sheets are both cleaned between each guest. The hotel was also quiet, without a lot of highway traffic noise that you tend to get at most hotels. It was conveniently located with several chain and local restaurants nearby. (Mission BBQ is local, and was right across the street. Yum!) The staff was nice and helpful. The breakfast buffet in the morning offered nice selections. If only the people in the room above me hadn't been stomping around like they were doing step aerobics! (does anyone else even remember step aerobics?)
The location was perfect.
The shower in the room was clogged up. When told they offered to downgrade us to a cheaper room and not refund part of the money. Then they had someone come in and clear the drain and clean the bathroom and it was still clogged
I always stay at the baymont.. The location is on the main strip. It's close to camp Lejeune. The staff is always courteous.
I have to say, for the price, I was not expecting much from this motel, however I was very pleasantly surprised. The room we got has two double beds and enough room for a pack n play between them. Lots of outlets, beds were clean. Heat worked well.
I will say, if you used the cold handle at all in the shower, it was pretty much freezing, but we just didn't use that.
The beds and bathrooms were generally clean.
Staff was not very friendly and the first few rooms offered smelled like smoke. Another room had a funny oder.
The front office staff was very nice. The bed and pillows were very comfortable.
There were 'people' hanging out in the parking lot. Didn't like hearing their language.
Convenient, exercise room, friendly staff, room was clean except carpet.
Baby in adjoining room cried from 6:30 pm on Sat. until 3:30 am on Sun. so we didn't sleep well.
Friendly, decent staff, nice breakfast
The elevator could use a little preventive maintenance
The keys to my room was prepared and ready before I arrived. Check-in took less than 2 minutes. Hotel is located within walking distance of several eateries, local mall and Wal-Mart.
Nothing against hotel but room above mine had energetic kids who ran across the floor during the night. After contacting the front desk, I was reassigned to a different room promptly.
Loved having access to a kitchen during my stay. I have several severe diet restrictions and this took away the concern over what I could/could not eat.
I stayed 3 nights, cleaned the room and maintained a cleanly state during my visit. I would have liked to have had fresher linens on the bed though.
The hotel was very conveniently located to shopping and restaurants, and to Camp Lejeune, which is why we were in the area, our son is stationed there. The two room suite was roomy and comfortable. Having a separate area for sleeping was extremely peaceful. It was nice having a kitchen/living room area was really nice too, since we were there for a week.
The bed was pretty comfortable, but the pillows were small and not very firm. It would have been nice if office staff were on site all the time, but we were lucky and didn't need anything after hours.
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text: TOP 10 Top 10 Cars Top 10: Car Repairs You Shouldn't Pay For Back to Top ▲ Top 10: Car Repairs You Shouldn't Pay For 3 Replace windshield wiper blades Share on Facebook Share on Twitter 0 Shares Thinkstock We admit that this seems like a "dumb" entry at first glance, but countless lube shops will try and upsell oil change customers into getting a set of new wiper blades for their car. Workers will make these customers feel like they're getting a deal by mentioning that installation is "free" while conveniently neglecting to mention that the same OEM-replacement blade can be found at a car parts shop for $2 to $3 less. Since replacing a windshield wiper blade is simply a matter of undoing, and then redoing, a simple hook, this definitely qualifies as a car repair you shouldn't pay for. Next Page TOP 10 9 8 7 6 5 4 3 2 1 Comments Show Comments More Like This Promoted Around the Web Special Features


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Plan-As-You-Go Business Planning
Guide Description:
Business planning for the new world is about planning, not just the plan. This new approach, based on 30 years of Tim Berry's work in the field, emphasizes planning for plan review, course correction and change. The heart of the plan is the strategy and the flesh and bones are the steps to take. Planning is for the company.
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Sabrina Parsons, CEO, Palo Alto Software, OR
Kristen Langham, Manager of Business Development, Palo Alto Software, OR
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1/20/2015The National Association for Community College Entrepreneurship (NACCE), Names New President & CEO
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Northampton boss Chris Wilder is keen to avoid another slow start to the season when they entertain Mansfield in Saturday's League Two opener.
The Cobblers picked up just five points from their first nine fixtures last term, but rallied to win four of their last six and Wilder wants to pick up where they left off.
"We're all refreshed and ready to go, so we're looking forward to the start of the season," he told Northampton Town Player. "It's been a tough pre-season for the players, but as one season ends, you get a break and then you go again. That's the beauty of the game.
"We're all off a level playing field again and we want to be successful. There's excitement, intrepidation - you don't really know what you're going into.
"But you're confident and everybody is positive about the new season. I keep saying it, but with the signings we've made, we should be looking to take the end-of-season momentum into the new campaign."


text: TOP 10 Top 10 Fitness Top 10: Foods For Muscle Growth Back to Top ▲ Top 10: Foods For Muscle Growth 4 Soy Share on Facebook Share on Twitter 0 Shares avlxyz/Flickr Whether served as edamame, tofu or soy milk, the muscle-building benefits of the soybean simply cannot be paralleled by any other plant source. As one of the few plant sources that provide complete protein, soy packs its protein in style. Just one cup of cooked soybeans contains over 20 grams of amino acids. Soy is also stacked with other important vitamins and minerals, making this meat alternative one of the healthiest muscle-building foods around. Next Page TOP 10 9 8 7 6 5 4 3 2 1 Comments Show Comments More Like This Promoted Around the Web Special Features


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Famous Gear
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Sport a rare look with this Endangered snapback hat from Famous. It's got embroidered brand graphics on the crown and a woven tag at the back.
- Adjustable plastic snap strap
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- High Crown – Straight up slant to the front of the hat
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* Friday June, 30 Thursday, July 6, 2000. Santa Monica, California, U.S.A. Friday, July 7 Thursday, July 13, 2000. Pasadena, California, U.S.A.
Spike & Mikes Classic festival of Animation is coming back to the Los Angeles area. This years event will feature 1999 Oscar nominated best shorts WHEN THE DAY BREAKS by Wendy Tilby and Amanda Forbis, THREE MISSES by Paul Driessen and HUM DRUM by Aardman Animations Peter Peake. Other festival winners on this years bill include ONE DAY A MAN BOUGHT A HORSE, BSSS and AT THE ENDS OF THE EARTH. For more information contact the NuArt Theatre at Tel.: (310) 478-6379 or the Laemmles Playhouse 7 at Tel.: (626) 844-6500.


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We were visiting an exhibition at the exhibition halls next to the airport and wanted a hotel close by. The airport hotels were very expensive because of the exhibition so we found this hotel on the internet. It is about a 7 - 8 minute taxi ride and good value, although the rates were much higher than normal becasue of... More
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text: TOP 10 Top 10 Dating Top 10: Holiday Date Ideas Back to Top ▲ Top 10: Holiday Date Ideas 8 Volunteer Share on Facebook Share on Twitter 0 Shares iStockphoto.com Volunteering is a slightly unconventional entry on our list of holiday date ideas. But, 'tis the season, and taking some time to give back to others will make both you and your date feel good. You might try spending an afternoon working at a soup kitchen or stocking shelves at the local food bank. Volunteering isn't a great first date idea, but it is a great way to show a woman your socially conscious side. Just make sure that you handle all of the logistics: namely, where to go and when to be there. Your date shouldn't have to do any of the planning. Next Page TOP 10 9 8 7 6 5 4 3 2 1 Comments Show Comments More Like This Promoted Around the Web Special Features


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Unbiased Reviews by Real People
Watching The Pianist reminds me how lucky I am to live in a country where we arent involved in war on our soil. Even after watching this movie and others on World War II and reading books on the subject, my mind cant really grasp the concept of such evil and inhumanity. Some of the things we have done to each other over the years are unforgivable, and perhaps the telling of such stories will help everyone to remember why we must try to work together as a united people. Wladyslaw Szpilman is an artista piano player. He enjoys his job playing the piano on the radio and his family. Life should be quiet and calm for such a creative soul, but war does not make exceptions for anyone. When the radio station is bombed and the Nazis move all Jews in Poland to ghetto areas with brick walls, the old life is just a dream that helps Szpilman mentally slip away from time to time as he endures incredible hardships ranging from not having access to musical instruments to seeing his entire family herded on a cattle car destined for concentration camps. The physical burdens are horrible with cold weather and little or no food, but the mental torture would be enough to force many to simply give up and hope for death. Seeing old people forced to dance for the enjoyment of the young soldiers, watching a line of people randomly bulleted down, hearing a woman go crazy because she smothered her child to protect a hiding place are the kinds of things that would never go away. Szpilman ends up being luckier than some during this horrendous chapter in our world history. A few people here and there give him breaks that allow him to escape with his life and his talents but nothing more. That does not mean that he had it easy. In fact, it would seem that the memories of what happened would be more difficult to bear than death. I cant even fathom losing my kids and parents and siblings and watching my entire town burned to ashes. I cant say that I would really want to survive in such circumstances. The Pianist makes the Holocaust seem very real. It is not a sweeping look at the War. Its one man and the day-to-day realities in his small portion of Warsaw. Szpilman is the kind of guy you might see down at the post officekind of quiet and reserved--a good man with a big heart and a huge talent. He would be a guy that you would know good and darn well did not deserve harsh treatment. No one deserves to be treated the way the German soldiers treated the Jewish people then or ever, and Szpilman represents a common man presenting no threat to anyone. Though he did help in minor ways with the resistance, his heart simply was not in being violent for any reason. Adrien Brody played the part of Szpilman, and he was perfect for the role. From what Ive read, close to 1500 men tried out for the part, and Roman Polanski was not satisfied with any of the hopefuls. He had Brody in mind for the character, and he talked him into playing the role. That was a good move on Polanskis part. Brody comes across as thoughtful, sensitive, and artistic. He just simply IS Szpilman in this movie. There were many, many actors in this film, but most played minor roles and were taken off to concentration camps or were killed. The supporting cast was exceptional though in the background. It just felt like you were there and that the family was a real family and that the soldiers were right in the thick of the War. It was good that none really stood out, since this was Szpilmans story. This was a film that Roman Polanski had probably wanted to make for years and years. He survived this dark period in Poland, and I can imagine that the images play over and over in his head and weigh on his heart. He took his experiences and applied them to this project for a film that will make a real difference. Though other stories have been told, this one simply has a lot of heart. Though my life is very different from the life lived by Szpilman, I could relate to him and to his life. I think the story was especially powerful, since it was based on a true story. Szpilman did exist, and he did live through this awful period of time. He survived to play his music again and to bless the world with his talents. Im only sorry that he died in 2000 and did not get to see his story told in film. This is not a good film for kids. The scenes of War are simply too real. While its good for our children to know our history and to respect those who have not had the same war-free world that weve been blessed to inhabit in most areas, most kids are simply not emotionally mature enough to watch so much violence and cruelty in such graphic detail. Some adults would also find this a hard movie to watch. Though I would consider it one of the best movies Ive ever watched, I felt very sad after I saw how terrible some people could be to others. Even though it was just a movie, it felt very real.


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The Climate Gathering brings diverse groups of people from political, business, scientific and cultural backgrounds together to work on the challenge of stabilising the climate and sustaining prosperity in the face of environmental limits.
Forthcoming events
"Bringing People Together for a New Understanding on Climate Change" – a series of conversations hosted in partnership with Christian Aid, the Environmental Pillar, the Green IFSC,the Irish Congress of Trade Unions and Trócaire. Early 2015.
Past events
The first Climate Gathering took place in February 2013 in the Burren, a unique location in the west of Ireland. The Dublin Climate Gathering in June 2013 focused on the role of digital technology in creating a positive vision of a low-carbon future. We collaborated with other groups to hold a People's Climate Picnic in September 2014.


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There's probably a restaurant serving every cuisine in the world in New York City, but making authentic curry, dumplings, clotted cream or injera bread in your own kitchen gets tricky without the right ingredients. We go on a shopping spree for some of the more unconventional grocery list items at New York's ethnic markets, starting with Asian groceries. (more…)
Up until recently, I was wrong about some things. As far as Asian food was concerned, I always believed my world ended in Flushing. You could certainly travel east of there, but you'd find nothing but oceans – first, a traditionally liquid one; then, an ocean comprised entirely of European food. To my knowledge (or lack thereof), you'd have to travel as far as Kashgar before you found the next great Asian restaurant. But then we discovered Mapo BBQ.
You could take the 7 train as far as it goes without ever reaching Queens' Murray Hill. Far beyond Flushing, past dozens of nondescript apartment complexes and a handful of residential dentists, lies this tiny neighborhood where our real journey begins. Looking more like a suburb of Pittsburgh than a borough town, Murray Hill is strikingly quiet and empty, even on a Sunday afternoon.
We took the rare LIRR ride to try what many call a legendary BBQ experience. Mapo, like most restaurants we love, is nothing special in terms of location, decor, or atmosphere. The beauty, of course, is found in what can be eaten. We huddled through a small doorway and were met by a single family enjoying lunch together. There were almost a dozen of them, and ten times as many plates spread across their tables. This was the place.
Tried to be discrete. Was not discrete.
My favorite culinary experiences are exactly that – experiences. While most restaurants offer a standard, rushed itinerary, spots like Mapo treat you like family on Thanksgiving. It's intimate and exhausting, and can easily turn into an all day affair if you're not looking. Shortly after being seated, one server explained the menu while another prepared the charcoal. We knew we were here for ribs, and ribs we ordered: 2 orders of Kalbi Beef and 2 orders of BBQ Pork ended up being more than enough for five of us.
While we waited for the meat to arrive and the charcoal to warm, our servers brought out the "Banchan," an endless array of carefully prepared vegetables, sauces, and sides. From kimchi and barbecued onions to grilled corn and spicy tofu soup, the selections were as eclectic as you'll find in New York. I'm not exaggerating when I recall that we may have had three to four hundred thousand plates on our table. It was heroically overwhelming.
The "Banchan." This was just the beginning.
After grilling our meat for us right in the center of the table, it was time to begin our long awaited experimentations. Using massive pieces of lettuce as our canvas, we got to work. At Mapo and other Korean BBQ places like it, there are endless combinations to try. On one piece, you might pile up Kalbi beef, kimchi, tofu, and the spicy house sauce; on another, you might try BBQ pork, cucumbers, jalapeños, onions, and crab. One thing's for certain, though – whatever you try will be impossibly delicious.
Getting intimate with our server.
The complexity of the flavor combinations found here is currently unmatched, at least in my own personal history. Everything is seasoned to perfection, and there is truly something for everyone. Two hours later, after having tried dozens of things for the first time, our journey was coming to an end. Leaving the restaurant felt very much like coming back from a spirit-awakening adventure halfway across the world. There was suddenly so much to say; so much energy; so many realizations about the world that you didn't see clearly before. And all of it just 30 minutes from Penn Station.
It's safe to say that this is the most inspired I have been to share in a long time. Though it's certainly out of the way, and though it may take a whole lot of convincing to get a group out to Murray Hill, I implore you to try Mapo BBQ. It offers one of the few culinary experiences in the city that can take you far, far away from New York. You will likely spend $30-$35 a person here, but trust me – this is a meal you can't get in Manhattan for two to three times the price. Go. Go now.
Mapo Korean BBQ [Map]
41st Ave and 149th Place
Murray Hill, NY 11355
Afterword: Thanks to Connor for the recommendation!
As much as I love spending each and every Sunday exploring the back alleys and underground eateries of Chinatown, I'd be doing a disservice to the rest of New York by not exploring its boroughs' other offerings. So, once a month, I'm going to take a step out of Chinatown to seek out the best Asian food to be found in the city's other neighborhoods. As the Googa Mooga festival invaded Prospect Park this weekend, I thought it fitting to start in an area I have not explored much – Park Slope. There, just across the street from the Brooklyn Superhero Supply Shop, is Dumplings and Things.
Dumplings and Things w/ Typical Abandoned Stroller Outside
On the surface, Park Slope might not seem like the kind of place where a cheap dumpling house would thrive, let alone be found. After all, it's the place where every child in the world under the age of three is currently living… and babies don't eat dumplings. Those 4WD super strollers aren't cheap, though. Park Slope parents need affordable pork and chives as much as anyone. Lucky for them, Dumplings and Things is treating them to some of the best in the city.
Sriracha, Vinegar and Dumpling Sauce. The Staples.
At first glance, Dumplings and Things looks like any takeout joint you'd find in Chinatown. Step inside, however, and you'll see this dumpling spot has put on its best pair of Park Slope pants. Exposed brick, hardwood floors, and inviting decor remind you immediately that you are not in Chinatown, despite the familiar scent of Sriracha sauce and vinegar. The menu is simple, drawn from both Chinese and Korean cookbooks. And it's cheap.
Ease into the experience with an order pork and chive pan fried dumplings, just $3 for 5. Fried entirely, unlike the dumplings you'll generally find in Chinatown, they're packed with more pork and chives than any we've ever had. And they're pretty incredible. Add an order of spicy beef and kimchi dumplings ($3.50 for 5) to make things a bit more interesting. Fermented vegetables and beef with an intense kick are fried together to create the best dumpling I've had yet in New York. To battle its dry texture, use plenty of dumpling and sriracha sauce.
If you're there on a Sunday (or Saturday), you'll be lucky enough to be able to order the Peking Duck bao, a hugely flavorful sandwich full of duck and greens, surrounded by a soft yeast bun. At just $3.50 for two buns, you can't beat it. If there's any room left inside your stomach (there's a great chance there won't be), finish your meal off with some mango mochi ice cream, only $1. A soft, sticky rice cake filled with frozen mango ice cream. Though small, it's just enough to round out the meal.
I initially didn't expect much from my first Asian meal in Park Slope, an unfounded mistake I'm glad I fixed. Dumplings and Things is everything it needs to be – small, stylish, delicious and cheap. It's the perfect end (or beginning) to any sunny day in Park Slope. So, next time you find yourself west of Prospect Park, leave your all of your worries (or your baby, as some do) at the door and give Dumplings and Things a shot. A $10 bill is all you'll need to get so much more.
Dumplings and Things [Map]
375 5th Ave
Brooklyn, NY 11215
Follow Untapped Cities on Twitter and Facebook! Get in touch with the author @lukekingma.
Read more from the Sunday in Chinatown column.
When Korilla BBQ comes to Columbia University, it parks on Amsterdam away from the slew of other food trucks on Amsterdam. There's a great visual menu (the X's are to tell you what's out of stock, which was a lot today but substituted by other things it seems). There's an assembly line of workers, a mirror above to show you what they've got and my favorite was that they ring you up with in iPad app. Their website has a map of the truck's location and a twitter feed update to keep the obsessed in the loop.
For $8, I got the bulgogi (beef) chosun bowl with rice, salsa and a variety of veggies to choose from. It's a mix of Mexican and Korean, exemplified by their other offerings of burritos and tacos. It looked and tasted awesome, powering me up to do some afternoon reporting.


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Phenom II X6 Performance Under Linux Below Expectations
In testing the Phenom II X6, Linux Magazine noticed that AMDs new processor doesn't have the full performance under the current Linux kernel. A bug in Linux power management throws a wrench into the six-core processing.
With Ubuntu 9.04 and kernel 2.6.28, the Phenom II X6 1090T processor exhibited 19% better performance, much like Intel's "Gulftown" Core i7 980, in the LUbench benchmark. However, the performance was far more disappointing with Ubuntu 9.10 under kernel 2.6.31. Only by deactivating AMD's Cool'n'Quiet power-saving technology did the Phenom II X6 get anywhere near the expected performance with Ubuntu 9.10.
AMD's Operating Systems Research Center (OSRC) in Dresden, responsible for Linux development under the direction of Chris Schlaeger, confirmed that the new Turbocore mode of the Phenom II X6 was getting into conflict with the kernel's powernow-k8 frequency regulator module. The module falsely assumes the turbo clock as the maximum frequency. But because only the CPU itself can do the overclocking, this leads to a Turbocore knockout. Even a reduction to miminum clocking is impossible. The problem affects all AMD CPUs with the Turbocore feature under kernel 2.6.30 and later. The only available CPUs with Turbocore right now are the Phenom II X6 1055T and 1090T.
AMD has already sent a relevant patch upstream. The chipmaker is encouraging distro maintainers to update with this patch as soon as possible. The patch should be included in the next Ubuntu 10.04 kernel update. To determine if the issue affects your system, use the following command:
dmesg | grep "pstate 0"
Alternatively, use a widget or applet that shows all available processor clock rates.
If the maximum frequency (pstate 0) is shown as 3600 MHz for the 1090T or 3300 MHz for the 1055T, the system's performance is reduced.
Until the patch is available, Linux users should deactivate Cool'n'Quiet in the BIOS, or blacklist the powernow-k8 kernel module (the latter seems a better solution if Windows is also installed).In our tests, the power use is only 17 watts higher when idling, at least under the unaffected kernel in Ubuntu 9.04. No difference was measured under heavy load, whether it was with one core or all six.
Issue 172/2015
Buy this issue as a PDF
Old Vulnerabilities Are Kept Alive Through Bad Configuration
HP's annual Cyber Risk report offers a bleak look at the state of IT.
Linus Torvalds Announces Linux 4.0
But what do the big numbers really mean?
Microsoft Frees CoreCLR
.NET Core execution engine is the basis for cross-platform .NET implementations.
New Trojan Attacks Linux Servers
The Xnote trojan hides itself on the target system and will launch a variety of attacks on command.
Cisco Releases Annual Security Report
Spammers go low-volume, and 90% of IE browsers are unpatched.
Zero Day Exploits Target Flash
Adobe scrambles to release patches for vulnerable Flash Player.
Intel Unveils Compute Stick
Four-inch-long computer on a stick lets you boot a full Linux system from any HDMI display device.
Obama Proposes Personal Data Notification Law
New statute would require companies to report break-ins to consumers.
TGXf Project Warns of File Transfer through Screen Pixels
Weird data transfer technique avoids all standard security measures.
Industry Giants Announce a Fix for the Password Mess
FIDO alliance declares the beginning of the end for old-style login authentication.