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15 U.S. Code § 8341 - Authority to further define terms
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The Securities and Exchange Commission may, by rule, further define—
(2) any other term included in an amendment to the Securities Exchange Act of 1934 [1] (15 U.S.C. 78c (a)) made by this subtitle; and
(3) the terms "security-based swap", "security-based swap dealer", "major security-based swap participant", and "eligible contract participant", with regard to security-based swaps (as such terms are defined in the amendments made by subsection (a)) for the purpose of including transactions and entities that have been structured to evade this subtitle or the amendments made by this subtitle.
[1] So in original. Probably should be "section 3(a) of the Securities Exchange Act of 1934".
Source(Pub. L. 111–203, title VII, § 761(b),July 21, 2010, 124 Stat. 1759.)
References in Text
This subtitle, referred to in pars. (2) and (3), is subtitle B (§§ 761–774) of title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1754, which enacted this subchapter and sections 78c–3 to 78c–5, 78j–2, 78m–1, and 78o–10 of this title, amended sections 77b, 77b–1, 77e, 77q, 78c, 78c–1, 78f, 78i, 78j, 78m, 78o, 78p, 78q–1, 78t, 78u–1, 78u–2, 78bb, 78dd, 78mm, 80a–2, and 80b–2 of this title, enacted provisions set out as a note under section 77b of this title, and amended provisions set out as a note under section 78c of this title. For complete classification of subtitle B to the Code, see Tables.
Subsection (a), referred to in par. (3), is subsec. (a) ofsection 761 of title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1754, which amended section 78c of this title.
Effective Date
Provisions of subchapter effective on the later of 360 days after July 21, 2010, or, to the extent the provision requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision, see section 774 ofPub. L. 111–203, set out as an Effective Date of 2010 Amendment note under section 77b of this title.
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Nakayama Racecourse: Orfevre wins Arima Kinen to cap career
Orfevre, the Japanese star who was second in the Prix de l'Arc de Triomphe in each of the last two years, ended his racing career with an emphatic victory in Sunday's $4 million Arima Kinen at Nakayama Racecourse.
Orfevre (3-5) won the Grade 1 Arima Kinen over 1 9/16 miles by eight lengths over Win Variation. Gold Ship, who won the 2012 Arima Kinen, finished third in the field of 16.
Ridden by Kenichi Ikezoe for trainer Yasutoshi Ikee, Orfevre was at the back of the field before making a wide move with three furlongs remaining. He took the lead with more than a furlong remaining.
The Arima Kinen, witnessed by an ontrack crowd of 124,000, was the first start for Orfevre since he was beaten five lengths by Treve in the Arc de Triomphe in early October. Orfevre won the Group 2 Prix Foy at Longchamp in September. A 5-year-old Japanese-bred by Stay Gold, Orfevre is owned by Sunday Racing Co. Ltd.
Orfevre was the top 3-year-old in Japan in 2011, the year he won the Japanese Triple Crown and the Arima Kinen. He ends his career with 12 wins in 21 starts and will stand at stud in Japan in 2014.
The Arima Kinen has a unique role in Japanese racing. Of the 16 runners, 10 are selected by fans through a ballot, making it sort of an all-star race for Thoroughbreds. The remaining runners are determined by earnings.
We breed short career milers and sprinters, they breed great thoroughbreds. That 124,000 in attendance is no accident. The fans in Japan get behind their thoroughbreds because they send them all over the world at top prestigious races ie Dubai, Arc, Melbourne...etc etc. They are big stars over there who run past their triple crown year. These great thoroughbreds get connected to their fans young and old. They are bred for their triple crown races, we breed for the Met Mile. Our most prestigious races are now gone from the headlines, from the Big Cap to the Handicap Triple because we do not breed great classic distance routers anymore.
10 of the runners are chosen to be invited by the fans.great concept.
Murray Johnson: "And there goes Orfevre, but did Kenichi move too soon?" Great race call, Orfevre emphatically answered the announcers race call! Blessings and Happy Holidays to One and All, each and every one of Us!
He only made over $15 million for his career. How much money has Sunday silence's kids and grand kids made so far ? Orfevre had terrific turn of foot in the late going. Fun to watch. Too bad he was a head case.
An ontrack crowd of 124,000 and Beyer says attendance does not count... Now you figger what's wrong with the game in America.
We can only aspire to see horses like this race til 5 and soundly here in the States. This guy is a true champion.
Watched it on Twinspires awesome performance.

subset: commoncrawl


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Fancourt offers stylish and sophisticated wedding facilities, with the picturesque gardens and Outeniqua Mountains providing a beautiful backdrop for your special day.
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Valid until 31 December 2014
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Session H15: Focus Session: Spin and Dynamics in Metal, Spin logic and Spin-Based Devices
8:00 AM–11:00 AM, Tuesday, February 28, 2012
Room: 213
Sponsoring Units: DMP FIAP GMAG
Chair: Jimmy Zhu, Carnegie Mellon University
Abstract ID: BAPS.2012.MAR.H15.11
Abstract: H15.00011 : Hybrid spintronics and straintronics: A paradigm for ultra-low-energy computing
Preview Abstract MathJax On | Off Abstract
Kuntal Roy
(Electrical and Computer Engg., Virginia Commonwealth University, Richmond, VA 23284)
Supriyo Bandyopadhyay
(Electrical and Computer Engg., Virginia Commonwealth University, Richmond, VA 23284)
Jayasimha Atulasimha
(Mechanical and Nuclear Engg., Virginia Commonwealth University, Richmond, VA 23284)
We have shown in the past that the magnetization of a two-phase multiferroic single-domain nanomagnet can be electrically switched (flipped) with very little energy dissipation at low temperatures. This heralds a new energy-efficient magnetic logic and memory technology [Appl. Phys. Lett., \underline {99}, 063108, 2011, Phys. Rev. B, \underline {83}, 224412, 2011, Nanotechnology, \underline {22}, 155201, 2011]. Here, we extend our low-temperature result to room temperature where thermal noise can cause switching failures and increase average energy dissipation and switching delay. Using Monte Carlo simulations of switching trajectories described by the stochastic Landau-Lifshitz-Gilbert (LLG) equation, we show that even at room temperature, nearly error-free \textit{fast} switching is possible with very low dissipation. The energy dissipated to switch an appropriately designed nanomagnet with $>$ 99.99{\%} probability at room temperature is only $\sim $400 kT for a switching delay of sub-nanosecond. This is enabled by the complex interplay between the in-plane and out-of-plane excursions of the magnetization vector which \textit{aids} switching. This work is supported by the NSF under grant ECCS-1124714.
To cite this abstract, use the following reference: http://meetings.aps.org/link/BAPS.2012.MAR.H15.11


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Accolades From Our Valued Guests…
truly awesome home away from home! I was hoping, praying and pleasantly
surprised to find the Inn exactly as I saw it on the website. What I was not
expecting was to be pampered in every way by Franz & Susan - so much that I
started to feel guilty!" - Christiana W., MD
"The Sea Spray Inn is absolutely one of El Mar Drive's hottest
places to stay! Wonderful, immaculate apartments, great ocean view, and the best service one could get." - Veronica
A., Uppsala, Sweden
are first timers at the Sea Spray, but it will certainly not be our last! The
graciousness of the hosts, Franz & Susan, far exceeded our expectations. It has
been a real joy staying here, we will definitely recommend it to our friends,
and of course come back ourselves!" - Jim L., KY
"This cowboy has seen more hotels and inns than I can ever hope
to remember, but today is the first time I've ever regretted leaving a place that wasn't home". - Roger A., TX
Your place is simply extraordinary! Everything has been wonderful - The unit,
the garden, and of course you and your lovely Susan. Mario T., Rome, Italy


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You can now find The LinkedIn Lady Show on All Business Radio Network - the newest of the Toginet family of prime Internet radio networks.
All the same great programming with featured guests sharing their expertise and my Wednesday co-host Ken Herron.
The LinkedIn Lady with Carol McManus is a live, one-hour program broadcast on the Internet. It's entertaining, informative, current, and fun!
Hosted by the talented and resourceful Carol McManus, America's LinkedIn Lady and the Founder and CEO of Ywait4success (pronounced 'why wait for success'), a highly successful coaching, consulting and training organization.
Carol is a self-described recovering corporate executive who left that world in 2007 to start her own business. She grew it quickly with a very limited marketing budget but through the creative and diligent use of social media. Today, she is one of the most sought-after speakers and consultants for businesses and entrepreneurs who aspire to grow their business by using this digital medium as a way to stay in touch with and attract new clients.
Carol's approach to social media is grounded in her business experience. She works with clients to determine their business goals, their marketing message, and their ideal target audience. Then and only then, does she recommend the guide in the development, implementation and management of their social media plan to support their business goals.
During the shows, Carol will be interviewing other experts in the field of social networking and social media as well as business owners and leaders who are, today, using it themselves to grow their personal brand and grow their bottom line.
She is the creator of the LinkedIn System for Success, a home study course for anyone wanting to improve his or her online biography using LinkedIn. "This is the professional social networking site and a must-do for your personal presence online if you want to be taken seriously by potential employees, employers, consultants, clients, vendors, partners, investors, and more."
While speaking and coaching to audiences all over the country on the do's and don'ts of social networking, Carol continues to grow Ywait4success. Her executive coaching and consulting business focuses on businesses primarily in the service sector whose needs include strategic planning, leadership development, financial metrics for managing higher productivity, marketing, recruiting, and sales training. She and her team of experts create customized options for business owners and legacy leaders to grow profitably and develop the talents of their entire organization.
Carol's background in the real estate industry covered more than three decades. The majority of that time was spent in brokerage management, field operations, sales and management training, and ultimately as Senior Vice President of Real Estate Operations for Coldwell Banker Real Estate Corporation, wholly owned subsidiary of Realogy (parent company to Century-21, ERA, Sotheby's International, Better Homes & Gardens Real Estate, Cartus Relocation, TRG, and NRT). Her transfers took her from Washington, D.C. to Connecticut, to California to Georgia, to New Jersey. Rarely in the service business will you find someone whose experience covers such a broad range of responsibilities and geography. She has seen business from every side - as an owner, as a franchisee, as a franchisor, and from the corporate seat.
Carol is the author of Ten Traits for Top Performers, a book written exclusively for the 125,000 sales associates and brokers in the Realogy system. Her research and wisdom is used every day to help broker-owners, managers, and sales associates improve on their skills to stand out from the competition.
You can learn more about Carol and her services by visiting The LinkedIn Lady and Ywait4Success today.


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Letter: Incumbents are tops
Christopher Lombardo, Member North Naples Fire District Board
Incumbents are tops
I read with interest the letter by Arthur Shanklin regarding the North Naples Fire Control and Rescue District.
I take issue with Shanklin's contention that the incumbents have not served the taxpayers well. Your fire commissioners have worked diligently over many years to be fiscally responsible, operationally accountable and administratively efficient.
Your North Naples district has no increased tax rates, balanced the budget and maintained a zero-debt approach — all with strong partnership among the community, the administrator, the staff and the commissioners.
Your district has preserved and delivers a high quality of service. Your district also has a good working relationship with the union and both have worked cooperatively toward the common goal of protecting the community we serve.
Change for the sake of change is not a logical approach.
Subscribe to the Naples Daily News
Need Help? Call us at 1-888-878-6842.
Monday-Friday: 6am-6pm / Saturday: 7am-3pm / Sunday: 7am-2pm


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Results 21 to 22 of 22
Style: BJJ--Originally Posted by Angry_SpasticI'm picturing you drooling onto the keyboard as you type, one eye rotating independent of the other as your hands mash the keys. - Sophist
Registered Member
- Join Date
- Sep 2006
- Posts
- 259
Posted On:
4/04/2007 10:39am
Style: Boxing--
I use to loose my appetite and have to force feed, where it feels like I'm chewing and chewing till it's mush with no pleasure.
I found that a good breakfast (it will take time until you develope a morning appetite), allowed me to be more hungry for lunch where I would gorge, then repeat for dinner. When I skipped breakfast, I'd be driving around going, uhh I dont want that, or that or that etc, until I settled on something, had a few bites, and felt shitty for months.
Lots of food is great. I'm on my way to being one giant fatass if I ever stop training.


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Shavana Princivi and Shanel Joseph, missing West Palm Beach girls, found safe
WEST PALM BEACH, Fla. -- Police located two girls Thursday who ran away from their West Palm Beach home.
Shavana Princivil, 12, and her sister Shanel Joseph, 8, were found by Riviera Beach police after running away during the early hours of July 30 from their home located on Malibu Bay Drive.
They were transported to their mother at the Riviera Beach Police Department, according to West Palm Beach Police Sergeant David Lefont.
Police said Princivil and Joseph just moved to West Palm Beach from Lake Park.


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Alicia Keys' Vibe Magazine Photo Shoot
Alicia Keys looks good with a dark lip! Not every one can rock it..
Last week, we gave you a sneak peek inside the cover story of Vibe Magazine's April/May 2012 Cover story featuring Alicia Keys with some input from her hubby Swizz Beatz and now the full spread has been released.
Check out the spread, styled by Laura Jones and shot by photographer Jill Greenberg.
Alicia is wearing pieces by African designers Tsemaye Binitie (jackets), and Christie Brown (colorful neckpiece).
Via VIBE


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Tuesday, July 24, 2012
This week, Acting U.S. Commerce Secretary Rebecca Blank traveled to three cities in Missouri to highlight President Obama's commitment to support manufacturing, to promote U.S. exports, and to encourage American businesses to bring jobs back or to expand operations in America—also known as insourcing. During her visit to Kansas City, Columbia, and St. Louis, Acting Secretary Blank met with local business leaders to hear about their successes and challenges, and outline how President Obama and the Administration are working to create even more jobs and support an economy built to last.
Yesterday, Acting Secretary Blank began her trip in Kansas City by touring the A. Zahner Company, a fourth-generation family-owned engineering and fabrication company, best known for craftsmanship in metal and glass. After the tour, she joined the company's President and CEO, L. William Zahner III, as well as Kansas City Mayor Sly James, and Jackson County Executive Mike Sanders. Acting Secretary Blank emphasized that under President Obama's leadership, the U.S. private sector has now seen 28 straight months of job growth - or 4.4 million new jobs. In the last two years alone, the U.S. has seen the strongest growth in manufacturing jobs since the 1990s. Though there is still more work to be done, she noted that Missouri has gained nearly 9,000 new manufacturing jobs since 2010.
Also while in Kansas City, Acting Secretary Blank toured an Industrial Training Center at Johnson County Community College and a business leaders roundtable hosted by the World Trade Center of Kansas City and Bleach & Veatch. The workforce training program at Johnson is a joint effort with BNSF Railroad and provides a model for how industry can work with community colleges to meet their needs and remain competitive. Acting Secretary Blank talked with local leaders about the importance of President Obama's proposal to give companies a tax credit for moving operations back to the United States, which would be paid for by eliminating deductions for expenses associated with moving operations overseas.
Later, in Columbia, Acting Secretary Blank visited Environmental Dynamics International, a recipient of the Department of Commerce Presidential "E" Award for Excellence in Exporting. EDI specializes in research and development for wastewater treatment and related technologies. Acting Secretary Blank toured the facilities alongside EDI's President and CEO, Randy Chann.
This morning, Acting Secretary Blank traveled to St. Louis, where she attended a roundtable breakfast with business owners from a range of industries hosted by Helix Center Biotech Incubator, an innovation facility owned and operated by the St. Louis County Economic Council. She was joined by St. Louis Mayor Francis Slay and St. Louis County Executive Charley Dooley.
Acting Secretary Blank wrapped up her trip this afternoon with a visit to Wilco Molding, Inc. a third-generation family-owned custom plastic injection molder as well as a tool and mold machine shop. There, Dr. Blank was joined by Wilco's President, Kim Williams, along with Denny Coleman, President & CEO of St. Louis County Economic Council, and Tom Dustman, Director of International Sales for Sunnen Products. Acting Secretary Blank discussed the importance of building on America's insourcing trend by bringing more jobs back to states like Missouri. She also highlighted President Obama's plan, released today, to extend the middle class tax cuts for families making under $250,000. In Missouri, this would help approximately 2.1 million families by preventing a tax increase of about $2,200 for the typical family of four.
During her visits to Missouri manufacturers, Acting Secretary Blank discussed Administration efforts to create good jobs by investing in American manufacturing. The President continues to press Congress to pass legislation that rewards businesses who hire American workers and eliminates tax incentives for companies to ship jobs overseas. The Commerce Department also continues to support the resurgence of American manufacturing and ongoing efforts to provide U.S. companies with the tools and resources they need to sell their products and services in the global marketplace.


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Days Inn Burlington Shelburne is three miles from the marina, five miles from downtown Burlington, and approximately seven miles from Burlington International
This hotel is located approximately eight miles from the Burlington International airport.
Find great deals on quality Shelburne, Vermont hotels & resorts, or indulge at one of our luxury resorts. Take advantage of the many amenities that can be included with your stay such as in-room internet access, wifi, room service, fitness center, pool, hot tub, steam room, and shuttle services to and from the airport. Browse our Shelburne, Vermont hotels and resorts and plan your Shelburne, Vermont vacation today!


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Tank Younger - 1954 Rams Team Issue #35
Younger averaged 6.7 yards per carry in 1954, leading the NFL.
Estimated value: vg $8, ex $15, nm $30 explain
Player: Tank Younger
Pro Team: Los Angeles Rams
Position: fullback
College: Grambling
Hometown: Grambling, LA
Honors: College Hall of Fame
Sponsored Links
Copyright 2003-2015, Nearmint's Vintage Football Cards


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HAPPY 100TH, MSU EXTENSION SERVICE! — Mississippi State University Extension Service served cake and ice cream Thursday in celebration of its 100th anniversary. Signed on May 8, 1914, the Smith-Lever Act established the Cooperative Extension Service. Click here to learn more about the centennial celebration. Follow MSU Extension Service on Facebook and Twitter.
|May 09, 2014 | Photo by: Megan Bean


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Basics of the Immune System
The human body is constantly bombarded by millions of viruses, bacteria, and other disease-causing microorganisms, or pathogens. Fortunately, most of these are thwarted by the body's own protective physical and chemical barriers, such as the skin, saliva, tears, mucus, and stomach acid.
The millions of bacteria that live on the skin and the body's mucous membranes also help protect against certain invaders. When a pathogen does manage to evade these defenses and enter the body, it is attacked almost immediately by one or more components of the immune system.
The immune system uses extremely sensitive chemical sensors to recognize a foreign organism or tissue, especially one that can cause disease. Sometimes it overreacts to a harmless substance, such as pollen or a certain food or medication; this can set the stage for an allergic reaction. In other cases, the immune system mistakenly attacks normal body tissue as if it were foreign, resulting in an autoimmune disease such as lupus or rheumatoid arthritis. Most of the time, however, the immune system holds fast as our first line of defense against a host of potentially deadly diseases.
Most lymph nodes are clustered in the neck, armpits, abdomen, and groin. Fluid that drains from body tissues into the lymphatic system filters through at least one lymph node, where layers of tightly packed white blood cells attack and kill any harmful organisms. Blood vessels transport white blood cells, antibodies, and other protective substances produced by the immune system. The lymphatic system also returns body fluid to the bloodstream after it has been filtered through lymph nodes.
Disease-causing organisms vary from tiny viruses to parasites such as the tapeworm, which can grow 20 feet long. Regardless of the size or species of the invading organism, a healthy immune system will mount a vigorous defense against it. The exact nature of that defense varies, however, according to the type and number of invading organisms.


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Daniel Carter
What was it like growing up in Jasper, TN?
For me, growing up in Jasper was a very positive experience. My father was a local elected official, we attended the First Baptist Church in Jasper and I graduated from Marion County High School. It was certainly a typical southern small town upbringing. I played a lot of baseball, but was probably most remembered around home for my coon-hunting and my mule named Festus who I would ride in the local parades. For those around home who might be reading this, Festus is still alive at 32 years old!
After living in Washington DC, Nashville, and West Tennessee for several years after high school, there came a point where I recognized that community was more important than career and I wanted to get back home where folks new my granddad, brothers, cousins etc. I farm cattle and sheep with my 83 year old father and I would like to say I enjoy every minute of it, but it can be hard work at times, especially in the hay field when it's 100+ degrees. My wife Rachel, originally from the UK, has a small equestrian business on the side as she works as a Physical Therapist for Southern Rehab and Aquatics in Kimball, TN.
We have two young boys at Jasper Elementary and both are playing sports and making new friends just as I did several years ago. There is something quite comforting and familiar about watching your children go through a similar experience as yours growing up. We have a fantastic ball park and walking trail in Jasper and I great bunch of parents and coaches that are dedicated to raising not just a family but a community. While we may not be the wealthiest community around, we are certainly rich in culture and social capital- folks willing to give their time to others through our civic clubs, churches, ball programs, and schools. I couldn't be happier anywhere than where I am right now.
What inspired your interest in environmental conservation?
My original interest in conservation came primarily from a sportsmen's perspective as thousands of acres of hunting ground were lost to land fragmentation, and in some cases conservation, in just a short time period around Marion County. Over and over, I heard old hunting buddies talk about how they are losing places to hunt, especially with hounds, since we often need larger tracts of land to hunt raccoons. I served on the board of the Tennessee Wildlife Federation for several years and later as a consultant, studying how the changing landscape might impact forestry, agriculture, and hunting. I interviewed sportsmen, foresters, and farmers throughout the South Cumberland Plateau as well as mapped land ownership patterns as timber companies divested large acreage between 2006 and 2008. The numbers are quite astounding. In Marion County alone, approximately 40,000 acres were purchased by development groups. To put this in perspective, all 7 municipalities combined in the county only account for 36,000 acres of land, yet very few of these newly planned developments were adjacent to municipalities. My concern is not the act of development itself, but the shear scale and number of developments. Of course, we all know now that as a result of the financial crisis, developments are now bankrupt, lot buyers are suing developers, and everyone is trying to figure out what will happen next. I have a strong interest in seeing a more limited pattern of growth in the future that respects the integrity of the landscape by keeping some of our forest in tact.
I really never intended to take conservation up as a cause. I see this issue as one of many policy issues that are important. I just happened to know a little about the negative consequences of poorly planned growth from my 10 years of working with rural counties in Southwest Tennessee with the University of Tennessee's County Technical Assistance Service. One of the biggest concerns is the perception that growth pays for itself with new local sales and property tax revenue, but this is generally not the case when balanced out with both the social and environmental costs. With this said, I am a land-owner, I have developed land, and I am not opposed to smart growth that occurs in locations where adequate municipal services are available or there is at least a plan to provide them.
I would like to see private and conservation capital partner and come up with creative and innovative ways to both grow and protect natural resources at the same time. I believe the timing is right in the South Cumberland Plateau to re-think how we sub-divide land, but it will take the right people in both development and conservation sectors to make it happen. There are many conservation tools available that can help plan developments in ways that maintain open space, protect watersheds and wildlife habitat. The bottom line- it just takes trust, commitment, and the open-minds of developers, conservationist, and local officials.
What are some of the projects that you are working on in Marion County?
On behalf of the Marion County Chamber of Commerce and funded through the Marion County Joint Partnership for Economic Development, we completed a 5-year project to develop a comprehensive Greenways and Trails Plan. We contracted with Andy Carroll with the University of Tennessee at Chattanooga to help map potential trail corridors around the county after holding public meetings and receiving feedback from land-owners. We made certain to avoid routes that were of concern for private land-owners and tried to capitalize on existing public parks and lands. The two most prominent routes that stand out are all about linking communities to the local landscape. One trail route would ultimately connect South Pittsburg to Kimball and then to Jasper. South Pittsburg has already received a grant for Phase 1 of this project.
The second route is quite ambitious. The vision is to make Marion County a first-class destination for outdoor recreational activities. With input from several recreational organizations, I have to give most credit to the SORBA, the Southern Off-Road Bicycle Association for spawning the idea of a 65 mile mountain bike trail connecting Marion County Park to Chattanooga on both sides of the Tennessee River Gorge. We have also gotten feedback from sportsmen, equestrian groups, off-road vehicle associations and hiking groups and we believe there is enough public land throughout the gorge to accommodate these multiple and sometimes conflicting uses. The Tennessee River Gorge through Marion County is already designated as a blue-way and campgrounds along the river are already being planned so that one day paddlers can float from Chattanooga to Marion County, camping along the way.
As a post-doctoral teacher at the University of the South you have been involving your class with building a nature trail at the Jasper Elementary School. Tell me about what you are trying to achieve and what successes you have enjoyed thus far with your students and the local kids in the school.
Yes, last year Dean Gatta at Sewanee along with the Education Department asked if I would teach an Introduction to Environmental Education Course that involved engaging Sewanee students with a local community. Of course I accepted, as I saw this as a perfect opportunity to help with a group that we had already established at Jasper Elementary called the Jasper Elementary Outdoor Education Initiative. This effort has really taken off thanks to the leadership of Sonya Turner, the JES art teacher, and Dottie Sneed, the PTO president. Parents have now raised several thousand dollars to help construct an outdoor class room, bridge, and observation deck next to a beaver dam adjacent to the school. I also want to thank the folks at Volkswagen who allowed local recycling organizations the opportunity to donate wood pallets- one of them made a perfect bridge for our nature trail. My Sewanee students have completed educational posters that will be integrated with the outdoor class-room and they have also developed environmental education activities that are place-specific to the school grounds. The feedback from Principal Tim Bible was very positive and the experience was fulfilling for both the Sewanee and JES students. The effort continues to be a success and I have been asked to teach the same course again this spring. My plans are to work with multiple schools in Marion County this go around to see if we inspire similar efforts like the Jasper Elementary Nature Trail.
For you, where is common ground between the growth of the region's economy and the conservation of natural and cultural resources?
I am currently writing an article about the idea of integrating conservation and private capital, similar to the conservation model utilized by the State of Tennessee and Lyme Timber Management in the northern Cumberland Plateau. This was a very creative conservation project that resulted in thousands of acres of protected land for public use while continuing as a working forest. I spent some time with Peter Stein with Lyme Timber to see if there was a similar option for the South Cumberland. What I discovered was that many of the large timber tracts sold for development in the South Cumberland were clear-cut converted pine plantations and did not make financial sense for their business model. I then began to research examples of limited development models where private developers gained returns on investment buy selling some lots while public capital purchased development and public access rights on the majority of the land. This is a win-win for both developers and conservation organizations for the following reasons- developers will have less debt expense and a built-in market of conservation buyers, while conservation organizations protect land without having to manage it or buy it out-right in fee-simple.
How are we going to achieve equitable growth and resource conservation? Looking into the future, what factors do you see making the biggest difference in the effort to preserve the woods, waters and heritage of the Cumberlands?
Looking to the future, I believe a major factor to achieve equitable growth and resource conservation is for conservation organizations to engage the private sector and partner in creative and innovative ways. One of the key missing components, in my opinion, is a well capitalized conservation-friendly investment fund that is willing to be patient and trustworthy and a federal program willing to invest in a new model of rural growth and development. One conduit might be a federally designated South Cumberland Outdoor Recreation Area that encompasses tourism, second-home development, recreation, and conservation at a large landscape scale. Either way, it will take smart people that understand the business of land ownership, politicians willing to spend political capital, and conservation organizations willing to help steer the process.
Thanks Daniel. It's great to read your ideas and I encourage others reading this article to leave your comments on this post.


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If they're not gay, then they are bi-sexual. Why else would the men go for the boys? If it was about power, they would find young girls if they weren't homosexual or bisexual.
A lot of small businesses fail because of what their business is. I can't (won't) afford $3.50 for a cupcake or $6.00 if it's filled. Cheesecake @ $4.75 per slice and 16 slices per cake ($76 total). It only costs about $5.00 to make a cheesecake. That gives $71 profit on a cheesecake, IF you sell the whole thing. Lemon poppyseed cakes @$3.50 each, 4 per cake mix. Not a smart buy. To succeed in business, you need to have something that will generate repeat business at an affordable price.
@fuzzlebunny-Ritalin is not meth. Meth is methadrine, ritalin is methylphenidate. BIG DIFFERENCE.
They flipped a news van because Joe was fired. Permanently expel them so they will plenty time to spend with him.
They should ALL be fired and lose their pensions.
Joe Pa knew about it for 6 years but didn't say anything. He's only in it for the glory. Wait until they take him down too.


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The White House is denying a report in the New York Times claiming that they will conduct one-on-one talks with Iran over their nuclear program. The bilateral negotiations, the fruit of a secret back-channel process according to the Times, would not occur until after the Presidential election, at the Iranian's request, so they can have a sense of the identity of their negotiating partner.
But the White House fairly categorically denied it.
The White House denied that a final agreement had been reached. "It's not true that the United States and Iran have agreed to one-on-one talks or any meeting after the American elections," Tommy Vietor, a White House spokesman, said Saturday evening. He added, however, that the administration was open to such talks, and has "said from the outset that we would be prepared to meet bilaterally."
Reports of the agreement have circulated among a small group of diplomats involved with Iran.
Obviously this will get viewed in the context of the Presidential election, with the final debate, focused on national security, set for tomorrow. The Obama Administration is not being nearly as shameless as, say, the 1972 Nixon campaign, which announced "peace is at hand" in late October, amid an announcement of negotiations with the North Vietnamese.
We're not in a military situation with Iran, but there are elements of a war footing. The sanctions (which in the lexicon of Washington are always called "crippling sanctions") have significantly harmed the Iranian people by causing hyperinflation and shortages. Oil exports have dropped significantly, and the public are feeling the bite. When you talk about sanctions, it's basically a euphemistic way of talking about starving out a population. The US has justified this with over-hyping of the Iranian nuclear program and rumors of cyberwarfare.
The talks would focus on the nuclear program, though Iran wants to broaden them out to incorporate the troubled situations in Syria and Bahrain. Iran has already engaged in negotiations with the United States on a multilateral basis. The P5 + 1, the five permanent members of the UN Security Council (The US, Britain, France, Russia and China) plus Germany, negotiated with the Iranians over the nuclear issue on several occasions. And in a separate agreement brokered by Turkey and Brazil, the Iranians agreed to the framework of demands, the main element being a swap of enriched uranium to a third party in exchange for use in Iran for nuclear power, as is permitted under the Nuclear Nonproliferation Treaty. But the US and the West rejected the proposal.
Iran has no nuclear weapons program, according to the consensus opinion of the US intelligence community. The Supreme Leader, Ali Khamenei, has banned nuclear weapons as antithetical to Islamic law.
The Israelis did not react favorably:
Israeli officials initially expressed an awareness of, and openness to, a diplomatic initiative. But when asked for a response on Saturday, Israel's ambassador to the United States, Michael B. Oren, said the administration had not informed Israel, and that the Israeli government feared Iran would use new talks to "advance their nuclear weapons program."
"We do not think Iran should be rewarded with direct talks," Mr. Oren said, "rather that sanctions and all other possible pressures on Iran must be increased."
Israel and the United States appear to have different red lines for the Iranian nuclear program, and Mitt Romney has stood with the Israelis on this. They put the divider at a nuclear "capability," meaning basically any uranium enrichment, whereas the US Administration red line, for the moment, is an actual weapon.


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Guy Lacelle Dies in Avalancheby Jodi Hausen and Karin Ronnow Dec/2009
This news story has been read 5,997 times
"He was climbing up a small gully and a team above him triggered a small avalanche," Doug Chabot, director of the Gallatin National Forest Avalanche Center, said. "He wasn't swinging the tools when it happened, it was just an avalanche. A small pocket of snow pulled out and caught him. It hit him and took him off the cliff, down the ice."
Lacelle, 54, died of blunt-force trauma, Gallatin County Deputy Coroner Dan Springer said. The accident occurred near Grotto Falls between 9 and 10 a.m.


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Natural Slate & Copper Tabletop Fountain
- Height 19" Width 10" Extension 6"
- Polished River Stones Included
- Rated for Indoor Use
- Natural Slate & Copper
Tweets on Water Feature
@kaishakat CHIN CHAN. THE WATER FEATURE. URGE TO PUNCH HIM. - by ItsDov (Dov )
Excellent little feature from a #FinePix user on how to blur water. Recommended! http://bit.ly/jerm5e - by MrFinePix (Fred FinePix)
@dianeshipley Hmm. Not sure about your bin house. Does it have a water feature? - by Keris (Keris Stainton)
All of this talk of diving making you jealous?? It doesn't have to be as expensive as you think you know.. http://bit.ly/lH8mgw - by activityaway (activityaway)
Related posts:
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star gold leather 'Afrodite' medium bowler
designer's notes
Furla makes impeccable leather bags that appeal to women who desire classic sophistication.
color: Star Gold Metallic leather with polished silvertone hardware Logo stamped zip close front raised pocket Zip top closure with studded leather pull tag Ring straps extend down sides and detachable logo engraved plate at handle 16'' double handles with buckle details and 4'' drop Logo jacquard lining with zip pocket and cell phone pocket Five protective feet at leather base Measures 16'' at widest x 12'' tall at center x 6'' deep; weighs 2.5 lbs. All measurements are approximate Leather; Italy; style# 303872401


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The World Republic of LettersPaperback Convergences: Inventories of the Present
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- Publisher: HARVARD UNIVERSITY PRESS
- Format: Paperback | 440 pages
- Dimensions: 155mm x 231mm x 30mm | 499g
- Publication date: 8 May 2007
- Publication City/Country: Cambridge, Mass
- Edition: Annotated
- Sales rank: 123,747
Product description
The "world of letters" has always seemed a matter more of metaphor than of global reality. Rejecting facile talk of globalization, with its suggestion of a happy literary "melting pot," Pascale Casanova exposes an emerging regime of inequality in the world of letters, where minor languages and literatures are subject to the invisible but implacable violence of their dominant counterparts.
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Author information
Pascale Casanova is a researcher at the Center for Research in Arts and Language and a literary critic in Paris.
Review quote
"The World Republic of Letters - empire more than a republic, as Casanova shows - is likely to have the same sort of liberating impact at large as Said's Orientalism, with which it stands comparison." - Perry Anderson, London Review of Books "[A] pathbreaking study...Casanova's range of literary allusions, from Berlin to Havana, Norway to Somalia, is astonishing...This book, which unlike many other works of literary theory is written (or at any rate translated) with exemplary lucidity, represents a milestone in the history of modern literary thought." - Terry Eagleton, New Statesman"
Table of contents
Preface to the English-Language Edition Introduction: The Figure in the Carpet Part I: THE LITERARY WORLD 1. Principles of a World History of Literature The Bourse of Literary Values Literature, Nation, and Politics 2. The Invention of Literature How to "Devour" Latin The Battle over French The Cult of Language The Empire of French The Herderian Revolution 3. World Literary Space Roads to Freedom The Greenwich Meridian of Literature Literary Nationalism National versus International Writers Forms of Literary Domination 4. The Fabric of the Universal The Capital and Its Double Translation as Litterarisation Language Games The Importance of Being Universal Ethnocentrisms Ibsen in England and in France 5. From Literary Internationalism to Commercial Globalization? Part II. LITERARY REVOLTS AND REVOLUTIONS 6. The Small Literatures Literary Destitution Political Dependencies National Aesthetics Kafka and the Connection with Politics 7. The Assimilated Naipaul: The Need to Conform Michaux: What Is a Foreigner? Cioran: On the Inconvenience of Being Born in Romania Ramuz: The Impossible Assimilation 8. The Rebels Literary Uses of the People National Tales, Legends, Poetry, and Theater Legacy Hunting The Importation of Texts The Creation of Capitals The International of Small Nations 9. The Tragedy of Translated Men Thieves of Fire Translated from the Night Comings and Goings Kafka: Translated from Yiddish Creators of Languages Literary Uses of the Oral Language Andrade: The Anti-Camoes Swiss Creoleness 10. The Irish Paradigm Yeats: The Invention of Tradition The Gaelic League: Recreation of a National Language Synge: The Written Oral Language O'Casey: The Realist Opposition Shaw: Assimilation in London Joyce and Beckett: Autonomy Genesis and Structure of a Literary Space 11. The Revolutionaries Dante and the Irish The Joycean Family The Faulknerian Revolution Toward the Invention of Literary Languages Conclusion: The World and the Literary Trousers Notes Index


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Office of the Director
The Director's Office is responsible for overseeing the policy development and administrative functions of the Agency as well as acting as a liaison with the White House, members of the President's Cabinet and Executive Branch, the Congress of the United States, and with the national leadership of the collective bargaining community.
Allison Beck is the Director of the Agency.
Scot L. Beckenbaugh is the Deputy Director of Mediation Services and Field Operations for the FMCS.
Fran Leonard is the Chief Financial Officer at FMCS. The CFO reports to the Director and serves as the chief administrative officer.
Dawn E. Starr is the Agency's General Counsel. She carries out all legal activities of the FMCS; ensures full and proper implementation of the Agency's statutory responsibilities; provides legal counsel to the Director, the Deputy Director, and other officials of FMCS.
John Arnold serves as the Director of Public Affairs. The Director of Public Affairs acts as the agency spokesperson and oversees FMCS communications to the news media and to key public and governmental organizations.


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Multinational Corporation
A Multinational corporation is the firm engaged in foreign direct investment and state control over state-owned or value-added. The multinational corporation is appearing different conditions in the world, transnational, international, supra-national and supra-national institutions. (Mohamed and Youssef, 2004) [Online]
Multinational Corporation is the business of structural or ownership in the number of countries held or a product into the global decision-making. Standards for transnational corporations have income, assets, a certain percentage of sales or a business form, or in a foreign place of deployment. (Ajami, et. al., 2006) [Online]
To quantify of the typical multinational corporation are regarded as two operating companies in some countries, even though the project required six or more countries in the multinational subsidiary of the Harvard. Another hand that measure the total revenue generated by overseas operations from 25 to 30 percent in the most frequently mentioned. (Mohamed and Youssef, 2004) [Online]
The cost of capital is to determine the conversion of the key variables, save, or invest in resources, these are the decision making on exchange rate. Otherwise, Source of capital is the basis for calculating the weighted cost of capital (WCOC), it is because of the different providers of risk capital factors are demand for firm funds rate may vary depending on suppliers. Most firms have made debt and equity capital of WCOC as part of total capital, those are a reflection of equity and debt or other sources. (Groth and Anderson, 1997) [Online]
The company's management for multinational companies to consider its multinational corporations in management philosophy, the company can be classified as ethnocentric (home-market-oriented), multi-center (on individual foreign market-oriented) and geocentric (oriented to the larger regional and even world status). These will be used worldwide as global multinational companies to some of the domestic business. (Mohamed and Youssef, 2004) [Online]
Factor influencing Multinational Corporation
The following factor are appearing how the debt financing and equity financing improvement to running the business and is it effectiveness the firm to modify the market value, bankruptcy cost and shareholder value.
Dilution of earning per share
In earnings per share of the financing structure are sensitive to change in earnings before interest and tax under different financing options, therefore the two alternative financing plans which issue of debentures and issue of equity share is effective of the percent interest. If the earnings before interest and tax are lower than breakeven level there will be the equity financing more desirable than the debt financing and also increase the business risk in the firm, otherwise when the earnings before interest and tax higher than breakeven level there will opposite holds. (Chandra, 2006)
The large issues of equity as the new investment an immediate could lead to dilution earnings per share of profit therefore the shareholder may upset when stock share prices are leading to failure. (ACCA C5, 2003) [Online]
Cash flow
The cash flow of the financing structure are establishes the debt capacity to investigate the probability of default, whether the management are acceptable probability of default associated on level of debt. Whatever, if the lower probability of default the firm also needs to handle the more debt-intensive on financing structure, this is because the lower probability of default will make the firm has strong and competent management to stable the cash flow. Another hand, the firm is used more equity- intensive will make the firm more profitable to use retained earnings on finance operating. (Chandra, 2006)
When the firm is changing and volatile will effective of the financing structure of operating cash flow. Moreover, the cash balance and operating cash flow are not dependent on external financing to service the debt. Preference in the management of tolerance limit does not reflect a restriction imposed on interest of shareholder, when the management staff can not borrow at all of interest is because probability of default are zero and not effective on interest of shareholder. (Chandra, 2006)
Although the debt is attractive because that cost is cheaper, it will be a disadvantage of pay on interest and capital. If the companies spent high level of borrowing they could not meet the payment of loan interest and principle, therefore those companies will follow to liquidation. (ACCA C5, 2003) [Online] The level of borrowed on the firm are measures the assets invested in business financed by gearing ratio. When the firm using debt decision at the higher gearing ratio with effect the higher risk of business and the bankrupt cost, the opposite of when their using equity decision at the lower gearing ratio also will effect the market value of the firm.
The cost of finance
Debt finance is usually cheaper than equity finance because debt finance more secure by the lenders point of view and pay the interest before dividend. Almost the liquidation of the firm is because debt finance is paid off before equity, therefore the debt is safer investment than the equity and due to the debt investors were lower than the rate of return on equity investors. When the company deductible the tax of debt interest will making the cheaper tax paying in the company unlike the equity share are not deductible tax. (ACCA C5, 2003) [Online]
Debt financing is tending towards large companies with high leverage, low tax rates and high volatility. However, the opportunities level for economic growth is low than will issuers face relatively of high external debt-related financing costs. (Lewis. et. al., 2000)
Comparison of equity financing in making profitable investment opportunities in small companies tend to invest heavily. The issuer at a very high rate of investment compared with the capital, convertible bonds, debt issuance, even if there is adverse selection and insufficient investment in the concerns of investors is likely to be important. (Lewis. et. al., 2000)
Tax shield
The tax shield of the financing structure is allows firm to offset taxable profits to pay interest on the debt, therefore the firm using debt more than equity to made the firm tax saving in the business. The advantage is the use of debt funding to reduce the tax bill and the present value was increase as debt to replace the equity in the capital structure because of the tax shield. (Arnold, 2008)
The firm using more debt to running the business it is because the tax shield cans deductible tax at the firm income statement to saving the tax paying and can lower the tax liability.
The declines of Weighted Average Cost of Capital (WACC) for each unit was increase the debt as the company taxable, but it was argument when takes logical extreme for example as the lowest WACC and the corporate value is highest valid due to the company almost entirely made up by debt. As the cost of equity increase can not completely offset by cheap debt, which is because the overall cost of capital falls throughout the range of gearing. (Arnold, 2008)
Otherwise, the opposite is no-tax on the company analysis was appearing that a advantage of gearing up and reduce cost of debt capital to exactly matched by the disadvantage due to increased risk for equity holders and increase the cost of equity, for those problem will affect company holding the high bankruptcy risk. (Arnold, 2008)
Debt covenant
Debt covenants as an agreement between the creditors and a firm in order to agree the condition with the borrowing. The condition agreement between that is for the firm a promise the creditor when the loan are not fully repayment are not legal to apply other short-term loan. Alternatives on the debt covenant provide to use convertible debt when their unable to cover the debt payment.
Convertible debt is issuer face is different from the cost of external finance sources, security deign is an important way to distinguish between the theories. In other words, different external financing problem are accepted to induce distinct security design decisions. (Lewis. et. al., 2000)
According to agency costs of debt security convertible debt provides an important motivation to increase shareholder wealth, these are positive net present value of the project manager of stockholder (debt financing). Otherwise, the equity financing of management is to create discretion to management that their pursuit of goals, such as excessive growth of the firm cost shareholders (equity financing). While convertible debt creates less management discretion than a same size common stock issue, it creates many similar flexibility of direct debt issuer. (Lewis. et. al., 2000) Therefore, a company's objectives are important to decide on debt financing or equity financing. If the firm is looking for higher liquidation or cash flows and in the same time to gain shareholders/debt holders confidence, debt financing would be more favorable. Whereas, the firm will choose for equity financing if its objective is solely focus on maximizing shareholders' benefits.
Ability of assets security
The financing structural as an ability of asset are support to the debt, it is because more stable market value of the lower risk assets will provide the better collateral for debt. Therefore, the firm is allowed to borrowing a larger proportion of such assets market values, for instance as a real estate firm or credit firm generally can support a relatively large amount of leverage. (Emery. et. al., 2007)
Sometimes firm do not take on additional debts, because the risk of insolvency depends not only on the expected debt service coverage, but the firm has the ability to produce by increasing borrowing in order to sale the equity securities and sale of assets in cash. (Emery. et. al., 2007) Even through, if the assets are high risk across with the risk of insolvency, the firm should purpose to keep in the equity rather than the debt issuing.
Nowadays the current existing shareholder are use more debt decision to management the firm, it is because the environment economic society today the interest rate are lower and shareholder are easy to take debt. However the shareholder are cannot to take over debt issue in the firm because it will affect firm taken higher risk of business.
When the firm consider to issue the new financing structure their must focus on generate of cash flows to meet the necessary obligations. (Gitman, 2006) In the firm when their need the stable cash flow to cover periodic interest payments than can take more debt to investment the firm. This is because debt level can be expected to increase with firm multinational given that the increasing international diversification into many less than perfectly related countries should decrease the variability of a company cash flows and lower bankruptcy costs. (Aggarwal and Kyaw, 2009) [Online]
Furthermore, the firm are stated the higher debt ratios therefore it might provide higher cash flow to the firm in order to cover fixed charges under various situation in product, therefore the cash flow is minimized when their increase the financial and foreign exchange market. (Eiteman. et. al., 2004)
The gearing ratio is suitable to issue debt at the lower rate in the firm but need to aim the timing to issuing for example when the gearing ratio are lower in the firm that is the suitable timing to issuing debt because it will more effectiveness to maximize shareholder value and reduce the bankruptcy cost. If the firm continues to issue the equity at the time on lower gearing ratio will become overtaken equity and increase the business risk.
The firm is more prefer to taken the debt of lower interest rate in the tax shield it is because when the firm issuing the debt on the corporate tax it will having the tax-deductible expense as an interest payment. Taken the debt to issue on the firm will be positive way on to deduct the business income tax, lower the liability tax and increase the present value to replace the debt to equity in financing structure. It will help the firm prevent the paying of the tax but the firm must able to recover the loan if not the bankruptcy cost on the firm will increase and may dropping the market value of the firm.
Under the tax law practices when the parent company makes an intra-company loan will considered to permanently invested in the country, if the firm are not considered permanent the debt to invested it will induce the parent company suffering foreign exchange losses on the transactions. (Eiteman. et. al., 2004)
An other hand, the firm suppose to issue the debt financing at the lower interest rate when the earnings per share are higher than the breakeven, it is measure the firm profit should able to recover the debt than only can make decision of debt financing. Therefore the firm is not required to increase the shareholder funds on equity financing, due to those required will effect of the shareholder does not have to bare higher dividend paid. For the existing shareholder also can taken the higher return on the dividend in order the earnings per share are higher. It also can increase the market value of the firm and reduce the bankruptcy cost.
The debt covenant is the agreement when the firm are take more debt in the lower interest rate, therefore their set the condition of those agreement between the firm and the creditor as the debt are clearly cover repayment than can borrowing the new issue of debt. For that condition the creditor does not taken profit on the firm but make sure the loan payment are timely manner therefore can affect the firm in the certain business risk in order to reduce the bankruptcy cost.
All the method of debt financing is that is the advantage on the system of funding can full control the business and their can use the profit to satisfaction the ownership return rate. Furthermore that also can cover the loan payment with taken the additional benefit in taxation. However debt financing is not a secure method but is can ensure the business is solely by the ownership.
The firm high debt operations, in order to encourage more and better performance and in the interests of shareholders, such as owners, managers, entrepreneurs look forward to for the purpose of fiscal expansion. Another hand, debt financing is hitting the point of choice form of entrepreneurship. For the logic of the new share sale to outside investors, the entrepreneur's would undermine control, to successful entrepreneurs in the commercial interest. Therefore, managers will be more inclined to adopt a form of incentive pay, rather than focusing solely to shareholder returns, allowances and leisure. (Arnold, 2008)
Furthermore, the high debt forces of the firm to make regular payments to debt holders, therefore the firm are need the 'spare' cash to managers. Therefore the manager is to keep short-term cash to avoid the shareholder's return for very little thought to the problem of projects. (Arnold, 2008)
If the firm raises significant amounts of new funds to finance growth opportunities, thus may need to borrow more than optimal form the viewpoint of minimizing cost of capital. Those are equivalent to increasing at budget levels of marginal cost of capital. (Eiteman. et. al., 2004)
The agency theory of debt financing recommends dealing with adverse selection by disclosure of private information, credible signaling and third party certification, if disclosure does not leak value-creating information to competition it was lowest cost way of solving the problem. (Chua. et. al., 2009) [Online]
Under the upper part recommendation that using the Modigliani and Miller's theory to supporting those are issue the debt financing, therefore to set out to show what should to happen to the costs of capital when the firm increase or reduce borrowing. (Arnold, 2008)
Modigliani and Miller's theory has created a basic model to making some assumptions that the value of a firm remains constant regardless of the debt level. When the cost of debt increased will raise the costs of equity just enough to leave the weighted average cost of capital, it can affect the value of the firm cash flow from operations. Therefore, the firm can improve the decision making on investment to decide increase the shareholder wealth. (Arnold, 2008)
When the capital market is perfect than Modigliani and Miller's theory will argue, that all the firm will become the same business risk and same annually earnings of the firm expected in the same total value, it is because the net present value of the operation will depend on the value of the firm that is not in the financed. (ACCA C5, 2003) [Online]
This indicates that the use of debt offset by the exact same cheap higher rate of return to shareholders, but a higher return will make up for increased risk of financial leverage. (ACCA C5, 2003) [Online]
The Modigliani and Miller's theory propositions depend on perfect capital markets in the generally well-functioning, however in the world are not have the 100 percent perfect on the 100 percent time, sometimes the Modigliani and Miller's theory also will wrong in the some place. (Chandra, 2006) Modigliani and Miller's theory is to show the company's value does not depend on its capital structure, so when the value of the company more or less depends on the ability of asset value, which will come from the external and internal resources are not related assets. However, that is the advantage for using the debt more than internal funds will be taking more benefit of debt in tax shield tax. (Serrasqueiro and Rogao, 2009) [Online] Another hand the disadvantage is when the firm higher gearing is purpose to increase the equity but the firm still continue to borrowing that will effect the firm become financial leverage and holding the higher bankruptcy cost.
The Modigliani and Miller's theory an additional considers needing the preserve flexibility to maintenance the firm of a significant reserve of unexploited borrowing power. This flexibility means that the company can maintain a reserve borrowing capacity, it can increase the debt capital to deal with unexpected changes, government policies, economic recession or volatility of labor shortages, increased competition, perhaps most importantly, profitable the emergence of investment opportunities. (Chandra, 2006)
The flexibility is a powerful defense against financial distress and its consequences which may include bankruptcy cost are fairly small. However, the loss of flexibility at the firm was liquidity crisis in contrast, it may affect the product's market strategy and business policy, damage the company's value. (Chandra, 2006)
Otherwise, the traditional view most likely the Modigliani and Miller's theory form the tax-adjusted, such as the over gearing range by declines of WACC. However the tax system is benefits from the gearing derive rather than the shareholder are failure to seeking the higher return to respond the financial risk, therefore will more closely the firm are allow for financial distress. (Arnold, 2008)
When the firm taking higher level debt than the financial distress also will following increase and eventually liquidation. The firm are negative effect on a firm value such as the offsets the value of tax relief due to increasing the debt with the higher gearing ratio by the cost are incurring the financial distress. The firm would have seriously damaged when the firm are manages to avoid liquidation of relationships with customer, suppliers, creditor and employees. (Arnold, 2008)
Otherwise suggest using the pecking order theory it is because that can makes the priority and maturity structure of debt. The lower information cost of securities should be issued than only can issued the higher information cost, for those suggested is similarly as the short-term debt should be exhausted than can continue issues long-term debt in the firm. According to pecking order theory of financing of each component should have a dollar deficit projected for the dollars of corporate debt. (Frank and Goyal, 2002) [Online]
Furthermore, the pecking order theory of capital structure is between the uses of the most influential business theories. This is the firm undesirable selection is to prefer internal to external financing, when the external funds are necessary in the firm will prefer debt to equity because the lower information costs related with debt issues and equity is seldom issued. (Frank and Goyal, 2002) [Online]
Otherwise, inside the firm retained earnings are a batter source of funds than is debt and debt is a better deal than equity financing. (Frank and Goyal, 2002) [Online] This means that corporate profits will remain profitable than become less leveraged, and unprofitable companies will be more leveraged lending, therefore to establish a profitability and leverage between observed and presented with profitability is negatively correlated with external financing probability.
Aggarwal (2010) argue that, except for firms at or near the debt capacity under the pecking order theory it will deficit when the new entirely filled with debt issues. Therefore, the firm was expected to finance between the deficit and debt assumption is still lower than the capacity of enterprises, using a positive relationship. (Aggarwal and Kyaw, 2009) [Online]
Costs and benefits may lead to the emergence of a target debt ratio is the second order. The firm financing structure choice is driven by adverse selection, because of information asymmetry arising between the more informed investors, managers and do not quite understand the cost.
The upper part of the analysis of Multinational Corporation should be able to support more debt financing than pure of Domestic Corporations. It has been pointed out several benefits of a Multinational Corporation in the economy than perfectly correlated. This diversification should be translated into lower income volatility, the lower the cost of bankruptcy probability. Therefore, taking into account a debt between Modigliani and Miller theory between the tax shield and the expected bankruptcy cost of the traditional paradigm, Multinational Corporation should have lower expected bankruptcy costs, higher leverage.
Multinational corporations in the international business environment are being considered in determining the objectives of the financing structure of the other factors. If the target company seems to have lower debt ratios, international diversification does not seem to affect low-income fluctuations. Therefore, the idea of multinational companies should be able to carry more debt on the financing structure, because it is able to diversify on national economy not support with less than fully relevant.
However, the gearing ratio also will effect the Multinational corporations it is when the gearing ratio are higher than the firm are still issuing the debt financing, that effectiveness the firm in the higher bankruptcy cost and dropping the market value , if more worse the firm will be collapse in the world. That must properly to consider the firm environment than making decision to take debt financing of investment.
The Modigliani and Miller's theory are stated when the multinational corporations using more debt financing was increase the shareholder return rate and the firm also can get benefit of the tax shield. However when the financial distress are in the firm with the higher gearing ratio and loss of flexibility, it will not issuing debt financing any more. If the firm still wants take debt financing to investment it will affect the firm product's market strategy, business policy and damage the company's value.
Online Reference
- Aggarwal, R. and Kyaw, N. A., 2009. "Capital structure, dividend policy, and multinationality: Theory versus empirical evidence". International Review of Financial Analysis. [Online] Volume , No. , Pages 1-11. Abstract form Science Direct. Available form: [Accesses: 3 March 2010]
- Ajami, R.A., Cool K., and Goddard, G.J. 2006. "International Business: Theory and Practice". [Online] pp. 6-13. Abstract from Ebrary. Available from: http://site.ebrary.com/lib/segikl,Doc?id=10178126&ppg=34 [Accesses: 25 February 2010]
- Chua, J. H., Chrisman, J. J., Kellermanns, F. and Wu, Z., 2009. "Family involvement and new venture debt financing." Journal of Business Venturing. [Online] Volume , No. , Pages 1-17. Abstract form Science Direct. Available form: [Accesses: 3 March 2010]
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Book reference
- Arnold, G., 2008. "Corporate Financial Management". Fourth Editions. Pearson Education- Financial Times. Pages 793-838.
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- Emery, D. E., Finnerty, J. D. and Stowe, J. D., 2007. "Corporate Financial Management". Second Editions. Pearson- Prentice Hall. Pages 479-486.
- Gitman, L. J., 2006. "Essential of Managerial Finance". Fourth editions. Pearson- Addison Wesley. Pages 467.
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bigger drives
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Health & Fitness
Fitness Friday: Stretch Your Chest for Bigger Drives
Every week my colleague Ron Kaspriske, Golf Digest Fitness Editor, presents Fitness Friday on the Instruction Blog. This week he talks about stretching your chest if you really want to hit bigger drives. Note: in...
Friday, 8/24/2012 at 1:00AM
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Due to inclement weather, the Eastside Friends of Seniors office is closed today, January 18, and all rides have been cancelled. Stay safe and warm!
UPDATE: due to poor road conditions, the office will also be closed January 19 as well.
ANOTHER UPDATE: Our office will continued be closed through January 20. We hope to be back in the office on Monday.


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Dinamo-Minsk (Russian: Дина́мо-Минск, Belarusian: Дынама-Мінск) is an ice hockey team based in Minsk, Belarus. They are members of the Tarasov Division of the Kontinental Hockey League.
The club was formed in 1976, played 5 seasons in the Soviet Top Ice Hockey League, best result was the 10th place in 1989/90 season. Dinamo-Minsk was renamed as Tivali Minsk in 1993 and four times became a champion of the Belarusian Championship in 1993, 1994, 1995 and 2000. Tivali was disband in 2000. Dinamo-Minsk was recovered in 2003, won champion title and Belarus Cup twice.
On March, 26, 2008, the KHL confirmed the Belarusian club's inclusion in the Bobrov Division. Dinamo-Minsk started to play on the ice of Minsk Palace of sports and was relocated to the newly build Minsk-Arena in December 2009. The first head coach of the Belarusian club was Paul Gardner, who was dismissed until the championship had begun. The next one became Jim House, a protege of previous Belarus national team head coach Curt Fraser. But after the first twelve games the team came down next to the last place and soon Jim House was fired out. New vacancy was taken by Russian specialist Vasili Spiridonov whose efforts were not enough to raise Dinamo-Minsk from the bottom of the tournament table. The club became the 22nd from 24 teams.
The next season team began under command of Glen Hanlon, who brought the Belarus national team to the sixth place at WC2006 in Riga. The team roster was fulfilled with world famous players Ville Peltonen and Ossi Väänänen, also one of best the Belarus goalkeepers Andrei Mezin was attached to HC Dinamo-Minsk. Season of 2009/20010 was alike to the previous. Team hadn't showed good result and Glen Hanlon was substituted by head coach of HK Homiel. Dinamo-Minsk took the 17th in the championship of KHL and won Spengler Cup under the guidance of Alexander Andrievsky.
Season 2010/2011 became the best season in KHL history of Dinamo-Minsk. The new head coach of the team became Marek Sikora. Pan Marek is widely thought as one of the best coaches of Kontinental Hockey League. He brought Metallurg Magnitogorsk to final games in 2005 and a rookie of KHL Avtomobilist to KHL play-off in 2010. Dinamo-Minsk under his command managed not only to get to the play-off, but stayed in one step from quarterfinal when Lokomotiv defeated the club in decisive game. Also Dinamo-Minsk was named as most attended club in KHL in season 2010-2011.
The new season of Dinamo-Minsk was to have begun on September, 8, 2011 versus former play-off opponent Lokomotiv Yaroslavl. However, on September 7, 2011, a plane carrying the Lokomotiv team to the game in Minsk crashed shortly after takeoff, killing all of the team's roster. Four days later, a memorial ceremony took place at the Minsk-Arena, with all Minsk players paying tributes to each one of the victims.
Team during season 2011-2012 played as leader of League and managed to solve the main task to get to play-off from the place not lower than 7th in the Western Conference. Unfortunately, our team did not manage to qualify into second round of play off. Minsk team had lost to the future Gagarin Cup holders to Dynamo (Moscow).
After the end of the season head coach Marek Sikora had left the team and was replaced by Finnish сoach Kari Heikkila.
5th season in KHL started out of play off zone. Thus lead to changes in coaching staff. Alexander Andriyevsky is appointed Acting head coach as of October 12. During lock out in KHL Pekka Rinne (Nashville), Evander Kane (Winnipeg) and Joe Pavelski joined Dinamo.
Dinamo-Minsk had leading average attendance in KHL (nearly 15000 thousands) and second biggest average attendance in Europe.
Dinamo-Minsk boasts really crazy atmosphere during home games. (video 1, video 2)
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Woman unhurt after vehicle's 20-foot plunge off I-10
By Eva Ruth Moravec : June 17, 2012 : Updated: June 18, 2012 7:24am
Photo By Eva Ruth firstname.lastname@example.com
A woman was mostly uninjured Sunday afternoon, when she lost control of her Suburban before it plunged off of I-10 into a creek bed about 20 feet below, according to San Antonio police.
A woman was slightly injured after her vehicle plunged off of Interstate 10 on the East Side and landed in a creek bed about 20 feet below, according to San Antonio police.
The woman, described as being in her 50s, was driving west on I-10 near Foster Road around 4:25 p.m., when she lost control of her Suburban and struck a guardrail, police said. The Suburban went airborne, then rolled several times before landing on the bank of Rosillo Creek.
Officers said the driver suffered minor cuts and bruises and was taken to San Antonio Military Medical Center with injuries not thought to be life-threatening.
"She didn't remember anything except being airborne," an officer said at the scene. "It's amazing she wasn't really injured, considering what happened."
Twitter: @EvaRuth


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Banner Data Standards Information
Purpose of Modification
|Summary of Modification forPXKP_W2_20061
|Version 8.0.a - This Banner baseline API has been modified by OUS as follows: (1) Added code to substract 1042 amounts (from 1042 cursor) from the state wages on the state record. (2) Limited selection of phr1042 amounts to deduction codes T17, T18, and T19. This modification is necessary to eliminate doubling of 1042 amounts from state wages.