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does anyone know why they carry so much inventory? cost of goods sold was 31 mil and inventory was 91 million.
Inventory may be higher at the end of the quarter due to the timing issue of some deliveries to Europe, per the company's press release:
"The decrease in net income was primarily due to a 14% reduction in reported sales, resulting from a shift in the timing of shipments between quarters, particularly in Europe. However, orders during the first quarter of fiscal 2013 were 5% higher than in the corresponding period of fiscal 2012."
I wonder if a better way to look at it is the cost of sales for the year (2012 was $140 million) compared to the relatively constant $90 million in inventories. The long lead time on the machines may be the driving factor.
Good question. I went back and looked at a few report from as far back as 2007. Inventories were all at pretty high ratios to cost of sales, but this Q seems larger even that usual. They were mostly in the $50 to $60 million range. Just a guess, but I think some of the factors would be the cost of the machines ($50,000 to over $500,000), the fact they are manufactured in China and shipped around the world, etc. I am also wondering if the inventories are higher than usual now because they anticipate improved sales and are getting more inventory to meet hoped for sales. I would assume the lead time on a $500,000 machine could be 6 months if you were starting from scratch. Haven't found any info yet on whether this number is machines in progress or completed machines. Anyone else have insight on this? Thanks.
I just checked last quarter's 10-q. 2/3 of the inventory is finished goods. I know, for example, that Zimmer (medical devices) also holds a lot of inventory and analysts seem to accept that. As you say, there may be a long lead time, and they want off the shelf inventory. I never figured out the answer for Zimmer, and I hold some stock, although it bothers me.


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The Everything DASH Diet Cookbook: Lower your blood pressure and lose weight - with 300 quick and easy recipes! Lower your blood pressure without drugs, Lose weight and keep it off, Prevent diabetes, strokes, and kidney stones, Boost your energy, andTake care of your heart-and your waistline! Studies show that the DASH (Dietary Approaches to Stop Hypertension) diet, rich in fruits, vegetables, and low-fat dairy products, can help lower blood pressure in just fourteen days! It is also one of the smartest and healthiest ways to lose weight and curb diabetes risk-all without the use of medications. The Everything DASH Diet Cookbook contains 300
The Everything Low Cholesterol Book, 2nd Edition: All you need to control your cholesterol and live a longer, healthier lifeLowering your high cholesterol involves more than just taking medication or trying to eat more healthfully. What you need is a complete lifestyle overhaul. In The Everything Low Cholesterol Book, 2nd Edition, Dr. Murdoc Khaleghi outlines the changes that can mean the difference between life or death, including:How your cholesterol influences the likelihood of heart diseaseWhat dietary changes you
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Drinking Urine, Eating Worms, and Other Weird Cures, Cases, and Research from the Annals of MedicineHave you ever wondered what that 1 outlier would say when you see commercials and products boasting that 9 out of 10 doctors recommend something? Well here's your answer... Three doctors explore and explain the least recommended techniques lurking in the darkest corners of medicine through the ages. Entertaining and informative, (and sometimes just plain gross), 1 Out of 10 Doctors Recommends
The Complete Idiot's Guide to Boosting Your ImmunityThe key to overcoming chronic illness and recovering from chemotherapy treatments-or just to avoid getting every virus that goes around-is to build up the body's natural immune defenses. Nutrient-poor diets contribute to their poor health, so learning how to eat foods that boost your immune defenses is a very important step. The Complete Idiot's Guide® to Boosting Your Immunity shows readers which
The Everything Guide to Preventing Heart Disease: All you need to know to lower your blood pressure, beat high cholesterol, and stop heart disease in its tracksIf you have heart disease, you know that beating this condition involves more than just taking medication or trying to eat healthier--it entails a complete lifestyle overhaul! This guide takes a contemporary medical and holistic approach to fighting the disease, and helps you make the changes that can mean the difference between life and death. This guide includes:Information on how heart disease
Healthiest You Ever: 365 Ways to Lose Weight, Build Strength, Boost Your BMI, Lower Your Blood Pressure, Increase Your Stamina, Improve Your Cholesterol Levels, and Energize from Head to Toe!Good health means making good choices every day--and with this book, you can get fit and happy, one choice at a time. With daily advice and tried-and-true tactics for every aspect of health, you'll reach your optimum level of well being--from head to toe:Monday: Go meatless on MondaysTuesday: Do push-ups to strengthen your coreWednesday: Sign up for a foreign language class--and stimulate your
Lose Weight and Keep It Off--the Healthy Way--with America's Most Respected DietNoted physician Thomas J. Moore, M.D., presents the ultimate guide to the revolutionary DASH diet.Based on nearly twenty years of scientific research by doctors at Johns Hopkins, Harvard, Duke, and more, the DASH diet has been proven to lead to sustainable weight loss—and to prevent and reduce high blood pressure; lower "bad" cholesterol; and reduce the risk of stroke, kidney disease, heart attack
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Flat Belly Diet! Diabetes: Lose Weight, Target Belly Fat, and Lower Blood Sugar with This Tested Plan from the Editors of Prevention
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Gulp: Adventures on the Alimentary CanalThe irresistible, ever-curious, and always best-selling Mary Roach returns with a new adventure to the invisible realm we carry around inside."America's funniest science writer" (Washington Post) takes us down the hatch on an unforgettable tour. The alimentary canal is classic Mary Roach terrain: the questions explored in Gulp are as taboo, in their way, as the cadavers in Stiff and every bit as

subset: commoncrawl


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Maya-Mendoza, A. et al. Cellular microenvironment controls the nuclear architecture of breast epithelia through beta1-integrin.
Cell Cycle 2016:15(3), 345-356
Morch, L. S. et al. The influence of hormone therapies on colon and rectal cancer.
Eur.J.Epidemiol. 2016
Papaleo, E. et al. The Role of Protein Loops and Linkers in Conformational Dynamics and Allostery.
Chem.Rev. 2016
Rasmussen, R. D. et al. Enhanced efficacy of combined HDAC and PARP targeting in glioblastoma.
Mol.Oncol. 2016
Christina Mackeprang Dahmcke
Non-invasive detection of bladder cancer by urine-DNA testing
Résumé in English
Defence: Thursday 15 September 2016 at 2 p.m.
Place: Danish Cancer Society
Meeting Room 5.S.C
Strandboulevarden 49, Copenhagen
Maria Gry Gundgaard Kier
Germ cell cancer - prognostic factors, treatment results, and risk for second cancer
Résumé in English
Resumè på dansk
Defence: Friday 30 September 2016 at 2:30 p.m.
Place: Copenhagen University Hospital, The Teilum Building
Auditorium B
Frederik V's vej 11, Copenhagen
Camilla Præstegaard
The prognostic impact of socioeconomic status and cigarette smoking on ovarian cancer
Résumé in English
Resumé på dansk
Defence: Friday 3 June 2016
Malene Frøsig Svahn
Epidemiological aspects of HPV-associated cancers - Focus on head and neck cancers
Résumé in English
Resume på dansk
Defence: Friday 20 May 2016
Knut Kristoffer Bundgaard Clemmensen
Molecular Mechanism Behind MZF1-controlled Lysosomal Invasion
Résumé in English
Resumé på dansk
Defence: Friday 13 May 2016
Louise Thirstrup Thomsen
Risk of cervical neoplasia and cervical cancer after testing for human papillomavirus
Résumé in English
Defence: Friday 29 April 2016
Brian Køster
Cancer Prevention and Information
Development and validation of scales and questionnaire for the monitoring and evalutation of Danes' UV exposure as a scientific tool to reduce the prevalence of skin cancer
Résumé in English and Danish
Defence: Friday 18 March 2016
Ditte Marie Brix
The role and activation mechanism of myeloid zinc finger 1 transcription factor in ErbB2-induced malignancy
Résumé in English
Defence: 3 March 2016
Rikke Rasmussen
Mechanistic Insight Into Genotoxic Therapies of Glioblastoma Multiforme
Résumé in English
Defence: 7 December 2015
Malene Outzen
Prostate cancer and selenium
Résumé in English
Defence: 24 November 2015
Birgitte Baldur-Felskov
Incidence of Cervical Neoplasia and Effect of HPV Vaccination in Denmark
Résumé in English
Defence: 4 September 2015


text: Pattern Party Baby Quilt $79.97 reg. $129.00 We invited some patterns to our Pattern Party Baby Quilt and this is what happened. Hearts became the center of attention and mingled with some diamonds and circles on the crib quilt. It was designed exclusively for us by Joy Cho of Oh Joy!Details, details Part of the Oh Joy! for Nod Collection Quilt features colorful hearts and shapes in pink, mint and yellow Quilt reverses to solid pink with black and white diagonal stripe border Machine embroidered, appliquéd, and hand quilted Imported For complimentary swatches, please email email@example.com 'em what you're made of Crib Quilt: shell and fill are 100% cotton Fitted Crib Sheet: 100% cottonCare instructions Machine washableExtras! Extras! Also available in in Toddler and kids Bedding view full details


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The world opens up... when you do.
"Oh, oh, can't you see? Love is the drug for me." ~Bryan Ferry
"Love and the self are one . . ." ~Leo Buscaglia
Click here for a Solo Poly view on hierarchical relationships
Click here to find out why the Polyamorous Misanthrope is feeling disgusted.
Last edited by nycindie; 05-13-2013 at 11:11 AM.
thanks, indie....having lived in Texas so long, that metaphor makes perfect sense.
I hear everyone talking about having a meeting and talking about things....getting things out in the open and setting up rules...etc. She does not know that I want him to marry me. She has no idea that he said that he would...or that he has ALWAYS said that he would if it "came down to it". Does she need to know my "previous" intentions...or is that something better left unsaid. I often feel like while he has been honest with her to some degree that he has not told her "everything". She does not know ALL the things he has told me. He has told me that he has looked for me his entire life. That he believes that we have been together in past lives and will always be so. He told me that the greatest thing he had ever done in his life was finding me and bringing me here. He has told me that he loves me MORE than he loves her OR his kids. That I am and will always be his FIRST priority and that he feels guilty that he married her and did no wait for me.....and the list goes on. So sometimes I feel like she has agreed to something that she really knows little about. IS that deceitful to her? Or is it just part of being in a polyamorous relationship...that some things will be secret from the other? Is it ok not to tell her for the sake of peace?
Other than the time that we all got together and decided that they would no longer be sexually active, we have NEVER had a "meeting". All things are negotiated more or less by him. If I have a problem I tell him and he talks to her about it...and thus far it has worked fairly well. But honestly, I have NO idea what he told her in the beginning or WHAT she originally agreed to. There is a SLIGHT language barrier there as well. Not much, but sometimes, especially if she gets upset, she has a problem either speaking or understanding correctly. So that is part of the reason we have always left it up to him. Plus, he knows how to best talk to her to help her understand something. But honestly, she has always been, to my knowledge, a wonderful and caring woman, that has gone above and beyond to make me feel comfortable. If we did not share him...I would WANT her for a friend. But as it is...she just seems to DRIVE ME CRAZY! She is everywhere I go...every corner I turn she is there...everytime I get up to go to the bathroom she is there....every meal she is there....the ONLY time she is NOT there is when we are either holed up in our room or gone! And now she has started to come up to the room more often, telling him that she is jealous that we are up here. As long as we were up in the office it was ok...that used to be the case, but the office is under consruction, so we have had to be in our room more and more...and she does not like that. So it is not unusual for me to go to the bathroom and come back and find her in our room with her hand on her hip telling him something that she is not happy with...:/ It is making me CRAZY. OUR room is the only fucking space in the WHOLE house that is "mine". I just go NUTS when I see her in there. She will call us for supper and then if we are not there immediately she will come find us or call again...not giving us time to finish what we are doing. If we are having a fight she will come to the room to see what's wrong and to remind us to be quiet, because it upsets the kids. But SHE yells at THEM ALL DAY LONG! THAT drives me INSANE when she comes up in the middle of a disagreement. I feel like I have to leave "my own house" just to be able to argue with him. It is just SO hard.
awww, Polly....I wondered if you were from Texas...just your references to hun...and honey. That is where I spent most of my life. When I fled the abusive relationship I went to Cali for about 8 months. But Texas is my home...although I have never wanted to be a cowgirl...lol
The world opens up... when you do.
"Oh, oh, can't you see? Love is the drug for me." ~Bryan Ferry
"Love and the self are one . . ." ~Leo Buscaglia
Click here for a Solo Poly view on hierarchical relationships
Click here to find out why the Polyamorous Misanthrope is feeling disgusted.
Last edited by nycindie; 05-13-2013 at 12:38 PM.
i'm curious. have THEY been poly before you? or is this their first time around also?
His poor wife:
-Invited a complete stranger from another country into her home.
-Has given up sexual intimacy with her husband because it upset you.
-Has given up having a partner to share a bed with because it upset you.
-Is basically raising small children by herself (with a couple of other adults in the house who don't really get involved because they don't really like kids).
-Is trying to maintain some kind of normal family life by insisting on dinner together (which is healthy for the kids).
Tell me again how you're getting the short end of the stick? I suggest that you get your own house and see where the chips really fall. If he says that if it comes down to it he'll marry you, what do you have to lose? You're obviously not happy in the place you are in your life. So change something! The only person who you control is you. Make choices that are good for you, not choices that are motivated by trying to manipulate someone else into making the decision you want them to.
Everything will be ok in the end. If it's not ok it's not the end.
The "dimensions of wellness" is a phrase you can Google and read more about. That one particular link if you click on the types, will give you some suggestions for how to address things in that "bucket."
As far as "ID the things", then "brainstorm solutions" for the things, then sort them into piles for "how long does it take to execute the things" -- that's just how I deal with some of my life problems. To me it's part of SMART goal setting. . Getting it (s)pecific and getting it (m)easurable is the first steps toward organizing a larger game plan.
If your partner is keeping things in the dark from his wife, you might wonder what he is telling HER that you are in the dark about. Maybe setting each of you up to "dislike" the other one. Pitting you against each other so HE gets all the cookies and from his POV -- he has it made. Live in GF tending to him, wife dealing with the kids so he doesn't have to do a dang thing.
I'd be leery. Look at the HUGE stress ball you are under. What kind of dynamic do you HAVE over there?
Could keep wondering then. Take it all the way.
It is very easy to assign all your "ugh" on to her -- but you could examine his behavior. Not his TALKING. He may be one of those smoothie talkin' guys that just sliiiiiiide along in life. Examine his BEHAVIOR.
He SAYS he loves his children. But in his behavior he ignores them. This is loving how?
He SAYS he loves you and promises you whatever. But in his behavior he delivers what? OR does he only deliver partials? Just enough to get what he wants from you?
You guys seem to argue lots because you are not getting what you need. Does he negotiate fairly and address the problem? Nope. You get this --->
Marriage is something you value. You are starting to feel uncomfortable because that's another promise not yet delivered, it has been 3 years, the NRE has worn off and you are coming to earth to look at your situation NOT with pink fluffy cloud eyes. And you do not like what you find.
When life gives you stinky choices? Chose the one that stinks the least then. To me that would be LEAVE this situation. Your title say you do not want to play anymore -- so get out.
He SAYS he stays home to "side with you" when he avoids family things. But his behavior is what? Avoiding family things now that they know you are the GF? Maybe he whitewashes it as "siding with you" TO YOU but really it is him avoiding listening to his parents tell him he's being unfair FOR HIM.
Then it is really easy for the parents to continue to blame you first -- most people would rather blame the "outsider" than blood kin.Does he keep you away from the parents so they don't know you or your side of the story? Could note how you don't get to share your side to anyone. You are isolated. Awfully handy for him -- he can play "I'm drunk with my affair and the mistress bewitched me" rather than "I am pitting two women against each other so I get all the cookies."
I'm not saying that is what is happening. I'm only going by what YOU write -- who knows what his side is.
But if what you write is the actuality and not your perceived reality? You COULD CONSIDER if that is happening. Because it's sounding pretty weird there.
I'm not saying you are being abused. But it's weird sounding. Anything else on here ping for you?
Because your last relationship was abusive -- have you healed enough and regained the skills in relationshipping to stay out of more subtle abusive dynamics? Did you get out of the fire and into the frying pan? Not as bad as the exhusband, but still not good for you?
You are pretty isolated socially. Are you isolated financially too? Do you have finances of your own? Can you go home stateside and walk away from this? Not saying you WANT to right now... but are you even able to if you chose it? Or are you screwed in Europe if this goes down badly? Left without finances to even get out?
It doesn't sound like normal ethical polyshipping to me over there if he controls all the information. There's a whiff of weird to it. It is very hard to tell from reading your story if you are a manipulative cowgirl, he's a manipulative weirdo, or what. I don't say that to upset you -- just telling you how it reads to a stranger. There's a whiff of manipulation in there somewhere -- but WHO is doing it?
So my only advice is to work out listing all the things that bother you and try to group them together. Then maybe others can help you to see if you are too close to the trees to see the forest and you are not a cowgirl.
I assume positive intent on your part since you are the one posting for help. The more you write, the clearer it will become. So keep writing.
Last edited by GalaGirl; 05-13-2013 at 01:50 PM.
OP you are one selfish cookie and so is your boyfriend.
I feel sorry for the wife.
40 yo straight female
Married in the eyes of the government to Butch since 2001...
Murf my monogamous second husband has been with me since May of 2012.
In a V relationship with an average 50/50 split of time between my two husbands.
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Attention Canadia: Cybertron.ca reports that Hasbro's Masterpiece Optimus Prime has hit Canadian retail shelves this morning. Cybertron.ca member joshimus found it at the Toys R Us store in Hamilton, Ontario. For the SKU number and pricing head over to Cybertron.ca.
Masterpiece Optimus Prime Released In Canada
by Super_Megatron under Transformers Masterpiece, Transformers Sightings
Discussion / Comments (Jump to this Thread on the Boards)
Super_Megatron says
WarConvoy says
I was just looking on Kijiji earlier and I saw some guy in Woodbridge scalping them for $220. He had the shipping box as well. I bet he works at TRU and bought them before anyone else could. Hes asking 110% more then it cost him in store. They only cost $99 CAN. in stores.
If your in Ontario Don't buy from this guy!
I hope the figure is all over Canada and US before Christmas! This is what I am asking my wife for Christmas.
Also for toughs in the US. I feel your pain I still have not seen much of Prime RID other then the first 2 waves. I had to buy Ratchet on EBAY, Arcee in Buffalo, and a Vehicon in Vegas.
I hope you guys get your figures in stores very soon! If I was you I would wait till you have them in stores near you. I did check Ebay and I do see HK and US sellers selling the figure so it must be coming. Ebay sellers are also Jacking up the price too high!
Smasher says
Does "released in Canada" mean "can't find them anywhere and no Toys R Us employee will know what you're talking about"?
Because that's what "released in America" means.
WarConvoy saysQuote:
Oh and also on cybertron.ca discussion board they were saying there is only one box per store going out right now per store. And there is only 2 figures per box.
malcontentman says
Man, I have really got to get a part-time job working at TRU on the weekends or something.
HollyW00d says
TILALLR1 saysQuote:Oh and also on cybertron.ca discussion board they were saying there is only one box per store going out right now per store. And there is only 2 figures per box.
ultimatexreview says
did anyone has the SKU for this MP-10 6 number but the usa version because this SKU number that show is from canada
Autovolt 127 says
The Best Masterpiece Figure is now out. I must get him at all cost.
SPLIT LIP says
- There are more replies on The 2005 Boards.
Keep reading: Masterpiece Optimus Prime Released at Canadian Retail - Page 2
Not a member yet? Join TFW2005 Now!


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Heat defeated the Mavs, 110-95
Photo: Tom Fox/Staff Photographer
Miami Heat point guard Norris Cole (30) swats the ball away from Dallas Mavericks shooting guard O.J. Mayo (32) in the third quarter as he drove to the hoop at the American Airlines Center, Tuesday, December 20, 2012.
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I ate the letter V. Now I am in jail, I am not sorry – Max
Poor Max in doggy jail. Are the two legged kids punished in the same manner? Equality! Equality!
That is a Melissa and Doug puzzle, they will send you a new letter V if you call them!
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Dog Shaming: The Book!
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Samsung, Nokia Show 5G Tech at NI Week
Mobile communications technology developers demonstrate FD-MIMO and 73-GHz transmissions.
Mobile communications technology developers demonstrate FD-MIMO and 73-GHz transmissions.
"Real" projects are Facebook's strength—but where are the napping pods?
At NI Week, hands-on robotics was the tool for building better scientists and engineers
National Instruments will provide FIRST teams with a brand new, and much more powerful, control system for their robots
Nicole Richard uses Lego kits to educate budding engineers
Texas Instruments' acquisition of National Semiconductors could mean job cuts in some departments, but not for engineers
Quattroped is a robot with wheels that can autonomously turn themselves into legs to help it climb over obstacles
Swiss researchers have made a fruit fly steer a mobile robot in the lab
LabVIEW Robotics offers a graphical interface and support for standard sensors and actuators
Engineers hacked an Oldsmobile Delta 88 to remote control it with an iPhone


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Learning Spanish doesn't have to be boring. Ecela offers a new and exciting alternative to the usual grammar, memorization and repetition-based learning system that most schools offer. Immerse yourself in the unique Spanish culture with Ecela. Study in Argentina, Chile, or Peru for a one-of-a kind cultural experience that will allow you to meet new people and take strides toward fluency in the Spanish language. You can even study in more than one location during your trip.
You'll be placed in a class small enough for lots of participation and individual assistance, but still get the benefits of group learning with others who have a similar Spanish speaking skill level as you. You can learn spanish in chile at a school in Santigo and go on excursions in the local area in this very cultural city. Ecela also offers similar study/travel experiences in Argentina and Peru. All three locations will give you a learning adventure you'll never forget.
With 3 different Spanish immersion packages available, you can choose to stay for 1 to 2 weeks with the Immersion Trial experience, 3 to 7 weeks with the Immersion Tourist experience, or even 8 or more weeks with the Immersion Traveler package. Your journey to studying Spanish in South America begins with Ecela. Find out more about each location, the school you will be attending, and the accomodations and excursions available. Sign up to get started today.


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Audio Push keeps their word and drops their new project Inland Empire today. The tape has some dope features from Travis Scott, King Chip and Hit-Boy. Hit also laced some crazy production for the project. Check out the link below to download the project.
Mixtape: Audio Push "Inland Empire"
Watch Now


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This Week in FCPA-Episode 18, the Olympics edition
FCPA Compliance Report-Episode 274, Scott Lane on an holistic approach to third party management
FCPA Compliance Report-Episode 273
Can Emerging Markets Counter the Corrupt Narrative?
Compliance into the Weeds-Episode 12-risk in a decentralized business model
This Week in FCPA-Episode 17
FCPA Compliance and Ethics Report-Episode 272 Miller & Chevalier 2016 Latin America Survey
This Week in FCPA-Episode 16
Employment Law This Week®: Executive Incentive Pay Rule, Race Discrimination, Pokémon Go, Commercial Non-Competes
Carrots, Corruption & Compliance
Unfair and Unbalanced-Episode 9, the US Open Edition
FCPA Compliance and Ethics Report-Episode 270-Scott Lane on data and compliance
FCPA Compliance and Ethics Report-Episode 266, Ben Locwin on people v. systems approach to compliance programs
FCPA Compliance and Ethics Report-Episode 263-Profit Disgorgement Issues in FCPA Enforcement Actions
Compliance into the Weeds-Episode 9-the COSO ERM Framework
FCPA Compliance and Ethics Report-Episode 260-Designing and Implementing Effective Compliance Training
Unfair and Unbalanced-Episode 8
FCPA Compliance and Ethics Report-Episode 259-Dani Perez on business in Cuba
This Week in FCPA-Epiode 8
FCPA Compliance and Ethics Report-Episode 258-using data, data analytics and data analysis in your compliance programs
Delaware Bankruptcy Court Disagrees with Second Circuit on Implied Preemption of State-Law Fraudulent Transfer Claims Brought by Creditors. In recent years, several bankruptcy and district courts have addressed whether the...more
The U.S. Bankruptcy Court for the District of Delaware recently issued an opinion that addresses, among other issues, the question of whether section 546(e) of the Bankruptcy Code preempts certain fraudulent transfer...more
Today's U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico's multi-pronged efforts to deleverage itself. Given the comprehensiveness of the...more
Second Circuit holds that Bankruptcy Code preempts creditors' state law constructive fraud claims.
On March 29, 2016, the Second Circuit issued its opinion in In re Tribune Company Fraudulent Conveyance Litig.,...more
In a recent adversary proceeding in the chapter 11 case involving Ames Department Stores, Inc. ("Ames"), Lumbermens Mutual Casualty Company ("Lumbermen's") argued that under the McCarran-Ferguson Act, the issues in dispute...more
A recent decision by the Bankruptcy Court for the Southern District of New York may enhance the ability of bankruptcy trustees and creditors committees to challenge allegedly fraudulent transfers that could qualify for...more
The Supreme Court has agreed to hear Bullard v. Hyde Park Savings Bank (In re Bullard), U.S., No. 14-116 (cert. granted 12/12/14). The Court's decision in this case will resolve a circuit split with regard to whether an order...more
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On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the "Debt Enforcement Act"), enabling certain Commonwealth public corporations in financial...more
An opinion issued in connection with the bankruptcy cases of Lyondell Chemical Company and its affiliates may have significant implications for shareholders who receive payments in connection with a leveraged buyout when the...more
In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status)...more
The US Court of Appeals for the Ninth Circuit recently resolved a split within the circuit when it held that a bankruptcy court has the power to recharacterize debt as equity. In In re Fitness Holdings International, Inc.,...more
The legalization under state law of the marijuana business in Colorado through Amendment 20 (medical marijuana) and Amendment 64 (recreational marijuana) (Amendment 20 and Amendment 64 shall be referred to collectively as the...more
In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more
The United States Court of Appeals for the Eighth Circuit recently ruled that a perpetual, royalty-free, and exclusive trademark licensing agreement qualified as an executory contract subject to assumption or rejection under...more
This an important case from the English Supreme Court relating to the enforcement of foreign judgments in England.
In the judgment, Lord Collins posed the following question,
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Chief Judge Frank Easterbrook of the Seventh Circuit recently created a split of authority regarding the rejection intellectual property licenses in bankruptcy by upholding a decision protecting a trademark licensee's ability...more
The U.S. Bankruptcy Code generally limits a Chapter 11 debtor-licensor's ability to reject intellectual property licenses, but trademark licenses are not subject to such limitations. Trademark license agreements that are...more
In its recent decision in Lightfoot v. MXEnergy Electric, Inc. (In re MBS Mgmt. Serv., Inc.), No. 11-30553, 2012 U.S. App. LEXIS 15995 (5th Cir. Aug. 2, 2012), the United States Court of Appeals for the Fifth Circuit ruled...more
On May 1, 2012, the United States Court of Appeals for the Third Circuit in In re Federal–Mogul Global, Inc. confirmed that anti-assignment provisions in a debtor's insurance liability policies are preempted by the Bankruptcy...more
The Court of Appeals for the Seventh Circuit, in Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, recently issued a decision that holds contrary to the only other court of appeals that has addressed the issue —...more
Das Konkursrecht vom 18. April 1851, das im dritten Buch des Handelsgesetzbuches zu finden ist, wurde durch das Konkursgesetz ("Loi sur les faillites"/"Faillissementswet") vom 08. August 1997, das am 01. Januar 1998 in Kraft...more
Mit dem neuen Gesetz vom 31. Januar 2009 über die Kontinuität von Unternehmen soll Unternehmen, die sich in Zahlungsschwierigkeiten befinden, die Möglichkeit gegeben werden, ihre Zahlungsprobleme zu überwinden.
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Off-Campus Dining:
its fair campus dinning I don't receive much discounts for being a student.
Off-Campus Dining:
The variety is phenomenal. There are cheap places and expensive places. There are also many different atmospheres and scenes to choose from!
Off-Campus Dining:
Most places are organic and ecologically minded.
Off-Campus Dining:
13th street is great for something close
Off-Campus Dining:
I like to stay in and eat, but when I do go out I usually see alot of fast food, with some local places in between
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Eugene is filled with eateries to serve a wide variety of tastes. For those wishing to indulge in grease, all the fast food restaurants are a short walk from campus. For a more classy experience, Beppe & Gianni's is a definite hot spot for great Italian food and a wide selection of wines. Eugene also offers good Mexican food at Chapala or Burrito Boy, the student favorite. The Glenwood is a great place to eat for all types of cuisine, especially breakfast.
The beauty of Eugene is in its local spots and mom-and-pop restaurants. From a steak at Steelhead to a scramble at the Glenwood, there's a little something for everyone. There's even a selection of organic restaurants and local chains. With a flavor and taste for any appetite, it's difficult to complain about Eugene's array of dining.
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What we have to offer families in need is a direct result of the generosity of our community.
Since 1989, The Father Fred Foundation has been providing food, clothing, household goods, and financial assistance to those with less within our five-county community. In the words of Father Fred himself, we are here to listen, care, share, and above all, provide hope for those who find themselves in difficult times. Our goal is to ensure that no one in our community falls through the cracks - and we do all this without accepting any state or federal aid. To read more about The Father Fred Foundation, go to Who We Are.
News & Events
Blessings in a Backpack... Hunger does not take a break on weekends. "Blessings in a Backpack" program at Father Fred strives to feed local students at risk of going hungry on weekends.
We are already planning for next school year...want to help? Click on "Blessings" for more info.
Ride for Father Fred... THANK YOU to the awesome participants and the many volunteers!! NEXT year is the 25th anniversary... so plan on being part of the ride June 2017.
Special hours... Please note Father Fred guest services will be closed from Friday July 1, 2pm until Tuesday July 12, 10am. The backbone of our services are thanks to our dedicated volunteers, many of whom volunteer at the Cherry Festival.


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MICHELIN Guide
You enter this restaurant via the teak terrace, which has panoramic views out to the sea. Inside, the nautical bistro decor provides a pretty setting in which to enjoy the delicious fish and seafood menu.
MICHELIN guide inspectors
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text: Posted January 8, 2013 And the RB coach totally failed known RBs? right.... Cam got hit on almost every drop back...sure man...whatever you say. Keeping in mind our worst stretch was with our best Linemen. That's not at all what I'm saying, but continue to on with your drivel is you like. There's plenty of blame to go around, but I feel the OL coach did a far more admirable job than did the RB coach. Share this post Link to post Share on other sites


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Skype is useful for one-to-one interactions as well as group conversations. Skype for Business (previously Lync), means it is also a key enterprise tool, and Skype in the Classroom a key educational tool.
Website: www.skype.net
Cost: Free for computer-computer use. Pay to call landlines and mobile phones, and send SMS messages
Availability: Download.
2015: 9
2014: 25
2013: 13
2012: 7
2011: 4
2010: 6
2009: 11=
2008: 4
2007: 3=
Comments from some of those who selected Skype as one of their Top Tools
"Skype offers the magic of essentially free multimedia global communication and learning. 25 years ago the Boston Consulting Group was predicting a future of virtually free telecommunications. That prediction came true much sooner than BCG thought it would. Of course Skype has glitches and issues, and its new owner Microsoft is trying to extract value from users, but with a decent broadband connection Skype offers the real-time and asynchronous communications we could have only dreamed about 25 years ago. Together with my colleagues in the Internet Time Alliance, I use Skype as our principal digital 'glue' to share and learn is a continuous flow." Charles Jennings, 2015
"I like to see the person I'm talking with. Also, Skype's great for talking with a group of people at once." Jay Cross, 2015
"I find I am using Skype more to stay in touch with people through conversations and text messaging." Harold Jarche, 2015
"Me permite conectar con otros." Marta Toran, 2015
"the Internet Time Alliance maintains a Skype channel where we regularly discuss issues, and ask and answer each other's questions." Clark Quinn, 2015
"This is a great tool for personal communication and team meetings. And it's free! I use Skype quite a lot. I prefer it for meetings. I have never liked the phone, so I don't particularly want to Skype for 'chat'." Jenny Mackness, 2014
"continues to be the way I stay in touch with my ITA colleagues" Clark Quinn, 2014
"Simple and easy way to stay in touch with my community" 2013
"chat with colleagues" Clark Quinn 2013
"like copper and fibre, invaluable" 2013
Pre-2013 comments
"invaluable for tutorials with my students and yet again for my own Spanish language studies: I meet with a teacher on line every fortnight to practice conversation" Jane Challinor
"Excellent for keeping in contact with colleagues and learners" Carol Cooper Taylor
"Is my primary tool for voice communication, video communication, and small group meetings. I like it for its ease-of-use, price, and consistency"Janet Clarey
"provides mixed synchronous and asynchronous communications, along with file transfer" Pat Parslow
"Opens the world to the classroom. Can be used by the average person to communicate with people from all over the world. I recently gave a keynote speech in Indonesia (from my office in Iowa) through Skype." Leigh Zeitz
"A must have. Of all the video chat products available, the consistent quality of calls on Skype wins hands down." Rich Chetwynd
"a great (and free) alternative to the telephone" Jay Cross


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Gift Guide: Drink up, eat right, relax with these healthy holiday suggestions
Photo: Evans Caglage/Staff Photographer
Stats symbol: The FitBit Force activity tracker will keep you in check. It tracks the number of steps taken, distance traveled, calories burned, stairs climbed and active minutes throughout the day. The wristband gadget will also track your sleep and wake you with a vibrating alarm. ($130, fitbit.com)
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Post Content
As Word doc: Download Weekly_flu_report_4-26-12 As PDF: Download Weekly_flu_report_4-26-12
This week's flu report shows a slight uptick in the amount of flu-like illness currently happening in state, as compared to the previous week. To see the full report, click on either of the links above.
Recent Posts
Getting on the Kale Kick! posted on Aug 24
Some food trends come and go (sun dried tomatoes, anyone?), but hopefully kale is here to stay! The popularity of this leafy green has exploded over the last several years, and with good reason. Low in calories and rich in vitamins C, A and K, …Continue Reading Getting on the Kale Kick!
Highlights of the August 23rd Public Health Council Meeting posted on Aug 23
This month's meeting of the Public Health Council featured a series of Determination of Need (DoN) requests, informational updates on the status of various pending amendments to regulations, final votes on other amendments to regulations, and a pair of informational presentations on pressing public health …Continue Reading Highlights of the August 23rd Public Health Council Meeting
Ensure a Healthy Future with Vaccines! posted on Aug 22
Taking them to their sports physical, making sure they eat healthy and get plenty of sleep…you know these are crucial to your child's health. But did you also you know your preteens and teens need vaccines to stay healthy and protected against serious diseases? There …Continue Reading Ensure a Healthy Future with Vaccines!


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Tuesday, March 25. 2014
Facebook vs Google - let the Gogglewars begin
Who needs Google Glass with these goggles...
Facebook has bought a tiny Virtual Reality company with a near-virtual product for $2bn (mainly stock) - Grauniad.
Kudos to Oculus, it started as a kickstarter project 2 years ago and has taken some serious funding. And actually, its likely that goggles or glasses of some sort will be the view-screen of choice at some point. This is clearly where Facebook see it going, as Mark Zuckerberg notes:
After games, we're going to make Oculus a platform for many other experiences. Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face -- just by putting on goggles in your home.
This does point to a rather interesting tussle between Google Glasses and Facebook Goggles for nerdiest eyewear, and it also points to a new tussle for video screenware device-as-portal. But this is very early days for a virtual product for virtual reality, to go for for $2bn. Still, its all virtual money and it all works out in the Bubbletime.
Can't wait for the iGlass now.....you just know its coming.
Posted by Alan Patrick in Bubblewatch at 22:46 | Comment (1) | Trackbacks (0)
Monday, March 3. 2014
Real Estate as a predictor of Tech Bubbles
In the 90's and 'Noughties I made many trips to San Francisco/ the Valley, and as the 90's dotcom bubble built up on I noticed two "non-stock" signals of its frothiness - house prices and occupation of the SoMa (South of Market) area by trendy bars and techie startups:
- House prices rose to the point that educated non techies couldn't afford them, so people like teachers were priced out. This is starting to happen again. (By the way, my "top of market" indicator was when teachers in SF/SV decided to sell and go and teach elsewhere/semi retire based on the huge house price gains)
So, another sign of the BubbleTime.
Of course, this time it Will Be Different....
Of course it will....
Incidentally, I recall going back in c 2003 after a 2 year absence and there was a house price tumble almost back to Palo Alto, plus SoMa was full of winos and old newspapers again....
Posted by Alan Patrick in Bubblewatch at 11:49 | Comments (6) | Trackbacks (0)
Tuesday, February 18. 2014
A Crush on King Candy?
A Salutary Lesson - Zynga Shares (Source: Yahoo Finance)
News out today that King, manufacturers of the current hot mobile game Candy Crush, have filed for a $5.5bn IPO. We were asked what do we think?
- Based on a growth from a few $100m revenue in 2012 to $1.9bn in 2013, and real profits of c $570bn, a valuation of $5.5bn is tame by Dot Com 2.0 standards, but....
They may be able to replace Candy Crush with a "next hit" but the Gaming ecosystem is littered with the bones of companies that didn't The music industry's stage is littered with the bones of 1 hit wonderbands. The movie industry...well, lets see what Candy Crush 2 looks like.
Posted by Alan Patrick in Bubblewatch at 23:45 | Comments (0) | Trackbacks (0)
Friday, December 27. 2013
2014 will be a good year for Bubblewatching
NASDAQ Composite Index - price since inception (Yahoo Finance)
We have watched the rise and rise (and slight wobble post Facebook IPO) of the Next Tech Bubble for the last few years (see our BubbleWatch series), and as you can see teh NASDAQ Indez (abobve) tells you fairly clearly what is going on. As the NYT reported about a month ago:
Yet interestingly, there are still Bubble Deniers - NYT again!
At about the same time, an article in Forbes argued that there were 3 reasons we are not about to witness another equity-led bubble bursting:
See the NASDAQ chart above for an alternative viewpoint to this - and would it surprise you that trading volumes are rising to near-2000 levels too? Forbes notes in the same article that more money has poured into equity mutual funds in the first 10 months of 2013 than it has since 2000, although most is washing round in international funds at the moment (as it was in the late 90's until Tech really got sexy).
And you know its on its way when the Tech Fan-Press argues that This Time its Different - as Wired did in December:
...exuberance isn't always irrational. It seems that the kinds of companies now being backed by investors — not to mention the way that they're run and the way the market responds to them — are far different from what we saw at the turn of the millennium.
Re Talent and so on, I recall that it's about what everyone said in 1998/9 too, but by 2000 it was all about pumping money from Wall Street to Madison Avenue and throwing money at rare skills.
And yes, I know that some giant companies were formed in the DotCom era, and we understand the function of bubbles in facilitating creative destruction - but I also know there was a huge amount of money lost by innocent people. To me its clear that we are in a run up, we haven't quite hit irrational exuberance but when you look at that NASDAQ graph it won't be long in coming unless some other investment area gets major returns.
To me though, as ValleyWag notes, you just know that if something like Kozmo.com is relaunching, the blue touchpaper has been lit. I now await WebVan to stir, and we know we're off. Get your telescopes out, 2014 watching is going to get interesting.
Posted by Alan Patrick in Bubblewatch at 17:26 | Comments (4) | Trackback (1)
Saturday, September 14. 2013
Twitter IPO - Will it fly?
From Broadstuff's Bubblewatch Dept:
Dominic Rushe over at the Grauniad asks for our thoughts on the Twitter IPO. which he summmarised in this article. To give a bit more background, we think that:
1. Twitter is far more sensibly priced than Facebook and other "Social Media darlings" like Zynga and Groupon were at float
- Twitter valuation in price per user terms is $14bn/c 240m users (assumed at IPO) = $58/user, i.e. about 50% of FB ratio at flotation
2. Compared to Google's IPO, it is very similarly valued.
- GOOG was $23bn valuation on (est) 500m users and $970m revenues,
3. It has higher future growth potential that Facebook
- 240m users to FB c 1 billion at time of IPO
4. It is more reasonably priced within its own fundamentals and lifestage than Facebook was
- (Assumed) c $0.5bn revenues, 240m users = c $2 per user, 50% of Facebook's IPO, but at 15% of valuation.
5. Twitter probably has a longer life than Facebook post IPO - there are so many directions it can still grow in, whereas you exactly knew what FB was at IPO, and you even could see the competition emerging. That is not so clear with Twitter.
6. As always though, realizing potential comes down to execution.
- The FB team are very focussed, Twitter is harder to judge - lots of change at the top over the years, we wouldn't be at all surprised if they bring in an "Eric Schmidt" figure.
7. Facebook took a year to find its IPO price, so that pricing debacle is also unlikely to be repeated with Twitter.....we hope. (Hype springs eternal, as you all know....)
In other words, by the standards of stupidly overhyped and overpriced Social Media floats so far (excepting Linked In) it is almost rational - its lower priced, with more future potential, than the most recent ones. With Twitter you only have to believe it has a similar future potential to Google at IPO, not 4x the potential of Google as as you do with FB.
Posted by Alan Patrick in Bubblewatch at 16:48 | Comments (0) | Trackbacks (0)
Monday, May 20. 2013
Tumblr'ing Down
Hot on the heels of the wisdom (or not) of acquiring Summly, Yahoo has now apparently also acquired Tumblr for $1.1bn. Tumblr, for those of you who don't know, is somewhere between a a blog and a microblog (a Mediblog), has revenues of $13m. So why pay $1.1 bn? The argument is the user numbers - Next Web:
With more than 300 million monthly unique visitors and 120,000 signups every day, Tumblr is one of the fastest-growing media networks in the world. Tumblr sees 900 posts per second (!) and 24 billion minutes spent on site each month.
So lets value it the old, boring way:
300 million x 12 = 3.6 billion unique visits (not necessarily different visitors of course) and 120,000 new ones a day x 360 days = c 43m new users per annum, the hope no doubt being that this will continue to grow like topsy. Lets assume that this growth gives c 1 billion users in 5 years, so we get a 50% increase PA on 50m new users, and assume we lose none, and that gives a Net Present Value of about $ 0.33 margin (at 15% IRR) to get to c $1.1 bn fully discounted free cash flow.
Or thereabouts.....we can also do it another way - by comparison:
Another Mediblog, Facebook, has an Average Revenue per user is about $1.25, and it's user base is about 1.1 billion and slowing. It is valued at $60bn in an open market. Applying Facebook's valuation to Tumblr today, with c 1/2 the user base gives us $60 bn x 1/2 user base x (0.03/1.25) ARPU = $0.75bn. Throw in a 33% uplift fir future optimism, and there's your $1.1bn
So you can believe on of two things:
(i) The Bubbletime will continue after Yahoo's acquisition, and the business will stay as good as Facebook is now, or
But of course you can - or Yahoo thinks so anyway, heck they even paid with cash, not shares!
Alternatively, one could take the opening line from Cockney Rebel's "Tumbling Down" anthem.
The refrain of which is Oh dear, look what they've done to the blues, blues, blues.....
Posted by Alan Patrick in Bubblewatch at 13:56 | Comments (0) | Trackbacks (0)
Tuesday, March 26. 2013
Yahoo acquires Summly - Masterstroke or New Bubbletime?
It would seem the Next Bubbletime is here, just unevenly distributed - Business Insider:
Yesterday, Yahoo announced it bought a startup called Summly. Summly made a news aggregation app. According to All Things D, Yahoo paid $30 million – 90% cash. $30 million isn't much for Yahoo, which has more than $4 billion in cash (and access to much more). But there are some elements to this deal that make even that small price seem strange:Summly never really set the world on fire. It had fewer than one million downloads. Yahoo is shutting Summly down. So basically, Yahoo is acquiring Summly's talent. Summly's talent is founder Nick D'Aloisio and two other people. Yahoo is saying D'Aloisio's is to lead Yahoo more boldly into the world of mobile
As well as all this, Summly is "pre-revenue". Not only that, but it appears even the underlying aggregation technology is not all theirs but partly SRI's (and thus unlikely to be patentable in any valuable way)
So - small userbase, fairly easy to replicate (or licence) technology. Fairly easy to do it in Yahoo for a few $ million absolute tops, and Yahoo owns the IP - and quite a few other people have already done something like this on PCs and Apps, its no great biggie to build such an App. Also, if Summly falls into someone else's hands it hardly leaves Yahoo without options, so there's no "only pebble on the beach" valuation kicker. It's thus fairly clear to me that Yahoo way overpaid for just the technology, user base and staff - you would probably get to tops about $5m for all that, at absolute best. So why pay $30m, of which 90% is cash, and then shut it down - thats 5x Goodwill over asset value - it beggars belief, unless there is some bigger fish to fry here.
The answer is apparently (reading the news reports) any or all of:
- The "Cool" factor of getting a smart, personable 17 year old (D'Aloisio is still at school) to be the "face of Yahoo's mobile mojo". Now there is nothing wrong with teenage kids, especialy smart ones who are very technologically literate as they are hip and younger than Yahoo itself is, but can this gambit...
Now, in a Wildean sense, the only thing worse that being talked about is not being talked about, all publicity is good publicity etc, and this is certainly being talked about*. So if some of the above come to pass this may be a great idea. If.
- Everyone believes that $25m is a decent price to pay for such PR fireworks, and focusses on the Human Interest spin rather than the "You paid What???" Bubbletime bid, and
Now don't get me wrong - I'm all in favour of young entrepreneurs selling their inventions for oodles of cash (or old ones for that matter). Especially British kids, British Tech needs all the encouragement it can get. And I'm in awe of anyone who gets the likes of Wendi Murdoch, Ashton Kutcher, Yoko Ono and Li Ka-shing as investors, (Ka-Shing before it was even called Summly apparently). It's teriiffic news for Summly, but right now this seems to be a very dumb buy from a Yahoo, unless more information comes to light.
(Update - so far, the stuff coming to light is pointing the other way - look at the justification here for eg)
*Fwiw Twitter is ticking over like a Geiger counter on this, but sentiment is running about 50/50 on this deal right now by our measure, and much of the smart press is more or less incredulous or playing a very straight bat - that certainly is not worth $25m yet, its going to want a blizzard of puff pieces to get off the ground (I predict a snow-storm in the coming months )
PS - Slashdot are also calling the bubble
Update 2 - d'you know, the more I think about the price, the product, the investors, the people at Summly, the comments by the real technorati, the lack of actual users, the more I go "hmmmm". And realise the MSM and Tech Gushblogs have been bamboozled, yet again.
Posted by Alan Patrick in Bubblewatch at 13:23 | Comments (0) | Trackbacks (2)
Thursday, December 20. 2012
Thinning out seedling companies
Seed Funding Strangulation Waterfall diagram courtesy CBInsight
The size of the rise in the burgeoning Startup Seeding and Incubation industry (lets not call it a bubble) is well explained in the above waterfall chart (courtest CBInsight, as seen on TechCrunch) of the US funding market. The evolution of the problem is that, since 2009 when startup companies getting seed funding in the US, and companies getting the next stage, Series A funding were both at about 100 per quarter.
(Seed funding is in the tens to a few hundreds of thousand dollars range, Series A typically in the low millions of dollars range)
Roll forward to mid 2012 and it was about 500 startups seeded per quarter, compared to only c 200 Series A rounds, a 5-fold rise in seedings vs a 2 - fold rise in Series A funding. By Q4 2012 it had droppped to c 350 Seedings to c130 series A - if not the sound of a bubble deflating rapidly, certainly one of animal spirits evaporating.
The downside will be the culling of a 1000+ only recently seeded startups - the red bar in the waterfall above (thinning out seedlings, I believe gardeners call it). Some believe this adds up to a writeoff of up to $1bn but that seems to be a high estimate, I'd suspect its more like about half that (a quick calculation will tell you that 1000 startups funded at way less than $1m each will not reach $1bn of losses). Now, seed funders may do some form of additional funding rescues, but that is by and large not in their business models (and not always in their piggy banks either) so one suspects it will be unlikely. Now this is US specific, but you can bet that a similar story will soon start to play in Europe, though I'm not sure that the startup bubble was quite as frothy here (in dollar terms,that is - in hype terms its cup ranneth over).
The ubiquitous Startup industry drinkups will thus probably shift from living it up to drowning sorrows in 2013.
As usual, at the peak of a bub....sorry, exuberant financing phase, there is always some method that gets invented to allow more and more people to put in smaller and smaller amounts of money, hence the move by AngelList and SecondMarket to open a service for investments of as low as $1000. (Actually, I think more being able to trade shares in startups will be a useful thing, but the timing is unfortunate)
The good news, also as always, is for those who get funded just before the gates snapped shut, as they know that they won't have to look over their shoulders for other startups on their tail for some time, and people ahead of them with less cash left probably won't get more either - and last man standing is always a good place to be. Now they probably will raise a glass or two of bubbly next year....
Update - thoughts from Broadsight's Andy Wise:
- Surprising statistic that "startup companies getting seed funding in the US, and companies getting the next stage, Series A funding were both at about 100 per quarter". Suggests that the natural process of thinning out was happening before the seed funding stage. No other similar process has a 1 to 1 ratio – it's far more usual to back 10 horses for every winner. (My comment - I think that's the seeding bubble effect)
- It would also be interesting to know what happens to those that don't go on to Series A funding – what percentage fold with a zero return to the investors and what percentage stumble on with organic growth or get bought out or in some other way eventually return something to the investors. (My comment - in my day the rule was for every 1 hit, there were 3 trade sales, 3 "zombies" and 3 deadpools. I suspect the deadpool ratio has rocketed, looking at these numbers)
Posted by Alan Patrick in Bubblewatch at 20:12 | Comments (0) | Trackbacks (0)
Tuesday, December 11. 2012
Accelerating towards the Bubble burst moment
Evidence that the Incubator/Accelerator bubble is close to bursting - Forbes:
Nike is the latest to jump into tech incubation with its Nike+ Accelerator, for helping the latest health-related startups. The program, organized by TechStars, focuses on startups in areas such as training, coaching, gaming, data visualization and the quantified self.
When companies that know next to nothing of technology jump into it, while people who know a lot are scaling back (eg Y Combinator) or pulling their money out at the same time, you know you are getting close to the "pop" moment.
"Just do it" is one saying, but "look before you leap" is another.....
Update - my friend James Cooper totally disagrees with me in the comments.
Posted by Alan Patrick in Bubblewatch at 09:37 | Comments (2) | Trackbacks (0)
Tuesday, November 20. 2012
Autonomy, HP and the evaporation of Goodwill
News today that HP is asserting Autonomy had dodgy finances - FT articles the travails:
The struggling US technology conglomerate has alleged that "serious" accounting improprieties at the British software company were responsible for more than $5bn of the writedown.
Whether there was dodgy dealing or not, all you need to know about the Autonomy/HP Brouhaha is contained in these 2 paragraphs from Jonathan Weil at Bloomberg:
HP said in its 2011 annual report that it paid $11 billion for Autonomy, a software company based in Cambridge, England. In connection with the acquisition, HP initially recorded $6.6 billion of goodwill and $4.6 billion of other intangible assets. HP later revised the goodwill to $6.9 billion and reduced other intangibles by about $300 million, according to its most recent quarterly report.
When you are valuing your $11 bilion purchase at 2/3 Goodwill and your market cap is only c $28bn, you have not just overpaid, you have overpaid ludicrously on a big bet, and it will really hurt if things go wrong...I didn't write about this deal at the time, I saw it as yet another typical Bubbletime deal, and I felt I'd been writing a continual litany on large desperate corporates overpaying for less-than-meets-the-eye-but very-cool small companies (that they believe they can add value to, despite all the historical evidence) for the past year or so.
It would appear that all the HP Board bar one were in situ at the time. Be interesting to see which heads roll.....
Posted by Alan Patrick in Bubblewatch at 23:54 | Comments (0) | Trackbacks (0)
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Media Day Player Interviews: Taco Charlton, Jabrill Peppers, Moe Ways Redux
Taco Charlton
[I jumped into the scrum mid-answer] "…I was behind both Worm and Earl [Willie Henry] both playing those. They were both great players and both playing the same position so making sure when I got my time I was making plays, got the sacks, the hurries, everything like that. I contributed a lot against the pass and made sure I was stout against the run also in that 3-4 defense. As an end I made strides and as I got more playing time I contributed more and made more plays for the team. That was something I was able to do and I've been waiting to do for a while. As my snaps increase as a senior and going back to [being] a 4-3 end, I believe my production is only going to skyrocket, also."
What do you think of these new threads?
"Oh, I like them a lot. I grew up wearing Jordans since I was a little kid. My mom had me as a baby wearing Jordans. I like the look of it. Jordan's an icon not just in a football aspect but as a mogul, as himself, he's somebody who you can go anywhere in the world and somebody will know he's Michael Jordan. So to have this brand paired with Michigan, which to me is also a brand iconic in itself, I feel like it's the perfect fit."
It still means a lot after 10 or 12 years? All that still carries something to you?
"Oh yeah. I know Jordan hasn't played in a while but at the end of the day he's still an icon and not only is he the greatest player of all time to play the sport of basketball but I feel the Jordan brand is not just basketball. It expanded to baseball, golf, whatever it is and now football, but NFL players have been wearing it for a while. It's a brand where, I heard Charles Woodson say 'excellence.' It's a brand you can be a part of that—it's a small group that's a part of the Jordan brand because of that excellence and what he stands for."
We asked Don Brown about your weight loss. How much have you lost?
"I've lost about 10 pounds. I was 285. Today I weighed in about 275, so I lost about 10 pounds from last year which was because we were in a 3-4 end and now we've switched over to a 4-3. I'm allowed to get my speed back, get that motor going, which I felt better this spring training. It wasn't necessarily bad weight that I had on last year, but it was baggage that I didn't need and it allowed me to be a lot faster off the edge and get that speed that we've worked at."
He said 'Would you rather be a slug or a bullet?' Did he say that to you?
[laughs] "Nah, I haven't heard anything."
So you'd rather be a bullet?
"Of course, of course. I need that speed coming off the edge. It's something that our team needs. He wants me to be that pass rusher that we need."
[After THE JUMP: the "Jabrill Peppers decking people" tag is more versatile than we imagined.]
Media Day Player Interviews: Ian Bunting, Grant Newsome, Moe Ways
With guidance from Jake Butt, Ian Bunting is poised for a breakout year. [Fuller]
Ian Bunting
MGoQuestion: This seems like the year where you're going to see the field a lot more. What's the biggest thing you're doing to prepare for that?
"Just getting the little tweaks I'd say is the most important thing, especially at—the higher level you get to, whatever you do, the distance between being good and being great gets smaller and smaller. So I think that little tweaks like footwork or just understanding more of the whole concept or of the whole play or the whole offense, it's the little things like that that I'm going and I have been focusing on to get better."
MGoQuestion: Working behind a guy like Jake Butt, what's he been able to impart on you as an All-American?
"He's been very influential. He's been a great teacher, a great role model since I've gotten here. I'm very appreciative of that. We are always competing, him and me and the rest of the tight ends. We compete with each other but we also help each other. We're not a selfish group, like our room is very close-knit, but we also understand that we're always going to be going up against each other and competing with each other, and that just brings out the best in everyone."
MGoQuestion: Does it help knowing that Jim Harbaugh is going to be happy to play two, three, four tight ends?
"Yeah, we love it. That's music to our ears. Last year we had four-TE sets, so we love that. In our opinion, the more tight ends we have on the field, the better. If there's any opportunity for us to get on the field and make a positive impact on the game and help us win, we're all for it."
[inaudible] ...with everything you guys have got going, the returning offensive line, the running backs, the wide receivers.
"I think we can be very, very dynamic, very explosive, and very smart football-wise, very intellectual. There are a lot of guys that have been here for a while. Coming into the season not having to learn a whole new offense, there's definitely something to be said about that. The sky's the limit."
Do you expect the ball to be thrown your way a decent amount this year?
"That is not up to me. I don't make those decisions. But I would not complain. As a tight end, you love blocking, and you love catching the ball and doing what you can with it after you catch it. That's what the tight end does, especially nowadays, it's kind of an evolving position. It's not as much a glorified, other lineman. It's really evolved. As you can see with Jake, he's been a big part of that evolution. I don't know how many catches he had last year but he had a lot of catches and he did a lot with the ball after he caught it. We want to improve on that and take that to a whole other level this year."
Is taking it to a whole other level making rap videos?
"(Laughs) Yeah, I love doing that stuff. I did a little bit of that in high school. One of my best friends who lived two blocks away from me, Pat Foley is his name, he actually started a production company in high school, it's called Hued Productions. They're down in Atlanta now going to school and also doing that. He's great at what he does. In high school he just had a makeshift little studio, so we were just like, yeah, let's mess around and make some music. We both love music, and we did it, made a few songs, made a music video right before we all left for college. I guess people like it."
MGoQuestion: What's the reception from the rest of the team?
"They all love it. A lot of the guys were in the video, too, so that was a lot of fun. It's just something that is a passion of mine outside of football and outside of school. For now, that's going to get pushed to the side and it's going to be football. It's going to be focusing on winning football games for a while now."
MGoQuestion: It seems like with Harbaugh that blocking is the path to get on the field. (Bunting: "Yeah!") What have you done to take that next step?
"A lot of blocking, in my opinion, is footwork. We work on that all the time with each other, on the field during practice or even just when we have seven-on-seven or something, just spend a little time afterwards just working on footwork, steps for different types of blocks. As much as we like to catch the ball, we love blocking too. It's just fun. It's fun to go and hit someone."
[Hit THE JUMP for Grant Newsome discussing the difficulty of facing M's defense in practice and John O'Korn crashing my interview with Moe Ways.]
2016 B1G West Preview
Is this man really the best coach in the Big Ten West?
Previously: Pac-12 North, Pac-12 South, ACC Coastal (and Notre Dame), ACC Atlantic, Big 12, SEC East, SEC West
The Big Ten has now had two seasons in its new alignment and a clear picture of the dynamics in each division are emerging. The East has Ohio State, Michigan, and Michigan State, each led by some of the best coaches in college football – the East has sent a team to the playoff two times in two tries (same as the SEC West and ACC Atlantic). While Penn State struggles in the James Franklin era, and as long as the current coaches remain at OSU, UM, and MSU, the East will likely feature those three teams at the top, in whatever order.
The West is far less certain. A year ago, Iowa was the biggest surprise in the college football world during the regular season as they strung together twelve wins to start the season. They missed the playoff after conceding a late game-winning touchdown after a long, slow, backbreaking Michigan State drive in the Big Ten championship game, and were utterly destroyed by Stanford in the Rose Bowl. The Hawkeyes won five games by a single score last season against an easy schedule, but it was still a sensational season – though it may not be able to be replicated.
Big-picture, the West is unclear, for many reasons. The only historical powerhouse in the division (Nebraska) doesn't seem capable of attaining anywhere near that level of success in their new conference. Mike Riley certainly doesn't seem equipped to unlock their potential. Wisconsin lost a Rose Bowl-level coach in Bret Bielema and might not be able to find another for a while. More generally, even if programs like Iowa and Northwestern can put together very solid squads every so often, they, and all the other programs in the division, lack the recruiting and the top-level coaching requisite to establish themselves as dominant enough to stay atop the division.
There's definitely room for the right coach at the right program to own the West in the future. Right now though, it's unpredictable and should be pretty competitive – aside from Illinois (who may have made a great hire in Lovie Smith) and Purdue (NOPE), the rest of the division should find themselves with winning records and in bowl games, though no obvious frontrunner stands out to win ten games. Odds dictate that someone probably will, but it remains to be seen which program emerges from the muddled ranks of the "pretty good" to win the West in 2016.
[Team previews after the JUMP]
Media Day Interviews: Don Brown
If you listened to The Michigan Insider Tuesday morning you heard them run interviews with some of Michigan's assistant coaches, including Don Brown. We thought you, our beloved readers, might like reading a transcript of what coach Brown had to say. When you finish reading you should head to The Michigan Insider's channel on Audioboom and listen to the rest of what Sam and Ira discussed. After all, the cool people like it.
What are your impressions of Jabrill Peppers, and talk about the various ways you can line him up and use him as a linebacker/defensive back.
"Great job, that's what we're going to do. Talented guy, very fast. He can get from point A to point B very efficiently. Extremely intelligent football player. Has a knack for handling concepts, so, you know, I said it in the spring and I'll just continue to say it: we're going to give this guy a lot to do. He's going to have different jobs based on the package. And calling him a linebacker's probably not fair. Calling him a hybrid's probably not fair, because we'll ask him to do a lot of stuff. That's the beauty of guys like him, you know. You have to set them and they give you a unique ability to cover from the linebacker position and you don't have to substitute."
Coming in new to this defense, how big of an advantage is it to have a defensive line with some experience and depth because I imagine it all starts there?
"Always does. You know, first off, really excited to work with coach Mattison. He does such a great job with the guys. Great football coach. But we feel like we're going to be, with Glasgow getting back in the mix and maybe some of the guys that we brought in, we're going to let it play out but we should be eight to nine guys deep, which certainly allows rotation. It allows guys to play fast, be fresh, and take advantage of every repetition. If they're knocking those guys back, that's a good thing. It certainly will help with breaking in virtually a brand new linebacker corps right across the board. So that helps. It really does."
Do you have concerns with that? That seems to be the question with everyone as far as the linebackers--
"No, not really."
You like the guys you have?
"I like the guys I have. Obviously we've talked about Jabrill. Noah Furbush is working at the Sam position as well and, you know, he's 238 pounds running a 4.5, too. That's a pretty good thing. He's just not—he's not a household name, but, you know, I feel good about him. Ben Gedeon has played some. You know, his role has definitely changed because now he's the guy. It's his show. He's got to run it. We're excited about him. Mike McCray, again…I'll knock on my head, I guess, for wood. Let's keep him healthy. I think he's a very, very good football player. And I can comment on Devin Bush because he was with me in the spring. Feel like I've got a pair and a spare, and hopefully that just grows with the development of the guys that we have here.
"I like Wroblewski. We moved him to Mike backer about practice six, and that 's a hard deal. You get about nine or 10 workouts of playing Mike backer, but I see him significantly growing throughout camp and hopefully Elysee Mbem-Bosse and Josh Uche and Devin Gil and those guys will just…they'll have great modeling because the guys in front of them know what they're doing, so that's a beautiful thing. And we'll see if we can get a couple of those guys in the mix and get them going at least in some of our packages."
You talked about the linebacker corps. How important is it for them to have the secondary that you guys have?
"Unbelievable. You know, the first thing that we talk about on the back end [is] you better get your hands dirty in the run game now. It's not those guys up front have the run and us guys back here have the pass. It's an 11-man deal, and they have gaps to fit, run places to fit, and I see a willing group, so that's important. But again, when you can lean on a veteran secondary that can play coverage one-on-one, defend 'em one on one it allows you to be extremely multiple with what you're going to do to kind of occupy the quarterback's attention."
[After THE JUMP: "If I tell ya, I have to take ya out."]
Draftageddon 2016: Can Mike From State Farm Play Wide Receiver Edition
This is our Big Ten preview. It is way deeper, better researched, more serious, and longer than any other list of ~100 Big Ten players to watch. And this time it might not even contain a Michigan player since we've drafted 18 already and only 23 will start. Then again…
Oh and by reader request you can start voting now.
Previously on Draftageddon:
Rounds 1-2: A Heisman candidate QB and the reigning Thorpe winner go after two members of Michigan's secondary. (M players: Peppers, Lewis, Butt)
Rounds 3-4: An underwhelming first swing through receivers, and lots of linemen. (Chesson, Cole, Wormley, Glasgow)
Rounds 5-6: A Michigan second-teamer goes before Purdue J.J. Watt. (Charlton, Hurst)
Rounds 7-8: Hodor. (Taco, Hurst)
Rounds 9-11: We go on a mini Iowa binge, and Brian takes a true freshman (YTTF).
Rounds 12-14: A grueling, three-rounder with safeties, RBs, and MSU legacies flexing. (O'Korn, Braden).
Rounds 15-16: We break out laughing at Tommy Armstrong. (Dymonte, Kenny Allen)
Rounds 17-18: Cheese and tackles. (Magnuson, Delano Hill)
How things stand:
ACE: Round 19, Pick 1: Demetrius Cooper, defensive end, Michigan State
[Mike Mulholland | MLive.com]
OFFENSE: QB CJ Beathard (IA), RB Saquon Barkley (PSU), WR Jehu Chesson (M), SLOT Curtis Samuel (OSU), TE George Kittle (IA), OT Nick Gates (NE), OT Kodi Kieler (MSU), OG Jacob Bailey (IU), C Michael Dieter (UW), WEAPON Jabrill Peppers (M)
DEFENSE: NT Ryan Glasgow (M), DT Jake Replogle (PU), DE Sam Hubbard (OSU), DE Demetrius Cooper (MSU), MLB Josey Jewell (IA), OLB Brandon Bell (PSU), OLB/NICKEL Jabrill Peppers (M), CB Jalen Myrick (MN), CB Vayante Copeland (MSU), S Nate Gerry (NE)
SPECIAL TEAMS: KR Jabrill Peppers (M), PR Jabrill Peppers (M)
Shilique Calhoun is (finally) off to the NFL, leaving a void for someone to step in as Michigan State's top pass-rusher. That someone is Demetrius Cooper, who was second on the Spartans with five sacks in 2015 despite not starting a game. That number will rise this year as he goes from rotation piece to full-time starter. Cooper showed what he can do when he obliterated Iowa left tackle Boone Meyers on a bull rush to all but end the Big Ten title game:
He also managed a sack against Alabama, not that it mattered. Cooper carried that momentum into the spring, proving difficult to block in each of MSU's three spring scrimmages—he looked excellent in their spring game. There's not a ton to go on, but what's there is promising.
[After THE JUMP: How can you root for them? Did you even GO to Michigan State?]
Media Day Player Interviews: Ben Gedeon, Chris Wormley, and Amara Darboh
Ben Gedeon
[I didn't label these MGoQuestions because it was a one-on-one interview]
Where would you say you've made the biggest gains from last year to this year as far as technique's concerned?
"I think just kind of honing in on the little details of my technique. That was big for me, going back and watching past years and seeing where I need to improve and kind of honing in on the smaller details of things. Getting off blocks, finishing tackles, finishing plays were the biggest for me."
With Don Brown coming in, are you guys going to be dropping into coverage a little bit more or is it about the same as what you've done in the past?
"Pretty similar. But his motto is 'Solve your problems with aggression,' so we're going to get after the quarterback. We're going to be blitzing a bunch. We had aggressive defensive coordinators in the past as well. Coach Durkin got after the quarterback as well, so it's not too much of a change for us."
Technique-wise, what does Coach Partridge or Coach Brown preach to you most often?
"Just really getting off blocks and finishing tackles. That's the art of playing linebacker. You've got to get off blocks. You can't stay on blocks, you can't trade one for one. You've got to finish plays."
You were saying you feel like you've made pretty big strides as far as shedding blocks?
"Yeah, I think so. Spring's a big fundamental time for us and I think altogether us linebackers got a lot better in that regard."
How do you get better at that? Is it through drills, is it through live reps, or can you study it on film? What helps the most?
"I think it's a combination of all of them. You start with the drill. You start not against another person and you hone in on the technique, but once you get to a live period sometimes you forget all that and you fall back on your technique and you evaluate it at film [sessions] and try to improve."
What, if any, differences are there from last year's defense to this year's defense as far as your assignments are concerned?
"The biggest difference?"
Yeah, if there are any.
"Pretty similar. I mean, for me personally it's just being more vocal and making the calls as a Mike linebacker. Play a lot of man coverage. No secret there. We'll be blitzing a lot so we'll play a lot of man."
[After THE JUMP: Learn how Carlo Kemp became Chris Wormley's psedo-son and which NFL players' film Amara Darboh watches]


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Passive Attacks and Active Attacks - Module 2: Threats to Communication Networks - Fundamentals of Network SecurityA passive attack is characterised by the interception of messages without modification. There is no change to the network data or systems. The message itself may be read or its occurrence may simply be logged. Identifying the communicating parties and noting the duration and frequency of messages can be of significant value in itself.
From this knowledge certain deductions or inferences may be drawn regarding the likely subject matter, the urgency or the implications of messages being sent. This type of activity is termed traffic analysis. Because there may be no evidence that an attack has taken place, prevention is a priority.
Traffic analysis, however, may be a legitimate management activity because of the need to collect data showing usage of services, for instance. Some interception of traffic may also be considered necessary by governments and law enforcement agencies interested in the surveillance of criminal, terrorist and other activities. These agencies may have privileged physical access to sites and computer systems.
An active attack is one in which an unauthorised change of the system is attempted. This could include, for example, the modification of transmitted or stored data, or the creation of new data streams.
Active attacks can be divided into four sub-categories here:
masquerade or fabrication,
message replay,
message modification and
denial of service or interruption of availability.
Masquerade attacks, as the name suggests, relate to an entity (usually a computer or a person) taking on a false identity in order to acquire or modify information, and in effect achieve an unwarranted privilege status. Masquerade attacks can also incorporate other categories.
Message replay involves the re-use of captured data at a later time than originally intended in order to repeat some action of benefit to the attacker: for example, the capture and replay of an instruction to transfer funds from a bank account into one under the control of an attacker. This could be foiled by confirmation of the freshness of a message.
Message modification could involve modifying a packet header address for the purpose of directing it to an unintended destination or modifying the user data.
Denial-of-service attacks prevent the normal use or management of communication services, and may take the form of either a targeted attack on a particular service or a broad, incapacitating attack. For example, a network may be flooded with messages that cause a degradation of service or possibly a complete collapse if a server shuts down under abnormal loading. Another example is rapid and repeated requests to a web server, which bar legitimate access to others. Denial-of-service attacks are frequently reported for internet-connected services.
We shall not deal with the detailed threats arising from computer viruses, but just give a brief explanation of some terms. The word 'virus' is used collectively to refer to Trojans and worms, as well as more specifically to mean a particular type of worm.
A Trojan is a program that has hidden instructions enabling it to carry out a malicious act such as the capture of passwords. These could then be used in other forms of attack.
A worm is a program that can replicate itself and create a level of demand for services that cannot be satisfied.
The term virus is also used for a worm that replicates by attaching itself to other programs.
Zaipuna Yonah Tanzania WEll presented material!
2016-07-14 18:07:05
Samuel Anim Danso Ghana good lesson
2016-06-23 14:06:58
Samuel Anim Danso Ghana good lession
2016-06-23 14:06:43
Caleb Smith South Africa Pretty basic and straight foward.
2016-06-05 10:06:38
Bradley Lewis Bahamas Straight Forward
2016-05-24 14:05:36
Believer Mensah Ghana Nice one there
2015-10-13 09:10:42
Atmania Mohamed Abderrakib Philippines Great Module
2015-10-05 13:10:36
Mohammed Raziuddin India informative
2015-06-27 10:06:05
Rohit Sharma India so many issues comes in communication networks and Alison has briefly described and explained about threats like virus, trojan, hijacking, denial services of attacks, passive and active attacks which is very useful for beginners.
2015-06-24 08:06:24
Allan Pitty Panama teenagers modifying audio!
2015-05-29 20:05:16
Afolarin Orisabiyi Nigeria informative!
2015-05-21 13:05:45
Wilson Doswell III United States of America Great Module
2015-02-03 04:02:39
Chintan Devalia India i m not able to view Module 2: Threats to Communication Networks - Passive Attacks and Active Attacks
2015-01-28 15:01:44
LEWIS BOATWRIGHT United States of America Does a Denial of Service Attacks also block an intruder from entering the server
2014-12-12 05:12:17
Arindam Saha India No
2015-01-12 12:01:29
Kapil Soni India Message replay and message modification mostly used in Wireless communication. WEP
2014-12-04 07:12:26
Jazaa saqer bin eid Alotaibi Saudi Arabia What is the best program for the management of the network
2014-09-10 09:09:26
Phale Motsepe South Africa What is a packet header address?
2014-08-21 17:08:20
Mike Rivero Indonesia how to college?
2014-08-05 07:08:07
Fernando Zadio Mabibi Angola how do one protect is document from active attacks?
2014-07-30 13:07:01


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Grover Norquist's false twist to anti-union rhetoric
Norquist begins by using misleading language...
Progressive cinema at Traverse City: Focus on Middle East
As long as the Israeli occupation of Palestinian land continues, there are films to bring us the truth. And they are getting better and growing in numbers.
Joe Kubert, inspirational comic artist, dead at 85
Kubert would continue to work on comics for the rest of his life, and contributed as recently as this year to an issue of "Before Watchmen."
What's good about Obamacare?
"...Americans saw health care reform as an urgent priority. All we hear from Republicans is how bad this is. No one has come up with a better alternative."
Progressive cinema: Spotlight on Detroit
Ultimately it's the people that make a city. There are still many good people in Detroit; many great activists and endless joys left in this embattled city.
Progressive cinema: Occupy stars in Traverse City
The Occupy Wall Street movement was one of the main themes at Michigan's Traverse City Film Festival this year.
Which way forward for the Olympics?
In 2016, Brazil, with its left-center government, will hopefully lessen corporate influence and increase the public's involvement.
America's campaign against obesity is mostly off course
The news is filled with images of grossly overweight citizens. But, is this all the fault of an overindulgent citizenry? Of course not!
Progressive cinema: Overview of 2012 Traverse City Film Festival
The Traverse City Film Festival just completed its 8th season with an amazing array of over 200 films screened at seven theaters.
"My Brooklyn: The Battle for the Soul of a City"
"My Brooklyn: The Battle for the Soul of a City" is a documentary film about gentrification and development in the New York City borough of Brooklyn.


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