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Prospect Capital's NAV, Dividend, And Valuation Compared To Several BDC Peers (Post Calendar Q2 2015 Earnings) - Part 1 [View article]
I , however, hold a contrary view as a former holder of PSEC stock and it has little to do with the metrics you presented so well but rather everything to do with the management of the company.
It was not just the seemingly constant stream of secondary offerings that diluted the common share price, I lost faith in their trustworthiness and management capability when looking at one of their so-called " Green Energy " investments a few years ago in Maine. PSEC lost a few million dollars on this " Green Energy" as reported in their annual report ...not so bad in the age of Solyndra and other failed Green projects ...but...then I took a look at the specifics ...Google revealed that this was a "Firewood" company with a horrible reputation ...a firewood company that didn't own the trees it was harvesting ...How could that have possibly got by their due diligence ? their crack management team ? ...I concluded they didn't do much due diligence or research ...they just wanted to book a Green Energy project ...
Comparatively ..I had the opportunity to sit in with the MAIN management a few years ago and looked at their specific investment in Castro cheese in Houston ...they had the loan , a piece of the company and were first in line for any restructure if the company went out of business ...My assessment was that these guys at MAIN were the " Real McCoy " and knew exactly what they were doing ...they laughed when I suggested a Firewood company investment ...and then gave me five fast reasons they would NEVER consider it ( they didn't know that PSEC had done exactly that )
Subsequently I purchased a good chunk of their new offering ...at $12 per share.
The data presented in this article was superb ...but the intangible management expertise I saw at MAIN , each of them " knee deep" in shares of the company personally ...made me a true believer ...
Thanks ...Sep 8, 2015. 03:12 PM | 4 Likes |Link to Comment
A Close-Up Look At The Report That Had MannKind Investors Reeling [View article]
Their familiar tactic is to use their cache to the wealthy and political types as a door opener to various new customers ....and once inside the financials of the organization ...a surprising and sudden amount of " short interest " in the common stock typically appears ...slamming the common stock market price significantly. ( look at what they did to another small company - BPZ a few years ago )
One noted author has called GS a " vampire squid " sucking the life from their own customers / clients ...while of few select clients benefit greatly.
Does any of this sound even vaguely familiar to the MNKD situation in today's environment ??
In my opinion; Goldman Research, especially downgrades, are almost always dramatic events ....scheduled and designed to " shake-the-tree " and have many smaller investors quickly sell or dump their shares ....They are making their money by betting their own accounts and assets ...to the tune of 80% of their annual profits ...that places THEIR financial interests far, far in front of their clients and the investing public ....
Just a few years ago ( 2008 ); the mighty and well regarded Goldman Sachs did NOT have enough cash on hand to meet their month end payroll ...The Federal Reserve , made them a bank in one day ....a real bank , not just an investment bank, and loaned them $10 BILLION dollars to stay in business ....They had essentially BET their corporate asses on the mortgage market and CDOs ....with massive leverage ...they were literally and actually insolvent.
They issued Research reports ( sounding familiar ? ) calling for an immediate rebound in the mortgage market and those CDOs ....They were wildly inaccurate and wrong ...
Goldman Research - issued a BUY recommendation on Fannie Mae / Freddie Mac citing their implied government guarantee and AA+ rating ...both stocks subsequently collapsed in the ensuing months ....
They helped Greece out tremendously ...by bundling their future revenue from hospitals , roads and even the various Port authorities into a massive bond offering , whereby the local yokels in Athens would get some immediate cash from the bond creation , but then be stuck for decades with an impossible debt servicing on those same bonds ...which they sold to their unsuspecting retail clients and other brokerage houses ( anxious to market the super duper interest rate bonds backed by the revenue of a sovereign member of the EU )
These bonds are all but worthless ...
You seeing a trend here ? I literally laugh when I see a document chock-a-block full of charts and impressive graphs from Goldman Sachs ...like their MNKD Research downgrade ....The SA author of this article properly notes that the revenue projections seem odd ...suspicious even ...wondering where the supporting data is coming from ....
I don't ...I just ASSUME that GS is producing another document for the " yokels " or the little people ...They are a vested player in this game, not an independent or even a particularly honest broker for us to depend on their research advice.
Want more circumstantial evidence ? Jon Corzine served as the CEO of GS in the 1990's ...later as a US Senator and Governor of New Jersey. He took over MF Global in 2010 , a long term and quiet little company that had previously been hedging farm crops and commodities as their primary business ...In less than 24 months he bankrupted and closed the company ....by BETTING corporate assets and monies NOT the property of MF Global on super high risk investments.
This is a culture thing with Goldman ... They are NOTHING more than a particularly fancy hedge fund ...wearing the cloak of a banker ...thanks to the US Taxpayer , but needing to make outrageous profits to keep their principals and key clients happy ....Those impressive gains often come at the expense of others.
No ...I don't concern myself with Goldman Sachs Research , and neither should you.
Hope this proves helpful ...Thx
Mar 10, 2015. 01:43 AM | 17 Likes |Link to Comment
Assessing High-Income Covered Call CEFs [View article]
The questions about UNII and ROC have plagued funds like ETY for quite some time and seem to relate to the overall financial health of the fund. The accounting methodology / terminology can be confusing and misleading ...as several of the comments listed here indicate.
Using ETY as a baseline ( since I follow that specific fund ) ; perhaps a better indication of overall financial health might be the ( audited ) total income or loss from operations on a per share basis ...?
In 2014 , ETY published a + $1.481 per share income from operations ...their second best year since 2010 ...while distributing $1.012 per share in the form of dividends ...( 83% portfolio turnover )
In 2013, ETY published a +$1.993 per share income from operations while distributing $1.096 in dividends ...( 130% portfolio turnover )
If the thrust of the ROC and UNII questions / concerns are directed at the ability of the respective fund to sustain the monthly dividend stream, it stands to reason that an audited " surplus " of income on a per share basis is a good metric to use.
Another might be Unrealized Appreciation in the portfolio year over year ....( although a bad week or two in the market could significantly reduce that number ) ETY posted a + $158,339,832 in unrealized appreciation in fiscal 2014.
This after taking a REALIZED gain of + $560,378,480 in fiscal 2013 ...effectively using up their capital loss carryforwards from 2008 / 2009 ...and completely eliminating ROC from the dividend distribution for 2013 ...( clever move in my opinion as long term capital gains are still taxed much more favorably than ordinary income for most taxpayers )
The questions relating to Index options versus individual Call options on a specific stock ....Index options are by tax law granted an automatic 60/40 Long Term / Short term capital gains status , regardless of the holding period ...which is good since fund management is using a holding duration averaging 14 days ....Individual options on stocks do NOT feature that inherent tax advantage ...and typically require the fund to utilize an Options Advisory firm which is expensive and paperwork intensive.
Finally ...Several of the CEF's you listed are utilizing an aggressive share buy-back / retirement program ...ETY officially "retired" 140,000 shares of stock in fiscal 2014 and 1,385,696 shares in fiscal 2013 at an average discount to NAV of 10.56% and 12.92% respectively ...and have authorization to " retire " upwards of 13,000,000 additional shares at their discretion. This can also be called an advantage versus ETFs as fewer shares mean a smaller monthly dividend distribution requirement ...and potentially a higher NAV.
Thanks again for the great article ...Mike
Feb 11, 2015. 11:39 AM | 3 Likes |Link to Comment
Eaton Vance Tax-Managed Diversified Equity Income Fund declares $0.0843 distribution [View news story]
Citing the most recent ( audited ) annual report ; ETY is using an estimated 47% overwrite of S&P 500 index CALL options ( only) to augment portfolio income, and serve as a good size defensive barrier against sudden market price swings in the overall market.
This typically works out to between 4,000- 5,000 index calls opened and mostly closed each month ..Fund management can increase that percentage of Call contracts at their discretion and have done so in the past ...( seem to recall them being at 65% at one point ....)
Information on these type of so-called Option Income funds can be found on the respective home website of each fund ...Eaton Vance has a very good and easy to navigate section that includes the respective annual reports of their various option income funds ( ETY , ETW, ETV among others ) Search Eaton Vance Closed End funds ...select your favorite fund.
There are other mutual fund organizations that also use Index Options as an important tool in their portfolios, I just happen to follow Eaton Vance ....I would check out Doug Albo here on Seeking Alpha and reference some of his previous articles on closed end funds ...plus I notice that a new article on " Assessing High Income Covered Call CEFs " was published here on Feb 9 ...but I have NOT had time to review it in detail ...it sure sounds like what you were looking for.
Hope this proves helpful - MikeFeb 11, 2015. 10:20 AM | 0 Likes |Link to Comment
User429135 - Appreciate your response and comment ...and wish you the best of luck ...
Just to be clear ...ETY and ETW both lost significantly in fiscal 2014 with their defensive options trading tactic ...so in a literal way ...they are NOT depending on the option premiums being taken in to pay the monthly dividend.
The underlying portfolio value increased, dividends paid from the stock held in the portfolio and a portion of the proceeds from the sales of stock transactions were used to pay out the monthly dividend.
In a weak or down market ....ETY / ETW has the ability to be flexible with the amount of options overwrite ...increasing the level from 47% -70% if needed ...and the overall value of the Index Call options will INCREASE greatly on sudden " bad-days" in the market ...( like today ) ...giving the NAV some protection.
AOD is more aggressive of the two funds ...the new portfolio managers describing in their commentary where they are using leverage to buy stocks paying a special or one time dividend ...then quickly closing that position ...that tactic had some decent success for them in fiscal 2014 ...but seems contingent on an environ that has plentiful candidates for special dividends ....and that tends to be a very good market.
My tenure with AOD earned me an annual return ( dividends reinvested ) of +13.77% ...whereas ETY earned ( dividends reinvested ) +17.56% annually ...approximately six years of duration measured.
Both are decent numbers ...and worthy of inclusion in the equity portion of your At Risk portfolio ...
RegardsJan 27, 2015. 02:54 PM | 0 Likes |Link to Comment
User429135 - Thanks for your earlier review and question ...
I follow ETY closely and their most recent ( audited ) annual report for fiscal 2014 details how the fund essentially lost ($28,295,915) writing S&P 500 index calls against their portfolio during the year ...despite that loss; the fund earned a net +$222,120,871 in asset increase with $48,424,890 coming from investment income and $173,758,924 coming from asset appreciation.
The fund declared that $0.685 per share was effectively ROC and that $0.327 was attributable to investment income ...ETY distributed $1.012 per share during fiscal 2014 but EARNED $1.481 per share ...( 2014 was their second best year of the last consecutive FIVE YEARS with only 2013 being better and where the fund earned $1.993 per share but had a portfolio turnover of 130% to do that ...with ZERO ROC for fiscal 2013. In 2014 , portfolio turnover was reduced to 83% ...
As the numbers above indicate ...even with a large ROC component in their 2014 dividend distribution ....ETY managed to INCREASE their NAV substantially ...illustrating that ROC does NOT necessarily reduce the NAV.
So ..to better answer your question ...Where does ETY get cash to pay out the large monthly dividend ? - Answer - from monthly options premiums taken in, from a portion of the proceeds of their monthly sales of securities and from dividend income from the 60 large cap stocks they hold ...they can increase that cash flow simply by increasing the percentage of options overwrite they use, currently at 47% of portfolio but which has been as high as 70% in the past.
ETY does NOT have a $300,000,000 or $700,000,000 line of credit against its portfolio like AOD has ...and it does NOT borrow money to meet the monthly dividend requirement.
AOD seems to be a much more aggressive fund than ETY which uses S&P 500 index calls as a defensive tool ....AOD used to have a portfolio turnover greater than 300% per year ...650% in one outrageous year ...AOD is more like a recovering alcoholic fund, trying to stay on the wagon ...but they just keep falling ...they missed 2009, 2010, 2012 and 2013 completely ...and turned in a lackluster 2014 with over a 300 basis point underperformance compared to the S&P index ...
Hope this proves helpful - MikeJan 26, 2015. 01:54 PM | 0 Likes |Link to Comment
User429135 - Thanks for reading and commenting ...here is the sourcing for the claim that AOD is in simple point of fact making use of leverage to sustain or enhance their portfolio yield : ( I do believe that there is cause for concern on that score )
The April 30,2014 semi annual report AND the Oct 31, 2014 annual report ( audited and signed by Deloitt ) both confirm that AOD has a line of credit with BNP Paribas that was INCREASED from $300,000,000 to $700,000,000 from March 31,2014 - May 31,2014 but which will revert back to $300,000,000 through fiscal 2014. Terms of the loan is Fed Funds rate plus 0.95% per annum on amounts borrowed ( page 22 of the semi annual report )
The maximum amount of the line of credit available will be the lesser of 33.33% of the total assets of the fund or the amounts disclosed above.
During the period ending 4/30/2014 - the average borrowing of the fund was $4,225,445 at an average rate of 1.02% ...and the maximum borrowing was $34,431,762 with interest totaling $21,714.
Summary - with all due respect to CEF Connect, they are a little slow to update, particularly since the fund, from inception, was designed NOT to make use of leverage ...The management commentary for the fiscal year end even makes mention of the use to leverage to enhance the yield ...
In my opinion ...this is far from some obscure accounting point of order ...fund management has gone thru some pains to negotiate and for a brief time to more than DOUBLE the amount on their line of credit ...and YES ...an average interest rate of 1.02% sounds very favorable ...but at the end of the day ...they are BORROWING MONEY to sustain their dividend payments ...and my original contention was that this adds a new dimension of risk and liability to an already hyper-aggressive fund tactic of " Selling Dividends " which individual brokers are precluded by securities regulation from doing ...and adding an outstanding loan balance to that tactic seems to be adding more risk to a fund that has dramatically underperformed over the past five years ...
With respect ...I stand by my earlier comment that AOD is using leverage to meet the dividend payment requirements. In simple point of fact; they negotiated to increase their line of credit to $700,000,000 in early 2014 for a few short months ...this ..on a fund with $1,082,298,147 in net assets at the time.
Regardless if you think AOD is just being smart and taking advantage of the low interest rate environment ...Its simply NOT accurate to say that the fund does not employ leverage. ( They clearly do )
Hope this proves helpful - MikeJan 26, 2015. 12:14 PM | 0 Likes |Link to Comment
Jerbear - Thanks for the comment and to specifically address your concern:
The April 30,2014 semi annual report AND the Oct 31, 2014 annual report ( audited and signed by Deloitt ) both confirm that AOD has a line of credit with BNP Paribas that was INCREASED from $300,000,000 to $700,000,000 from March 31,2014 - May 31,2014 but which will revert back to $300,000,000 through fiscal 2014. Terms of the loan is Fed Funds rate plus 0.95% per annum on amounts borrowed ( page 22 of the semi annual report )
The maximum amount of the line of credit available will be the lesser of 33.33% of the total assets of the fund or the amounts disclosed above.
During the period ending 4/30/2014 - the average borrowing of the fund was $4,225,445 at an average rate of 1.02% ...and the maximum borrowing was $34,431,762 with interest totaling $21,714.
Summary - with all due respect to CEF Connect, they are a little slow to update, particularly since the fund, from inception, was designed NOT to make use of leverage ...The management commentary for the fiscal year end even makes mention of the use to leverage to enhance the yield ...
In my opinion ...this is far from some obscure accounting point of order ...fund management has gone thru some pains to negotiate and for a brief time to more than DOUBLE the amount on their line of credit ...and YES ...an average interest rate of 1.02% sounds very favorable ...but at the end of the day ...they are BORROWING MONEY to sustain their dividend payments ...and my original contention was that this adds a new dimension of risk and liability to an already hyper-aggressive fund tactic of " Selling Dividends " which individual brokers are precluded by securities regulation from doing ...and adding an outstanding loan balance to that tactic seems to be adding more risk to a fund that has dramatically underperformed over the past five years ...
With respect ...I stand by my earlier comment that AOD is using leverage to meet the dividend payment requirements. In simple point of fact; they negotiated to increase their line of credit to $700,000,000 in early 2014 for a few short months ...this ..on a fund with $1,082,298,147 in net assets at the time.
Regardless if you think AOD is just being smart and taking advantage of the low interest rate environment ...Its simply NOT accurate to say that the fund does not employ leverage. ( They clearly do )
Hope this proves helpful - MikeJan 26, 2015. 12:09 PM | 0 Likes |Link to Comment
Hello kt82 and thanks for the comment / question ...
Let me take a stab at answering with my point of view and in recognition that many others here on SA and other chat boards may well have a differing perspective.
The NAV is nothing more than the aggregate current market value of the stocks held in the portfolio by AOD ...since closed end funds essentially have a fixed number of shares and trade on an exchange like a typical stock ...the market price can AND will trade at a premium OR a discount to the NAV ...Look at STK for a nice example of a closed end fund trading at a PREMIUM to NAV instead of a DISCOUNT. ( good fund to have on your watch list by the way )
My contention is that a DISCOUNT to NAV makes the fund more attractive to potential investors ...in this case AOD is trading in the open market for approximately 13% LESS than what the literal value of the stocks its holds in the portfolio ...Its " On Sale" so to speak ...
So ...why is AOD trading at such a preposterous DISCOUNT ? Well ...they have wildly underperformed over the past five plus years ...the fund has over $3 billion in capital loss carryforwards on a fund with only $1 billion in assets ( what is wrong with that picture ? ) ...they reverse split the stock 1:2 in Jan 2014 ...and underperformed versus the S&P 500 index in 2014 by at least 300 basis points ...
Their dividend capture strategy has been discredited as a bull market only tactic and recently they have taken to borrowing money to pay the large monthly dividend ...( leverage ) ...
Many , many investors have dumped this stock because of its poor performance and many more seem to be waiting for a slightly better market price ...and then dumping it ...$9.00 per share or close to it seems to trigger a wave of new sellers ...thus driving down the price yet again ...
Many large cap equity funds trade at a discount to NAV ...and some people ( myself included ) think that a 5% discount is sort of NORMAL ...but AOD is almost 2 x that normal discount ...sending me DANGER signals ...
Look at ETY , ETW and other funds ...for a better investment strategy of buying closed end funds at a workable discount to NAV ...AOD has made me some money in the past ..but ..they maintain that " run & gun " dividend capture tactic ...and that seems out of step with the current market conditions.
hope this proves helpfulJan 23, 2015. 04:30 PM | 0 Likes |Link to Comment
Eaton Vance Tax-Managed Diversified Equity Income Fund declares $0.0843 distribution [View news story]
Fiscal 2014 - ETY metrics with opinion added
The print copy of the fiscal 2014 annual report on ETY had a good bit of interesting data and here is my take on the fund thru 10/31/14.
Overview - Fund has a bit more then $1.8 billion in assets concentrated in only 60 large caliber / blue chip type stocks ...Google is 4.1%, AAPL is 4.1%,Corning is 2.7%,Merck is 2.4%, Amazon is 2.3%, CAT is 2.1% ..you get the idea ..ETY is overwritten with S&P 500 index CALL options about 47% of the portfolio giving them some downside protection in sudden market declines and portfolio income from the options premiums taken in ...they typically SELL the index calls with about 17 days average duration ...and close out the vast majority before expiration ...In fiscal 2014 ..with the market advance thru Oct ...they got clobbered with the options losing approximately $23 million ..BUT...that is ok as the underlying market value of the stocks in the portfolio greatly exceeded the loss in the options area. The fund is showing a net unrealized appreciation in fiscal 2014 of +$173,695,981 and an overall +$222,120,871 in net assets ... both very good numbers and a sign of positive health for the fund.
For Fiscal 2014 ETY posted a + 19.41% rate of return as compared to the S&P 500 index of +17.27% so a nice year after posting a +25.53% return in 2013 and +15.99% in 2012.
NAV - The fund improved its year end NAV by a raw +0.47 per share or 3.9% and hopefully muting some of the critics who have complained that the large amount of ROC in the monthly distributions was in effect robbing the NAV of the fund. A quick back of the napkin calculation indicates that approximately 67% of the fiscal 2014 dividend distribution was ROC.
Portfolio Turnover decreased to 83% from 130% in 2013 as the fund reduced it overall number of stock positions while taking significant profits ...( 2013 was an unusual year in that the fund sold off virtually its entire portfolio ...took a huge capital gain ...and cleverly washed those long term gains against carry forward capital losses from 2008 / 2009 ...)
ETY also showed that fund management is continuing its share buy-back plan ...they reported that 140,000 shares of ETY were effectively " retired " in 2014 at an average discount to NAV of 10.56% ...It would seem that when the discount to NAV reaches the +10% level ...fund management will be aggressively buying the shares in the open market ...( current discount to NAV is around -8.7% )
Summary - This seems to be a smart well run fund coming off two consecutive years of strong market performance ...Their CALL option tactic is more defensive than simply owning the S&P index but in flat to uncertain / down markets ( uh ...like these days ) the fund seems to do very well in terms of market price appreciation while providing a strong monthly income stream.
Someone once said ..." Its always wise to get paid ...while waiting for market appreciation " ...and ETY seems to fit that description very well.
Hope this proves helpful - regardsJan 17, 2015. 01:01 AM | 1 Like |Link to Comment
10.6% Yielding ETW Offers Both Income And A Capital Appreciation Opportunity [View article]
For example - If ETW, with dividends reinvested, produced a 1% Total return in 2014 versus the +14% return realized by the S&P index ....that is useful to know in evaluating weather or not to sell the fund as I strongly suspect many holders did in December ...
At its core; ETW is a stock fund with positions in large blue chip companies globally ...its a RISK fund that produced a money market rate of return in 2014 , but that also produced a venture capital like return in 2009 with a + 59% performance ...
Its a matter of record that most mutual funds do NOT beat their respective unmanaged index benchmark each year ....but a 1300 basis point underperformance signals to me that "something" happened ...in this case during the month of December ...where ETW essentially lost the full year of gains it had accumulated ...
My take is this anomaly was caused by year end selling and with very few buyers late in the year ...the market price of ETW just got slammed unfairly ...giving us an opportunity ...that's the thinking anyway ...lol
ETW seldom holds their options longer than 10 days ...closing out the open positions and buying the next month's index options ...The premiums taken in by the option positions are a source of tax advantaged income for the fund and a defensive hedge should the market sustain a sudden downturn. ( Index options , regardless of holding period , have a 60/40 long term / short term capital gains taxation rate ...
In short; I use the general purpose S&P 500 index as a basic tool in measuring the overall success or lack of it for all equity based funds. I don't use any options benchmark for ETW ..
hope this proves helpful
Jan 3, 2015. 01:14 AM | 5 Likes |Link to Comment
10.6% Yielding ETW Offers Both Income And A Capital Appreciation Opportunity [View article]
On Dec 3, 2014 the fund closed at $12.20 per share ...and closed the year on 12/31/14 priced at $11.02. That's about a -9.6% market price decline in less than 30 days ...Yahoo is showing the 2014 high for the stock at $12.95 on 6/11/14.
The Total return measured with dividends reinvested for calendar 2014 was +0.96% compared to the unmanaged S&P 500 index of +14.56%
Total return on a trailing 2 year basis is +22.02% versus the index of +46.37%
Total return on a trailing 3 year basis is +43.34% versus the index of +71.39%
The discount to NAV at this writing is approximately -8.63% which is compelling even if we accept the new normal of closed end equity funds to average a -5% discount to NAV.
On the surface; these numbers would give pause to any investor looking for high income , monthly distributions and good growth potential ... even when on sale at a substantial discount.
Eaton Vance is still showing the 2014 ytd 11/30/14 performance of ETW at a plus +9.97% with the NAV performance up 4% on the year ...The month of December seems to have wiped out any progress the fund made throughout 2014 ...
Why ? why did the market price of ETW NOT recover along with the general market in late December ?
Possible answers :
1. " The Biggest Loser " syndrome ..( ok ..I just made that up ) ...ETW and sister funds like ETY are showing up on statements and portfolio holdings as the " weakest link " in most portfolios ....because of the accounting regulations that require that all reinvested dividends be treated like new money being invested in the security. For example ...my holdings in ETY show a cost basis of $23,614 and a current value of $20,492 with an unrealized capital loss of ( $3,121 ) on the position ...-13.2% ( ouch ...but wait it gets even better )
The reinvested monthly dividends show a current value of $15,292 and a cost basis of $13,923 for a small gain on that lot of $1,369 ...during the holding period.
But wait ...the Total Value of that original $23,614 invested years ago is actually $37,537 ...or a +58.9% Total return. ( hardly a negative or a capital loss )
My contention is that accountants / CPA's / brokerage professionals, and plain old everyday investors are SELLING ETY / ETW in December to effectively wash those capital losses against a general market gain of +14% in 2014 ...and citing the relatively large capital losses listed on the statements.
2. The effective monthly compounding of dividend reinvestment , especially a 10% ish dividend, will provide an effective "dollar cost averaging" methodology over time ...essentially buying more shares when the market price is lower and fewer when the price is higher ...The peak market price for ETW in 2014 was $12.95 per share ....( just six months ago ) ....if you believe that ETW has been unfairly hammered by year end tax loss selling or just investors dumping the fund ...volume was up four fold on the last two trading days of 2014 ...my guess would be that the great majority of that volume being SELL orders ...driving the market price down ...beyond any reasonable fair pricing level ...Closed End mutual funds like ETY / ETW are particularly susceptible to sudden price declines when a large sell order is processed. ( fixed number of shares ...few buyers and large sell orders can and will unfairly drive down the market price to a level that will find investor interest ....uh ...say $11.02 per share the other day....LOl )
Summary - my opinion is that the December market price action knocked off about a dollar a share from ETW ...and much of this loss will be recovered ...and quickly ...as investors see this market disparity ...we could easily see the market price back to its Dec 3, 2014 level of $12.20 per share ...all the while collecting our annualized 10.6% dividend ...if you forecasted a $2 per share market recovery in 2015 and a further dollar per share in dividends paid ...that would be an approximate +27% return in 2015 ...if we just got back to the market price of June 2014.
That's the investment thesis / hope anyway ...for us " bargain shoppers "
Hope this proves helpful ...Regards - MikeJan 2, 2015. 10:14 PM | 7 Likes |Link to Comment
We've Now Approached 'Stupid' Levels For Prospect Capital [View article]
Then I started to look beyond the math and the various statistical metrics on this company and instead look at the various investments the management was making ...while some were good, several were outrageous and foolish ...worse still was the management's attempt to distort the poor performing investments in the annual reports ...Example - a " Green Energy / renewable investment in New England ..lots of data ...but a simple Google search determined that this was a basic " firewood" company ... one with a troubled past and horrible management ...and far, far from being a " Green energy" concern ...PSEC lost millions betting on this whopper...and there were more of similar ilk.
I decided to SELL my holdings ...not because of the new issuance of shares , or any specific financial aspect ...but because I felt the company was prone to taking super high risk on projects that had little chance of success.
I attended a meeting with the senior people of MAIN in Houston ..and they went over their investment in Castro cheese ...why it was a solid target market with a brand affinity in the Hispanic community , how their sizable investment was somewhat protected with liens and what their expectations were for the investment ...they clearly knew the company , management team and business potential. The Castro investment turned out very well ...but the difference in management competency as compared to PSEC was demonstrable.
Since I had flipped out of PSEC ..and invested the proceeds in MAIN ( May 09 ) ...the investment results have been noticeably different as well :
MAIN - 2014 ytd - (-2.12%) Total Return , PSEC - ( -17.73%) Total return , S&P 500 - +10.59%
2013 - Today - MAIN - +11.59% Total Return , PSEC ( -6% ) , S&P -+41.3%
May 28, 2009 - today - MAIN -+288% , PSEC -+85% , S&P index - +144%
BDC companies have seemingly fallen on hard times over the past two years ....but PSEC has proven itself UNABLE to compete with its peer group even in good years ...and is frankly getting walloped by the simple / unmanaged S&P 500 index ....turning in a massive underperformance on a one, two and five year basis.
Why hold BDC type companies at all ? except to earn income and get a reasonable growth component over time ....In that gage, PSEC has failed ... and while the current discounts and various investment metrics seem compelling as defined by this article ...I just can't get past their management and disparity with the typical peer group performance and versus the S&P index.Dec 16, 2014. 03:05 PM | 1 Like |Link to Comment
Interesting thought ...but lets address your recommendation with some contingencies that have happened to us in the past and which, if repeated, might tend to offer a contrary view to the overall attractiveness of Preferred stock ETFs :
1. Preferred stocks are primarily an Income investment without any specific maturity date inside an ETF ...individually they typically have a 25, 30 or even 45 year duration so the average duration of the underlying paper inside the ETF can be very, very long. ( not good in a rising interest rate environment where any increase in the Fed rate will cause a sharp and significant decline in valuation of the preferred stock )
2.Companies can and will suspend the dividends on preferred issues ....even those with an implied Federal Government backing ( FANNIE, FREDDY MAC ) come to mind ...where the new issue 9% preferred stock issued in early 2009 failed to pay even one dividend ...and the price fell from $25 to $3 in a few months ...ouch ) This sudden price decline triggered a stampede of investors dumping the stock ...causing even more price declines.
3. ETFs typically trade at or close to their NAV ...whereas CEFs can trade at a premium or discount to their respective NAVs. Right now ..AOD is trading at a -13.35% discount to the NAV price in a market that is surpassing all time highs on the DOW and S&P 500 index. This very large discount in a top heavy market could serve to make AOD even more attractive to Growth & Income investors.
4. Capital Gains - AOD literally has $3 Billion in capital loss carry forwards on the books since 2009 ...( not a misprint -lol ) AOD fund management can trade with a higher portfolio turnover than an ETF and NOT create a single dollar of capital gains taxation for 2014, 2015 ,2016 and 2017. Those gains must be washed against the capital losses incurred in 2008 / 2009 ...so it becomes an advantage to AOD shareholders, particularly in a good market.
5. Portfolio Income - AOD is producing 7.9% annually as compared to 6.8% income for PFF. Give the advantage to the CEF here as well.
6. AOD has a fund expense ratio of 1.2% as compared to PFF of 0.47% ...advantage to PFF ...but having an active portfolio management team versus what is essentially an unmanaged basket of preferred stocks, in a rising interest rate environ, and which have very long maturity levels ...the higher expense ratio may well be worth it.
7. AOD management has an on-going stock repurchase plan underway ...where they can remove up to 10% of the funds shares from the open market at their discretion. These share buy-back plans can help close the discount to NAV and improve the overall market price over time.
8. AOD, sporting perhaps the absolute WORST reputation in the mutual fund industry, brought in a new portfolio management team about two years ago. Since then; they have improved the NAV by over + 20% , increased the dividend +4% , Reverse split the stock 50% , started a 10% share repurchase plan ...In short, They are making a series of management changes and moves to bring the fund back to respectability. It can prove interesting ( and profitable ) to hold the shares for their third year in control of the fund ...
Hope this proves helpful in your decision making ...RegardsNov 19, 2014. 11:12 AM | 2 Likes |Link to Comment
Fire Away [View instapost]
Mill Valley Venture Capital firm has roughly 1.2 million shares
Last secondary offering placed what... 500,000 shares directly with another institution ...( rough numbers )
Insiders , including Dr Lederman own or control what ? 4,000,000 shares ...and have NOT sold a single share ...ever.
Wild Ballpark guess that there are another 3,000,000 -4,000,000 shares in the hands of committed LONG holders like you and me ...
Last report I saw indicated that there were 12,200,000 shares issued and outstanding ....
That basically sucks all the wind out of the trading " sails" of this stock ...
So ...as many as 9.7 million of the 12.2 million shares are with Venture capital , Insiders , committed Longs waiting for the BESTFIT results ...79% of the outstanding stock ...
so ...no wonder the daily volume is so small ...not much left to trade ..lol
Dr Lederman's disclosed compensation package includes about 250,000 options struck at $30 per share...
Obviously he thinks that the value of TNXP will be NORTH of $30 sometime in the next few years ...( seemed a good point to mention )
For better or worse ...we are on this ship ...waiting for the Bestfit test results ...Sep 23, 2014. 05:01 PM | 3 Likes |Link to Comment


text: MUMBAI: An unpaid fee for technical services cannot be taxed even if the services have been availed by the Indian branch, according to a recent order by the Income Tax Appellate Tribunal. The ITAT further held that income cannot be considered remitted in a case in which the RBI approval had not been obtained. In the income-tax parlance "fees for technical services" is a consideration for the rendering of any managerial, technical or constancy services, but does not include consideration for any construction, assembly, mining or any like project.

subset: commoncrawl


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Time for another Wordless Wednesday! Haven't we all felt like this one time or another…
Cute, huh?! Happy Wordless Wednesday, everyone!
Time for another Wordless Wednesday! Haven't we all felt like this one time or another…
Cute, huh?! Happy Wordless Wednesday, everyone!
Only everyday 😉
Too funny! Happy WW, have a great day.
Lol! Pour me one too.
Love it! And I'm loving your blog. We, too, try to live "green" or an eco friendly life.
Thanks for linking up with me at ARoomForTwoWithAView.com and I hope you have a great WW!
I must be living life to the very fullest!
Bahahaha! 😀
Agreed! Laundry totally gets in the way of my life:)
I have a sign in my kitchen that says "A messy kitchen is a sign of happiness". We are very happy in this house!
I would love for you to share this and link up to my TGIF Link Party! The party is open every Friday and closes at midnight on Wednesday night. Who knows, you just might be featured next week!
I follow back: bloglovin, Facebook, and Twitter. =)
Hugs, Cathy
And the washing, vacuuming, dusting, lawns………
Mines up as well at AussiePomm – Sunset in Sydney
Have a great day!!
Messy house yes, smelly kids . . . I am not so sure.
Rhonda from Laugh Quotes
Funny stuff! Danica
heck, i'll screw all and drink everything! ahhaha
hello and happy WW! *waves waves*
We've all had those moments it seems.
Completely agree! My house really needs to be tidied but I am sipping coffee and blogging while the kids nap. Sometimes, mama needs a break!
Great quote!!
Hope you have time to stop by this week and join in the WW fun!
Oh My Heartsie WW" w/Linky
Ha! I need to tell my sister this the next time she makes fun of me.
lol, I'll second that sentiment!!
No comments :).
but please do serve me one 2…
Happy Wednesday!
Hope you join our linky: http://www.craftyspices.com/hops/wwhop
I'll drink to that!


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I agree that there will be no more delays. In fact, not only have they been showing the new devices and O/S to people, but they are letting companies start testing them BEFORE the launch. They would have to be suicidal to invite companies to do pre-launch testing if they were not SURE that the devices and the O/S were ready.
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Get the latest Flash player
Date: 4 years ago
Runtime: 3:15
Views: 10,187
Top Comments
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great ass man!
don't change a thing! hot+++
Will we be seeing more of Davide?
His arse needs shaving. lol
nice girly slufaced dog
hope you make the cut Dude. NIce body hair, slim trim waist, maybe you could have tried a little kink with the iron?
I suggest to have him shave his ass as the next task


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Dec 05, 2012
Bob Buskirk
All News, Hardware News, Press Releases
Razer, the world leader in high-performance gaming hardware, software and systems, announced its new and improved Razer Carcharias gaming headset for the Xbox 360. Building on the ergonomic and aural standard set by the original Razer Carcharias for the PC, this new gaming headset from Razer brings pro audio fidelity to console gaming with extraordinary comfort. From beach landings and storming the enemy fort to blasting undead in outer space, the full over-ear coverage of the Razer Carcharias ensures a comfortable fit. It boasts a fully adjustable, padded head rail, 1.25 in/3.18 cm on either side, to accommodate a wide range of head sizes, with its soft, pliable, removable ear cups.
Nov 27, 2015
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This is a self-righteous group that expects others to pay for their event. This self-righteous attitude extends to the participants as well. At prior events, the cyclists failed to obey basic traffic rules such as stopping for red lights. The participants are belligerent towards anyone driving a car. I witnessed one thug-on-a-bike threaten a driver for not yielding even though the thug ran a red light.
If these clowns want to stage their ride in New York, then they should pay for the privilege, just like everyone else.
Wearing spandex does not make them special.
That's $30/rider: seems like institutional extortion by NYPD. Cops need to be on the street, anyway, what's the big difference if there's bikes there or cars?
Bike NY is a charitable organization and their education programs benefit thousands of NYC children and adults. For the NYPD to say otherwise is a deliberate lie. How is their demand for $1 million more anything but tribute, just like what organized crime demands from businesses? Let's hope a compromise is worked out
To NO. The tour rides on streets that are closed to traffic for the entire length of the tour, which is the only way to move 32,000 plus people through the City. I have no idea what you are talking about but it isn't the Five Borough Bike Tour. And as Peter notes, the tour organizer, Bike New York a 501 (c) (3) charitable organization, provides a large array of services and education. Besides the fact that the Tour brings significant numbers of tourists to NYC, the City, needs BNY to provide education, especially as it rolls out bike share. This is a very short sighted mistake by NYPD.
Every Bike should be licensed,
Every bike rider should also have to buy and take a written test and be required to hold a valid and current bike operator's license.
I can see Robert and "No" 's point. Being a former bike racer in NYC I agree that there should be some kind of licensing and a written test for cyclist. The rule to cycling is that a bike is just like a car and has to abide by the same rules as a bike. There are individuals whom do not follow the rules and some belligerent individuals. However, on the other side.. Does the NY Marathon have to pay $900 K in NYPD service fees? The Road Runners association is a multi million dollar institution that also leaves the streets a mess and blocked for hours. There are some bad eggs there too.
Lets just let cooler heads prevail.. there is definitely enough wrong and finger pointing to go around.. the story is about an event that has gone 30 plus years and suddenly it is decided to reclassify it to raise about a million in revenue to the NYPD. I am just surprised this was not an issue before?
Correction "The rule to cycling is that a bike is just like a car and has to abide by the same rules as a bike." I meant "The rule to cycling is that a bike is just like a car and has to follow the same rules as a car".
Good for the city.
These guys wake us in Tribeca up with their racket and cheering at 7am on a Sunday morning.
They never yield for red lights. I almost got hit once when crossing 6th Ave.
Trans Alt is not a charity. The only one who benefits are its paid lobbyists.
Mary, this has nothing to do with Transportation Alternatives. Bike NY isn't involved in policy and doesn't lobby. There's plenty of notice to neighborhoods that this ride happens, and the roads are CLOSED so of course they don't stop for red lights. Please get your facts straight.
To those that are commenting for licenses...Where the heck did you all come from some kind of forum against bikers?
What about kids? You saying all our kids have to have a license to ride a bike in their neighborhoods and take written tests on? What about those that ride their bikes once a year? Or those that mountain bike?
Or those that want to vacation in the Cape or any other place that is touristy and rent a bike...Does that mean you can rent a scooter but not a bike since you won't have a license, etc?
I know plenty of people who have bikes collecting dust in their attics...If they get the urge to one day for a bike ride in their neighborhoods, they won't be able to...
It's a stupid idea that discourages biking even further in a country that has tried to discourage biking or other modes of transportation other than the car for far too long...The car and oil have been subsidized by our tax dollars unfairly for far too long...Plus it costs peanuts to install and maintain a bike lane compared to the trillions of dollars we spend for cars and their roads...
The bike is one of the few things we still have as a symbol of freedom...let's keep it that way
Bike New York has been clearly lobbying for the paving of the Putnam Nature Trail in the Bronx. It is against Bike New Yorks IRS status to lobby yet they continue to do it. Bike New York claims it wont have money to pay staff yet it pays it staff to send out emails and collaborate with the NYC Parks Dept to pave the Putnam Nature Trail. Bike New York needs to pay its fair share to the NYPD like everyone else does. Why should us taxpayers fund Bike New York's private event??
A blog of reporting and news from New York City, Metropolis is produced by Carrie Melago and Sarah Crichton with contributions from the Wall Street Journal staff. Send tips and comments to firstname.lastname@example.com.


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Book your room at Hampton Inn & Suites Tampa East (Casino Area)
Get an overview of this hotelHotel in Seffner with free breakfast and outdoor pool
Situated in Seffner, this hotel is within 6 mi (10 km) of Eureka Springs Regional Park, Florida State Fairgrounds, and MidFlorida Credit Union Amphitheatre. Bob Thomas Equestrian Center and Ice Sports Forum are also within 9 mi (15 km).
Hotel Features
An outdoor pool, a fitness center, and a 24-hour business center are available at this hotel. Free buffet breakfast, free WiFi in public areas, and free self parking are also provided. Additionally, dry cleaning, laundry facilities, and a 24-hour front desk are onsite.
Room Amenities
All 75 rooms provide conveniences like refrigerators and microwaves, plus free WiFi and flat-screen TVs. Other amenities available to guests include coffee makers, free weekday newspapers, and free local calls.Information missing or incorrect? Tell us!
Hotel Amenities
Hotel Amenities
Hampton Inn & Suites Tampa East (Casino Area) features an outdoor pool and a fitness center. Public areas are equipped with complimentary high-speed wireless Internet access. This hotel offers access to a 24-hour business center. A complimentary breakfast is offered. This Seffner hotel also offers gift shops/newsstands, laundry facilities, and dry cleaning/laundry services. Onsite self parking is complimentary.
Hampton Inn & Suites Tampa East (Casino Area) has designated areas for smoking.
- Total number of rooms - 75
- Number of buildings/towers - 1
- 24-hour front desk
- Number of floors - 4
- Free breakfast
- Express check-out
- Fitness facilities
- Designated smoking areas (fines apply)
- Designated smoking areas
- Dry cleaning/laundry service
- Laundry facilities
- Gift shops or newsstand
- Safe-deposit box at front desk
- Free self parking
- Outdoor pool
- Free WiFi
- 24-hour business center
Family Friendly Amenities
- Family Hotel
- Outdoor pool
- Free Wi-Fi
- Laundry facilities
- Refrigerator
- Microwave
- Cribs/infant beds (complimentary)
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Free self parking
Room Amenities
- Connecting/adjoining rooms available
- Free cribs/infant beds
- Pay movies
- Free local calls
- Microwave
- Coffee/tea maker
- Hair dryer
- Iron/ironing board
- Free weekday newspaper
- Refrigerator
- In-room safe
- Air conditioning
- Daily housekeeping
- Private bathroom
- Free toiletries
- Shower/tub combination
- Flat-panel TV
- Free WiFi
- Blackout drapes/curtains
Where to Eat
Guests are offered a complimentary hot/cold buffet breakfast.
Nearby Things to Do
Recreational amenities at the hotel include an outdoor pool and a fitness center.
To make requests for specific accessibility needs, complete the "Special or Accessibility Requests" section of "Trip Preferences" when you book your hotel.
- In-room accessibility
Hotel Policies
Minimum check-in age is 21
Check-in time starts at 3 PM
Check-out time is 11 AM
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Children and extra beds
- Children are welcome.
- Rollaway/extra beds are available for USD 10.00 per night.
- Free cribs (infant beds)!
Pets allowed, Pet maximum weight in lb is 25
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Extra-person charges may apply and vary depending on hotel policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
No rollaway/extra beds available
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Hotel Name
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The property has connecting/adjoining rooms, which are subject to availability and can be requested by contacting the property using the number on the booking confirmation.


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For the first time in Canadian Waters, the Beneteau First 36.7 North American Championship will be hosted at the National Yacht Club in Toronto, Sept. 7-11, 2011.
Beneteau 36.7 one-design racing
This year marks the tenth anniversary of the event and Barbados' first year as the title sponsor. Barbados' motto, 'long live life,' is sure to emanate its Caribbean spirit throughout the event.
Day 2 - America's Cup World Series - Gothenburg
The excitement will also spill onto land with a Canada vs. US ball hockey tournament. On Sept. 8, 2011, at the National Yacht Club, crews will battle on land for ball hockey domination. The Stanley Cup may have slipped through the fingers of Canucks, but there is hope for Canadians as they take on their American counterparts! Tickets for Spectator boats for the public may be purchased on the Beneteau North American Championship website for $20 per day. Children under 15 may enter for free.
Beneteau 36.7 one-design racing
September brings warm winds to this side of the lake – prime weather for a five day sailing competition. Thirty-five boats have been registered from across North America guaranteeing this event will make a splash in the global sailing community!
Visit the event http://2011beneteau367northamerican.com/!official_website.
Read the http://2011beneteau367northamerican.com/upload/Beneteau_367_NA_June_Newsletter_FINAL.pdf!June_newsletter
Beneteau 36.7 one-design racing


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Zenfolio at Imaging &...
January 2nd, 2013
Storefront powered by Zenfolio combines the leader in online sales solutions with the #1 pro photography lab in the nation creating the perfect partnership to increase your business in 2013.
Doing It Green
January 31st, 2012
At Miller's, we've taken several steps to be as eco-friendly as possible in the daily operation of our lab. What does this mean for us, exactly? We're glad you asked…
Adler: PhotoPro Expo
January 27th, 2012
PhotoPro Expo February 2-5 in Cincinnati, Ohio is the largest convention in the Midwest. With nearly 100 booths and an all-star speaker line-up, including Lindsay Adler from our own Miller's speaker team, this is a must-see show.
Social Networking
January 26th, 2012
Lindsay Adler, NYC fashion and portrait photographer and author of "The Linked Photographers' Guide to Online Marketing and Social Media" discusses this topic and gives tips on how to better use social media to market your studio.
Market Your Studio
January 24th, 2012
Where would you like your studio to be in the next year? Let Miller's be your partner in marketing with a number of products to help you achieve those goals and make your business more successful.
IUSA '12 Wrap
January 24th, 2012
We had a blast in New Orleans for Imaging USA 2012. Thank you if you stopped by our booth. You made our first big convention of the season a great success. In case you couldn't make it or were there but missed something, here's an event recap.
Love! New Templates
January 20th, 2012
Miller's Design Market works with top-notch designers to bring you fresh, new creations that fit your studio style and your vision while making your life a little easier. See new Valentine's templates and make February 14th even sweeter.
Boutique Must Go
January 18th, 2012
This is it. We've still got some of our original boutique packaging and we're pricing it to sell. While supplies last, order your case at the incredible price of $28.75 including ground shipping. That's 75% off the original price of $115!
Meet TriCoast
January 13th, 2012
Imaging is just two days away and we're excited to have the gang from TriCoast on our speaker team to share their tips and tricks on lighting with you in New Orleans.


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We created Pandora to put the Music Genome Project directly in your hands
It's a new kind of radio –
stations that play only music you like
Britt Nicole
Selected Discography
Track List: The Lost Get Found
Track List: Gold (Remixes)
Track List: The Remixes
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Why THAT much money? How bout a check? Lol jk why not ¥235 dollars?


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Federation Tactical Fleets
View Single Post
July 3 2013, 09:48 AM
Rear Admiral
Location: Jono
Re: Federation Tactical Fleets
No it wasn't revealed how large a Federation fleet was. The Seventh Fleet is the only time we get a solid number. However, "Favors the Bold" suggests that a Fleet can be much larger. The fleet that heads for DS9 was around 600 strong and were made up of two fleets, the 2nd and 5th, so if it was an even split and no other smaller units joined the size of a fleet can be 300+. Sisko's plan was for "elements" of these fleets to take part so this figure could keep going upwards.
As for Klingon ships in the Seventh Fleet there could have been. Memory Alpha identifies the fleet shoots we see at the end of "Call to Arms" and the 1st episode of season 6 as the Second Fleet and we see both Klingon and Starfleet vessels in the group. However, I don't remember it been identified on screen as the 2nd fleet so I'm not sure where MA came up with that idea. Regardless of that we do see that Klingon and Starfleet operated together, so if you want there to be Klingon ships there I don't think there is anything that would argue that they weren't here.
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San Antonio Christian Middle School
Private School | Grades 6-8
San Antonio, TX 78259
(210) 248-1635
DIY Worksheets
Make puzzles and printables that are educational, personal, and fun!
Matching Lists
Quickly create fun match-up worksheets using your own words.
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Use your own word lists to create and print custom word searches.
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Bringing Salmon to the Meal plan.
Hello all I am playing around with canned Salmon at the dinner table. I would like any recipes that you might have to offer using canned salmon.
Due to time and location fresh fish is not an option here in cattle country. Frozen is not really a choice either unless Gordon Brand puts it in a box. Small town Grocery stores do not have allot of choices in the fish department. But lots of canned Salmon and Tuna


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What is the RX100 aperture value to match the DOF of a 1/2.33" sensor camera f3.2?
Started Jan 17, 2013 | Discussions thread
Shop cameras & lenses ▾
Nexusbrz OP
New Member • Posts: 20
Re: What is the RX100 aperture value to match the DOF of a 1/2.33" sensor camera f3.2?
In reply to Stephen McDonald, Jan 18, 2013
thanks everyone.
the RX-100 is a really great camera, but as you guys already know, you've got to take much more actions with it, in order to take the best possible shot.
The need to use aperture priority quite often is new to me, I rarely used in in compact cameras with tiny sensors, but seems like I will have to master it for the RX-100
thanks and regards
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By Molly McGonigle
It may be hard to imagine, but a lot of celebrities come from humble backgrounds. Some lived in their cars, and others dropped out of high school to help support their struggling families. Even though they lead extravagant lives now, it would be impossible to forget where they started out. Click through to read the rags-to-riches tales of some of Hollywood's most successful stars.
Sarah Jessica Parker
She may have an extensive Jimmy Choo collection and a closet full of couture dresses, but life wasn't always fabulous for this Ohio native. In fact, SJP's teacher mom and truck driver dad had to go on welfare at times to feed their six children -- then the aspiring star got her big break on Broadway at age 13.
© 2015 Whalerock Industries


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- Feb 21:
- Warship shadowing hijacked American yacht, pirate says
- Jan 2:
- Pirates seize Egyptian ship; Indian tanker escapes
- Nov 20:
- India sinks alleged pirate ship
- Nov 19:
- Pirates force costly course change
- Nov 18:
- Pirates grab Saudi oil tanker
- Nov 2:
- Pirates fire on Danish ship off Somalia
- Oct 24:
- French navy seizes 9 Somali pirates off Africa
- Oct 12:
- Armed pirates seize tanker
- Oct 3:
- Somali pirates say they'll fight rescue attempts
- Oct 2:
- Somalia gives world the OK to fight pirates
- Sep 29:
- Pay us $20 million, pirates say
- Sep 28:
- Russia races to intercept pirated ship
NAIROBI, Kenya — Somali pirates holding an arms-laden Ukrainian tanker off Somalia may extend the deadline on their threat to destroy the vessel, a spokesman said Monday.
In Kiev, angry relatives of the ship's crew members demanded that Ukraine's government stop delaying and just pay a multimillion-dollar ransom to the pirates.
The pirates said they would destroy the MV Faina on Monday night or early today unless a ransom is paid. They may extend the deadline after requests from the ship's owner and other unidentified people, pirate spokesman Sugule Ali said.
Crew members' relatives tried and failed to meet with Ukrainian President Viktor Yushchenko over the ransom demand, which began at $20 million and has since appeared to drop. They vowed not to leave the president's office.


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Area residents honored for achievement:
SOMERSET — Alex Rua has been recognized by the United States Achievement Academy as a student of excellence in business education. Rua, who attends Somerset Middle School, was nominated for the honor by his teacher, Mrs. Carney. He is the son of Amy and Jason Rua of Somerset and grandson of Edward and Phyllis Motta of Somerset and John and Barbara Rua of Somerset. He will appear in the United States Achievement Academy's Official Yearbook, which is published nationally.
WARWICK, R.I. — The Community College of Rhode Island recently selected Amy Asalki-DaSilva of Fall River as the recipient of the 2009 Jane Thompson Scholarship. The $600 award is to honor second-semester students in the clinical laboratory technology program.
Presque Isle, Maine — Kylie J. Porter, of Fall River, was named to the spring dean's list at Northern Maine Community College.
NORTH ANDOVER — Jonathan M. Ladino, Elicia S. Turcotte, Krysten M. Moore and Andrew D. Rebello were named to the spring dean's list at Merrimack College.
FALL RIVER — The Polish-American Citizens Club of Tadeusz Kosciuszko recently awarded scholarships to the following students:
Sarah Bavoux, a student at the State University of New York and daughter of Mrs. Carolyn Lehn of Alpharetta, Ga., and Dr. Marcel Bavoux of Rhode Island. She is the granddaughter of club member Edward J. Piszcz of Somerset.
Matthew Bernat, a student at Virginia Polytechnic Institute and State University in Blacksburg, Va., son of Mr. and Mrs. Scott Bernat of the United States Embassy in Indonesia. He is also the grandson of club member Mitchell J. Bernat and Carolyn Bernat of Fall River.
Lauren Grygiel, a student at Salve Regina University in Newport, R.I., daughter of club member Jan J. Grygiel and Deborah Grygiel of Westport.
AMHERST — The following area students were named to the spring dean's list at the University of Massachusetts Amherst.
Dighton: Molly Bettencourt, Vicki M. Pavao, Amy E. Couto, Christopher J. Peixoto, Courtney L. Titus.
Fall River: Alyson K. Villard, Bernard J. McDonald, Brittany Marie Medeiros, Bryan P. Archambault, Kelli A. McCarty, Kerri A. McCarty, Meghan S. Medeiros, Michael R. Crowley, Richard A. Laprise Ii, Sarah L. Benjamin, Christopher L. Pinhal, Jessica L. Oliveira, Shaleea F. Lima-Varela, Silvana C. Melo.
Somerset: Allison L. Smith, Andrew P. Lanneville, Christine A Fitzgerald, Colby J. Cabral, Eric R. Fenstermaker, Jeffrey H. Smith, Jennifer L. Fitzgerald, Katie M. Fitzgerald, Michael A Ostroski, Nathan Samuel Tattersall, Philip E. Stanley Jr, Tyler A. Langlais, Walter G. Palmer III.
New Bedford: Alex J. Weiner, Charnee Lee Rose, Jonathan P. Harris, Lauren E. Rouxinol, Samantha M. Clarke, April J Dupont, Joshua R Drolet.
Acushnet: Daniel R. Levasseur, Jarred P. Rose, Jillian M. Meunier, Yvette R. Chretien.
Dartmouth: Adam P. Desjardins, Crystal A. Cabral, Gregory Nuofan Wang, Rachael F. Falk, Renu Singh, Rishi Singh, Andrea M. Dias, Cayla E. Giblin, David L. Azinheira, Erica Russo Baptiste, Kaitlin M. Leaver, Kate E. Darling, Matthew J Mare, Ryan W. Andrew, Samuel E. Bosworth, Sarah E. Thompson, Danielle S. Woolf, Eleanor A. Race-Moore, Eric H. Dodson, Kara E. Johnson, Megan L. Danzell, Ashley M. Tozer, James Winterhalter, Jill E. Pimentel, Lillian C Brown.
Page 2 of 2 - Seekonk: Bryan C. Poole, Caitlin A. Divver, Elizabeth Fisk, Kevin P. Chan, Kyllie E. Magill, Lauren E. Ferrara, Lucas J. Correia, Rebecca A. Martin, Stephanie L. Viens.
Swansea: David Richard Gariepy, Ian T. Andrew, Kathryn Geldart, Matthew P. Travers, Matthew W. Zolnierz, Sean William Toland, Shannon R. McGinn, Steven J. McPartland.
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Picture: Michelle Williams The 2008 Cannes Film Festival - Day 10 'Synedoche, New York' - Premiere Cannes, France - 23.05.08
LATEST: Michelle Williams has confirmed she will not be attending the premiere of her late boyfriend Heath Ledger's final complete film THE DARK KNIGHT - because there is no reason for her to be there.
The actress has been at the centre of recent reports claiming she is snubbing the much-hyped event due to a feud between herself and the tragic actor's family over the handling of his estate.
But the star's representative Mara Buxbaum is keen to put the rumours to rest once and for all, insisting the actress is not feuding with the Ledgers - and insisting Williams never intended to walk the premiere's red carpet.
She says, "There is misinformation all over the place. (The premiere) was never on her calendar and she's not in the movie. This isn't a press event for her. She's not going, there is no reason."
Ledger's parents and sister are expected to jet to New York from their home in Perth, Australia, to attend the premiere on 14 July (08) - six months after Ledger took an accidental overdose at his Manhattan apartment.


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We are here to see: Lives Changed, Relationships Restored, and Destinies Discovered.
MercyGate Church expresses the heart of God through passionate, engaging, real and relevant worship and relationships.
Our Core Values set the foundation for the ministries at MercyGate Church.
Substance – We highly value God's Word, manifest presence and power operating in and through people.
Honest Relationships – We love and serve people without expectation; mercy is given and grace is received.
Memories – each time we gather for worship, study, fun or family we create touchstones for the future.
Freedom – Keeping the main thing the main thing by encouraging and empowering one another to be salt, light and hope to our region.
Legacy – We form a bridge between generations, choosing to see the potential in the next generation while honoring the wisdom and contributions of past generations.


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NEW YORK - The four pitchers sit all in a row on the right-hand wall of the Yankees clubhouse. There is Andy Pettitte, there is Ian Kennedy, there is Phil Hughes and then - just across the corridor leading to the manager's office - there is Mike Mussina. Four pitchers, four lockers and one blanket of expectations lingering among the stirrups and the sweat shirts and the spikes.
For the two pitchers on the inside of the row (21-year-old Hughes and 23-year-old Kennedy), the pressure comes from the future, a strong hope of what might be; for the two on the edges (39-year-old Mussina and 35-year-old Pettitte), it comes from the past, an enduring promise of what has already been.
It is an odd dichotomy. Mussina pitched Wednesday, while Hughes pitched last night. Kennedy and Pettitte make their season debuts tonight and tomorrow, respectively. Each one carries a burden to the mound, a built-in reason for why they might falter: On some nights, time seems to be pushing the Yankees' starter back toward glory; on others, it is yanking the pitcher forward.
(Only Chien-Ming Wang, 28, is immune from this phenomenon. He's not too young, not too old and, perhaps fittingly, lockers on the other side of the room).
It was Hughes on the mound yesterday, beginning his first full season in the major leagues. He made 13 starts last year (10 more than Kennedy), but this was different; it is a full-time job now.
Greatness was expected, as it has been forever with Hughes. The hype for him began the moment he was drafted in 2004 and, in the past few years, he has grown from a minor-league myth into, quite literally, the future of the Yankees' pitching staff: He wears jeans, sneakers and hoodies. He warms up to Metallica (and, unlike Mariano Rivera, he actually chose the song). He is the only Yankees pitcher to have his own blog. In other words, he is a kid.
Yet even with his minimal experience, there is an assumption about what Hughes will give the Yankees this season. The consequences are real: If he doesn't produce, all that happens is the team's postseason chances almost surely disappear. Is that fair? Probably not. But it is reality all the same, and the Yankees can take comfort in knowing that Hughes is as well-prepared to deal with it as anyone.
There is an ease to his demeanor, even when his game-day focus is fully engaged. Before he began changing into his uniform yesterday afternoon, he pulled open a cardboard box and showed Kennedy a collection of designer suits and shoes that had been delivered from a tailor in California. Hughes was particularly pleased with a taupe ensemble that featured a bow tie. One pair of shoes, however, had been mistakenly shipped in a size 16 (Hughes wears a 13) and the two right-handers giggled at their length. Hughes slipped one on, and Kennedy said, "They're like clown shoes!" (Later, Hughes would say, "They're great shoes but I wasn't loving the Shaquille O'Neal look.")
The pregame exchange between friends, brief as it was, was nonetheless indicative of Hughes' attitude. First pitch was only hours away, but he and Kennedy (and Joba Chamberlain, the third member of the touted young trio who is starting the year in the bullpen) rarely seem rattled by their challenges. Instead, they act like they have done this all before even if they are still getting used to being recognized when they go out in public.
"Actually, I got recognized the other day at a Panera ... but I don't usually get recognized as much," Kennedy said. "One time we were at Outback and Joba got a free dessert and I was like, 'No, no, don't worry - I didn't want one anyway.' "
With wins will come desserts, Kennedy was told, and Hughes - who seems to rank second on the recognition list behind Chamberlain - knows it, too. He took a no-decision in the Yankees' 3-2 victory over the Blue Jays last night, but delivered six strong innings with only two runs and four hits allowed.
It was exactly what manager Joe Girardi had said he was looking for and, really, what anyone who follows the Yankees was - and will be - expecting. The learning curve is shallow here and results are all that matter. For one night, at least, Hughes delivered.
Will it continue? Girardi was asked what he thought about the mental makeup of his young pitchers and he nodded confidently, saying, "I think they're very mature. I go back to (last) September a lot. Each game (they started) mattered. I think that sped up the growth process."
Maybe, but it also increased the demands at a corresponding rate. Hughes and Kennedy are not veterans, yet they will be expected to perform that way this season. A .500 record? Not enough. They will need to offer more. The question is, is it harder to act like a veteran or be one? Pettitte is supposed to be the No. 2 starter despite having injury/age concerns, as well as the potential distraction of further involvement in the Roger Clemens steroid mess; Mussina is supposed to be a serviceable end-of-the-rotation pitcher, despite being demoted in the middle of last season and nearing age 40.
Mussina, for one, thinks it's no contest in terms of pressure. "There's no pressure on them at all," he said. "If they fail, it's because they're young. They can try again, improve. It's all in front of them. If I fail, it's because I'm too old. Too old, and that's it."
Hughes took the diplomatic approach, saying "it's like comparing apples to oranges," but the debate is almost moot. The pressures themselves may be different but the feelings are the same. Failure - or, even more, the thought of failure - is something to be feared and ultimately it does not matter whether the pitchers in that row of lockers are young or old. Truth is, expectations are ageless.
Reach Sam Borden at firstname.lastname@example.com.


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Former MLB exec also offers insight on investing and business-buying strategies
The Chargers should get a new stadium, Peter Ueberroth said Thursday.
The Newport Beach resident chaired the committee that organized the 1984 Los Angeles Olympics and served as the commissioner of Major League Baseball from 1984 to 1989. He now is the managing director of Contrarian Group, an investment and management company in Newport Beach.
"You can't tell me San Diego can't get a new stadium. It shouldn't be an issue," he said. "It's a partnership, a partnership between private sector and public sector, and that's how you get it done."
Ueberroth, 74, who spoke at the Burnham-Moores Center for Real Estate at the University of San Diego, also is an owner of the Pebble Beach Golf Club. "What I think is the San Diego franchise has terrific owners (the Spanos family), and basically long term," Ueberroth said. "I think Los Angeles will end up building two stadiums. You've got one entrepreneur Realtor (Ed Roski) and one entrepreneur oil and other business (Philip Anschutz), very successful, good citizens," said Ueberroth.
Here are some of his other key points:
On investing: "People plan their exit strategy before they buy the business. That's nonsense. If you don't care about the business and you don't want to keep it, why would you buy it? If you want to make money and flip it, it's an insanity in our country. It's not smart."
What Ueberroth's investors look for while buying a firm:
• A diverse management team.
• A team that keeps the promise to make the country a better place.
• Two people should be at the top — "The arrogance to think one person can run a company, even small, is pure arrogance."
• Employees should be able to keep score, so they can be in the game.


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Every semester approximately 25 students enroll in the Internship in Business course and intern at companies throughout Central Massachusetts. This seminar course with Professor Arlene DeWitt enables students to gain hands-on experience and then review what they are learning onsite with other members of the seminar class. Each week during the semester, one or more students will be blogging about their experiences.
Interning with the United States Department of Agriculture, Rural Development.
Name: Rachel Horr
Hometown: Granby, CT
Major: Management
Internship Sponsor: United States Department of Agriculture, Rural Development
As the Rural Development Intern my responsibilities include:
Blog Entry:
The United States Department of Agriculture (USDA) Rural Development was founded in 1994 to benefit organizations, individuals, and municipalities that are not farm based. Their programs, such as the Water and Environmental Program loan/grant, include nearly $16 billion in loans, loan guarantees, and grants. This money goes to benefit communities, businesses, and individuals for housing repairs, construction on water and sewer lines, and small business loans.
As an intern, I began with minor responsibilities and as the semester continues, I have gained more responsibilities. I work primarily in community development programs which assist in funding municipalities and construction projects, such as water treatment plants and sewer lines, throughout the state of Massachusetts. I go out into the field to follow-up on compliance reviews in the towns, as well as to learn how different water treatment plants work. I am learning how to do audits and compliance reviews for many types of grants and loans. I am currently learning about graduation reviews and how they impact the towns with the loans.
This internship has really allowed me to start thinking about what I would enjoy as a career. It has taught me a lot about myself. I am learning that I am not the type of person who can sit behind a desk for days on end. I understand the tasks and projects that I am given and I am taking this internship as a learning experience.
Interning at Sonus Networks.
Name: Christa Bodemann
Hometown, State: Westford, MA
Major: Marketing
Minor: Graphic Design
Internship Sponsor: Sonus Networks
As the Multimedia Training Specialist, my responsibilities are to:
Blog Entry:
Sonus enables and secures real-time communications so the world's leading service providers and enterprises can embrace the next generation of SIP and 4G/LTE solutions including VoIP, video, instant messaging and online collaboration. With customers in nearly 100 countries and nearly two decades of experience, Sonus offers a complete portfolio of hardware-based and virtualized solutions.
As the Multimedia Training Specialist at Sonus, I use my graphic design, film, and photography skills in developing multi-media training materials for the company. I have learned to use software applications such as Articulate Storyline and Articulate Replay to develop training modules. I have filmed and edited instructors speaking about a topic for a specific product and then displayed these videos in modules for customers. I have also taken professional portraits of the training team to be posted on the Sonus learning management system.
Working with my co-workers is very rewarding because they are constructive when it comes to giving me good feedback. I have learned more than I ever expected working here at Sonus and, as a result, I am seriously considering a career as a Multimedia Training Specialist.
International Data Group (IDG).
Name: Michelle Tran
Hometown: Worcester, MA
Internship Sponsor: International Data Group (IDG)
As a Human Resources Intern, my responsibilities are to:
International Data Group (IDG) is the world's leading technology media, events and research company. Founded in 1964 and headquartered in Boston, IDG products and services reach an audience of more than 280 million technology buyers in 97 countries.
As the Human Resources Intern at IDG, I completed a variety of projects that have given me exposure to an area of HR that I previously knew very little about—Training & Development. Initially, I found myself very nervous about working on projects in an area in which I was unfamiliar. But, as time went on, I found it extremely interesting to gain firsthand experience of all the behind-the-scenes work that goes into preparing for corporate training programs—everything from allocating time to selecting reserve venues, to personally confirming public speakers, inviting participants and preparing training program materials. My internship with IDG made me realize how crucial this function of HR is to a company and how beneficial it is for employees to: network, continually learn new skills and grow with the company as technology advances at rapid speeds.
Through my internship with IDG, I have learned a lot about myself as a future human resources professional and the work environment in which I best thrive. Concepts discussed in my internship class such as company cultures, management styles and organizational structures in conjunction with hands-on experiences in the office, have helped me better understand what I'm looking for from potential employers. Overall, this experience has allowed me to see the importance of being flexible and adapting to work cultures in order to work effectively and efficiently toward successfully achieving organizational objectives.
Interning with the Worcester Sharks (AHL).
Name: Ethan Holman
Hometown: Middleboro, MA
Internship Sponsor: Name: Ethan Holman
Hometown: Middleboro, MA
Major: Marketing
Internship Sponsor: Worcester Sharks (AHL)
As a Marketing and Public Relations intern my responsibilities are:
The Worcester Sharks are an American Hockey League team affiliated with the NHL's San Jose Sharks in California. The Sharks are committed to excellence on and off the ice and are a significant factor in the local community through their presence in charities and fundraisers. The main goal of the corporate office is to provide a family-friendly and fun atmosphere where Sharks fans of all ages can enjoy a game of ice hockey.
As an intern with the Worcester Sharks, my responsibilities varied a great deal from game to game. I have been a part of almost every facet of the hockey game including keeping statistics, communicating with officials and coaches, verifying media credentials and even occasionally picking up the pre-game meals for the press and Sharks' game staff! From this experience, the most valuable lesson that I learned was to be a "quick change artist" and be very flexible when it comes to adapting on-the-fly to all situations. I was constantly being pulled in many directions during game day hours and had to adapt to a change of role in a very short time. My internship really helped me develop this skill and now I am very confident about taking this skill into the workplace.
I have a great interest in becoming a professional in a sports environment because I played sports my entire life. This internship gave me a great perspective on the day-to-day operations that goes into running a professional team and sporting event. Previously, when I was a spectator, all that I paid attention to was showing up to watch the game! Now, I understand on managerial and marketing levels what goes into to making a team and games successful. From this internship experience, I will take all of the valuable lessons I learned into my career in sports.
Interning with the Assumption College Office of Institutional Advancement.
Name: Lauren Rempelakis
Hometown/State: Marlborough, MA
Major: Management
Internship Sponsor: Institutional Advancement, Assumption College
My primary responsibilities as a management intern are:
The Institutional Advancement Office comprises Annual Giving, Alumni Relations, Advancement Services, Research, and Advancement Officers. The duties of each of these departments are to develop meaningful relationships with alumni and seek donations to the College.
My internship has given me hands-on professional experience in a job environment. I have applied management and organizational concepts by being involved in the planning for Alumni Weekend and the Colleen Ritzer Walk, and strategizing how to raise money for the senior class gift. I understand why it is so important for seniors, as well as alumni, to give back to the school. It is important because alumni contributions go towards physical improvements and academic programming which make the school more beneficial for students, and towards scholarships, which could be the determining factor of many prospective student in their decision to attend Assumption.
Interning with Rue La La, Boston.
Name: Cathryn Hartford
Hometown/State: Seekonk, MA
Minor: Psychology
Internship Sponsor: Rue La La, Boston
As the Human Resources intern, my responsibilities include:
Rue La La is an exclusive, invitation-only online shopping destination where members experience leading brands through private sale prices for a brief amount of time. Located in Boston, this e-commerce marketing business is booming and has been recently nominated for the 2014 Best UX for its App.
I have had four specific projects for the Recruiting and Learning & Development Departments. I found that one of my projects was just too large of a project for one intern. I talked with my supervisor and she was happy that I was able to speak up and provide feedback that might have been uncomfortable for most interns. We were then able to revise that project so that I would be able to complete the project! All of my projects are finishing up, which makes me feel confident that I worked diligently and accomplished my goals.
My business classes have been extremely helpful because my projects are mostly writing based and rely on my communication skills to be developed and professional. Specifically, my writing skills needed to be on-point for the job description project because my work is featured on the careers page of the Rue La La website.
Interning with Expose Yourself Public Relations.
Name: Ivy Boulay
Hometown: Leominster, MA
Major: Marketing and English Mass Communications
Internship Sponsor: Expose Yourself Public Relations
As an assistant communications intern, my responsibilities include:
Expose Yourself Public Relations is an up and coming public relations boutique in Shrewsbury, MA, that specializes in media relations, brand identity, online marketing, content creation, events, and crisis communications. They serve clients from rock stars to realtors, and they help businesses define who they are, who they want to be, and who they want to target .Expose Yourself establishes their clients as the best in their field, and is passionate about making their clients successful.
As an intern, I started out doing basic tasks so that I would learn the processes and technology and get a feel for what Expose Yourself does in general. I was learning a lot, but I wanted more responsibility. I worked up some courage and expressed to my co-workers that I was interested in writing. One day I walked in and was asked by the publicist to research and write a blog for one of our clients. I was extremely nervous, and re-read my blog over and over. I turned my work in, and to my surprise, my coworkers loved what I had written. Now I am a ghostwriter – and confidently write many blogs and press releases for our clients.
My classes in English and Marketing have helped me to be successful at my internship; I constantly find myself referring back to material I learned. Specifically, my writing classes have helped me when I write content for clients to look at the big picture and express what our clients want to say in an effective manner. My marketing classes have taught me to understand clients' needs and how to reach their target audiences.
Interning with W.B. Mason.
Name: Jack Palermo
Hometown: Shrewsbury, MA
Internship Sponsor: W.B. Mason
As a sales and customer service intern, my duties include:
Blog entry:
W.B. Mason is the largest, privately held office products dealer in the United States. Founded in 1898, the company has enjoyed over 100 years of success and prides itself on its outstanding customer service and competitive pricing.
As an intern, I utilize my communication and technological skills to aid customer service and sales representatives. When working in the customer service department I have the opportunity to listen in and participate in actual phone calls with customers, as well as create and modify customers' online accounts. When I am not in customer service, I am usually out on ride-alongs with a sales representative. On these ride-alongs I experience the day-to-day agenda of a sales representative as we call on new businesses and touch base with existing clients. Through these encounters with clients, I experience the customer-centered culture that is such a cornerstone of W.B. Mason operations. This culture is evident as I witness how the sales representatives intently listen to clients and strive to accommodate their every need.
Through my internship I have been exposed to a growing and successful company, and have experienced all of the functional aspects of this business. Most importantly, I have gained insight and connections to the Central MA business network.
Name: Lauren Zaremba
Hometown: Wilmington, MA
Internship Sponsor: The Worcester Sharks (AHL)
As a Marketing and Operations Intern, my primary responsibilities are to:
The Worcester Sharks is an American Hockey League team devoted to providing the highest quality sports and entertainment experience for their fans in Central Massachusetts. From the players to the office staff, everyone at the Sharks is committed to customer service, and dedicated to excellence and community involvement.
My primary responsibility is to manage the Kid's Club during game days. I sell Kid's Club memberships, hand out birthday party packages, monitor the prize wheel, and support various promotions. Overall, my duty is to create a positive fan experience and promote our brand to our children and young families. Since the Kid's Club table is at the front of the concourse, I also act as a service center for fans.
Working at the Sharks has taught me about what goes into running a professional sports team. From sales- to marketing- to account executives- to corporate finance- each member of the Sharks works together as a team to ensure that all game days run smoothly. Classes such as Intro to Marketing and Marketing Management have prepared me for working in this team-based approach.
Interning with the Assumption College, Athletic Department.
Name: Alie Carlson
Hometown: Hebron, CT
Major: Organizational Communication
Internship Sponsor: Assumption College, Athletic Department
Primary Responsibilities:
As a marketing intern, my primary responsibilities are to:
Interning in the Athletic Department has been a good experience because it allows me to put into practice concepts that I have learned in my communication and business classes. I regularly use my communication skills, both written and verbal, to complete tasks. I draw on my marketing classes to develop creative ways to increase fan involvement and attendance at athletic events.
The major challenge that my team members and I have faced this semester is generating interest from the student body. As I have learned in my marketing classes, students are more inclined to attend athletic games if the events are personally relevant to them. Meaning, if they play a sport or have a friend who plays, then they are more likely to attend a game. The difficulty is creating and communicating that personal relevance for the students who have little interest in athletic events.
Our discovery is that students respond to cash prizes and free giveaways. However, these are limited because of our marketing budget. I continue to work to develop new incentives for students and to create a connection between them and athletic events to increase fan attendance and support. For example, the #PosingwithPierre campaign encourages students to take a picture with the school's mascot for a chance to win $25. This promotion creates excitement and awareness for upcoming athletic events.
As a four-year member of the varsity volleyball team at Assumption, my internship has helped me to discover a potential career path that successfully blends my studies and interests.
500 Salisbury St Worcester, MA 01609 (508) 767-7000