text:
Striving for self-sufficiency: isn't it time to restart the UK Coal Industry?
All the talk has been of late upon the mass spending cuts and the possibility of QE mark 2. Why? Because the UK needs to cut its deficit, and because the financial based UK market appears to be starting to struggle once again. But are spending cuts and QE2 the only options to help bring the UK's balance sheet back into order and return the UK to growth?
Well I say no, as though spending cuts are needed, I feel that there is an option available that could aid these cuts that should have been taken advantage years before now.
The UK North Sea production has been falling year upon year, and the UK coal production has been steady at a very low rate since 1992 when the UK coal industry was basically ended by the UK government. This means that the UK must import all its commodities, oil, gas, copper, iron, diamonds, coal etc. This amounts to a large amount of money leaving the UK every year via imports, with UK exports not anywhere near making up for this deficit. Worse, as the North Sea begins to dry up this deficit will only grow, but it does not have to be this way, as if the government were willing, the UK could become so much more sufficient, and get much more resources out of the ground. To explain, it is possible with government backing that the UK could substantially increase oil and gas, and coal production. In terms of where this money could come from, why not use the tax money earned from the North Sea which is a mere US$2.5-$5bn a year depending on the oil price, thus unlikely to make much difference to the coffers when considering the benefits it will bring. To explain:
UK Coal industry
The coal industry died in the UK in the early 1990's, to explain why. Initially in the 80's the government wanted to close some non-profitable mines, and whether they were right to do this or not (I am abstaining from any opinion on this matter as it is not the point), the fact remains that the unions went too far in fighting this, and in the end forced the government to fight so hard that there was no real coal industry left in this country. The final act of this war came in 1992, when Michael Heseltine, then President of the Board of Trade (Industry minister) decided that coal mining in the United Kingdom had no future. This meant that in an instant 30,000 jobs went, with 31 coal mines being closed (more than half the countries). This came at a terrible time for Britain, sending the country into an even deeper recession, and brought the country up in arms. The move also led to the British mining unions launching legal action against the government, this was a battle in which they won, with the High Court ruling that the decision to shut the mines was an unlawful breach of both British and European employment law. But though the unions won the court room battle, they lost the war as what the High Court actually ruled was that the manner in which the pits had been closed was illegal (they found that the government had broken a consultation agreement with the miners that placed decisions about closures at the discretion of an independent review), but the scale of the closures were ruled perfectly legal, meaning that the government had finally won its war against the mining unions. So the reason that the coal industry ended up being shut was a mix of fighting between the unions and the governments, and the governments short sighted view that the North Sea would provide much better for the UK than the coal industry (the less said on this view, the better!).
In terms of what remains of the UK coal industry, in 2009, of the 60m short tonnes of coal the UK used, 40m short tonnes were imported. The UK's production of approximately 20,000 tonnes of coal a year has been pretty much flat for years now. But this does not need to be the case, because the UK has enough coal reserves to last for 200 years, and these reserves could be produced economically, albeit most at low margins. Therefore with government backing the UK could restart the coal mining industry, and thus end its reliance on imports, and in the process, not only create jobs, but stop £4bn needlessly leaving the UK economy every year, therefore boosting consumption, tax receipts, and lowering the trade deficit.
To explain a little further with an example, over the next twenty years, if the coal price remains static with demand (both unlikely), £80bn will be lost over this period to other countries. But if the UK invested in the coal industry, even if the coal mines cost £20bn to come online, and only ran at break even, the UK economy would still be £60bn better off over the twenty year period. Therefore the only way for the UK not to be better off would be if the mines were loss makers. But if the government decided to take ownership of the mines, they would literally only need to break even for the government to be better off (they may even be able to be better off if they are run at a loss). To explain the economics of this, £500m is spent bringing a 5m tonne per annum mine online, net the UK government would have spent likely approximately £400m (any wages paid, equipment purchased would all be taxed, thus they would get the money back). Next let's assume the mine only breaks even in net profit terms, meaning with a coal price of US$100 per tonne, revenue would be US$500m per annum. This would mean that the UK would be saving $US500m a year from leaving the economy; the government would be earning higher tax revenue from the workers at the mine, and from the purchase of any equipment, petrol, diesel etc. Also let's say that there are 800 employees, these workers would have cash which they could inject back into the economy, boosting both tax receipts and business. Meaning over the life of the mine, let's say its fifteen years, for a cost of £400m, the UK would be $US7.5bn (£4.4bn) better off with a self sufficient mine operation in place (net profit break even does not mean cash flow break even, with the assumption being that the mine can run itself via the cash flow earned each year), now that looks like a good use of money to me.
UK oil and gas (North Sea)
The UK oil and gas sector peaked in the late 1990's and has been dwindling at a substantial rate since, with production now less than a third of the peak, with the UK now actually being a net importer of oil and gas rather than a net exporter. In 2009 the UK used approximately 3,088 bcf a year of natural gas, of which it imported 1,450 bcf, against production of 2,058 bcf (this number continues to fall year upon year – in 2005 it was 3,115 bcf). This leads to a short fall of 420 bcf, meaning that £420m leaves the economy every year, and this number will only rise if something is not done. In terms of oil, in 2009 1.7m bopd was used, whilst production was only 1.4m bopd, this means that every day US$22.5m leaves this country, and every year US$8.2bn leaves the economy with the oil price at US$75 (All production and usage figures come from this link). Does it have to be this way, possibly, as the UK reserves are limited, but that still does not mean that the UK cannot improve its level of sufficiency in the oil and gas sector.
To explain at current estimates, the North Sea has an estimated 20bn+ in reserves left, but this number could be increased. An example of how the UK could do this would be by investing in the North Sea would be using Carbon Capture, the way this works is by squirting surplus CO2 from factory chimneys down into exhausted fields, so forcing more oil up the wells (click here for more on this). A low ball estimate of how much extra oil this could bring from the North Sea would be 3bn barrels (better still this oil would be near carbon neutral). This would mean that with an oil price of US$80, US$240m (£170m) could be saved from leaving the economy over a twenty year period. In terms of the tax received, if you just consider income tax and possible corporation tax, its amounts to a possible £60bn being added to the UK's coffers over this period, that is £3bn a year (assuming 20 years). But this does not take into account the effect that the job creation would have (increased consumer spending), and the increased cash in the economy (increased business and consumer spending), all of which would help the UK GDP and deficit.
In terms of the cost of this, as it would likely be a private and public backed venture, making value for money should not be an issue.
Also in case anyone is worrying about the validity of the venture, this technology is proven, and dates as far back as the 1970's when it was first introduced in Texan oil fields. Also the technology was meant to be used in this country, but the UK government took a very short sighted view (a common occurrence it would appear), as Alistair Darling in 2007 allowed the deal for the technology to be introduced in Scotland to fall through, even though they had the backing of majors like BP and Shell (click here for more on this). Also the technology is being taken up in the Middle East, further proving its viability. Though unlike the UK coal industry, there is a very short timeframe available for action, as if action is not taken soon, it will be too late as all the infrastructure needed to make this work around the North Sea will be gone, and once it is gone there is no way back.
To conclude, if you assume that the UK just does the things that I have mentioned (i.e. the coal and North Sea), with the benefits starting to flow from 2015, over a twenty year period, the UK could save £250bn from leaving the UK economy, this equates to £12.5bn a year, with the tax benefits likely being at least £4bn a year. Thus for an outlay of likely less than £40bn over a 20 year period, they would earn £80bn in tax and keep £250bn in the economy. Just to note, of course the figures mentioned are just guesses, but I can see no reason why the coal industry with government backing could not be viable, nor can I see why the carbon capture could not be, with the backing of majors proving it. Therefore in my view things like this should really be looked at, as energy self sufficiency is only going to become more important in the future, and at current the UK is looking like it is going to get left behind.
As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. The author may own shares in any companies discussed, all opinions are his/her own & are general/impersonal. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.
33 Comments on this Article show/hide all
|18th Jan '11
|14 of 33
In reply to Mattybuoy, post #12
Easy Mattybuoy: get them nuclear plants built! [it's a darn sight safer and less polluting than conventional coal mining & burning] :0)
It certainly works for France.
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|18th Jan '11
|15 of 33
In reply to marben100, post #13
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|18th Jan '11
|16 of 33
France uses 80% Nuclear, thats a model we could easily follow, especially with the new breed of Chinese pebble reactors though no doubt we will go with the more costly French models that produce 10 times the waste....
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|18th Jan '11
|17 of 33
In reply to marben100, post #13
To Marben100. Thanks for the really useful summary of the Alkane presentaion (and to muckshifter for his input from the quarry face). A 15% decline rate and 10-15 year life etc. is useful intel.
|Website: http://www.j31.co.uk/thepub/index.php/board,2.0.html
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|18th Jan '11
|18 of 33
In reply to jonnyt, post #16
Hi JT,
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|Gray Woods
|18th Jan '11
|19 of 33
This gives an interesting write up on the valiadilty of the Chinese claims (that the tech is possible, but it is years away, and likely will cost more than normal uranium):
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|19th Jan '11
|20 of 33
As a footnote to this discussion I opened a copy of Monday's (17/1) Metro that was picked up on a train between Leeds and Sheffield. This paper must be read by millions of commuters and is basically the same story that was run by Radio 4.
|Website: http://www.j31.co.uk/thepub/index.php/board,2.0.html
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|19th Jan '11
|21 of 33
In reply to newbonic, post #20
Hi newbonic,
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|19th Jan '11
|22 of 33
I guess it won't be until the power cuts start happening that the British public will wake up to the need for investment in hydrocarbon extraction and power generation.
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|20th Jan '11
|23 of 33
In reply to marben100, post #21
Nothing minor then ....?!
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|20th Jan '11
|24 of 33
The new Chinese breakthrough in waste is not related to the Pebble Reactors I mentioned earlier.
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|Gray Woods
|20th Jan '11
|25 of 33
'I do agree we need diverse sources but the cost of green energy is huge, Solar, Wind etc take 20 years to payback no one in there right mind would invest in these'
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|22nd Jan '11
|26 of 33
Tax handouts
Do we need to be self-sufficient?
When money "leaves the economy" - what are the benefits?
Using your argument, if I decided to spend £2 on carrots at a supermarket, the people who live with me may complain that £2 has "left the household budget." I could show them the carrots and explain that this wasn't the case, and that we were going to enjoy a fabulous dish of beef-and-carrots that evening, and they may continue with your argument to say: "Why spend £2 on carrots, when you could produce carrots in the garden?" Of course, it's likely that spending £2 on carrots is more efficient use of my resources (including time) than growing my own.
Energy use is an intermediate step - and should be price-competitive
Distort energy markets and prices, you will create distortions and knock-on effects which will affect far more employees than those you cite in your example.
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|Gray Woods
|23rd Jan '11
|27 of 33
My article was actually aimed at a number of point 1) too improve our energy self sufficiency which is important considering how nations like China are buying up all the worlds natural resources at a fast pace, 2) too look at ways of creating jobs and reducing our trade deficit, and 3) to look at ways of boosting innovation and industry (i.e. new technology use, like coal mining tech, carbon capture, places where the UK could do what it does best then sell its expertice abroad, places where it could get in first).
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|24th Jan '11
|28 of 33
In reply to Gray Woods, post #27
This is all encapsulated in your statement here:
Someone buys a carrot for £2 from China, £2 leaves the UK economy, once eaten that carrot has zero value, as its gone
Firstly, to be valuable, a transaction does not have to be for a tangible asset. When you say that once eaten that carrot has zero value you're skipping over the fact that it did have value as a food. If I stopped eating then my productivity would tail off pretty quickly, and so I see it as a worthwhile investment to make - much as companies decide to invest in energy.
that £2 is now in China, and the only way it can return is if they buy something from us,
Absolutely not. That money can come back in a million different ways -and it certainly it doesn't have to come back from China. I could buy carrots from China, beef from France and potatoes from Belgium and then cook them all up into delicious shepherd's pies to sell to the Norwegians at a handsome profit. That would still generate benefits for the economy.
therefore the UK economy is now worth £8.
The size of the economy is defined by simply by inflows and outflows of trade. What we need to focus on is prductivity and doing things which others believe to be of value. Taking my example above, I don't even have to sell my Shepherd's pies to the Norwegians, I could just as easily sell them within the UK and still generate benefits for the economy.
Consider the position most of us find ourselves in. By your analysis, I am running a huge deficit with the supermarkets, bars, cafés and other service providers in my town. The answer is not for me to go my local café owner and demand that he buys my expertise to balance my books!
Fortunately, powered and inspired by the good things I buy from these places, I have some capabilities that my employers are happy to pay me for. As long as I ensure that I don't spend more than they give me, I don't run into a deficit on my household accounts.
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|Gray Woods
|24th Jan '11
|29 of 33
I think you have slightly misinterpreted my example, if the £2 leaves the economy my point was how was it going to make its way back into the UK, as we have very little anymore to export. Hence as I said why we run a massive trade deficit (http://www.statistics.gov.uk/cci/nugget.asp?id=199). But as I said we are able to make up for this deficit via the banking sector, which brings in enough money to make up for this deficit.
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|24th Jan '11
|30 of 33
Surely the argument about energy self-sufficiency is a trade off between cost & security? IF you believe Nohotair ,amonst others, it is utter madeness to spend £100 billion plus to stick windmills in the middle of the North Sea, we should stick with gas as our primary enegy source & seek to expand it by the use of GTL technology. On the CO2 front, what the UK does is not releevant on the global scene, we could go back to the Stone Age & scientists would sttruggle to measure the miniscule beneficial impact on global warming. Much more important would be the US, China & India giving up using coal to generate electricity & switching to usng gas.
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|28th Jan '11
|31 of 33
This report from Process Engineering (http://www.theengineer.co.uk/channels/process-engineering/comments/uk-shale-gas-report-lacks-scientific-evidence/1006922.article) basically rubbishes the CO-OP report and also contains the para:
|Website: http://www.j31.co.uk/thepub/index.php/board,2.0.html
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|Gray Woods
|28th Jan '11
|32 of 33
In reply to newbonic, post #31
Newbonic, good find and this artcile just shows exactly the type of thing any business in the UK has to put up with. I must say, there are the bits I like best:
However, rather than present any evidence on the health risks associated with shale gas extraction, most of the researchers' case against shale gas focused on climate-change arguments.
Prof Kevin Anderson at the Tyndall Centre and the University of Manchester, commented: "Any new fossil fuel resource will only lead to additional carbon emissions. In the case of shale gas there is also a significant risk its use will delay the introduction of renewable energy alternatives."
It is statements and attitudes from the people mentioned above that is causing the UK to spend over £100bn investing in innefficient green technology that is hardly going to make much difference to our energy needs, as green tech is just not ready. I still believe it is best to try to make the fossil fuels we use at current as efficient and enviromentally friendly as we can, while money is spent on trying to make green tech actually capable of providing us with energy. As imagine if half of that £100bn was used on say the coal, nuclear and gas industries, with the target being efficiency and making them as enviromentally friendly as possible. Our energy future would be secure, and innovation and all that would be sparked in likely profitable industries. Of the remaining £50bn, the government could spend that on investing in green tech like wind, solar, electric engine, hydrogen, fusion, and of course water (tidal power etc - the best energy provider known, but not he most enviromentally friendly as it blocks off rivers etc), with the goal being to make them ready (not installing them freely blighting our seas and country side before they are ready), at which point they could slowly begin to be installed as they become ready taking over from the fossil fuels. Again though likely a pipe dream, as that would involve looking at the greater long term picture, something our governments have continually proved they are unable to do.
P.S. this is an interesting article from Fiona Bond on the UK coal industry - http://www.iii.co.uk/articles/14071/uk-coal-industry.
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|Gray Woods
|6th Mar '11
|33 of 33
For anyone interested, due to the large interest in the subject in this article, I have set up a facebook page:
If you agree this this rhetoric then please join, as if enough people join then maybe the government may take notice, and not blight our oceans and countryside with eyesores that provide little but very costly energy.
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Utah band Jupiter Suit plays for change in benefit for Philippines
The all-male pop-rock band Jupiter Suit sprang from the Caleb Chapman Music high-school program in American Fork and originally performed under the name Lo-Fi Riot.
But this year, after two of the four members graduated from high school and the award-winning Chapman program the band went independent. The new name, Jupiter Suit, is a metaphor for the music.
"We hope we inspire people to look at life from a different perspective and see what's important and what's not," said lead vocalist Zach Marquez, an 18-year-old University of Utah student.
Jupiter Suit includes bassist and fellow U. student Evan Wharton, drummer Matt Wilson and lead guitarist Jaxon Garrick. Wilson and Garrick are students at Alta High School.
On Wednesday, Feb. 19, the band will put its beliefs to work at a benefit concert, along with other local musicians, at Provo's Velour Live Music Gallery. Proceeds from the "Playing for Change" event will help relief efforts in the Philippines.
"Music is in our blood and we all decided a long time ago this is what we want to do," said Marquez. "But what are we going to do with it? Use music as currency for our own egos? Or to benefit other people?"
Those questions led them to organize the benefit.
It's about "putting the attention on other places in the world and sharing the joy we are getting with other people," Marquez said.
Playing for change
The Utah pop-rock band Jupiter Suit, along with other local musicians, will perform a benefit concert. All proceeds will be donated to the American Red Cross to help typhoon relief efforts in the Philippines.
When • Wednesday, Feb. 19. Doors open at 7:30 p.m., music begins at 8 p.m.
Where • Velour Live Music Gallery, 135 N. University Ave., Provo
Tickets • $6 in advance, $7 at the door; all-ages. Purchase at 24tix.com or 435-213-6244.
Details • jupitersuit.bandcamp.com

subset: commoncrawl


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text:
How will the ongoing political turmoil in Ukraine—and the opportunity perceived by some observers for increasing U.S. export of liquefied natural gas to Europe—affect energy investors? Ronnie Hawkins, managing director of EIG Global Energy Partners shares insight about how his firm and others navigate geopolitical events. Read More »
May 21, 2014


text:
We get a lot of mail at NPR Music, and alongside the Archer paraphernalia we bought at Comic-Con and shipped to ourselves is a slew of smart questions about how music fits into our lives — and, this week, thoughts on musicians' publicity photos.
Erin Briskie writes via email: "While traveling abroad recently with friends, our typical group photos in front of iconic landscapes slowly transitioned into a group of seven non-musicians attempting to take fake, ironic 'band photos.' Because everyone does that, right? Which got me wondering: When you Google the phrase 'band photos,' it's hard not to come across (regardless of genre) a bunch of people melancholically looking in various directions, not hard at work, and in an abandoned location. Can you help classify what makes a good 'band photo,' and is it possible to judge a band by its picture?
"The common trends I have found: Folk-rock band photos typically contain cow pastures, exposed brick and/or cobblestones and rolled-up, well-fit jeans. Just like a heavy rock band's photo commonly contains some combination of corrugated metal, sawdust, sweat and fire. Who set the trends for this in the first place?"
The first thing to keep in mind about band photos is the utilitarian purpose they serve: They're conceived and designed largely so that people like me can slap down an image around which to wrap text. In many ways, they function as the visual equivalent of the press releases they often accompany — and, like press releases, you can be artful with them. If you're too artful, though, they serve almost no purpose at all.
In band photos, as in book covers, you're dealing with two powerful and often opposing forces: You want to look like no one and nothing else, while at the same time setting a tone for what people can expect from the work itself. This is an incredibly tricky assignment, which means that much of what you see focuses on the latter. A band's management may ask for "blazingly original, while also signifying that fans of Mumford and Sons would like it," and in the end, you're still likely to wind up with, well, exactly what you'd expect. After all, if your band has banjos and mustaches and whatnot, which setting will make more sense: hay bales and open skies, or an alley full of burning trash cans? For most bands, there's a time and a place to confound expectations, and press photos aren't generally the ideal opportunity to do so.
There's also a larger sense of reluctance at work. Band photos, like many of the dreariest promotional obligations musicians face, often feel like exercises in inauthenticity — and are thus widely regarded as something to be either endured quickly or subverted outright. Consequently, you get a lot of photo shoots in which bands do as they're instructed (stand there, look natural, you gaze off in the distance, you sit on that hay bale, and so on) until it's time to goof around and do something that seems wild and subversive in comparison. Those wild and subversive photos are then discarded by the label and management, who are more conservative by nature and know which kinds of photos actually get published.
Speaking of which, a quick guide to how to do press photos right (and wrong), coming from someone who's been dealing with the fool things for the past 20-plus years. Hire a professional. If you really can't afford a professional, find a way to come up with something that doesn't look as if it's been shot with a disposable wedding camera in low light. Make sure at least one of your primary photos is configured in such a way that all band members occupy a squarish space, surrounded by areas that can be cropped out. Remember that what looks arty and weird for you might look like a production error in a newspaper or on a website. For heaven's sake, don't configure everyone in a two-inch by eight-inch strip because you think it looks cool. (Many sites employ content management systems that force the use of standard crops.)
Band photos are, to come right down to it, obligatory for everyone involved: for the publications that run them, for the bands and managers and labels that circulate them, and for the photographers who'd rather shoot something that moves. Nothing squelches creativity quite like reluctantly executed promotional obligations with many masters to please. I'm not saying there aren't cool publicity photos in the world — and there are most definitely photographers who shoot a lot of great stuff. In a lot of the most optimistic scenarios, though, at least the music's interesting.
Got a music-related question you want answered? Leave it in the comments, drop us an email at email@example.com or tweet @allsongs.


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Gabriella Blanchard-Manning
- Filed Under
The University of Iowa Police Department recently welcomed three new police officers. They are:
Edward Cardenas, 28, of West Liberty. Officer Cardenas started on December 1, 2012 and was previously employed by the Mt. Pleasant and New London Police Departments. He is assigned badge 106.
Brett Cooper, 24, of Cedar Rapids. He attended Kirkwood Community College in Cedar Rapids here he received an AS degree in Law Enforcement. He is assigned badge 107. ...


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Nursery News – Window Dressings
I know that I have been a little MIA lately…I have no excuse.
I do, however, have a To-Do list that is growing longer by the nanosecond. And a baby countdown that ends in less than one month. Yes. I am full-term. Ready Betty. Fully Baked. And that's in a totally non-drug-related way. So as my belly swells bigger, and my unborn son stretches my lovehandle skin to the point of no return, I attempt to scratch one thing off my list. And today's thing is the nursery windows.
You may remember what we had in mind for our nursery windows:
It was a simple rod from West Elm. And we actually found them at a Pottery Barn outlet back in the fall for UBER-cheap. The final price was less than $15 with the rods, finial, curtain rings, support brackets and tiebacks. After we bought the rods, we started lookin for the perfect curtains.
My go-to place for curtains is Ikea. Not only are they affordable but they are extra long which allows you to hem to the perfect length. And I had an inkling that the selection available at the Scandanavian superstore would be a little larger because I was shopping for white curtains. Ikea has like a ridiculous number of white curtain options. Not just ridiculous….LIKE a ridiculous. And you know that's enormous.
I narrowed that 'like a ridiculous' selection down to two…the RITVAs (which sported great texture with a linen feel and had a slightly offwhite color) and the $15 VIVANs (which I already owned…had a slightly less textured feel but had a brighter white color).
After we put up the curtain rods, the choice on curtains was clear. The RITVAs (picture below) were just too dingy looking next to the bright white rods and our newly painted trim (which also was brighter than a game show host's veneers). The clear winner in the battle of the curtains was VIVAN.
But as soon as we hung the curtains, we noticed the gap between the rods and top of the window sash. It was just too awkward looking to look finished. To fill the awkward expanse, I snagged some bamboo blinds from Lowes. They cost about $18 for all you people looking for bamboo slat blinds.
Hanging the blinds was easy because they came equipped with a little metal triangle. I assume that most people just hang little hooks from the inside of their window sash and then slide on the triangle. But in our case, we didn't want the blinds to be so low. Plus, we already have white blinds on our windows. So we improvised by taking a little s-hook and attaching the blinds directly to the first curtain ring.
Then we hung our curtains back up with the curtain rings.
That's when we hit another snag. That snag being my OCD. My obsessive compulsiveness was screaming "IT LOOKS MESSY!"
And the OCD was right…it did. The fact that I could see the clips as they attached to the s-hook as it grabbed the curtain ring made the whole thing look down-right cluttered. And there is nothing worse than a cluttered curtain, right?
I decided that the problem came down to the clips. The clips needed to be eliminated.
To eliminate the clips (and the messiness that came hand-in-hand with the clips), I took some needle nose plyers and removed the little hook from the clip.
Then I used a needle and thread to attach the little hook directly to the curtain.
Seriously….I should be a seamstress. This is probably the neatest sewing job ever.
But the point is not that I am the next Project Runway winner…it's that I attached each little hook directly where the inside tab of the curtain is located. I also ensured that the hook wouldn't be visable from the outside.
As soon as I was done with the tedious job of attaching each hook, I measured the length to get that perfect curtain that grazes the floor. After ironing the curtain, I pinned the hem and ran it quickly through my sewing machine.
Then all I needed to do was hang and admire my handiwork.
It looks a lot less messy, doesn't it?
I know that alot of people are gonna be 110% against the blinds over blinds look. But for us, it seemed to make more sense. Now, we can raise the underneath white blinds if we want to just have the decorative blinds showing. And the window next to the crib (not the window on the accent wall) now has a touch of brown too. Not only does it bring that accent color up top but it also makes the window look bigger than it actually is and we can have the option to block out more light for our little boy's nap time.
So there we have our window dressings…only 15 more things to do including hanging a mirror and frames, changing out the light fixture, creating wall art, including storage solutions, putting a rocker to work and sewing some bedding for the crib to be complete.
Anyone else tackle curtains recently? Or maybe you are a double-blind kinda peep too? Perhaps you think my OCD is just crazy when it comes to messy hooks and such? You can tell me…I won't bite. Unless you are bacon-flavored…
Lesley permalinkMarch 3, 2010 3:59 pm
Genius with the clips. It definitely does neaten it up. I wish I had your sewing skills.
March 3, 2010 4:03 pm
My amazing mother-in-law recently sewed curtains for our Alice in Wonderland-themed room (linked in my name), but we worked together on making the pelmet box from little green notebook:
We have blinds under our curtains, which might also be overkill :)
Gina permalinkMarch 3, 2010 4:11 pm
Looks great!! & you will like the ability to control light in there so use 2 shades, go crazy. Cant wait to meet little baby Bower!!
LauraC permalinkMarch 3, 2010 5:24 pm
I have nursery on the brain too! My little guy is due 19 days after yours, but he's already dropped and I am WAY ready for him to come. A month seems forever . . . but back to the nursery. Yesterday I just put together the IKEA HEMNES white 6-drawer dresser (the biggest piece I've put together yet) and am thrilled with how it looks. Our 2-year-old will share her room with her baby brother, and all her clothes from her old dresser now fit in just two of the drawers of the new one! The bottom two drawers will hold her brother's clothes (there's only room in the room for one dresser, hence the size upgrade). We'll keep out-of-season, and not-yet-fitting clothes in the old dresser in the spare room. Anyway, I'm blabbering and you asked about curtains. We also have the Vivan curtains for their room, but I only have one set up yet. The second pair is washed and waiting to be hemmed. I found perfect 29″ Roman shades to fit the windows (been searching for 6-9 months for the right size) and have cut/sewn/remade two out of three of them. So the room is almost done, and I'm so excited! Of course, it needs a new light fixture, but I have no idea what to put up there (that's not too girly or too masculine). But Baby Brother will be in a bassinet in our room for the first three months anyway, so Sophia won't have to share her room quite yet. Excited for your very soon arrival!!!
March 3, 2010 5:33 pm
I tackled blinds in my nursery recently, and have the same "messy," feelings about the clip-style curtains, due to my own OCD. I was too lazy to do what you did, though!
March 3, 2010 5:42 pm
I think it looks great! And anything to block out extra light during nap time rocks. Can't wait to see the finished look!!
Whitney permalinkMarch 3, 2010 5:42 pm
Looks good! And at first I wasn't crazy about blinds on blinds, but in the last couple of pictures it looks just great!
A long time fan permalinkMarch 3, 2010 5:44 pm
I hope you don't take offense, but I don't think this works at all. I think if you wanted to go with blinds, you should have stuck with the blinds. If you wanted bamboo shades, go with the bamboo shades. But both??? Then again, you already knew this would be a controversial decision, now didn't you?
The other thing that doesn't work for me? The sheerness of the drapery panels. This is where Ikea panels lack, because you wouldn't see the bamboo blinds underneath on a higher quality panel. Perhaps with that trusty sewing machine, you could line the panels so they aren't sheer. IMHO, seeing the bamboo blinds behind the white panels is way more distracting than the S hooks were.
March 3, 2010 5:58 pm
Think you made absolutely the right decision about the clips. Although that may be the OCD talking ;) I have clips on my "it'll do for now" shower curtain and they annoy me every time I look at it!
I'm going to be sewing multicoloured mini pom poms onto the curtains in our spare room and hopefully finishing off a roller blind for our kitchen window this weekend.
March 3, 2010 6:09 pm
wow! i love how it looks! although i'm having a hard time getting behind the look of the blinds over blinds, i can see the brilliance of the idea since it will really help w/ room darkening.
and man, that wood accent wall just keeps looking sexier and sexier!
tammylee permalinkMarch 3, 2010 6:24 pm
I am a double blind kind of girl myself. We have black-out roller shades (which are quite ugly all on their own)so we added pretty wicker roller shades and over that curtains on the outer edges. Just like yours!
Lauren permalinkMarch 3, 2010 6:43 pm
This might be a dumb question…but…your curtains didn't have a rod pocket? I think I have the same ones and they have a rod pocket (I swear I am not trying to be dirty!) Then you wouldn't have to mess at all with rings/clips/etc.
March 3, 2010 8:37 pm
I am so with you on the clips! Sewing takes a whole lot longer but it is so worth it in my opinion. Love seeing all the progress!
March 3, 2010 8:42 pm
I recently made some drop cloth curtains that turned out really good and I have about 7 windows that need a covering and I'm determined to do them myself! But I'll give myself a year to finish them. :)
Interesting solution with your double blind action. I'm adding this to my "I have never seen such in all my life" file. It's rare to make that list!
Amanda permalinkMarch 3, 2010 8:55 pm
I am a double blind gal too! We have honeycomb blinds under our bamboo blinds in our living room on 2 windows. The bamboo blinds don't provide any privacy and with a big window in our LR facing the street, I don't really care to have people seeing in at night while I am being a bum on the couch! :) Loving the nursery.
Jenny permalinkMarch 3, 2010 9:38 pm
So I get all the way through this post and think ok good… useful. Then I get to the "I won't bite. Unless you are bacon-flavored…" and I bust out laughing. Seriously, thank you. I LOVE your blog and can't wait to meet baby Bower! I live "right down the street" from you in Atlanta/Buckhead. If you ever are in town at ikea give me a holla! One of my secret wishes is to hang out with you and Sherry because I just think both of you are awesome! :)
ErinEvelyn permalinkMarch 3, 2010 10:33 pm
Katie, we too ended up with blinds-over-blinds, in our twins' room. Blackout cellular shades (to block out the WI winter cold penetrating our 80-year old original single-panes, & the late-day summer sun at bedtime) hidden under decorative white wood horizontal blinds (for light control during the day). You're going to appreciate all the flexability with the layers of window treatments you've chosen. Believe me, you will. :)
Becky permalinkMarch 4, 2010 12:00 am
I have a kitchen window & a 45 inch across basement window that have needed to be tackled since we moved in. I can decide on colors for either room so I don't want to buy anything. I just need to get something & build the room around the window treatments
mribaro permalinkMarch 4, 2010 4:09 am
The only part I'm bothered with is that the sheer curtains cannot be moved left and right (due to the rod holders which are not fixed wide enough, and the bamboo blind holders), but are only decorative. Personally, I like to pull the sheer drapes over the whole width of the window to soften the harsh (summer) light when the sun rays strike directly into the room, but I guess you would use the venetian blinds instead, or maybe you don't get direct exposure on that side. And then I like to pull the sheers apart to enjoy the view better when I fancy that. Also, although I adore the down-to-the-floor length of the curtains, I'd still make them an inch shorter – that would make vacuuming easier, and they would still look floor-long enough.
March 4, 2010 9:03 am
I love your style, and your ideas are fantastic! Your little man is going to be in heaven! Thanks for sharing!
Meaghan permalinkMarch 4, 2010 9:31 am
Katie, the wall with the wood is a killer look, I can't wait to see how the rest of the nursery comes out
Katie permalinkMarch 4, 2010 11:53 am
I totally get the double blind thing! The bamboo blinds look great, but they wouldn't block out enough light for your baby's naps. (And, having two girls myself, I have discovered the hard way that you really, really need light-blocking something for good naps!) And, as some have already commented, you can always pull the blinds all the way up to hide them. And sewing the clips on did make it look way better. I agree that the curtains would look better being less sheer. Can't wait to see it when you're finished. Love it so far!
March 4, 2010 3:11 pm
Oh, thank goodness I'm not the only one! I think your whole double blind action, drapes for decor…is perfect! It looks lovely. The bamboo blinds compliment the accent wall and look good! When I did my little girl's room we just had black out cellular shades. I added Vivan (bacon loving girls think the same) drapes, but just for the soft flowy look. I then didn't like how it looked with the cellular shades hanging there. My dream was for bamboo shades to go over. But I worked with what I had and hot glued some burlap (that matches the wall color) over some strips of wood and nailed them in. Sounds terrible, but it did what I wanted and covered those other blinds. You can see it here http://homekidslife.blogspot.com/2009/11/pink-room-reveal.html
Looking forward to seeing the whole room! Great work!
March 4, 2010 4:31 pm
LOVE what you've done here. I am pro-blinds-over-blinds because of exactly what you said: they prevent the weird space between the window and the curtain rod and they also add to the "forest" feel of the wall.
And your OCD self was right about the curtains looking messy before. I'm so glad you sewed the S-hooks to them. Very creative and resourceful! :)
elizabeth permalinkMarch 7, 2010 8:38 pm
Your curtain modifications look great! I'm not judging your blind on blind action, but if anyone is looking for privacy bamboo blinds, they have them at Home Depot. They are woven like a privacy fence, so light doesn't show through and pervs can't peep in your windows.
March 7, 2010 10:23 pm
Hi Katie,
I'm lovin' the accent wall more and more! Just a thought (and I'm sure you've already considered it, but…that doesn't stop me): are you worried about all of the different cords in a child's room and also so close to the crib? I'm about to take down the blinds in our munchkin's room and sew floor length blackout curtains instead so that there aren't cords around…'cause I'm beyond paranoid.
Oh, and enjoy these last few weeks waiting for baby. You'll treasure the excitement/stress/uncertainty when looking back on it.
Melissa permalinkMarch 9, 2010 12:05 am
They have cord balls (or whatever they are called) haha in the child safety area. They aren't really saucy but do the job when that time comes.
March 10, 2010 4:36 pm
I love IKEA curtains, too! I like the natural white against the textured wall (just saw the post on how y'all put it up–wow). I had the same issue with the gap between rod and curtains, but I wanted the curtain to cover the rod–it took some stiff header strip and some sewing machine time. A couple photos of the finished project are here: http://monochromaticdynamic.blogspot.com/2010/02/drapes-looming-issue.html
I'm looking forward to seeing what else you have up your sleeve for the nursery!
June 6, 2010 5:55 am
Always remember with blinds & curtains, if you have small children to tie cords well out of reach. Use a cleat to keep dangerous cords away from children.
June 16, 2010 12:15 pm
I had the same issue with the gap between rod and curtains, but I wanted the curtain to cover the rod–it took some stiff header strip and some sewing machine time


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- Filed Under
A West Monroe woman was arrested early Sunday and is accused of making harassing phone calls.
Tammy D. Porter, 47, of 348 Red Bud St. was arrested by the Ouachita Parish Sheriff's Office.
The victim received multiple text messages from Porter starting late Saturday night, an affidavit said. ...


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Understanding parking restrictions
In this section you will find out about different types of parking restrictions in Hackney and what you need to do to ensure you don't receive a parking ticket (Penalty Charge Notice).
For further information on road restrictions not shown here please refer to your Highway Code.
General parking restrictions
> What is a parking zone (PZ)?
On street parking bays
> Resident permit bays
> Disabled persons bays
On street parking bays
Loading bays
Loading bays are located close to shopping areas to allow commercial vehicles to load and unload goods. Loading bays are generally enforced 24/7, unless otherwise stated by a sign plate.
Page updated: 12 Nov 2013


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Garrett, the owner of "The Pat Garrett Amphitheater" in Strausstown, Berks County, heard the station had been placed in a trust as a settlement with the Department of Justice, and one of the terms of the settlement called for the divestiture of both WTPA and WCAT in the Harrisburg market, according to a news release from Garrett, whose real name is Patrick Sickafus.
"I put in my bid for WTPA," he said in the release, "and much to my surprise, I now own a rock station!"
Garrett, who also owns country station WWSM AM-1510, with studios north of Palmyra, said he will keep the rock format.
"I didn't buy the station to turn it into a country station," he said. "WTPA has had a great heritage as a rock station in the Harrisburg market, and we feel confident the 25-54 audience in the Greater Harrisburg, York and Lancaster areas that WTPA is targeting will continue to enjoy the station and support its sponsors for years to come."
WTPA covers Harrisburg, Hershey, Lebanon, Lancaster, York and points north, the release states. It also streams online at 921wtpa.com.
While plans are being made to have a WTPA studio in the same building with WWSM, Garrett said in the release he is looking for another location for the offices and studio, now in Camp Hill, on the east side of Harrisburg.


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PASADENA — A couple who became husband and wife on the "Love Float," a surprise reunion between a returning soldier and his little boy, and a grand marshal famed globally for her chimpanzee research were among the highlights of the 124th Rose Parade on Tuesday.
The parade's spectacular 42 floral floats brightened an otherwise cloudy New Year's morning and boosted the spirits of a chilled crowd estimated at some 700,000 spectators lining the 5-mile route.
Spectators rose to a standing ovation when Army Sgt. First Class Eric Pazz, who was riding on the Natural Balance Pet Foods float along with other service members, got off the float and walked over to his surprised wife Miriam and 4-year-old son Eric Jr., who came running out of the stands into the arms of his 32-year-old father.
Miriam Pazz had been told she had won a contest to attend the parade and did not know her husband, who is deployed in Afghanistan, would be there. Pazz is a highly decorated soldier who has also served in Iraq. The family, who currently lives in Germany, climbed aboard the float for the rest of the route.
Cheers also went up for a Chesapeake, Va., couple who tied the knot aboard Farmers Insurance "Love Float."


text: This Air Jordan 6 Gold Medal shoes really looks so very stylish and I like design too which is very trendy. I want to say that you will feel great comfort when you just wore this shoes and walk generally. I must day it's a best choice for sporty people.


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Wohoo I Got My Party Pack
Hey Guyzz!
Mozilla sent me party pack from Great Britain ! Thanks Jay ( Our Leader ! ) , anyway i already told my friends to download Firefox 3 , and im pretty sure they use Firefox 3 right now to browse this page , but i did not share anything in the package with my real friends , instead i decided to share party stuff with people i do not know i talked about this event in a webmaster forum , and a lot of people wanted a few things from that package , next tuesday im planning to send Firefox tattoos and necklages to every part of Turkey !
Heres views from package


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Reminder: Margot Page to speak at EPIC on Monday
Edmonds Monday Morning Writing Group resumes on Monday, April 7, in the Edmonds Library. Open writing session is from 10-11 a.m., led by Janette Turner of EPIC Group Writers. At 11 a.m., Margot Page, author of 'Paradise Imperfect: An American Family's Move to the Mountains of Costa Rica' will speak on turning writing into a career. Seating is limited to the first twenty people. For more information, see here.
If you like what you are reading, please consider a weekly, monthly or one-time voluntary donation of any amount to support our work. You can donate via this link.


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Scroll down for exclusive ringside photos from IMPACT WRESTLING
Watch IMPACT Highlights on YouTube - Click Here
From the bizarre to the betrayal, this was an episode of Impact Wrestling for the history books. With MVP's stunning double-cross of World Champion Eric Young, Knux's freakish reemergence with his own Menagerie, the amazing Ladder Match for the World Tag Team Titles, and more happening at the Impact Zone, Bully Ray was over at TNA Headquarters stalking Dixie Carter with dark intentions. From the home office to the squared circle, no one was safe and nothing was sacred.
By James Guttman
- Evening Gown Match: The Beautiful People defeated Madison Rayne and Brittany
- EC3 defeated Kurt Angle
- Ladder Match: World Tag Team Champions The Wolves defeated The Bromans
- Bully Ray stormed TNA Headquarters. Once there, he took over Dixie Carter's office, called a beer-soaked staff meeting, and put Rockstar Spud through a table. On the way out, he looked up Dixie's home address.
- Willow defeated Magnus via disqualification when Bram attacked
- MVP revealed himself to be the person challenging Eric Young for the World Heavyweight Championship at Slammiversary. He sealed the deal with a violent sneak attack.


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Linebacker Brandon Hepburn works out during individual drills at the Detroit Lions practice facility in Allen Park on April 10, 2013. Hepburn and another practice squad member, Xavier Proctor, were involved in a crash on Nov. 17 that seriously injured a 32-year-old woman.
- Filed Under
A Detroit Lions practice squad member drove through a non-working traffic light in a Downriver suburb and broad-sided another car, seriously injuring the 32-year-old Dearborn driver, Taylor Police said today.
The driver, identified in police reports as Angela Marie Chantelois, suffered head injuries in the Nov. 17 accident, Police Chief Mary Sclabassi told the Free Press.
Brandon Hepburn, a rookie linebacker for the team, is likely to be cited in the accident, Sclabassi said. "He failed to yield," she said, noting that alcohol was not a factor. ...


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Kodak, Tribune, Jefferson County, AMR, ATP: Bankruptcy
Eastman Kodak Co., the bankrupt photography pioneer, reported a net loss of $78.8 million in July on revenue of $162.5 million. The cost of sales exceeded revenue by $3.5 million.
The Kodak companies in bankruptcy reorganization ended July with $438.2 million in cash, a decline of $72 million on the balance sheet from June, according to the operating report filed with the U.S. Bankruptcy Court in Manhattan.
Kodak's July loss from continuing operations was $52.3 million. In June, the comparable loss was $35.3 million.
The larger net loss last month was mostly the result of $12.6 million in interest expense and $12.2 million in reorganization costs.
Three times this month, Kodak pushed back the deadline to find the highest bids for digital-imaging technology. The hearing that would have been Sept. 7 will now go ahead on Sept. 19, assuming a buyer is found.
Kodak's $400 million in 7 percent convertible notes due in 2017, which sold for 21.055 cents on the dollar on Aug. 9, last traded on Aug. 29 for 14.432 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The decline occurred after Kodak was unable to find a buyer for the digital imaging portfolio by the company's self-imposed deadline earlier this month.
Kodak, based in Rochester, New York, filed for Chapter 11 reorganization in January, listing $5.1 billion in assets and $6.75 billion in debt. Liabilities for borrowed money, totaling $1.6 billion, included $100 million on a first-lien revolving credit and $96 million in outstanding letters of credit.
Other liabilities include $750 million in second-lien notes, $406.1 million in convertible notes, and $252.4 million in senior unsecured notes. Trade debt was $425 million.
Kodak's Chapter 11 case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Tribune Reports $7.8 Million in July Operating Income
Tribune Co., publisher of the Los Angeles Times and Chicago Tribune, reported $7.8 million of income in July before reorganization costs, on $256.6 million in total revenue.
The month ended with a net loss of $97.5 million because of $105 million in reorganization costs as the Chicago-based company won confirmation of its exit plan.
The operating report filed this week with the bankruptcy court in Wilmington, Delaware, showed cash increasing in the month by $44 million to end at $2.38 billion.
Bankruptcy reorganization has been expensive. Through July, Tribune spent $270 million on professionals for itself and creditors. July's professional cost alone was $11.9 million.
Creditors appealing approval of the reorganization plan were given an Aug. 29 deadline for posting a $1.5 billion bond as the cost of blocking Tribune from implementing the plan during an appeal. There is no evidence in court records of the filing of the bond. A federal district judge refused to reduce or eliminate the $1.5 billion bonding requirement imposed by the bankruptcy judge last week.
Implementing the plan will allow Tribune to exit the bankruptcy reorganization begun in December 2008. For discussion of the bankruptcy court's opinion confirming the plan, click here for the July 16 Bloomberg bankruptcy report.
Tribune, the second-largest newspaper publisher in the U.S., listed $13 billion in debt for borrowed money and assets of $7.6 billion in its Chapter 11 petition. The company owns eight newspapers and 23 television stations.
The Chapter 11 case is In re Tribune Co., 08-13141, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Jefferson County Courthouse Lease Raises Questions
Jefferson County, Alabama, said it has sufficient courthouse facilities in Birmingham, so doesn't need the newly built courthouse and jail in Bessemer, 15 miles (24 kilometers) to the southwest.
Abandoning the courthouse may raise a question about whether the lease for the facility was a bona fide lease or a disguised financing.
The Bessemer facility was built by the Jefferson County Public Building Authority using $87 million in bonds guaranteed by Ambac Assurance Corp. First Commercial Bank is indenture trustee for the bondholders.
The county was given permission from the bankruptcy court earlier this year to make an interest payment using a reserve fund. There is now $2.5 million left in the reserve fund, enough to cover the $2 million interest payment due Oct. 1.
The county leases the Bessemer facility from the authority. The bondholders' security includes the income stream from the county. Otherwise, the authority isn't liable to pay the bonds if the county doesn't pay rent.
Primary funding for the courthouse rent was a county occupation tax that the state rescinded. Without replacement revenue, the county says it can't cover the lease payments. Since there are adequate facilities in Birmingham, the county scheduled a Sept. 13 hearing for permission to terminate the lease.
The county said it negotiated unsuccessfully with Ambac and the indenture trustee to reduce debt on the bonds.
If the county terminates the lease and the judge concludes it was a lease and not a disguised financing, the damage claim for breach of lease would be limited under bankruptcy law to no more than three years' rent, or a fraction of what's owing on the bonds.
If Ambac or the indenture trustee were to convince the judge it's a disguised financing, unsecured claims against the county might include the unpaid balance owing on the bonds.
Although it's unclear whether the bankruptcy judge will make rulings about the courthouse lease, he will be making a decision about the limits of the bankruptcy court's power over internal operations of a governmental unit in Chapter 9.
The county decided to close the inpatient portion of the Cooper Green Mercy Hospital. The city of Birmingham responded by filing suit in state court to block the closing. The city contends the county has the responsibility under state law to bear the cost of providing medical care for indigents.
The county replied by asking the bankruptcy judge to halt the suit as a violation of the so-called automatic stay that bars legal actions outside of bankruptcy court. Birmingham answered, contending the suit is an exercise of regulatory powers not halted by bankruptcy.
The dispute also involves the question of constitutional and statutory limitations on the power of a federal or bankruptcy court to direct the operations of a state or municipal government.
The bankruptcy judge said he will issue a ruling later. For a Bloomberg story on yesterday's hearing, click here.
Jefferson County began the country's all-time largest Chapter 9 municipal bankruptcy in November, saying long-term debt is $4.23 billion, including about $3.1 billion in defaulted sewer debt where the holders can look only to the sewer system for payment.
The Chapter 9 case is In re Jefferson County, Alabama, 11-05736, U.S. Bankruptcy Court, Northern District of Alabama (Birmingham).
AMR Negotiating with Investors to Help Fund Reorganization
AMR Corp. is talking with a group of 10 investors about providing "equity and other financings" to assist the parent of American Airlines Inc. in formulating a Chapter 11 plan and emerging from bankruptcy reorganization.
AMR filed papers this week in bankruptcy court for permission to pay the group's professional expenses while they investigate the possibility of investment. The group could form the basis of a reorganization plan to fend off a merger sought by US Airways Group Inc.
If approved by the Manhattan bankruptcy judge at a Sept. 20 hearing, AMR would pay the standard hourly fees for Milbank Tweed Hadley & McCloy LLP, the group's lawyers. The airline would give Houlihan Lokey, the financial adviser, a $150,000 monthly fee and a so-called success fee if the work ends up with a transaction.
Potential investors in the group include J.P. Morgan Securities, Claren Road Asset Management LLC and King Street Capital Management LP. AMR said the investors are already "substantial creditors." For other Bloomberg coverage, click here.
AMR, based at the airport midway between Dallas and Fort Worth, Texas, listed assets of $24.7 billion and debt totaling $29.6 billion in the Chapter 11 reorganization begun in November. American Airlines entered bankruptcy with 600 aircraft in the mainline fleet and another 300 with American Eagle, the feeder airline.
The case is In re AMR Corp., 11-15463, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Syms, Filene's Confirm Liquidating Chapter 11 Plan
Liquidating retailers Syms Corp. and subsidiary Filene's Basement LLC won the signature of the bankruptcy judge yesterday on a confirmation order approving the companies' Chapter 11 plan. Creditors of Syms are being paid in full. Filene's aren't.
Because Syms creditors with $54 million in claims are to be fully paid over several years, shareholders were permitted to retain their stock. Creditors will be paid post-bankruptcy interest on their claims at the federal judgment rate, which is a fraction of 1 percent.
Technically, the Syms plan isn't a liquidation. The company will remain in existence, shareholders retain stock and the business can take advantage of accumulated tax losses to offset income generated as remaining real estate is sold.
Through mediation in June, Syms and subsidiary Filene's Basement LLC reached a settlement with the two official committees representing shareholders and creditors.
Marcy Syms, who owns more than 54 percent of the existing stock, will sell her shares to the company for $2.49 each, or a total of $19.5 million. For details on the plan, click here for the July 13 Bloomberg bankruptcy report.
Syms closed unchanged yesterday at $3.55 a share in over-the-counter trading. During bankruptcy, the closing peak was $12.65 on Dec. 12. The low was $2.70 on Aug. 17.
For Bloomberg coverage of the confirmation hearing, click here.
Syms, based in Secaucus, New Jersey, acquired Filene's through a bankruptcy auction in June 2009 in Filene's second Chapter 11 reorganization. At the outset of the bankruptcy case in November, there were 25 Syms stores and 21 Filene's locations.
The stores were closed and inventory sold. Leases were terminated, leaving Syms with owned real estate to sell after emerging from bankruptcy.
Assets were listed in the Chapter 11 petition for $236 million, including real estate on the books for $97.7 million. Liabilities were listed at $94 million, including $31.1 million owing on a revolving credit with Bank of America NA as agent. In addition, there were $11.1 million in letters of credit outstanding on the revolver.
The case is In re Filene's Basement LLC, 11-13511, U.S. Bankruptcy Court, District of Delaware (Wilmington).
Hawker Beechcraft to File Plan with Superior in a Week
Hawker Beechcraft Inc. told the bankruptcy judge at a hearing yesterday that it's about a week away from filing a definitive agreement selling the business to Superior Aviation Beijing Co. Ltd.
A revised Chapter 11 reorganization plan will be filed at the same time, the aircraft maker's lawyer said.
There was no mention at yesterday's hearing of the judge's Aug. 24 rejection of a bonus program for eight top executives. The program was fatally defective because it "pays a bonus for confirming a plan that is likely to occur," the judge ruled.
For a Bloomberg story on yesterday's hearing, click here.
Hawker filed under Chapter 11 in May with a reorganization plan already negotiated that would have converted secured and unsecured debt to equity, reducing debt by $2.55 billion. Although the plan was filed in late June, Hawker announced in July there was a tentative agreement for a sale to Superior for $1.79 billion. Superior is 40 percent-owned by the Beijing municipal government.
For details on the original swap plan, click here for the July 3 Bloomberg bankruptcy report. For details on Superior's tentative offer, click here for the July 10 Bloomberg bankruptcy report.
Hawker's $183 million in 8.5 percent senior unsecured notes due in 2015 traded on Aug. 24 for 15.75 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The $302 million in 8.875 percent senior unsecured notes due in 2015 traded on Aug. 9 for 17.25 cents, Trace said.
The Wichita, Kansas-based designer and manufacturer of light and medium-sized jet, turboprop and piston aircraft generated revenue of $2.34 billion in 2011.
Total debt for borrowed money is $2.55 billion, according to the proposed disclosure statement. Other claims include pensions underfunded by $493 million, according to a court filing.
The case is In re Hawker Beechcraft Inc., 12-11873, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Madoff Trustee, Lawyers to Receive $59.3 Million in Fees
The trustee liquidating Bernard L. Madoff Investment Securities LLC and his lawyers received approval this week from the bankruptcy judge to be paid $59.3 million, including $43.3 million covering work performed from Oct. 1 through Jan. 31.
The other $16 million was for previously approved fees that were held back from payment. For a rundown on the fees and the cuts imposed by the Securities Investor Protection Corp., click here for the Aug. 20 Bloomberg bankruptcy report.
The trustee was given authority this month to make a distribution of about $2.4 billion to customers, representing 33.5 percent of their claims. Customers previously received 4.6 percent. Although about $11 billion has been collected toward payment of customers' $17 billion in claims, trustee Irving Picard is precluded from making additional distributions on account of appeals some customers are taking from rulings by the bankruptcy judge.
Whether customers are eventually paid in full may turn on the outcome of an appeal later this year in the U.S. Court of Appeals. A district judge ruled that Picard could file lawsuits to recover payments going back only two years before bankruptcy. If Picard wins the appeal, his suits will reach back six years.
The Madoff firm began liquidating in December 2008 with the appointment of the trustee under the Securities Investor Protection Act. Bernard Madoff individually went into an involuntary Chapter 7 liquidation in April 2009. His bankruptcy case was consolidated with the firm's liquidation. Madoff is serving a 150-year prison sentence following a guilty plea.
The Madoff liquidation case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities Inc., 08-01789, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The criminal case is U.S. v. Madoff, 09-cr-00213, U.S. District Court, Southern District of New York (Manhattan).
ATP Failed to Disclose $70 Million in Bond Demands
While ATP Oil & Gas Corp. was winning interim approval to finance the bankruptcy reorganization begun on Aug. 17, the company didn't disclose that it had received a demand from the U.S. Interior Department requiring the posting of $70 million in bonds to cover the plugging and abandonment of wells, two creditors contend.
ATP is a producer and developer of oil and gas wells mostly in the Gulf of Mexico. After a hearing on Aug. 21, it won approval of secured financing, including interim authorization for part of the financing intended ultimately to include $250 million in new borrowing power.
In addition, the court allowed the lenders to convert about $365 million in pre-bankruptcy secured debt into a post-bankruptcy obligation.
Warrior Energy Services Corp. and Superior Energy Services LLC contended in a court filing yesterday that ATP failed to disclose to the parties or to the court that it had received the Interior Department's demand for bonds on Aug. 17. The creditors say the demand for bonds may be a default under the newly approved interim financing agreement.
The creditors are asking the bankruptcy judge in Houston to reconsider approval of the financing, especially the conversion of $365 million in pre-bankruptcy debt. The reconsideration hearing is on the court's calendar for Sept. 6.
Although a creditors' committee has been formed, it hasn't selected lawyers, the creditors said. According to the creditors, the company said it intended to discuss the bonding demand with the newly formed committee.
A call to ATP's lawyers for comment wasn't returned.
ATP filed under Chapter 11 in its Houston hometown with cash down to $10 million. ATP listed assets of $3.6 billion and liabilities of $3.5 billion on the March 31 balance sheet.
The new financing is being provided by some of the same lenders owed $365 million on a first-lien loan where Credit Suisse Group AG serves as agent. There is $1.5 billion on second-lien notes with Bank of New York Mellon Trust Co. as agent.
ATP's other debt includes $35 million on convertible notes and $23.4 million owing to third parties for their shares of production revenue.
Trade suppliers have claims for $147 million, ATP said in a court filing.
The second-lien notes traded yesterday for 26.4 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
ATP reported a net loss of $145.1 million in the first quarter on revenue of $146.6 million. Income from operations in the quarter was $11.8 million.
For 2011, the net loss was $210.5 million on revenue of $687.2 million. The year's operating income was $152.7 million.
The case is In re ATP Oil & Gas Corp., 12-36187, U.S. Bankruptcy Court, Southern District of Texas (Houston).
Sun Capital Completes Acquisition of Pemco World Air
Pemco World Air Services Inc., a provider of heavy maintenance and repair services for commercial jet aircraft, witnessed the first court-approved sale of the business fall apart. The second sale, to secured lender Sun Capital Partners Inc., was approved by the bankruptcy court on Aug. 9 and completed on Aug. 24.
Sun Capital, based in Boca Raton, Florida, stepped in when the originally approved sale to an affiliate of VT Systems Inc. didn't work out. For details on the sale to Sun Capital and a settlement between the firm and unsecured creditors, click here for the Aug. 8 Bloomberg bankruptcy report.
The buyer is taking over Pemco's name. The bankrupt company is changing its name to WAS Services Inc.
A Sun Capital affiliate acquired the $31.8 million in senior secured debt from Merrill Lynch Credit Products LLC and was also the holder of a $5.6 million subordinated secured loan. In addition, Sun Capital provided $6 million in financing for the Chapter 11 effort.
Pemco's facilities are in Tampa, Florida, and Erlanger, Kentucky. An operation in Dothan, Alabama was closed. Pemco also converts passenger aircraft to cargo service. The petition stated that assets and debt were both less than $100 million.
The case is In re Pemco World Air Services Inc., 12-10799, U.S. Bankruptcy Court, District of Delaware (Wilmington).
AFA Foods' Last Plant Brings $300,000 Extra at Auction
AFA Foods Inc. held an auction on Aug. 28 for the last unsold plant, resulting in a $300,000 increase in the purchase price for the New York facility.
Before the auction, a group of four buyers were anointed as the so-called stalking horse with an offer of $2.21 million. They were outbid at auction by a group including BiditUp Auctions Worldwide Inc., with an offer of $2.5 million.
The bankruptcy court in Delaware on Aug. 29 approved the sale to the BiditUp group.
AFA was one of the largest ground-beef producers in the U.S. It filed for Chapter 11 protection in April after publicity about so-called pink slime "dramatically reduced the demand for all ground beef products," the company said.
Controlled by Yucaipa Cos., AFA already sold plants in California, Georgia, Pennsylvania and Texas.
The Chapter 11 case is being financed with a loan of about $60 million provided by existing lenders General Electric Capital Corp. and Bank of America Corp.
AFA said that assets are on the books for $219 million, with debt totaling $197 million. Liabilities at the outset included $11.5 million on a term loan and $47.9 million on a revolving credit owed to first-lien lenders GECC and Bank of America Corp.
Previous sales generated enough to cover the first lien, AFA said. A Yucaipa affiliate has a $75.6 million second lien. There was $60 million owing to trade suppliers, according to court filing.
The case is In re AFA Investment Inc., 12-11127, U.S. Bankruptcy Court, District of Delaware (Wilmington).
New Filings
Sheepshead Bay Condos File with $32 Million in Debt
Emmons-Sheepshead Bay Development LLC, the owner of 49 unsold condominium units on Emmons Avenue in Brooklyn, New York, filed for Chapter 11 protection yesterday in Brooklyn.
The units at the waterfront project are worth $14 million according to the petition. Debt, almost all secured, is more than $32 million. TD Bank NA is the principal lender.
The filing was precipitated by foreclosure, according to a court paper. A slowdown in sales "completely deprived it of cash flow," the company said in a court filing.
The case is In re Emmons-Sheepshead Bay Development LLC, 12-46321, U.S. Bankruptcy Court, Eastern District of New York (Brooklyn).
Western Mohegan Tribe Tries Bankruptcy a Second Time
The Western Mohegan Tribe and Nation of New York, which calls itself a tribe although it's not yet formally recognized by the Bureau of Indian Affairs, is making another stab at reorganization in Chapter 11.
The first effort came to naught when the Chapter 11 case was dismissed in June by the U.S. Bankruptcy Court in Chicago.
The tribe characterizes itself as an unincorporated association. It and its 200 members own a 250-acre parcel in Ulster County, New York. The tribe previously said its purpose is to "preserve the members' way of life and to build a tribal business, including a gaming casino."
The tribe originally filed under Chapter 11 in March in Chicago, where it claimed a joint venture was in bankruptcy. The U.S. Trustee sought dismissal of the case and won.
The U.S. Trustee said there was a fire on the Ulster County property that destroyed all existing buildings. There was no insurance, the U.S. Trustee said.
With no income from the property, the U.S. Trustee argued that reorganization was impossible. The bankruptcy judge elected to dismiss the case in June rather than convert to liquidation in Chapter 7.
The tribe filed again in Chapter 11, this time in Albany, New York. In the petition filed Aug. 29, the tribe wasn't represented by a lawyer. The lawyer in the Chicago case withdrew, claiming financial hardship for not being paid.
Ordinarily, only individuals may file for bankruptcy without a lawyer. The tribe gave the court a case saying that a tribe can proceed in federal court without a lawyer.
The new petition lists assets of $2.5 million and debt totaling $8.4 million.
During the prior Chapter 11 effort, the tribe sought to have the bankruptcy transferred to district court, where it would have asked the judge to decide whether or not the group should be formally recognized as a tribe.
The district judge declined to remove the suit from bankruptcy court.
In the prior bankruptcy, the tribe said it had been seeking recognition for 10 years, running up $1.7 million of legal fees.
The new case is In re Western Mohegan Tribe and Nation of New York, 12-12252, U.S. Bankruptcy Court, Northern District of New York (Albany). The prior case was Western Mohegan Tribe and Nation of New York, 12-09292, U.S. Bankruptcy Court, Northern District of Illinois (Chicago).
Bankruptcy Podcast & Video
ResCap Bonuses, Vitro's Defeat, Verizon Lawsuit
Residential Capital LLC had the unfortunate distinction of being the second company inside one week where the bankruptcy judge refused to approve a bonus program for senior executives, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their video and podcast. The video also covers the multi-billion dollar fraudulent transfer suit going to trial in October against Verizon Communications Inc. To see the video, click here.
On the podcast, Rochelle and Pacchia talk about Vitro SAB, the Mexican glassmaker, and the major defeat it sustained when an appellate judge ruled that the bankruptcy court should have put several subsidiaries into involuntary bankruptcy last year.
The last item on the podcast explains why an auto dealer was saddled with almost $70,000 in actual and punitive damages for refusing to turn over a car worth only $10,000. To listen to the podcast, click here.
Advance Sheets
Collection Letter on Student Loan Ruled Deceptive
A collection agency used false, misleading and deceptive debt-collection practices when it sent a letter telling an individual her student-loan debt was "not eligible for bankruptcy discharge and must be resolved."
The unsigned ruling was made yesterday by three judges on the U.S. Court of Appeals in Manhattan, reversing a district court which had dismissed a lawsuit against the collection agency brought under the federal Fair Debt Collection Practices Act. The individual sued on behalf of herself and 181 other New York residents who received the same letter.
The Second Circuit in Manhattan acknowledged that discharging student loan debt in bankruptcy is difficult, although not impossible, under Section 523(8) of the Bankruptcy Code.
The appeals court said that proper standard is whether the "least sophisticated consumer" would interpret the letter as meaning that student loan debt is never dischargeable. The district court erred, according to yesterday's opinion, by analyzing whether the particular debt stood much chance of being discharged in bankruptcy.
In reinstating the suit, the appeals court said the letter was "false on its face" and "fundamentally misleading."
The case is Easterling v. Collecto Inc., 11-3209, U.S. Court of Appeals for the Second Circuit (Manhattan).