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Shares of solar installation firm SunEdison (SUNE) are up 30 cents, or 1.2%, at $31.95, after the company said it would purchase residential solar installers Vivint Solar (VSLR) for $16.50 per share in cash, stock and convertible notes, or $2.2 billion, with the help of TerraForm Power (TERP), SunEdison's YieldCo spinoff of last year.
The price is a 52% premium to Vivint's close on Friday of $10.88. The shares are up $4.84, or 45%, at $15.72. TerraForm stock is down $2.53, or 7%, at $34.67.
Vivint shareholders are to receive $9.89 in cash, $3.31 in SunEdison stock, and $3.30 per share in convertible SunEdison notes.
The terms of the deal call for TerraForm to acquire 523 megawatts of rooftop solar projects with annual cash flow of $81 million, the company's said, "generating attractive 9.5% 10-year average levered cash-on-cash yield."
SunEdison said the acquisition of is "a logical next step in the transformation of our platform after the successful execution of our First Wind acquisition in January."
The addition of Vivint's projects to TerraForm's portfolio "is expected to provide greater visibility and predictability to CAFD (cash available for distribution) and dividend per share accretion at TerraForm," the companies said.
In conjunction with the announcement, SunEdison said it expects to have 4,200 to 4,500 megawatts of installations in 2016, up from its prior 2,800 to 3,000 megawatt outlook.
TerraForm raised its 2016 dividend promise to $1.75 from $1.70, and projected a $2.05-per-share dividend for 2017, up 5 cents from the prior expectation.
Reviewing the deal, FBR & Co.'s Aditya Satghare, who has Outperform ratings on both SunEdison and TerraForm, writes this afternoon that the deal can add to TerraForm earnings, and that the stock is selling off because of the company's recent pricing of a private placement of bonds:
The price consideration for operating assets will likely be accretive to TerraForm in the range of $1.50–$3.00 per share, but based on our initial estimates of incremental operating costs for the combined residential business, we expect the transaction to be neutral to our 2017 valuation for SunEdison. We see today's weakness in TerraForm's stock as unjustified and believe it has more to do with the launch of the TerraForm Global IPO, with an initial price range that is a substantial discount to peers and TERP.
Cowen & Co.'s Jeffrey Osborne, who has an Outperform rating on SunEdison stock, is "constructive" on the deal, he writes. The residential business can help enhance pricing, he writes:
The residential market can have very attractive PPA pricing relative to utility-scale and C&I solar markets. This is partly due to the high barriers to entry for the residential market, which can sometimes have prohibitively high customer acquisition costs for new participants with little branding power. The highly competitive environment in utility-scale and C&I markets has also led to pricing pressure, which as eaten into returns. Vivint's projects have a 10-year levered cash-on-cash yield of 9.5%, which compares favorably to the Invenergy acquisition and its 8.4% cash-on-cash yield. This helps to further highlight the high value return profile of Vivint's assets.
Following much-better-than-expected fiscal Q1 results, Apple (AAPL), and a large increase in the company's capital returns program, CEO Tim Cook spoke with analysts on the company's conference call.
The shares held onto gains in late trading, rising $1.67, or 1.3%, to $134.32.
Cook opened up the call with remarks on a number of topics:
We're seeing fantastic results for iPhone, with revenue growth of 51% year over year, and higher rates of switchers
Unit sales were up 63% in emerging markets.
The App Store had its best quarter ever, driving a new record for revenue, and 29% year on year growth
We also reached an all-time quarterly record of $5 billion services revenue.
We're now half way through fiscal 2015 and our year to date results have been simply staggering. We sold over 135 million iPhones and over 34 million iPads.
We're making many strategic investments in Apple's future, in R&D, in supply chain, and in our infrastructure, and we've made 27 acquisitions in the last four quarters.
Today, we're announcing another significant update to our capital returns program, expanding its size to $200 billion through march of 2017 to express our strong confidence in Apple's future.
The Apple ecosystem continues to expand. We're seeing great momentum in Apple Pay. Discover announced today people will be apple to make contactless pay this fall.
Best Buy has just announced that it's now offering Apple Pay in-app and later this year will offer Apple Pay in stores. Earlier this month a leading healthcare payment network announced acceptance of Apple Pay.
We're also incredibly inspired by the momentum in health-related solutions. Over 100,000 apps have been released [for HealthKit].
Last quarter we also announced a major economic investment in Europe, where we will spend $2 billion on data centers in Ireland and Denmark. Apple is now responsible for creating over 670,000 jobs across Europe. The two data centers we're building will run on 100% renewable energy from day one. Today, 80% of global operations are powered by renewable energy. We are undertaking a ground-breaking partnership to build a 40 megawatt solar farm in Sichuan province [in China].
The June quarter is off to a great start with brand-new products. First, the all-new Macbook began shipping just over two weeks ago and we are very happy with the response from customers. We believe this is the future of the notebook.
Second is the new streaming service from HBO, "HBO Now."
And third of course is Apple Watch. It's began really great to see the reaction of customers since their Watches began arriving on Friday. The response has been overwhelmingly positive. Adding to the surprise and delight is the more than 3,500 apps that are already available. We can't wait to see more of the inspiring apps developers dream up. I'd like to thank all the Apple employees around the world for their creativity and tireless passion.
CFO Luca Maestri then took the mic.
Growth was driven by the very strong performance of iPhone, and the continued performance of App Store and the Mac. Greater China, we established an all time quarterly record for revenue, $16.8 billion, which grew 71%. Gross margin was 40.8%, mainly due to stronger iPhone results. Net income was $13.6 billion, a new Q2 record.
We sold 61.2 million iPhones, representing 41% year over year growth. iPhone sales more than doubled in Korea, Singapore and Taiwan. They were up in several other markets including Germany and Turkey. We increased iPhone channel inventory by 1 million units, to bring us to the low end of 5 to 6 weeks of channel inventory.
Turning to iPad, sell through was 13.7 million, as we used channel inventory of 1.1 million units. This left us within our target inventory of 5 to 6 weeks. We set an all-time record for iPad sales in China, but performance was more muted in other markets.
iPad maintains a very strong leadership share in all the price bands where we compete. iPad has also been the leading tablet in enterprise. In fact, we are seeing very high interest in companies who want to use iPad to transform how work gets done. In addition to IBM, we are working with more than two dozens other companies to bring a broad range of solutions.
Services revenue was up 9%. App Store revenue was up 29% in the March quarter.
Traffic to retail and online store was excellent, with a 22% increase. We added six new stores in Greater China, bringing us to 21 stores in 11 cities.
We ended the quarter with 193.5 billion in cash, a sequential increase of $15.6 billion. We issued $6.3 billion in U.S.-denominated notes ant 3.6 billion in Swiss frank-denominated notes.
Regarding our outlook, we expect revenue to be between $46 billion and $48 billion. We expect gross margin to be 38.5% to 39.5%.
Q&A [apologies in advance for the typos in this real-time transcript]
Q: When we look at the effect of currency on profit, have you been able to reduce the pressure by adjusting terms with suppliers?
Maestri: We look at this on a sequential basis. I mentioned during the call in January we were expecting FX to have a negative impact of about 100 basis points after the effect of the hedges. That is exactly what happened in our results. So it was in line with what we were anticipating. We expect this headline to continue. In the June quarter, we expect another 40 basis points of negative impact from currency. We are dealing with these headwinds in many ways. We are looking at the chances to increase prices in some markets, and we are looking at costs to be as competitive as possible.
Q: One incremental tail winds is iPhone. Can you give us more color on the customer mix?
Cook: We saw, continued to see a higher rate of switchers than we have seen in previous cycles. We are extremely excited about that. We also continue to see a reasonable percentage of first-time buyers, particularly in some emerging markets. If you look at some emerging markets, revenue for the quarter was up 58%, year on year. And a big piece driving that was iPhone. Those results would have been higher without the headwinds Luca mentioned.
Q: You've said in the past the Watch may take longer to ramp. Is that in fact playing out?
Cook: When you use the word ramp, you are talking about supply?
Q: Pre-orders, first weekend sales, any other data points, versus iPad in 2010.
Cook: Let me talk about supply and demand. Right now demand is greater than supply. We are working hard to remedy that. We have made progress in that the last week or so. We delivered more Watch to customers over the weekend than originally anticipated. We've already said some notes out today to customers versus what we had communicated previously. It is a new product for us, and with any kind of new product you wind up taking some time to fully ramp. Having said that we are in a good position and by sometime in late June we currently anticipate being in a position that we could sell the Watch in additional countries. From a demand point of view, it's hard to gauge when you don't have product in stores. We are filling orders completely online at the moment. The customer response from people who got theirs over the weekend has been overwhelmingly positive. There's a much larger breadth of possibilities here for customers, and in some cases we called that well, in some cases we are making adjustments to get in line with demand. But I'm confident this is something we really understand. I'm really happy with where we are currently and looking forward to expanding in more countries in late June.
Q: R&D tracking well ahead of revenue growth for many quarters now, can you talk about what's driving that?
Maestri: We have had this several times now, when you look at our current product portfolio, it is much broader than it used to be. We now develop two iPhones every year, we develop two iPads. We now have the Apple Watch. We also are developing some core foundational technologies now in-house more. And we also are investing ahead of some products that will appear in future. When you combine these factors, that is why you see these increases in R&D, year over year. We are very proud that in the last two quarters, our revenue growth has been higher than our OpEx growth.
Q: Any thoughts on what the increase in switchers means, and the sustainability of the [iPhone 6] cycle is?
Cook: If you look at the overall, worldwide, we grew iPhone 40%. IDC's estimate of the market is at 16%, so we grew 2.5 times. If you look through at the different countries, we grew at a multiple of the market. In emerging markets we did extremely well. So I feel really good about where we are. I think you can tell from the strong guidance, we are very bullish on the current quarter as well. We're also pleased in addition to the switcher number that we are doing fairly well with the first-time buyers. And so it's tough to find something in the numbers note to like.
Meastri: For Q3, we guided to 38.5% to 39.5%, which is slightly down versus Q2. It's a loss of leverage in the seasonal decline in revenue. There's a foreign exchange element. And we are launching the Apple Watch. It is not only a new product, but a brand new category with a lot of innovative technologies. Apple Watch margins will be lower than company average.
Q: And Tim, any update on the number of upgrades of iPhone base?
Cook: Current estimate is that about 20% of the active installed base has upgraded to a 6 or a 6 Plus. That suggests there's plenty of upgrade headroom. In addition to we want to keep inviting over as many switchers as we can.
Q: To revisit the Watch, Tim you said you were very happy with the reception, but it's hard to gauge demand with no product in stores. In prior launches, you noted superlative after superlative. This assessment seems very modest. Are we reading you right? Consensus is expecting Apple will switch more watches in its first two quarters than it did iPad. Can you talk about putting those demand comments in context?
Cook: I'm trilled with it, so I don't want to you to read anything other than that. I don't know how to say it. In any situation, in past with iPad or iPhone, when demand is much greater than supply, it's difficult to gauge exactly what it is. So I don't want to make any comment about the consensus numbers. I haven't even studied them. I fell really great about it. The customer response is close to 100% positive. It's hard to imagine it being better.
Q: Luca, or Tim, you talked about the Watch having lower margins, in Q3, which is surprising A, in the context of price points many thought were higher, and B, in context of what luxury watches sold for, and C, given what margins might be on accessories such as Watch bands. And so is Watch as a category going to see on a sustained basis lower?
Cook: We're not going to guide to or give projections for gross margin outside the current quarter. What we have right now, the Watch gross margin for the current quarter, as provided in guidance, are lower than company average. That to us is intuitive that they would be. We must be just looking at it thorough a different lens than you are. In the first quarter of any product, you always have learning. We've had this every product we've ever done. I would keep in mind that the functionality of the product is absolutely incredible, the power of it, and I'd also say that there is cost breakdown that come out around our product that are much different than the reality. I've never seen anything that's ever accurate, so I'd really dig on the data, if I were you.
Q: What are you seeing in Greater China with clearly very strong iPhone? What are consumers saying?
Cook: It was an incredible quarter, we were up 71%, year over year, we set a record in China for revenue. We did that in a quarter that included Chinese New Year, so we had the health of the holiday season. iPhone led the way, up over 70%, year on year. The current estimates from Kantar are that we would gain more than 9 points of share. By everything I can see, we did extremely well. The Mac also had an incredible quarter in China, with units up over 31%. IDC is projecting PC sales in China contracted by 5% last quarter, so once again bucking the tide. Also in China, at a much-different rate, the App Store had a record quarter and grew over 100%. And with the iPad in the People's Republic had its best quarter ever, and also grew in a market that contracted. So everything you look at in China was extremely good. We have been working significantly on expanding our ecosystem there. So we added union pay as a payment option. We increased the iPhone point of sales to over 40,000, up about 9%, year on year. We are in many more cities than we were before. We worked significantly on our online store, which was up over 3 times, year on year. We opened several stores recently, and are now at 21 stores and on track to be at 40 stores next year. And we'll be adding about 50 new cities at the end of this quarter. The Chinese developers are coming on in significant numbers. We now make payments to developers in Greater China of almost $5 billion, over half of which was in the last 12 months. So you can see this enormous momentum in the developer community as well. I've never seen as many people coming into the Middle Class as in China, and that's where the bulk of our sales is coming from.
Q: On iPad, what does it take to re-accelerate it? Sell through was better than sell-in, but are we seeing cannibalization?
Cook: Number one, we have to stop having situations where sell through more than we sell in. Where we don't have to have an inventory correction. Have we had cannibalization? Yes, clearly we are seeing cannibalization from iPhone and from the Mac. It is what it is, that will play out, and at some point it will stabilize. I'm not sure precisely when, but at some point it will. The IBM partnership is in early stages, but I'm very happy with what I'm seeing. When you look at underlying data, it makes you feel a lot better. Things like first-time buyer rates. The numbers in the U.S. are something like 40%. And in China they are 70%. These are not numbers you would get if the market was saturated. We also see usage numbers that are off the charts. So far above competition, it's not even on the same planet. And so these kinds of numbers along with intent to buy, everything looks fantastic. So my belief is that as the inventory plays out, as we make some continued investments in our product pipeline, which we are doing, which he have had planned for some time, between that and inventory playing out, and enterprise taking over, I think the iPad business is an extremely good one over time. When it turns around, I can't predict.
Q: Luca, could you comment about the factors that went into the capital returns program? I would think you are pretty well done in taking U.S. cash down. Do you have a debt-to-Ebitda ratio in mind?
Meastri: The logic has not changed over the years. We look at our business plans and what we want to accomplish from a product perspective and our capital needs to run the business. We know Apple very well, we are very excited by the level of customer response for our current portfolio, and the pipeline of products, and there's super value in our stock. Which is why we increased the program by $70 billion. The vast majority is located to share repurchase because, again, there's great value in the stock. We also know there are many investors in the stock who are value investors. So the dividend is important. From an funding standpoint, we have a very strong balance sheet, we do have some cash in the U.S., we will continue to generate cash in the U.S. But certainly a good portion will be funded by debt. Both in the U.S. and outside. We have a very open dialogue with the rating agencies. We feel very comfortable.
Q: On gross margin, can you help us to understand the impact of iPhone and of the Watch?
Meastri: There are a number of reasons the guidance is lower for gross margin. The first one is currency, and then the loss of leverage with the lower iPhone mix, and with Watch. We're not going to get into more specifics than that.
Q: You mentioned, Tim, something about the iPhone sales going into the middle class in China. Could you open that up to the other emerging geographies? Do you have demographics to other geographies? Do you have the right price points?
Cook: If you look in the emerging markets, our revenues were up 58%, year on year. This accounted for just under 41% of the company's revenue. BRIC countries were up 64%, year on year. As I look at that withouth having demographics, it's clear to me it has to be coming from the middle class. The upper income earners there are only so many. You can't grow those kinds of numbers without getting significantly into the middle class. I hope we are also beyond the middle class. I don't have data to suggest that is the case or not, but it's clear the middle class has to be true.
Q: It sounds like HBO Now is a great opportunity. How should we be thinking about Apple as a conduit for something like HBO Now? Is it more about selling incremental devices? Or expanding the revenue opportunity?
Cook: It's about giving the customer something they want. And giving it to them in Apple's classic ease-of-use. And in the product environment and user interface they are used to working in. HBO in particular has some incredible great content. So we are marrying their great content. And it's clear from looking at the early returns, there's a lot of traction in there. Where could it go? I don't want to speculate, but you could speculate as good as I can. I think we are in the early stages of major changes in media that will be really great.
And that's a wrap!
Bernstein Research's Michael Parker and colleagues today offer a mammoth (32-page) assessment of the state of the solar energy market, with implications for installers such as Elon Musk's SolarCity (SCTY), but also technology vendors such as SunPower (SPWR) and First Solar (FSLR).
The authors conclude that by 2018, solar will be so much cheaper than fossil fuels that it will blow away current regulatory hurdles.
As Parker and team write, "we start the clock on solar "Independence Day": the moment (~2018) when solar plus energy storage is cheaper than retail power supply in a number of large markets."
"At that point," they continue, "regulatory changes sought by utilities to restrain solar adoption will be ineffective. And the last barrier to solar disrupting energy markets and the power sector will be gone."
Here's the infographic the team offers for how solar plus storage will decline by 2018 (click on the image to see it larger):
The key, the authors write, to the 2018 breakthrough, is that the combined cost of solar, plus a means to store it for longer-term usage, will make solar's cost fall to 24 cents per kilowatt hour, without subsidy, presenting economics that are compelling:
We are not claiming that 100% of energy supply globally will come from solar in 2018 or 2025, or that 100% of current utility customers in Australia will disconnect from the grid in 2018 or that 100% of California utility customers will disconnect in 2020. It is easier to dismiss our position once it is boxed into that corner… but that's not what we are claiming. Instead, we are saying something less hysterical: solar plus energy storage will be a credible, low-cost alternative in some markets by 2018… without any form of subsidy. That is going to change the way the profit pool in these industries is allocated. Adoption of solar and energy storage technology will accelerate. New business models will emerge to take advantage of the low cost and improved technology. That scale will help lower costs further. The total number of markets where solar and energy storage will be credible, low-cost alternatives to the grid will continue to increase from there. The good companies in the utility sector will embrace the new technologies quickly (like SBC did). The bad ones won't.
The economics are already showing a compelling decline in the "installed cost" of solar:
With polysilicon now at less than $20/kg, polysilicon contribution has fallen to $0.10/W or less (~$0.06/W on a cost basis). The decline in polysilicon pricing from its elevated levels in 2007-2008 was largely a function of polysilicon being the hardest part of an over-stressed supply chain to produce. The decline in polysilicon prices has only been one source of savings. Non-polysilicon production cost has fallen from ~$1.50/W in 2007 to $0.35/W today among the best-in-class producers. In terms of installation, at the end of 2011, solar panel manufacturers and developers were estimating a utility scale installed cost of between $2.00 and $2.50/W. Today, utility scale projects are being installed at $1.00/W and in developing markets and we believe that true cost is closer to $0.70/W. Inverter plus steel plus labor plus interconnection costs can be as low as $0.25-0.30/W. Rooftop installation in China is as low as $1.10/W.
Key is storage in the form of batteries, writes Parker, citing work by his colleague Mark Newman:
Electronics and Energy Storage analyst Mark Newman estimates that the energy storage would cost ~$15,000. The solar system would cost $20,000. The batteries would enable you to consume 80% of the electricity produced during the day at night. As long as you didn't do too much laundry when it had been raining for several days in a row, you would never need to buy electricity from the grid again. The cost for this amenity (again in the red zones below) today is roughly $0.30-32/KWh. Unless you are running a diesel generator today, that is not economic. The cost is roughly the same in developed and developing markets. In developing markets, installing is cheaper but financing costs are higher.
What happens when solar gets so cheap is that utilities will have to embrace it, or be in big trouble:
Utilities can ignore the encroachment of SolarCity-style business models into what are traditionally their most attractive residential customers (home-owning, high-credit scoring households) and hope that our forecasts about falling costs and improving technology are wrong. Alternately, utilities can replicate the SolarCity model of "leasing" the rooftop to provide solar and energy storage on a no-money-down basis and effectively disintermediate themselves. We assume distributed solar leasing businesses will start including energy storage as part of their service to address changes in net metering policies, etc. The third choice is to go on the offensive: utilities can look for ways to develop new sources of residential electricity demand. The most obvious opportunity is electric vehicles. We have been suggesting this as inevitable since last November. We have found at least one regional utility executive thinking the same way: Fraser Whineray from Mighty River Power in New Zealand.
Looking at the small picture, Parker and team also offer an update on the current state of the solar market. Last year was a disappointment in terms of the growth of solar, Parker writes, but 2015 is looking brighter:
The weakness in the solar market (we had expected 50GW and a poly price of $25/kg in 2014) was a function of the Chinese distributed generation market growing slower than expected and the German market shrinking more quickly. India was softer than we expected too. Despite the weakness in growth in 2014, 2015 is setting up as a stronger year. China has announced a target of 17.8GW (up ~70% Y/Y). India is targeting 5GW+ per year annually through 2022. If the rest of the world simply holds serve, that's a ~11GW increase in demand (+~25%). We believe growth could be even stronger. Opportunity in developing markets continues to improve as module, inverter and installation costs fall, conversion efficiency improves and volumes increase.
Shares of solar energy technology maker First Solar (FSLR) are down 4 cents in late trading, at $54.70, after the company missed Q4 revenue expectations, but delivered better-than-expected profit, within a quarter complicated by the company's decision, announced yesterday, to form a YieldCo. in collaboration with SunPower (SPWR).
Revenue in the three months ended in December rose 31%, year over year, to $1 .01 billion, yielding EPS of $1.89.
Analysts had been modeling $1.27 billion and 75 cents per share.
For the current quarter, the company sees sales in a range of $550 million to $650 million, and a net loss of 25 cents to 35 cents per share.
The company expects to consume $400 million to $500 million in cash in the quarter.
That outlook compares to the average estimate for $861 million in revenue this quarter and 78 cents per share in net profit.
The results and forecast are hard to compare to consensus, however, given that First Solar is retaining some assets for possible inclusion in the YieldCo. Said the company,
Financial guidance for revenue, earnings, and operating cash flow for the first quarter is lower relative to results in prior periods primarily due to the completion of the Desert Sunlight and Topaz projects and the retention of projects on balance sheet in relation to the announced plan to pursue a joint YieldCo vehicle with SunPower. This is also expected to weigh on financial results in future quarters over the near-term. However, the Company believes this strategy will generate significant value for shareholders over the long-term.
More financial details are available in an additional deck of slides posted on the company's Web site, as well as a rundown of key financial data.
SunPower this morning offered its own Q4 report, also marked by a lower-than-expected Q1 forecast.
CEO Jim Hughes said the company "closed 2014 with strong execution across all fronts," and had "exceeded the earnings per share, operating cash flow and bookings targets that we set at our 2014 Analyst Day."
Hughes said the company is "well positioned as we enter 2015 and remain focused on executing to our strategy."
The company's conference call with analysts is ongoing at this time.
Noted solar energy bear Gordon Johnson of Axiom Capital was a guest on CNBC this afternoon with Melissa Lee, discussing the announcement yesterday afternoon by SunPower (SPWR) and First Solar (FSLR) that they intend to publicly float a YieldCo. that will combine their assets.
Both stocks have added to gains throughout today's session, with First Solar up $7.04, over 14%, at $56.68, and SunPower up $5.18, or almost 19%, at $32.98.
Before going on CNBC, Johnson, who wrote extensively in the fall that First Solar didn't have what it takes to do a YieldCo., communicated his thoughts to me in a brief email.
Wrote Johnson, the announcement demonstrates two things:
(1.) both SPWR and FSLR did not like the underlying economics of the projects left in their portfolio, and (2.) neither of them had the projects in their backlog to do a YieldCo alone – suggesting they will need to aggressively find new projects to show investors future growth. Essentially, what SPWR and FSLR are doing is putting their poor assets into a YieldCo to deflect from showing investors the real underlying economics of these assets. But, for now, it works. We don't know what's inside the YieldCo, but the market is shooting first and asking questions last on all of this.
On the program with Lee this afternoon, Johnson argued that investors are not realistic about the limits of the solar market to sustain YieldCo.s.
"If you do the analysis, they [First Solar] have 1.4 GW of backlog," said Johnson," and you can get to $14 of incremental value to First Solar stock, which gets you to a $63 stock."
However, "The risk is that essentially people are ascribing a best case scenario value to First Solar now," said Johnson.
Johnson thinks there is "risk in those projects" referring to both First Solar's and SunEdison's portfolio, "whereas SunEdison (SUNE) is a bit more diversified."
"None of the risk is priced into the market now," said Johnson.
Johnson has Hold ratings on First Solar and SunPower, and a Buy rating on SunEdison. SunEdison already spun out one YieldCo. last year, Terraform Power (TERP). But Johnson was skeptical by remarks today by SunEdison CEO Ahmad Chatila, who said he'd like to see many more YieldCos., like the market for energy MLPs.
Said Johnson,
The reality is if you get more YieldCos., you need more growth. Solar has a certain point at which it becomes disruptive to your energy mix. There is this idea it will grow in perpetuity, but that's not true. The idea that you want a bunch of YieldCos., I don't agree with that it. Studies have shown solar cannot grow to more than 30% of the overall energy mix.
Johnson added that interest rates are "another key risk" for YieldCos., when they eventually rise, as rising rates would require a higher return out of the YieldCos.
Johnson also offered a parting shot at Chinese solar outfits such as Yingli Green Energy (YGE) and Trina Solar (TSL), telling Lee "they are way up today, but they shouldn't be; their earnings are going to be very disappointing."
"We think you should be fading those stocks on this strength."
As I mentioned earlier, shares of solar energy tech companies First Solar (FSLR) and SunPower (SPWR) are surging today after the two announced yesterday afternoon their intention to create a publicly traded YieldCo. through the merging of assets from each company.
First Solar shares are up $6.83, or almost 14%, at $56.57. Shares of SunPower are up $4.34, or 15.6%, at $32.14.
The announcement came in advance of an earnings report this morning from SunPower and a report expected this afternoon, after the closing bell, from First Solar.
SunPower beat expectations narrowly, reporting $609.7 million in revenue, on a non-GAAP basis, and 26 cents EPS for the three months ended in December, versus the average estimate of analysts of $607.2 million and 24 cents.
The company forecast revenue, however, of $410 million to $460 million this quarter, and EPS of 5 cents to 15 cents, well below consensus for $545 million and 25 cents. That is based on an expectation for "megawatts recognized" of 240 MW to 270 MW.
SunPower said its "business fundamentals for 2015 remain strong," but said it would withdraw a prior forecast for this year until the full impact of the YieldCo. can be "finalized."
First Solar, meantime, has gotten one upgrade this morning, from Deutsche Bank's Vishal Shah, who raised his rating on the stock to Buy from Hold, and raised his price target to $68 from $60, callin the announcement a "significant positive," and writing "Joint yieldco decision is probably the best strategy for both companies."
"This decision not only makes the potential yieldco one of the best growth stories out there, but it also offer."
Shah does some back-of-the-envelope math on the assets that might be contributed by First Solar and SunPower, seeing plenty of potential from the "pipeline" and plenty of financing:
Using the most near term conservative assumptions outlined above for 2015 equity value contribution, we see identifiable project's of ~640MWdc from SPWR and ~755MWdc from FSLR equating to ~$2.8B (~$1.4B each) of equity value assuming a 50/50split, $0.117M/MW, and 85% dividend payout ratio at 5% yield (on the conservative side vs some of the other yieldco's). Furthermore, our rough back of the envelope math suggests that FSLR has a total of ~1.9GW of unsold project pipeline with PPA's, including capacity to contribute ~1.5GW to yieldco by end of 2016. SPWR's analyst day slides indicate a similar range possible in that timeframe […] Most importantly, both companies have sufficient unsold projects that can be added into the yieldco thereby providing strong visibility into multiple years of double digit CAFD growth. FSLR has a strong balance sheet and SPWR has the backing from TOTAL which should also help solve the financing problem, in our view.
Shares of solar energy technology provider First Solar (FSLR) are up $6.87, or up 14%, at $56.61, and SunPower (SPWR) stock is up $4.40, or almost 16%, at $32.20, after the two yesterday afternoon said that they will merge certain assets into a publicly traded YieldCo.
Among the initial responses this morning is Krish Sankar of Merrill Lynch, who has an Underperform rating on First Solar and a Buy on SunPower, writes that "the potential scale of this vehicle, not to mention the implications for each development company, comes as a surprise."
"Nevertheless this is likely to be viewed as a positive catalyst for each stock in the near-term," he believes.
There are some concerns, such as the seasonality of solar, and the divergent tech approaches of the two firms in the solar energy field:
One obvious attribute of the proposed YieldCo is that it will be solar focused, at least in its early years. Most of the initial assets contributed to the company are likely to be North America-based, which means that there could be significant seasonality to distributable cash generation. Another consideration is the implication for each integrated development company considering their divergent solar technology bets, ownership structures, and business models. Finally, management of the combined entity, and how inherent conflicts of interest between First Solar and SunPower, and between general and limited partnership unit holders will be addressed and mitigated are key concerns, in our view.
Sankar does some back-of-the-envelope math on what the two will contribute:
We estimate that each company is in a position to contribute roughly 400MW to an initial portfolio, which would be comparable in size to the 800MW asset set at Terraform's IPO. More compelling would be the size of the growth outlook, which in our view could easily exceed 5GW when disclosed. While the future dropdown set would carry with it development risk, we note that both companies can contribute a geographically diverse set of assets to the structure over time. SunPower has the added advantage of being able to contribute rooftop projects with more attractive offtake pricing that could serve to boost the cash generating profile of the company.
Shares of solar energy technology providers First Solar (FSLR) and SunPower (SPWR) are each up over 10% in late trading, after the two companies said they will form a "Yieldco" containing assets from each other their operations, which will then be floated as an initial public offering.
First Solar stock is up $5.36, or almost 11%, at $55, and SunPower shares are up $3.25, or almost 12%, at $31.05.
A Yieldco is a holding company that pays dividends with a high yield, similar to conventional energy master limited partnerships, or MLPs.
There are already some prominent renewable energy Yieldcos on the market such as TerraForm Power (TERP), a spin-out of solar installation firm SunEdison (SUNE), as well as NextEra Energy (NEE).
The two companies said they will be filing a registration statement, without giving preciese timing other than to say that they are in "advanced negotiations."
The companies cautioned that "There is no assurance that the YieldCo will be formed or that the IPO will be consummated or that any other transaction will occur."
The promise of the Yieldco. has been a continuing catalyst for both stocks, as can be seen, for example, in a ratings upgrade of SunPower by J.P. Morgan back in October on the prospect.
Tonight's news is a big reversal of comments by First Solar CEO Jim Hughes back in November, when he said the company had decided not to pursue the idea "at this time." Shares dropped 11% after those remarks.
There have been obstacles to the move, as pointed out in a deeply skeptical piece by Axiom Capital's Gordon Johnson back in October.
Shares of energy distribution company SolarCity (SCTY), which is chaired by Tesla (TSLA) CEO Elon Musk, are down $3.06, or over 5%, at $54.05, continuing after-hours losses from last night, after the company reported a much-deeper-than-expected Q4 loss per share, and forecast results this quarter well below expectations.
There are no ratings changes this morning, that I can see, but some price targets are rising here and there despite the miss.
Canaccord Genuity's Jed Dorsheimer reiterates a Buy rating, and raises his price target to $67 from $64, writing that "While Q1 2015 revenue guidance was light of our expectations, the company is particularly excited about its booking numbers in Q1."
"Notably, bookings in the last 30 days have been larger than has ever been done in the past," writes Dorsheimer, "and Q1 should be close to a record booking number."
"We believe this will translate into a ramp of deployments in Q2 and Q3 as seasonal factors subside. In the meantime, soft deployments are largely a factor of the commercial segment lumpiness and winter effects."
For this year, Dorsheimer cut his estimates to $435.3 million in revenue and from a prior $470.2 million, while maintaining his $4.93 loss per share estimate.
Dorsheimer is mindful of competition:
The solar environment does remain competitive, however, and we would be remiss to not comment on the growing amount of players in the residential solar space. To reiterate, we believe that SolarCity's brand, channel, scale and first mover advantage will allow it to continue to grow and have a competitive cost structure, but we note that new policy risks and competitive threats may erode SolarCity's retained value per customer over time.
Credit Suisse's Patrick Jobin reiterates an Outperform rating, and a $97 price target, writing that it was "not a clean quarter" but there are "no fundamental issues."
He urges investors to look past the shortfall in system sales:
While Q4′s headline incremental retained value metrics provide more fuel to the bear argument that returns are compressing given potential competition and a volume miss casts more skepticism on the 2015 guidance for 91% growth, one must peel back another layer of the onion to see that while the quarter was optically challenging, fundamentals have not deteriorated, and, if anything, visibility is improving given record residential bookings over the last 30 days and ample tax equity capacity. While we acknowledge the quarter is not easily digested, we remain comfortable with our valuation approach and growth opportunity [...] The culprit is commercial systems – 14 MWs pushed to 1H15 while the company canceled 2 MWs that had lower margins resulting in total commercial systems declining 15% y/y. We are not alarmed 14 MWs were delayed, this is not uncommon in the commercial segment. Also, true to our initial impressions of the recently appointed CFO, Brad "ROI" Buss, the company opted to cancel 2 MWs of commercial projects that did not meet the company's return thresholds, testament to protecting shareholder interests over growth ambitions.
His estimates are going lower: "Given the accounting treatment of system costs, our EPS estimates are reduced to losses of ($4.86)/($2.60) from ($3.95)/($1.81) in 2015/16, respectively."
Vishal Shah with Deutsche Bank reiterates a Buy rating and a $90 price target, writing that the company had "strong execution in a robust demand environment."
He's pleased with a number of factors, including the company's cost cutting:
1) Solid Q1 bookings – company remains on track to report one of the best bookings quarter so far; 2) Strong cost reduction efforts in Q4: cost/W declined from $2.19 in Q3 to $2.09 in Q4; 3) Mgmt suggested that it had sufficient tax equity capacity to fund 2015 growth objectives and there was no need to raise equity in 2015; 4) MyPower appears to be gaining good traction and is expected to represent ~25% of overall shipments; 5) PPA rates were relatively unchanged during Q1; 6) The company will start providing additional disclosure on levered retained value from next call; 7) NY capacity expansion appears to be on track for Q1'16.
Shah raised his estimates for this year to $363 million and a loss of just $5.04 from a prior $356 million and a $7.31 per share loss.
Who's not satisfied?
Edwin Mok with Needham & Co. reiterates a Hold rating, calling the results "mixed."
"SCTY is expected to continue to deliver exceptional growth, but potential for lower rate of value creation and the increased risk of owning a module manufacturing site should keep the stock trading at a discount to its projected retained value," writes Mok.
"Given generally high expectations, we believe the stock will continue to trade sideways until a more tangible catalyst emerges."
Mok thinks the stock could go lower as investors focus on "leveraged retained value":
With MyPower, SCTY plans to report a levered retained value metric to better capture the costs of debt. This should provide better visibility into the cost of financing. However, a leveraged retained value will be lower than the retained value, and we expect the market to move to this metric, lowering the baseline for valuing the stock.
Mok raises his revenue estimate for this year to $450 million from $370 million, but also cuts his profit estimate to a loss of $6.87 from a prior $5.16.
Correction: A prior version of this post incorrectly stated that Elon Musk founded SolarCity. He is chairman, but the company was co-founded by CEO Lyndon Rive and CTO Peter J. Rive. My apologies for any confusion caused by the error.
Shares of solar energy outfit SunEdison (SUNE) are down 63 cents, or almost 3%, at $21.39, in late trading, after the company this afternoon reported Q4 revenue that missed analysts' expectations, but beat on the bottom line,
Revenue in the three months ended in December fell 35%, year over year, to $625.5 million, yielding a net loss of 16 cents per share.
Analysts had been modeling $682.8 million and a 32-cent loss per share.
Gross profit margin, on a non-GAAP basis, slipped to 10.8% in teh quarter from 15.2% in Q3, but rose from 4.9% a year earlier.
CEO Ahmad Chatila said the company hit new milestones in the quarter, with 383 megawatts of solar energy systems completed, and a backlog of 2.6 gigawatts and a pipeline of 5.1 gigawatts.
SunEdison produced $198.65 million in free cash flow in the quarter, after $47.8 million in capital expenditures. SunEdison ended the quarter with cash and equivalents of $943.7 million, it said.
SunEdison said it will offer its outlook for this year during its analyst day on February 24th.
Tech Trader Daily is a blog on technology investing written by Barron's veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: email@example.com.


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I never tried dropping my film in a lake, before or after exposure.
But i do keep it in the freezer.
The rather simple solution to the condensation problem that presents itself when you take something out of the freezer is to keep the packing closed until the thing has warmed up.
That way, the condensation still forms. But the thing that the condensation is dripping off is the outside of the packing. What's inside will remain as dry as it was when it went into the freezer.

subset: commoncrawl


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Splurge vs Steal: Best Red Lipstick
When it comes to creating a topknot, placement is key — it should sit flat on the top of the head, and not too far back on the head. The hair in the back must be completely smooth, and every part of the hairline should be brushed straight upward.
Pull all of your hair upward, making sure the back is tight and smooth. Secure with a hair bungee or a small elastic.
A Weekend in the Life of a Nail Aficionado


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- Horoscopes
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Washington - Lawmakers on Thursday demanded General Motors fire its chief lawyer and open its compensation plan to more potential victims as a Senate subcommittee delved deeper into GM's mishandling of the recall of small cars with defective ignition switches.
Sen. Claire McCaskill, D-Mo., who chairs the subcommittee, praised GM CEO Mary Barra, saying she "has stepped up, and with courage and conviction has confronted the problem head on and the corporate culture that caused it."
But McCaskill also put Barra on the spot, telling the CEO that she should have fired GM's corporate counsel, Michael Millikin, based on the conclusions of an internal report by outside attorney Anton Valukas. Millikin sat next to Barra as she defended him as a man of "tremendously high integrity."
The Valukas report found that GM's legal staff acted too slowly to share details of settlements it was making in cases involving Chevrolet Cobalts and Saturn Ions where the front air bag hadn't deployed in a crash, possibly due to a defect in the ignition switch. The lawyers didn't alert engineers or top executives to a potential safety issue.
She also questioned why Millikin didn't inform GM's board or the U.S. Securities and Exchange Commission of the potential for punitive damages as GM settled the cases, saying, "This is a either gross negligence or gross incompetence on the part of a lawyer," she said.
Barra said Millikin had a system in place but it failed. Some lawyers were among the 15 people the company let go based on Valukas' report.
Millikin said he only learned about the ignition switch problems in February and acted quickly once he did. He said any potential settlement, no matter how small, must now be brought to him before any action is taken.
But Sen. Richard Blumenthal, D-Conn., also called for Millikin to be fired, saying that an ongoing Justice Department investigation will likely find evidence of "cover-up, concealment, deceit and even fraud" within GM's legal team.
He also asked Millikin whether the company would make public all of the documents it gave to Valukas, whether it would unseal previous settlements and whether GM would waive the legal shield from its bankruptcy that protects it from lawsuits related to crashes that happened before July of 2009.
In all three cases, Millikin said no.
Millikin also acknowledged that the attorneys dismissed from GM received a retirement package based on the salary they would have made if they hadn't been terminated.
GM has admitted that it knew about the faulty switches for more than a decade before recalling the cars. The ignition switches can fall out of the "run" position, causing the engines to stall. It took years for GM engineers to connect the switch problem to the failure of front air bags to deploy in certain crashes.
GM recalled 2.6 million small cars beginning in February.
Mohegan Sun dealer charged with overpaying blackjack player $78,000
New London veterans' clinic, the state's busiest, needs more room when its lease is up in 2016
Proposal for truck stop in Rhode Island would compete with North Stonington stop
Gales Ferry man inducted into Connecticut Veterans Hall of Fame
Bono, Clooney, Kardashian part of all-star campaign for AIDS
Norwich Public Works director says moving Sherman Street bridge would solve problems
Veteran unemployment rates in northeast have improved in recent years
Draw from basket breaks tie in New London school board election
Police say Meriden man tortured, waterboarded his girlfriend


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Corvallis 104.3 FM • Hood River 91.9 FM • Portland 90.7 FM
Air Cascadia is off today. Flashpoints: Investigative News Magazine with Dennis Bernstein starts at 10AM today only.
Hosts Celeste Carey and Cecil Prescod speak with labor organizer, writer and radical theorist John Cronan Jr. He will be speaking at Laughing Horse Books on Thursday, November 11th at 6PM with activist and student orgainzer Casey Asprooth-Jackson.
John Cronan is a restaurant worker of 11 years and an organizer and writer who lives in New York City where he has been involved in labor, student, and environmental organizing. He is currently an organizer for the Restaurant Opportunities Center of New York. He is a regular contributor to Znet and he has written and spoken extensively on issues concerning class, economic democracy, environmental justice, radical political theory, movement strategy and more.
Hosted by Lisa Loving.
Today's guest is Whistleblower, Jesselyn Radack, from the Government Accountability Project, in to talk about Blowing Whistles on Corruption and Corporate Control of our Government.
First up, Marie Lo gives some context for analyzing images of APAs on mainstream popular media. For more information on some of the resources and items mentioned check out the links below:
Asian American Justice Center's TV Diversity Report Card
Media Action Network for Asian Americans - Dedicating to monitoring the media and advocating balanced, sensitive, and positive coverage and portrayals of Asian Americans.
More on the recent racist anti-Chinese political ad that ran for during this past election season (these blogs are also generally great resources for examining APA media representation:
Bill comments on the accusations that Democrats went too far left in the last two years, and suggests that a major component of their losses in the last election was a looming threat by businesses to set up shop elsewhere. We are told to lay of the Democrats for not committing political suicide, but to also realize that for that reason we cannot look to them as agents of real change.
Bill talks about building a progressive movement with John Cronan of Organization for a Free Society. Their website details a manifesto and points of unity among diverse groups.
Today's Old Mole, hosted by Bill Resnick, is almost all about the elections. It features interviews about election psychology, organizing for a free society, and how competition ties the hands of progressive city politics. We also hear two commentaries about the elections.
Throughout November, Ani and Lyn will celebrate resistance to our current culture of corporate rule and dominator mentality.
Hosted by Abe Proctor and Joe Uris
The story of the 2010 midterms -- depending on your perspective -- is one of opportunity lost. President Obama and the Democrats were swept into office in 2008 on a wave of populist optimism, with all their stars aligned. The country seemed poised for a neo-Rooseveltian turnover, a new New Deal.
The story of the 2010 midterms -- depending on your perspective -- is one of opportunity lost. President Obama and the Democrats were swept into office in 2008 on a wave of populist optimism, with all their stars aligned. The country seemed poised for a neo-Rooseveltian turnover, a new New Deal.
Reality, of course, turned out to be different. Two years later, the GOP has taken control of the House. Abe and Joe look over the wreckage of Election Day, both local and national, and try to plot a path forward for progressives.
Latest newsletter: September 2015
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The next regular monthly Board meeting will be Monday, November 23rd (the fourth Monday) at 6 pm at KBOO - 20 SE 8th Ave. Portland, and is open to the public
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Fine Arts Links
Music 2015-2016
Private Music Lessons
1 - 4 terms, non-solid, ½ credit
Culver students may take private music lessons in piano, organ, voice, band and orchestra instruments, and carillon. This is an opportunity for those who wish to seriously explore their musical studies, or for those who just want to try something new. Private lessons are usually given once per week, and students are expected to practice a minimum of 30 minutes per day. Adjunct teachers will help with the lesson times if demand exceeds the available time of current teachers. A fee is charged for lessons, but musicians who contribute to the school by being enrolled in choir, band, or orchestra may be eligible for a fee reduction. As well, students may be eligible for a reduction based on the amount of financial assistance they receive. Private lessons are scheduled for 45 minutes, one day a week.
Ragtime to Rap - A History of American Popular Music
2 term, non-solid, 1/2 credit, A
Ragtime to Rap looks at the social, cultural and political history of America through a musical timeline. We actively listen to music, view films, research, and interact with visiting artists, as well as host panel discussions with adults from the community. Course objectives include understanding and demonstrating in writing, speech, and projects a knowledge of various elements of music, such as instrumentation, vocal styles, melody, rhythm, timbre, form, and texture. Students will also be asked to explore in depth, via course projects, the function of music in the history of America in terms of its cultural, political, social, and economic significance. Country musics, Hip Hop, Folk Revival, Jazz, Blues, Rock are examples of genre covered in greater depth. This course meets 2 days a week.
History of Rock and Roll
1 term, non-solid, 1/4 credit
The goals and objectives of this course are to take an in-depth look at special topics in music, to provide musical experiences through a variety of media, including live artists, introduce students to the vocabulary and language necesary to discuss with a basic degree of music literacy, performances, performers and their technique, as well as relate it meaningfully to a larger context. This course will take an in-depth look at the musical development of Rockand Roll from the early 1950's to the late 1960's. Ultimately, students will be able to formulate intelligent, literate critiques within the topic, and express those to themselves and others via writing and speaking. This course meets 2 days a week.
Beginning Music Theory & Composition
2 terms, non-solid, 1/2 credit
Music Theory investigates the craft of musical composition found in the "Common Practice Period" of Western music (1600-1900), and students develop a basic understanding of musical skills. Extensive use of MIDI and music notation by computer form a basis for class activities, which include sight singing, ear training, music writing and music analysis.
1 term, 2 days/week, non-solid, 1/4 credit
Music speaks to the world as no other art does. The power of words combined with music ranges from literally changing history to just having a good time. If you dream of writing that hit song or you just want to set your ideas to music, you can benefit from a plethora of tools available today. Of course, your experience is your greatest asset, and there is also all that stuff you should have been learning, had you been paying attention. This is course is an overview of how to seize your inner Moniot d'Arras or Schubert or Mayer or Kanye, or. . . or . . .or. . .
Music History
2 terms, non-solid, ½ credit, B
Music History surveys Western music against the background of the social, economic, political, cultural, and philosophical developments of the last 2,500 years. The class examines significant composers, their compositions, and musical styles. This course meets 2 days a week.
Advanced Placement Music Theory
3 terms, solid, 1.5 credits
This course is a continuance of the Music Theory class. Much of the same material, such as scales, intervals, melody, and harmony will be covered. Only basic concepts of each skill are taught in Music Theory, while a deeper application of each concept is covered in AP Music Theory.
Concert Band
4 terms, non-solid, 1 credit, B
Concert Band is open to any CGA or CMA musician who plays a traditional n\band instrument. The Concert Band maintains a busy performance schedule and plays a wide variety of symphonic band and wind ensemble repertoire. Musicians in the Concert Band also perform in chamber ensembles and combine with the wind players and section when the literature calls for a full orchestra.
Percussion Ensemble
4 terms, non-solid, 1 credit, B
Percussion Ensemble is open to any CMA or CGA percussionist. Members of the Percussion Ensemble serve as the percussion section of the Concert Band, Orchestra and choir when it is appropriate, as well as in various chamber ensembles. Most of the members of the Corps of Drums are members and often use the opportunity to develop skills and prepare for C.O.D. performances. Percussion Ensemble meets Monday, Wednesday and Thursday.
Field Music
4 terms, non-solid, 1 credit, B
Field Music is open to all members of the CMA Band Company. The ensemble explores the music and logistics required by the Regimental Band of the Corps of Cadets and offers bandsmen the opportunity to focus on that portion of the music program in total. The class meets on Tuesday and Friday only, with the Wednesday drill period taking the place class on that day.
4 terms, non-solid, 1 credit, A
Choir invites all students to improve their personal vocal skills, sing as a member of an ensemble, and experience all genres of music. Music skills, sight singing, and vocal and performance techniques are developed in choir. The curriculum provides students the opportunity to collaborate with visiting and area choirs, work with distinguished guest artists, and sing in various performances on and off campus. This course meets 3 days a week.
String Orchestra
4 terms, non-solid, 1 credit, A
The string orchestra is open to all CMA and CGA musicians who play violin, viola, cello and string bass. The orchestra maintains a busy performance schedule and performs on and off campus several times a year. The members also perform in chamber ensembles and combine with the string orchestra when the literature calls for a full orchestra with winds..


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Does Detroit get a bad rap? First-time filmmaker Anthony Brogdon thinks so, and wants to set the record straight. His upcoming documentary, "The Great Detroit," takes a panoramic look at the city's history, scenery and people with the explicit intent of emphasizing the positive.
Fireworks, Henry Ford, puppets, Midtown's Noel Night, hydroplanes and a century-old hat shop are just a few of the topics that Brogdon explores in his 90-minute film. The project, which features dozens of interviews, has been in production for over a year and should be complete by early autumn.
The Huffington Post reached out to Brogdon to find out why a business man with a background importing promotional merchandise undertook a quest to shed some sunlight on the Motor City.
Detroit's been a popular subject for documentaries lately. Some of them focus on the city's urban gardening movement and art scene, others on its economic decline. What makes yours unique?
"The Great Detroit" examines Detroit in broad terms and not just one specific industry. It's 100% positive. We cover the business, social services, religious, education, medical, arts, recreation, technology and more. We highlighted some of Detroit's nationally known annual events. We have footage of Detroit's downtown, midtown, business districts, parks, neighborhoods, and riverfront. We cited many little known facts, important historical moments, and offer many inspiring comments by Detroiters. It's like a 90 minute commercial.
Why do you think there's a so much of a negative media focus on Detroit?
Some of the negative media focus is warranted because Detroit has declined from its status as the country's fifth-largest city, which is probably the largest drop in population of all urban cities in the country. It's not the manufacturing powerhouse it once was with so much U.S. owned manufacturing being done internationally, and our city has lost a large diverse cultural community. Plus, Detroit does have a high crime rate. Detroit is majority African-American which, in the minds of media people, deems it a candidate for such negative attention.
Some people say that Detroit's image has changed over the last few years into something of a sympathetic scrappy underdog. Chrysler's "Imported From Detroit" ads would be one example of this. I've also spoken with an entrepreneur who said one of the reasons he's opening a bicycle factory in the city is because Detroit has brand appeal. What are your thoughts on this?
I would agree that the country knows that the media has beaten up on Detroit for a long time, which has given our city the underdog perspective; however, at the same time people who really know Detroit know that Detroit isn't as bad as the media portrays, that Detroit is still recognized as a major city, that Detroit is home to the automobile industry, Motown music, Kronk boxing, electronic music and partner to our international neighbor Canada. People were happy to see the Chrysler commercials which exclaimed a pride about Detroit to the world.
What's your relationship with the city of Detroit?
I am a native Detroiter, graduate of its Detroit Public School system and a resident for all but 5 years of my life when I lived in Atlanta.
What did you discover about the city while making the film?
I discovered that Detroit has a rich history and that it's internationally recognized. Detroit's rich history includes being a major player in the war for United States independence, for being at the forefront for mass production, in professional sports having the original franchise that make up the National Football League, National Hockey Association and Major League Baseball, for in the arts being considered the birthplace for puppet theater, for being the birthplace for Kiwanis International and more. Understandably, Detroit is known for being the automobile capital and for Motown but, on an international level, Detroit is known for being the birthplace for electronic music and is recognized for hosting hydroplane boat and speed car racing among other things.
Who were the most intriguing interview subjects you spoke with and why?
In "The Great Detroit" we interview over 40 people and each have an intriguing story; however, I found many little known facts.. In the interview with a former commodore of the Detroit Yacht Club, that the land the club sits on is man-made; or in the interview with the owner of Henry the Hatter, how his business has survived over 100 years; or in the interview with the founder of Mosaic Youth Group, how talented many Detroit kids are and their quest for perfection. Or in the interview with a Belle Isle historian, how the island is the only urban recreational island in the country, and how the U.S. army forces conducted training exercises on the beach front.
While your movie clearly strives to accentuate the positives about Detroit, the city is certainly facing its share of difficulties right now. Are there thoughts about the city's economic and political woes that you'd like to share?
My documentary in 100% positive. So even though we shot footage of many of Detroit neighborhoods, we don't show images of the blight or, when interviewing the director of a soup kitchen, we didn't film while they were feeding those in need nor do we comment on the political missteps that have happened recently. My personal view about the woes you mention is that its unfortunate, that economically the city has had many setbacks mainly due to the automobile industry decline and the influx of foreign products and the political woes were by people who initially had the best intentions.
Tell us about strongdetroit.net.
Strongdetroit.net is a website that will become an online magazine to report only positive news stories, be a sounding board for dialogue on various topics about Detroit, and the retail arm for Strong Detroit merchandise.
Your biography says you have a background in business and writing. How did you get into filmmaking?
I am new to filmmaking and "The Great Detroit" is my first attempt. The thought to do this documentary has two angles. One, I want to become a big independent filmmaker, and my first feature length will be a film titled "Foot Soldiers", a script I adapted from a play that I wrote and staged on several occasions. I already have written two other screenplays. Secondly, I thought that to get experience in filmmaking, a documentary would be a great place to start. I have been working on this film for over 14 months.
What sort of obstacles did you run into as a first time filmmaker?
I really didn't run into any obstacles doing this film. The State of Michigan has a website that lists people who work in every capacity needed to make a film; this gave me a list of contacts, Plus, there's a yahoo Michigan-based group specific to the film industry where I asked questions. If I would say that I have had any obstacles, it would be in raising money. I have personally financed the film to this point, and I now have a fundraising campaign on Indiegogo.com/TheGreatDetroit.
Who helped you make the film?
Every person I have interviewed has helped me make this film for they believed enough to take the time to sit in front of the camera. My cameraman, Hugh Hatten, has been my biggest helper. He believed enough to make a deal on his fees enabling me to afford his services. My production crew is just the two of us. I direct and hold the boom mic, and he films.
When will you be finished with the film?
I have interviewed roughly 26 of the expected 40 people on my list, plus I have shot much of the supplemental footage and have edited as I go. I expect to finish the film within the next 45 days.
Where will people be able to see it?
There will be many opportunities for people to see my film, I hope to have a huge premier hopefully held at the Detroit Institute of Arts, it will be a red carpet, spotlight, fundraiser for some nonprofits. Then a weekend of showings at a local theater, screenings in local, national, and international film festivals. I'll have DVDs distributed through various gift and convenience shops throughout the metro Detroit area, and finally there will be some YouTube shorts on my channel Strong Detroit.
Anything else people should know about the movie?
This film is going to show the world another side of Detroit and I guarantee it will make Detroiters proud.
The 27-minute documentary "Brewster Douglass, You're My Brother," premiered in May 2012. In it, filmmaker Oren Goldenberg and journalist Paul Abowd delve into the history of the shuttered Brewster-Douglass housing projects in Detroit and their current status. Built in 1935, the Brewster Homes housing development built for African Americans.
"Street Fighting Man" is scheduled to be released in fall of 2012. In June, filmmakers raised more than $20,000 with a Kickstarter campaign for post-production costs. The documentary follows three men in three generations trying to change their lives and communities.
The documentary "Deforce: America's Past. America's Future. Detroit's Present," by native metro Detroiters Andrew Rodney and Daniel Falconer, premiered in March 2012. The film looks at how the city's political history has affected its current state.
In "After the Factory," which premiered in February 2012, director Philip Lauri examined the similar challenges facing Detroit and the post-industrial city of Lodz, Poland, and how residents are dealing with them.
The film "BURN: One Year on the Front Lines of the Battle to Save Detroit" showed at the Tribeca Film Festival in April 2012. Directors Tom Putnam and Brenna Sanchez documented the work of firefighters on Detroit's east side and tell a story of the city in the process.
In "Lemonade: Detroit," Boston filmmaker Erik Proulx tells the personal stories of Detroiters. The film is in production, and Proulx is crowdsourcing financing by selling producer credits for $1 a frame.
In "Detropia," directors Heidi Ewing and Rachel Grady (of Oscar-winning "Jesus Camp") document Detroit's "rise and fall (and rise again?)."The film premiered at Sundance Film Festival in January 2012, and the filmmakers decided to release it themselves, raising more than $70,000 with a Kickstarter campaign.
In "Detroit Threat Management," filmmaker Jacob Hurwitz-Goodman follows the private security company. The film is in production and is planned for a fall 2012 release.
"Urban Roots," a 2011 documentary directed by Mark MacInnis, documents urban farming in the city.
French filmmaker Florent Tillon's "Detroit Wild City" premiered in 2010.
"Detroit Lives," released in 2010 by Palladium Boots, highlights positive things in Detroit, as well as Johnny Knoxville.
Norwegian documentary filmmakers Mascha and Manfred Poppenk made "Grown in Detroit" about urban gardening at Catherine Ferguson Academy.
In "Searching for Sugar Man," Swedish director Malik Bendjelloul examines the epic search of two South Africans to track down Sixto Rodriguez, an elusive musician who has become a legendary figure in their country while living a life of humble obscurity in Detroit. Ironically, the film has helped the singer gain increased exposure and artistic recognition in the United States.


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The World's Largest Store of luxury candles. Celebrating 12 Years in Business!
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Rosy Rings Spicy Apple Candle is the fragrance of an apple pie cooling on a windowsill, a crisp apple freshly picked from a fall orchard, a warm mug of spicy apple cider. It's an all-American favorite, and hands down Rosy Ring's best-seller. Fresh, juicy and crisp Macintosh apple mingles with a spicy blend of cardamom seed, ground nutmeg, fresh cinnamon and clove bud. Sweet tonka bean, vanilla extract and forest balsam softly chime in, but the stars in this scent are apple and cinnamon.
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Browsing by Author "Culioli, G."
Now showing items 1-1 of 1
Parazoanthines A-E: Hydantoin Alkaloids from the Mediterranean Sea Anemone Parazoanthus axinellae Cachet, N.; Genta-Jouve, G.; Regalado, E.L.; Mokrini, R.; Amade, P.; Culioli, G.; Thomas, O.P. (2009)Five new hydantoin alkaloids, named parazoanthines A-E (1-5), were isolated as the major constituents of the Mediterranean sea anemone Parazoanthus axinellae. Their structural elucidation was achieved through NMR ...


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Today our Homepage has gone online! Many thanks to Michael who designed this great Page! Hope to see you at http://www.shadow-cms.de
Hi folks, we are currently changing our plans.
First the Shadow CMS shoud only be a pure Linux Daemon. Now the Shadow CMS will be able to run also under Windows 9x/NT/2000/XP systems.
Thanks to the ability of the CLX Library form Delphi/Kylix we are now able to Develop a single Server wich can be compiled on both Systems.
First of all our goal is moved to Windows ... The early Alpha versions will only availible on Windows.
Nevermind, if you want to test this Alpha versions, just install Kylix Open Source edititon and compile it under Linux ... This should be no problem ....... read more


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Remote controls take a lot of abuse from sticky fingers and other contaminates; cleaning and keeping them clean can improve their operation. This is a guide about cleaning a remote control.
Read and rate the best solutions below by giving them a "thumbs up".
I've always used alcohol and Q-tips to clean the remote. It's worked for me.
By Kathie622 from Nanticoke, PA
If you have kids, you can prevent gooey and dirty hands from gumming up your remote control by placing it in a ziplock bag. They can still see the controls but can't gum up the buttons.
I've noticed people mentioning grease from hands entering their remote control. No cleaning of remote controls, if you wrap remote in Saran Wrap. The wrapped remote works perfectly well. Replace the wrap when changing batteries.
By George from Portarlington, Victoria, Australia
Give a "thumbs up" to the solution that worked the best! Do you have a better solution? Click here to share it!
Here are questions related to Cleaning a Remote Control.
I have an old remote that is made of a rubber type material. It is sticky. Tried using rubbing alcohol on it, but not any better. Any suggestions?
By Robert S.
AnswerWas this interesting? Yes No
Alcohol is a great cleaner for sticky things like this. I have used it to clean remotes in the past. If you are using rubbing alcohol, it is most likely 70% alcohol. Get the 91% isopropyl alcohol and try that.
I have found in my area that the supermarkets no longer carry it, they only have rubbing alcohol. So I have to go to a pharmacy store to buy the isopropyl alcohol.
Having a lower alcohol content is also means having less water in the solution. This makes isopropyl alcohol much safer to use on electronic devices such as TV remotes.
How do I fix my TV remote? Some buttons work and some don't. Are there contacts in it that can be cleaned?
By Gene from IN
AnswerWas this interesting? Yes No
By Louise B. 6 2,532 03/01/2011
I have seen a friend clean my remote, with just water. He opened it up, rinsed it out, dried it off, then had to dry it three time, and then it worked like a charm. And has done so for 3 years now. However, I don't know if I would try it myself. I suppose you have nothing to lose.
Thrifty Fun has been around so long that many of our pages have been reset several times. Archives are older versions of the page and the comments that were provided then.
My TV Remote has some buttons that don't work anymore. I took it apart and cleaned the contacts, but certain buttons barely work, the ones used most often.
Does anyone know how to get those button contacts, on the underside, to make good contact again with the PC board inside the remote?
DoctorBill from Spokane, WA
By me
By Remote Control
By Carol in PA
By Ben
By Harold
By Cynthia M.


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Austrian Anna Fenninger claimed Olympic gold in a drama-packed women's super-G on Saturday that saw 12 of the top 30 racers fail to finish the demanding course.
After only three of the starting 10 racers had made it down the 2.2km-long Rosa Khutor course, Fenninger, starting with bib number 18, showed her giant slalom skills to clock 1min 25.52sec for victory.
Germany's Maria Hoefl-Riesch won silver at 0.55sec to go with the gold she won in Monday's super-combined, while combined silver medallist Nicole Hosp of Austria took bronze, a further 0.11sec adrift.
Hoefl-Riesch was left kicking herself after taking the lead on the third split and looking set for another gold.
But she went wide as she flew over the final bump and could not re-find her rhythm in time through the swinging series of gates to the finish area.
"Our coaches told us we had to change a little on the final lip but I hit it too quick and couldn't modify my trajectory," lamented the 29-year-old German.
In brilliant sunshine and balmy temperatures, a capacity 7,500-strong crowd in Rosa Khutor were left gasping and coaches with heads in hands as their charges failed to master the course set by Austrian coach Florian Winkler.
"I have to give praise to the coach who set the course because you have to be so tactical. I can't describe my emotions, I am really stunned. I didn't think it was going so well while I was going down," said Fenninger, 24.
"I was very good up top, not so good at the bottom but in the middle section there was still the possibility to go looking to go faster, as Maria showed."
Hoefl-Riesch added: "I didn't think I was so quick and that I was in the lead through the middle.
"After that mistake at the bottom, I still find it hard to believe that I'm second. The surprise was even greater than in the combined."
- Tough course claims multiple victims -
After American Leanne Smith registered the first time, starting second, the next six racers span out of control in a rarely seen alpine skiing spectacle.
Swiss Dominique Gisin, who shared gold with Slovenia's Tina Maze in Monday's downhill, was one of the skiers to crash out, failing to safely negotiate a sharp left of the flying final lip with the line in sight.
Maze finished fifth (+0.76sec), just behind downhill bronze medallist Lara Gut of Switzerland in fourth. Injured in-form Liechtensteiner Tina Weirather, who trains alongside Gut with the Swiss team, was a late withdrawal.
The super-G, or "super giant slalom", combines elements of the downhill and the giant slalom, and is decided over one race.
Crucially, unlike the downhill, skiers do not have the chance of a pre-race training run for super-G, but only a one-hour visual inspection on the morning of the race.
"I think we all underestimated the track after inspection and thought there would be fewer problems. It's more difficult with the soft snow," said Swiss racer Fabienne Suter, who finished seventh at 1.37sec.
"I saw the first and second starters on the TV. I had a strange feeling before going down the track."
Italian Daniela Merighetti failed to finish the course and agreed with Suter, saying: "It's hard to stay on the track. It's so steep and very curvy -- it's not an easy course.
"Maybe the Austrians have an advantage because the setter is their coach. I am not saying that it is going to be easy for them, but easier.
"I am disappointed because these are the Olympics and all it matters is to finish in the top three."


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Got To:: World Images - Guatemala Images by Departaments - Images Departament Quiche - City
Enjoy the best photos of Chichicastenango , his landscapes, monuments, men, women and girls. Visit other towns and cities province,
region or state Quiche . See zip code, number of inhabitants, coordinates, restaurants and hotels
Join Chichicastenango group G+ 1, Please Share in facebook, twitter and Gogle +
These are photos taken by their neighbors and tourists, In the vicinity of the following coordinates, latitude and longitude 14.93333,-91.11667 and in order of the most visited. It is therefore possible that no images of what you are looking for is displayed. On this same page you can access the google map of Chichicastenango and Street View Google
|Photos of the city and surroundings of the town of
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CABE walks Saint James' Park
[LFA RECOMMENDED] Inn the Park, St James' Park finishing near Horseguards Road, 30 June, 18:00 - 19:00, free
CABE Chief executive Richard Simmons guides the public through the diverse park, from the royal palaces and memorials to the community allotments. The oldest of the royal parks, points of interest will include the evolution of landscape and the buildings surrounding the park.
Groups are limited to 15 people per walk, email Sarah Porter on firstname.lastname@example.com to book a place with your contact number.
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The Top 10 In Action Sports
01Kenton Cool And The Legend Of Everest
02The Martyn Ashton Interview: Meet the Man Who Got Back on the Bike
03Legends Behind the Lens: The Dan Milner Interview
04We Asked Surf Star Coco Ho For Her Step-by-Step Guide to the Basics
05The Tony Hawk Interview: How Is The Birdman Still Flying High After All These Years?
06We Toured Britain's Action Sports Hotspots With The New Ford S-MAX
07The Legend Of El Dorado: One Man's Obsession With Finding A City Made Of Gold
08I Am Legend: How Audiences – Real Or GoPro'ed – Can Affect Your Mind And Performance
09Watch A Freerunning King Defy The Laws Of Gravity In This Urban Assault On London
10Living On The Blood and Urine of Dead Sea Turtles: The Shocking Story of A Sailor Stuck in Hell
Deeper Than Snow: Webisode #1
A Snowboarding video by thewhitelinecrew - 2,965 views
It's the start of the season and 30 year old Canadian snowboarder Jake Cornish has entered his first contest since his early 20's. Having his hands full with a wife and 2 children, Jake has only ridden once this season, so he's feeling rusty and under practiced for Thyon's 10th Annual DC Jib Night (in the 4 Vallées area of Switzerland). But his mind prevents his body giving in, and his his determination books an unexpected appearance in the Final. For bigger shots and to find out how Jake did, stay tuned for the Full Movie due for release late 2013. Thanks to our Sponsors, Home School for the outerwear, 4 for the board, Contour for the action cameras, London Camera Exchange for the tripods and Visuals CH for the slow mo camera and other technical treats. Director: Ismar Badzic Producer: Nicolas Zen-Ruffinen Camera: George Simpson Music: Dominic Sewell www.thewhitelinemovie.com


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Music: Sweet
aka: The Sweet
- "And the man at the back said
Everyone attack and it turned into a ballroom blitz
And the girl in the corner said
Boy, I wanna warn ya, it'll turn into a ballroom blitz"—Sweet, "Ballroom Blitz"
"I'm reaching out for something, troping nothing's all I ever do":
- Ballroom Blitz: The Trope Namer.
- Bi the Way: "AC/DC" is about the narrator's bisexual girlfriend, who has "some other woman as well as me."
- Big Applesauce: "New York Connection"
- Crossed with Dance Sensation: "Big Apple Waltz"
- California: "California Nights," "Santa Monica Sunshine"
- Cover Version: The Who's "My Generation"
- Glam Rock: Along with Slade, they're one of the codifiers of the heavier style of glam rock, which was a major influence on subsequent Hair Metal groups.
- Glass-Shattering Sound: One of their trademarks was all four members singing remarkably high harmonies.
- Heroic RROD: In the mid-1970s, Brian Connolly got into a fight and sustained injuries to his throat. While his voice did recover, he was never quite able to sing with the same strength or purity again.
- Live Album: Strung Up, Live in Denmark 1976, Live at the Rainbow 1973.
- The Man Behind the Man: Mike Chapman and Nicky Chinn. They subsequently fulfilled a similar role for groups like Mud, Smokie, Racey and Suzi Quatro.
- New-Age Retro Hippie: "Sixties Man"
- Rock Star Song: "Nouveau Rockstar"
- Spell My Name with a "The": According to their page on The Other Wiki, their name is simply "Sweet", but even official releases sometimes call them "The Sweet".
- Tipis And Totem Poles: "Wig Wam Bam"
- Trope Maker: For Hair Metal. Most of the popular hair bands cited their melodicism and vocal harmonies as an influence on their own music, including Poison, Guns N' Roses and especially Def Leppard.
- White-Dwarf Starlet: "Dorian Gray"


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I have not used it myself, a friend of mine told me about it, but I do not know which one she uses.
I can ask her, but it will be tomorrow, she goes to bed really early.
If you want to peek at some yourself in the mean time, here are some links I pulled up real quick.....
Shape Collage - Automatic Photo Collage Maker
Picture Collage Maker - Digital Photo Collage Software - Download Free
Free Picture Collage Maker
Picture Collage Maker Free - Free software downloads and software reviews - CNET Download.com


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I'm trying to use the shortcode to show products in certain categories but no matter what I try it either shows all categories or none at all.
I have 11 product categories and only want to pull in products from 10 categories on a page. Does the shortcode allow me to do this and if so how?
I also don't want it to show the title of the product category but the actual products that sit within it.
Any help would be greatly appreciated.


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Sorry to infiltrate your board but I was hoping someone could offer some tips. We've been looking for an amateur photographer and are kind of coming up short. Do you guys find clients mainly through word of mouth or Craigslist or is there some website I don't know about? I'm in Chicago so you'd think we'd have tons of options but nada.
We found our wedding photographer through an auction and she was great! She was still building her portfolio and shot our wedding for $600 and portfolio rights. We were hoping to do the same thing with our newborn baby due in December but can't seem to figure it out. How do you find someone willing to shoot a baby for cheap to build their portfolio? We're not really picky or fussy about this kind of thing so paying a professional upwards of $1000 isn't feasible. But we also take terrible pictures and have a crappy camera so we know we need to find someone.
Thanks for any advice :)


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Sports Photos
Jordan Spieth and his counterparts: The best Dallas-area athletes under the age of 25
Photo: Tom Fox/Staff Photographer
Mauro Diaz / FC Dallas / Age: 23 / Note: Diaz joined FC Dallas in 2013, scoring three goals in 10 games. This season he has become a regular starter for the club and one of their primary play-making threats.
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Costume Information
|Clover's a real cutie, and has a pretty nice design, so why not? [Plus there's no way in hell I'm wearing her VLR outfit...]
And who can turn down wearing fluffy earmuffs?
Would love to see this!
Oh, I did actually see you at expo - got a few photos of you in this album: https://www.facebook.com/photo.php?fbid=10153385018725261&set=a.10153385...


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more videos...
This garlic-infused and fibre-rich khichdi is ideal for diabetics. Enjoy it accompanied with low-fat curds.
Recipe Description for Oats Khichdi
Preparation Time: 5 minsCooking Time: 14 mins
Makes 2 servings
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Shahjahani Khichdi Video by Tarla Dalal
Whole Wheat and Vegetable Khichdi Video by Tarla Dalal's Team
Vitamin Khichdi (Protein, Iron and Calcium Rich) Video by Tarla Dalal's Team
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Bohri Khichdi Video by Tarla Dalal
Sprouts Khichdi (Baby and Toddler) Video by Tarla Dalal's Team
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Thank you everyone for your votes! We couldn't have made it this far without your support! But the fight is not over! Please head over to the voting site and vote for us again, so that we would make it into the top 5!
And i would like to thank my teammates for the awesome jobs they do.


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Krejcir case resumesComment on this story
Johannesburg -
Czech fugitive Radovan Krejcir and his three co-accused will appear in the Palm Ridge Regional Court on Friday on charges of kidnapping, assault and attempted murder.
Krejcir will appear alongside Sandton businessman Desai Luphondo, and two members of the Hawks - warrant officers Samuel Modise Maropeng and George Jeff Nthoroane. They were arrested in November.
In June, they allegedly kidnapped and assaulted a man whose brother, known only as "Doctor", disappeared with a 25kg shipment of tik he had been recruited to help smuggle through OR Tambo International Airport
They are accused of keeping the man at Krejcir's Money Point business in Bedfordview, Johannesburg, for four days, and assaulting him.
On January 10, the Johannesburg High Court denied Krejcir leave to appeal the dismissal of his application for bail by the Palm Ridge Regional Court on December 13. - Sapa
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text: During a fire, the trunks of some dry oak trees (k = 0.17 W/m · °C and α = 1.28 × 10-7m2/s) that are initially at a uniform temperature of 30°C are exposed to hot gases at 520°C for a period of 5 h, with a heat transfer coefficient of 65 W/m2 · °C on the surface. The ignition temperature of the trees is. 410°C. Treating the trunks of the trees as long cylindrical rods of diameter 20 cm, determine if these dry trees will ignite as the fire sweeps through them.


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Mortal Kombat: Defenders of the Realm: Season 1, Episode 12
Abandoned (7 Dec. 1996)
Ratings: 6.3/10 from 22 users
Reviews: write review
Jax's moral has become low, so he quits the team. Ermac and his forces use this chance to kidnap him, but the rest of the Earth defenders stage a rescue attempt.
Stars:Clancy Brown, Olivia d'Abo, Dorian Harewood | See full cast and crew »


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A Canadian public inquiry concluded Thursday that authorities should have known an Air India flight in 1985 was a likely terrorist target.
TORONTO — A Canadian public inquiry concluded Thursday that authorities should have known an Air India flight in 1985 was a likely terrorist target.
The bombing of Air India Flight 182 killed 329 people in one of the world's deadliest terrorist strikes. It is the largest case of mass murder in Canadian history.
Former Supreme Court Justice John Major said Thursday a cascading series of errors contributed to the failure of Canada's police and security forces to prevent the bombing.
"The level of error, incompetence, and inattention which took place before the flight was sadly mirrored in many ways for many years, in how authorities, governments, and institutions dealt with the aftermath of the murder of so many innocents," Major said in a five-volume report.
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The Air India flight from Montreal to London, originating in Vancouver, exploded and crashed off Ireland on June 23, 1985.
An hour earlier, a bomb in baggage intended for another Air India flight exploded in the Tokyo airport, killing two baggage handlers.
The attacks were blamed on Sikh militants based in British Columbia who, prosecutors said, sought revenge for a deadly 1984 raid by Indian forces on the Golden Temple in Amritsar, the holiest site of their religion. About 800 Sikhs, including militants taking refuge in the temple, died.
Before the bombings, Canadian intelligence officials had apparently learned of the plot by Sikh separatists in Canada and India to launch a terrorist attack.
"There were individuals in the Sikh community who claimed to have knowledge about the bombing and its perpetrators," Major said.
The agencies failed "to offer adequate protection to those individuals," he added. "Instead they engaged in turf wars."
Inderit Singh Reyat, who was convicted of manslaughter in the bombings, remains the only suspect convicted of a role in the attacks. Two other accused were brought to trial, but never convicted.
Testimony from current and former members of the Royal Canadian Mounted Police and the Canadian Security Intelligence Service painted a picture of strained relations between the two agencies in the 1980s, with key wiretap tapes erased, leads left to grow cold, investigators quitting in frustration and crucial witnesses reluctant to cooperate because they feared for their lives.
Air-transport experts told of security lapses by Air India and Canadian airport authorities and regulators.
Major said holes in the country's security systems still need to be fixed.
The inquiry did not have a mandate to identify the perpetrators of the crime; rather it was to determine what went wrong and what can be done to prevent a similar tragedy.
Major's report also recommended compensation for the families which, he said, were often treated as adversaries.


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November 28, 2015
PIGEON FORGE, Tenn. (WVLT) - Pigeon Forge hospitality leaders hit the golf course Tuesday for a good cause.
The hospitality association hosted its 17th annual golf tournament.
The money raised goes to The Boys & Girls Club, scholarship programs and helps support tourism.
"We're completely a non-profit organization. All the money we take in goes back to charitable things and to help our community, Pigeon Forge predominately," Johnny Hill with the association told Local 8 News.
This is the largest fundraiser that the Pigeon Forge Hospitality Association does all year.
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Watch live runoff election results as they come in.
The South Atlantic Fisheries Management Council, the federal agency in charge of managing fisheries from North Carolina to Florida, is expected to vote this week on a red snapper management plan that could call for a ban on both commercial and recreational harvesting....
I was recently asked what the St. Patrick's Day Parade Committee expects of the person they select each year as grand marshal of their annual parade.
I can only speak for myself, having been selected grand marshal in 2007 - the finest honor I have ever received or will ever receive.
Coastal fishing action continues at a slow pace. Boating traffic is at a minimum, and most of the recent catches have involved sheepshead, both offshore and inshore, red drum in the inshore shallows, and stripers on the Savannah and Back Rivers....
Fishing action continues at a slow pace along the coastal region as cold temperatures keep many anglers close to the home fires....
The winter slow season for boating and fishing may be here, but boat shows, fishing seminars, fishing tournaments and more are on calendars for things to do and places to go....
Coastal fishing action continues at a slow pace, with recent cold fronts, wind, water temperature and the current run of spring tides much of the cause....
Several people have asked me why, if I have retired and "gone to pasture" as I had said in a late December column, am I still writing for the Savannah Morning News on a regular basis....
Freezing temperatures, wind and rain have slowed the coastal fishing action, with little activity reported anywhere along the coast....
I wrote about this a trip a couple of years ago - about a small river in Alaska where the brown bear were almost as plentiful as the salmon that were making their annual spawning run....
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Awesome: Ultimate Book Of Spells
Inexact title. See the list below. We don't have an article named Awesome/UltimateBookOfSpells, exactly. We do have:
- Fridge/Ultimate Book Of Spells
- Main/Ultimate Book Of Spells
- WesternAnimation/Ultimate Book Of Spells
- YMMV/Ultimate Book Of Spells
If you meant one of those, just click and go. If you want to start a Awesome/UltimateBookOfSpells page, just click the edit button above. Be careful, though, the only things that go in the Main namespace are tropes. Don't put in redirects for shows, books, etc.. Use the right namespace for those.