text:
- On Kijiji since July 2012
- View poster's other Ads : Revell Ford Lincoln
|Date Listed
$11,500.00 plus applicable taxes
|Accident History Report
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|6715 Highway 38, Verona, ON, K0H 2W0
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|For Sale By
|SE...Moonroof, Leather buckets, Alloys, Spoiler...
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Here at Revell Ford Lincoln we are pleased to offer some of the best pre-owned vehicles in the area. Many of them have been bought and serviced here originally, as we pride ourselves on a large number of repeat customers over more than 80 years as a family run business. We carry two types of pre-owned vehicles here at Revell Ford Lincoln, CERTIFIED vehicles and AS IS vehicles. If this vehicle is labelled CERTIFIED, then it has been reconditioned to the highest of standards by some of the best Ford factory trained technicians in the region in our Award Winning service department with state of the art equipment. In addition, most of our certified pre-owned cars, trucks and SUV's come with a 5,000km/3 month Ford Premium Care or Lincoln Premium Care warranty to provide our valued customers with added peace of mind. Ask to see the CarProof report for free. If this vehicle is labelled AS IS, then we must inform you that these vehicles have not been inspected by Revell Ford Lincoln. They are being sold in the same state when they were traded by their previous owners. OMVIC regulations state we must inform you as such: This vehicle is being sold as is, unfit, not e-tested and is not represented as being in road worthy condition, mechanically sound or maintained at any guaranteed level of quality. The vehicle may not be fit for use as a means of transportation and may require substantial repairs at the purchaser's expense. It may not be possible to register the vehicle to be driven in its current condition. If we don't have what you're looking for, please call our Sales Department at 1-888-740-4039 and we will be more than happy to help you find it! We often have trades coming in that have yet to be listed. If we know what your needs are, there may be an opportunity to view these vehicles before they are advertised. Our Ford trained consultants are happy to answer any questions you have. Since 1936, Revell Ford Lincoln has been committed to total customer satisfaction, proudly serving customers throughout Eastern Ontario and beyond, including Kingston, Napanee, Gananoque, Belleville, Trenton, Brockville, Kaladar, Westport and Madoc. Put your trust in Revell Ford Lincoln with your business and buy with confidence.
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text:
Thread: aaawebmasters.com
04-01-2004, 10:18 PM #1New Member
- Join Date
- Apr 2004
- Posts
- 1
Has anyone use host aaawebmasters.com?
If you did, what is your opinion on it?
04-08-2004, 03:58 AM #2New Member
- Join Date
- Apr 2004
- Location
- waco, tx
- Posts
- 1
I have been using aaawebmasters.com for about a year now and have had great success with them. I started out with just a small site of my own and now i have a hosting/reseller account with them. I upgraded by finding their ebay ads. they are listed on ebay as webmasters4all.(I would give you the link but i havent posted enough. )
They are quick with support questions i have had. Plus they have several numbers to reach them if I need something right away.
If you have anymore questions about them email me and ill fill you in on what i can. good luck!
Randall Sturdivant
04-08-2004, 05:23 AM #3Community Leader
- Join Date
- Apr 2003
- Location
- London, UK
- Posts
- 4,695
Their forums page says they "lost" everything due to "server changes"
If they can't keep a backup of their own forums, it doesn't say much about their ability to keep customers sites and data backed up and secure.
But hey, they may have the best service in the world, who knows
Last edited by Ash; 04-08-2004 at 05:37 AM.

subset: commoncrawl


text: Home » News » Fujitsu Unveils the ARROWS Tab Q335/K 8-Inch Windows 8.1 Tablet Research Paper On Marketing http://tkcworld.org/?columbia-dissertation-deposit Columbia Dissertation Deposit War On Drugs Research Paper http://monitorecord.com/how-to-write-an-admission-essay-descriptive/ How To Write An Admission Essay Descriptive •Compact and lightweight ARROWS Tab Q335/K fits in one hand and is easy to use – The compact tablet is equipped with the newest Intel Atom processor Z3735F and an 8-inch wide-angle LCD display. By reducing the unit weight to less than 400 grams and limiting the width to 126 mm and the thickness to 9.9 mm, the tablet can be held with a single hand, therefore reducing fatigue after extended use. Digitizing paper forms, thick manuals and catalogues so that they can easily be carried around, this tablet is ideal for a variety of work in different fields. http://www.fkbv.uni-mb.si/?write-my-dissertation-uk-help-i-can Write My Dissertation Uk Help I Can Divine Wind Essay Pay Someone To Do Assignment For systems administrators, utilizing the integrated management functions offered by MobileSUITE enables the unified management of services, applications, contents, terminals and user IDs. For tablet users, services, applications and contents used for work that are displayed on Mobile Portal can be quickly and easily accessed to facilitate work. "Microsoft welcomes Fujitsu's new 8-inch tablet into the global business market. Designed for Windows 8.1 Pro, it's a great fit for business customers looking for a thin, light-weight device that can also allow them to be incredibly productive. Fujitsu is also a global Microsoft partner in the systems integration space, and an early adopter of our Project Siena (Beta) app, a tool that allows for easy and rapid modern app development for Windows. We are thrilled that Fujitsu is leveraging the power of Siena-based SI solutions to further enhance the value of its new 8-inch tablet." "The Fujitsu ARROWS Tab Q335/K, based on the Intel Atom processor ("Bay Trail"), delivers the great battery life and lightning fast performance that users want and the application compatibility and integration into existing Windows infrastructure that IT managers demand. Fujitsu has delivered a great offering for enterprise users." Share On


text:
Charlotte has a new city attorney. Bob Hagemann, senior deputy city attorney, has been selected to take over the role in January. Hagemann succeeds Mac McCarley, who will retire.
Tagged with: Bob HagemannRead More »
Charlotte has a new city attorney. Bob Hagemann, senior deputy city attorney, has been selected to take over the role in January. Hagemann succeeds Mac McCarley, who will retire.
Tagged with: Bob HagemannRead More »
Duke Energy Corp. said it will remain the title sponsor of Blumenthal Performing Arts Center's Broadway Lights series for the 2011-12 and 2012-13 seasons. "The Broadway Lights series brings world-class programming to our community and is a prime example of ...
Tagged with: Duke Energy Corp.Read More »
Hendrick Construction said it will be the builder for a 5,000-square-foot Rooster's Wood-Fired Kitchen in uptown. The Charlotte-based general contractor said the restaurant will be in 1 Bank of America Center's Urban Garden. It will be the second location for ...
Tagged with: Hendrick ConstructionRead More »
The Charlotte City Council has decided to award $2.5 million, rather than $10 million, to the Charlotte Regional Visitors Authority, in a blow to the embattled tourism-booster group. The council is expected to vote July 25 on the remainder of ...
Tagged with: Anthony Foxx Central Intercollegiate Athletic Association Charlotte Regional Visitors Authority Edwin Peacock Michael Barnes Nancy Carter Patrick Cannon Patsy Kinsey Warren Cooksey Warren TurnerRead More »
Organic Plant Health founders Billy Styles and Alan Talbert said they are trying to get their company's products into Mooresville-based home improvement retailer Lowe's stores. OPH is based in Charlotte. Styles and Talbert said they met with Lowe's representatives last week as part ...
Tagged with: Lowe'sRead More »
Goodrich Corp. today said it has shipped its 50,000th executive aircraft seat. The Charlotte-based company's interiors business in Peshtigo, Wis., manufacturers the seats. Goodrich services the aerospace and defense industries.Read More »
When you hear the name of the rock band Kiss, what comes to mind? Black-and-white face paint? Blood spitting and fire breathing? Maybe Gene Simmons' slinky tongue? When officials with Kiss Coffeehouse — No, we're not making that up — ...Read More »
Last week, the Charlotte Chamber of Commerce made its annual trek to another city to learn some economic development strategies. This year, the trip was to Seattle, which also has a Microsoft campus. While on the campus, Natalie English, senior ...Read More »
Bojangles' does more for the world than deep-fry chickens, and the company wants everyone to know that. It turns out that Charlotte-based Bojangles' is responsible for marriages, too — at least one marriage, anyway. In a press release, the company ...Read More »
With summer's arrival, Charlotteans are looking for ways to beat the heat. So it might be good timing for a new business that's opened at SouthPark Mall. Robert Horner is the owner and operator of the new Sunset Slush Classic ...Read More »


text:
KONG Tug Dog Toy
By KONG
List Price:
$6.99 FREE 1-2 Day Shipping over $49
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$5.00 (42%)
In stock
The KONG Tug combines two strong materials to create the perfect tug toy. Legendary KONG rubber grips and Control-Flex center provide strength and flexibility. The nylon KONG-shaped rings are sturdy and designed to withstand the most vigorous tug sessions.
Key Benefits
- Two strong materials to create the perfect tug toy
- Legendary KONG rubber grips and Control-Flex center provide strength and flexibility
- Rings are sturdy and designed to withstand the most vigorous tug sessions
- Control-Flex technology prevents the toy from snapping back into one of the players' faces, promoting a safe, controlled version of a game that can sometimes get out of hand
- Suitable for dogs of all sizes and breeds
KONG Tug is an interactive toy, not a chew toy. Never leave KONG Tug Toy alone with dog. Store KONG Tug Toy out of reach of dog. Bring out only when you want to play tug.
Item Number59156
Dimensions13 x 4.5 inches
Breed SizeSmall, Medium, Large, Giant
Made inUnited States
Pet lovers also bought...
Customer Reviews
Rated 4 out of 5 by 100 reviewers.
Rated 5 out of 5 by Bree Different than I was expecting, but good! When I saw this, I thought it was a hard plastic. I wasn't sure if my dog would like it, but it seemed cheap and easier to hold on to than rope, so I bought it. This is actually made of a rubber type material (forgive me if it states it in the description), and stretches a bit when you're playing with it. Because of its material, it CAN be a little uncomfortable to hold on to if you have a hard puller, but the most comfy way I've found is with one hand on each bumpy side. It's held up after a few months of wear & tear, and I'd buy it again (given I needed to). Just don't let your dog chew on this while you're not playing tug. October 14, 2016
Rated 1 out of 5 by pibblemama82 smells very rubbery My dog did not care for this toy. It smelled pretty bad and I think it left a bad taste in her mouth. October 26, 2016
Rated 5 out of 5 by lorielu Like the product The product is so sturdy and my dog loves tug of war so it is really great to be able to play with her. Also loved the price of the product. October 12, 2016
Rated 5 out of 5 by 1wildwheaten TUG at IT'S BEST! This is the best tug toy on the market. It is long in length, nice finger grips, just the right thickness. Keeps you fingers safe from the excited "tugger" You won't be disappointed! October 9, 2016
Rated 5 out of 5 by Eb3525 My two dogs love this toy! I have an American Brittany Spaniel (2 years old) and an American Pit Bull Terrier (1 year old) and they both love this toy! They play "tug of war" together when ever this toy is available. Great buy to keep your dogs happy and entertained! Best for two or more dogs! October 7, 2016
Rated 5 out of 5 by Lacy3017 Perfect for Large Tuggers I have a 70 lb pit bull that loves to tug more than anything, and this is by far her favorite toy. I bought hers about a year and a half ago and we play with it several times a week. It is so strong and durable, I can pull up with her pulling down at full strength and it never breaks. If this thing ever does finally give up I will not hesitate to replace it. The only thing is that the rubber material can rub the skin of your hands and can be a little painful (but I'm also pulling against a really strong tugger), so I've had to put on a glove a lot of times while we're playing with it. Not a problem for me though, I just keep a glove handy for when she's ready to play! September 12, 2016
Rated 5 out of 5 by Stacy Awesome toy Kong strong! My neighbors have one with their two two year old labs and my 8 yr old lab loved playing tug of war with it. Naturally I had to get one for our house too! September 27, 2016
Rated 3 out of 5 by RyanA Good but there are other options Great for a game of tug of war to keep one hand dry from dog slobber. It eventually broke after 3 months on his toy rotation. Pretty good price knowing it will eventually get destroyed by an aggressive chewer. September 22, 2016


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October 16, 2012
ALBERT A. ROSS, PLAINTIFF,v.LLOYDS BANKING GROUP, PLC, F/K/A LLOYDS TBS GROUP, PLC; SIR VICTOR BLANK, CHAIRMAN OF LLOYDS; AND ERIC DANIELS, CHIEF EXECUTIVE OF LLOYDS, DEFENDANTS.
Plaintiff Albert A. Ross brings this putative class action, alleging that the defendants committed securities fraud when they misstated and omitted material information regarding the acquisition of Halifax Bank of Scotland ("HBOS") by defendant Lloyds Banking Group, PLC ("Lloyds"). Plaintiff asserts a claim pursuant to Section 10(b) of the Securities Exchange Act of 1934 (the "'34 Act"), 15 U.S.C. § 78u-4(b), and Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, as well as a claim of control-person liability under Section 20(a), 15 U.S.C. § 78t(a).
Defendants now move to dismiss the First Amended Complaint (the "Complaint"). (Docket # 27.) They argue that the Complaint does not raise a strong inference of scienter, and that it therefore fails to satisfy the pleading threshold of the Private Litigation Securities Reform Act of 1995 (the "PSLRA"), 15 U.S.C. § 78u-4(b)(2), and Rule 9(b), Fed. R. Civ. P. Defendants also argue that the Complaint does not allege actionable misstatements or omissions, fails to allege loss causation and that all claims are time-barred.
Because the Complaint does not plausibly allege that defendants are liable for material misstatements or omissions and because it fails to raise an inference of scienter, the defendants' motion is granted. I need not reach defendants' other arguments.
For the purpose of the defendants' motion, all nonconclusory factual allegations are accepted as true. S. Cherry St. LLC v. Hennessee Group LLC, 573 F.3d 98, 100 (2d Cir. 2009); see alsoAshcroft v. Iqbal, 556 U.S. 662 (2009). As the non-movant, all reasonable inferences are drawn in favor of the plaintiff. Anschutz Corp. v. Merrill Lynch & Co., 690 F.3d 98, 107 (2d Cir. 2012).
A. The Lloyds Acquisition of HBOS.
Plaintiff is an individual domiciled in St. Tammany Parish, Louisiana. (Compl't ¶ 9.) He owned more than 10,000 American Depositary Receipts ("ADRs") of Lloyds. (Compl't ¶ 9.) Each Lloyds ADR represents the right to receive four shares of Lloyds stock, and the ADRs trade in an efficient market on the New York Stock Exchange. (Compl't ¶¶ 6, 141-42.) The Complaint purports to bring claims on behalf of all persons and entities who purchased Lloyds ADRs from September 18, 2008 to February 27, 2009 (the "Class Period"). (Compl't ¶ 25.) Defendant Sir Victor Blank was Lloyds chairman during the Class Period, and defendant Eric Daniels was its chief executive. (Compl't ¶¶ 7-8.)
On September 18, 2008, Lloyds announced that it had reached an agreement to acquire HBOS, pursuant to which HBOS shareholders would receive 0.83 shares of Lloyds for each HBOS share.*fn1 (Compl't ¶¶ 10, 53.) The Complaint asserts that in the years preceding the financial crisis of 2008, HBOS expanded aggressively but did not maintain a suitable base of customer deposits. (Compl't ¶47-49.) According to plaintiff, by mid-September 2008, HBOS was "on the brink of collapse." (Compl't ¶ 51.) Because of significant economic turmoil in the financial sector and concern that its "severe liquidity crisis" threatened HBOS with failure, regulators in the United Kingdom (the "UK") approved the acquisition by Lloyds, despite previous opposition to such a transaction. (Compl't ¶¶ 11-12.)
B. UK Government Assistance to Bolster HBOS Liquidity.
According to plaintiff, beginning on October 1, 2008, HBOS was unable to meet its obligations and lacked liquidity. (Compl't ¶ 71.) Throughout 2008, the UK government was implementing new measures in hopes of stabilizing the nation's financial services sector. As characterized by plaintiff, on October 1, the Bank of England "secretly agreed" to extend £25 billion in Emergency Liquid Assistance (the "ELA") to HBOS. (Compl't ¶¶ 20, 73.) The Complaint distinguishes the ELA aid package from a separate government program that HBOS also used, the Specialized Liquidity Scheme ("SLS"). (Compl't ¶ 18.) The Complaint acknowledges that Lloyds and HBOS expressly disclosed participation in the SLS, representing that, among other things, the SLS provided financial institutions "additional flexibility." (Compl't ¶¶ 54-55.) Plaintiff asserts that the market erroneously believed that the SLS satisfied HBOS's liquidity needs and ensured its solvency. (Compl't ¶ 57.)
By contrast, the Complaint alleges that the ELA package was undisclosed, and imposed harsh borrowing terms on HBOS. Plaintiff asserts that the ELA charged an interest rate two percent above the market, and that to receive the ELA, HBOS was required to post collateral amounting to 50-60 pence per pound of government assistance. (Compl't ¶¶ 20, 72, 74, 77.) According to the plaintiff, absent the undisclosed ELA intervention, HBOS would have collapsed. (Compl't ¶¶ 21, 76.) Lloyds and HBOS publicly announced HBOS's participation in government assistance measures on October 13, 2008, but did not disclose the ELA package during the Class Period. (Compl't ¶¶ 14, 20-21.) According to the Complaint, the ELA funds to HBOS were "repaid through other sources on January 16, 2009," but peaked on November 13, 2008 at £25.4 billion. (Compl't ¶ 71.) In public statements, including testimony before the UK Parliament, Lloyds executives "suggested" that because the public was aware that HBOS received aid under the SLS it did not need to disclose assistance under the ELA. (Compl't ¶ 74.) Plaintiff also asserts that HBOS did not disclose that it received $11.5 billion in assistance from the United States Federal Reserve Bank. (Compl't ¶ 80.)
C. Alleged Material Misstatements and Omissions Made By Defendants.
On October 13, 2008 Lloyds announced that it would participate in "a comprehensive set of measures" announced by the UK government, but did not cite ELA aid to HBOS. (Compl't ¶ 14.) Lloyds executives also made public statements asserting that HBOS was financially stable and that Lloyds was acquiring HBOS at a significant discount. (Compl't ¶¶ 14-15.) Defendant Eric Daniels, chief executive at Lloyds, stated that in purchasing HBOS, Lloyds was acquiring £30 billion in assets at a price of £14 billion. (Compl't ¶ 88.) As characterized in the Complaint, in its public filings Lloyds stated that there had been no material change in HBOS finances since mid-2008 and that all of HBOS's material contracts had been disclosed. (Compl't ¶ 16.)
According to plaintiff, Lloyds's public statements "were false and misleading in several respects." (Compl't ¶ 17.) He alleges that defendants were aware that HBOS had a "substantially inferior" book value, and that Lloyds management intentionally concealed HBOS participation in the ELA. (Compl't ¶¶ 87-92.) Plaintiff cites to several alleged misrepresentations concerning the business strengths of HBOS, including assertions that the acquisition allowed for "a robust capital and liquidity position" and "very strong liquidity." (Compl't ¶¶ 94, 105-08.) Defendants also stated that Lloyds was not "critically dependant" on financial assistance from the UK government. (Compl't ¶ 94.) Other alleged misrepresentations cited by plaintiff include assertions that Lloyds diligence of HBOS went "as predicted," statements that Lloyds executives felt "very good" about the HBOS acquisition, and statements that the acquisition was "a good deal" that "just got better for Lloyds." (Compl't ¶ 95; see also Compl't ¶ 105, 109.)
Plaintiff alleges that Lloyds also falsely stated that HBOS had £60 billion in liquid reserves, when, in reality, the £60 billion figure reflected illiquid holdings of government debt and unsecured consumer loans. (Compl't ¶ 17, 79, 94.) By definition, plaintiff asserts, none of these holdings was liquid. (Compl't ¶ 17.) Plaintiff also alleges that HBOS's holdings included billions of pounds of "bad debt," and that defendants overstated the book value of the HBOS portfolio. (Compl't ¶ 18.)
The Complaint also discusses a document identified as a "shareholder circular" that was filed with the SEC on November 3, 2008. (Compl't ¶¶ 96-105, 108.) Plaintiff alleges that the circular falsely stated that HBOS finances had not significantly changed since June 30, 2008, when HBOS last published its financial statements, even though HBOS had lost £10 billion in that period. (Compl't ¶¶ 98-100.) Plaintiff asserts that in its summary of government funding measures, the circular omitted all material information concerning the ELA. (Compl't ¶¶ 101-03.) In a document described as an Open Offer Prospectus and in a separate letter to Lloyds shareholders, defendants again failed to mention ELA funding. (Compl't ¶¶ 110-16.)
D. Plaintiff's Allegations of Loss Causation and the Purported Corrective Disclosures.
Plaintiff alleges that from December 2008 through February 2009, defendants "dribbled out bad news" about HBOS, ultimately disclosing that it would "write off £10 billion in bad debt, and that it would move £35 billion of treasury assets previously booked as 'available for sale' to 'loans and receivables' in order to avoid further write-offs." (Compl't ¶ 22.) According to the plaintiff, when the market learned the truth about HBOS's financial condition, Lloyds share price "dropped precipitously." (Compl't ¶ 23.)
On February 13, 2009, Lloyds reported that HBOS lost £11 billion in 2008, along with a £7 billion impairment charge for bad loans. (Compl't ¶ 127.) The Complaint asserts that from February 12 to February 17, the price of Lloyds ADRs dropped from $5.33 to $2.99, a decline of 44 percent. (Compl't ¶ 139.) As characterized in the Complaint, on February 27, Lloyds "confirmed" that HBOS had £10.8 billion in pre-tax loss and stated that it had been "plagued" by £9.9 billion in bad loans, leading to a 44 percent decline in the value of Lloyds ADRs. (Compl't ¶ 139.)
Pursuant to Rule 12(b)(6), Fed. R. Civ. P., "[t]o survive a motion to dismiss, a complaint must plead 'enough facts to state a claim to relief that is plausible on its face.'" ECA, Local 134 IBEW Joint Pension Trust of Chicago v. JP Morgan Chase Co., 553 F.3d 187, 196 (2d Cir. 2009) (quoting Ruotolo v. City of New York, 514 F.3d 184, 188 (2d Cir. 2008)). "A pleading that offers 'labels and conclusions' or 'a formulaic recitation of the elements of a cause of action will not do.'" Iqbal, 556 U.S. at 678 (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 544, 555 (2007)). "'The Supreme Court has held that, to maintain a private damages action under § 10(b) and Rule 10b-5, a plaintiff must prove (1) a material misrepresentation or omission by the defendant; (2) scienter; (3) a connection between the misrepresentation or omission and the purchase or sale of a security; (4) reliance upon the misrepresentation or omission; (5) economic loss; and (6) loss causation.'" Acticon AG v. China N.E. Petroleum Holdings Ltd., 692 F.3d 34, 37 (2d Cir. 2012) (quoting Pac. Inv. Mgmt. Co. LLC v. Mayer Brown LLP, 603 F.3d 144, 151 (2d Cir. 2010)).
"A complaint alleging securities fraud must satisfy the heightened pleading requirements of the PSLRA and Federal Rule of Civil Procedure 9(b) by stating with particularity the circumstances constituting fraud." Slavton v. Am. Exp. Co., 604 F.3d 758, 766 (2d Cir. 2010). The PSLRA requires a complaint to "specify each statement alleged to have been misleading, the reason or reasons why the statement is misleading, and, if an allegation regarding the statement or omission is made on information and belief, the complaint shall state with particularity all facts on which that belief is formed." 15 U.S.C. § 78u-4(b)(1). This pleading threshold gives a defendant notice of the plaintiff's claim, safeguards a defendant's reputation from "improvident" charges and protects against strike suits. SeeATSI Commc'ns, Inc. v. Shaar Funds Ltd., 493 F.3d 87, 99 (2d Cir. 2007). "A securities fraud complaint based on misstatements must (1) specify the statements that the plaintiff contends were fraudulent, (2) identify the speaker, (3) state where and when the statements were made, and (4) explain why the statements were fraudulent." Id. at 99 (citing Novak v. Kasaks, 216 F.3d 300, 306 (2d Cir. 2000)).
As the Second Circuit has repeatedly required, plaintiffs "must do more than say that the statements . . . were false and misleading; they must demonstrate with specificity why and how that is so." Rombach v. Chang, 355 F.3d 164, 174 (2d Cir. 2004); accord ATSI, 493 F.3d at 99 ("Allegations that are conclusory or unsupported by factual assertions are insufficient.").
Rule 9(b), Fed. R. Civ. P., for its part, requires a party to "state with particularity the circumstances constituting fraud or mistake. Malice, intent, knowledge, and other conditions of a person's mind may be alleged generally." Allegations of fraud may be "too speculative even on a motion to dismiss," particularly when premised on "'distorted inferences and speculations.'" ATSI, 493 F.3d at 104 (quoting Segal v. Gordon, 467 F.2d 602, 606, 608 (2d Cir.1972)). "The [PSLRA] insists that securities fraud complaints 'specify' each misleading statement; that they set forth the facts 'on which [a] belief that a statement is misleading was 'formed'; and that they 'state with particularity facts giving rise to a strong inference that the defendant acted with the required state of mind.'" Dura Pharms., Inc. v. Broudo, 544 U.S. 336, 345 (2005) (quoting 15 U.S.C. § 78u-4(b)(l), (2)).
The PSLRA also "requires plaintiffs to state with particularity . . . the facts evidencing scienter, i.e., the defendant's intention 'to deceive, manipulate, or defraud.'" Tellabs Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308, 313 (2007) (quoting Ernst & Ernst v. Hochfelder, 425 U.S. 185, 194 & n. 12 (1976)). To qualify as "strong," the "inference of scienter must be more than merely plausible or reasonable -- it must be cogent and at least as compelling as any opposing inference of nonfraudulent intent." Id. at 314.
I. The Complaint Does Not Plausibly Allege Material Misstatements or Omissions.
Rule 9(b) requires a complaint to "specify the statements that the plaintiff contends were fraudulent, (2) identify the speaker, (3) state where and when the statements were made, and (4) explain why the statements were fraudulent." ATSI, 493 F.3d at 99. As noted, in claiming fraud, a plaintiff "must demonstrate with specificity why and how" defendants' statements were false and misleading. Rombach, 355 F.3d at 174. Allegations of fraud may be "too speculative even on a motion to dismiss," particularly when premised on "'distorted inferences and speculations.'" ATSI, 493 F.3d at 104 (quoting Segal v. Gordon, 467 F.2d 602, 606, 608 (2d Cir. 1972)). "[E]xpressions of puffery and corporate optimism do not give rise to securities violations." Rombach, 355 F.3d at 174. When a plaintiff challenges as fraudulent a statement of opinion -- as opposed to a statement of objective fact -- the burden is on the plaintiff to plausibly allege that the speaker did not truly hold that opinion. City of Omaha, Neb. Civilian Emp. Ret. Sys. v. CBS Corp., 679 F.3d 64, 67-68 (2d Cir. 2012).
For the following reasons, the Complaint does not plausibly allege fraudulent misstatements and omissions by the defendants.
A. The Broad, Optimistic Generalizations Cited by Plaintiff Are NonActionable.
The Complaint does not plausibly allege actionable misstatements or omissions. Many of the purported misstatements recited in the Complaint consist of broad, optimistic generalizations about the benefits of the acquisition. These include characterizations that the acquisition was "a fantastic deal" and "a great deal for shareholders;" statements that the combined entity would have "very strong liquidity;" and assertions by Daniels that "[w]e feel very good about the deal," that Lloyds runs a "very prudent funding book," that Lloyds would take a "prudent risk stance" and that the transaction ultimately would cause "a huge increase in net asset value" (Compl't ¶¶ 13, 15, 54, 56, 69-70, 94, 95, 124.) Plaintiff also cites a statement by defendant Blank in a January 20, 2009 interview with Sky News, in which he stated, "I believe that everything is out there as far as HBOS is concerned, they've made I think three or four public statements over the course of the last year explaining exactly what their financial position is." (Compl't ¶ 125.)
As noted in ECA, Local 134, 553 F.3d at 206, "generalizations" regarding "business practices" do not "amount to a guarantee" to shareholders. "[A]s long as the public statements are consistent with reasonably available data, corporate officials need not present an overly gloomy or cautious picture of current performance and future prospects." Novak. 216 F.3d at 309. Statements by Daniels concerning the Lloyds emphasis on prudence are non-actionable generalizations about company business practices. See ECA, Local 134, 553 F.3d at 206. Other statements characterizing the acquisition as "fantastic" and "great deal," one that made Lloyds "feel very good," were optimistic, broad statements about the transaction, not concrete statements of knowable fact. See Novak, 216 F.3d at 315; see also Stevelman v. Alias Research Inc., 174 F.3d 79, 85 (2d Cir. 1999) ("overly optimistic disclosures" are not actionable). As with each of those statements, the characterization that the combined entity would have "very strong liquidity" was an opinion, and the Complaint does not plausibly allege that the opinion was not sincerely held. City of Omaha, 679 F.3d at 67-68. Moreover, that statement was directed to the combined liquidity of Lloyds and HBOS, not merely HBOS standing alone. Blank's statement that he "believe[d] that everything is out there as far as HBOS is concerned" also constitutes a statement of opinion. Id. Moreover, the Complaint includes no context for Daniels's reference to "exactly what their financial position is" at HBOS. (Compl't ¶ 125.) The "financial position" could refer to any number of topics, and this context-free quotation, without more, does not plausibly allege a material misstatement.
The statements in paragraphs 13, 15, 54, 56, 69-70, 94, 95 and 124-25 are non-actionable. As for the balance of the statements in the Complaint, they do not state claim for relief for the reasons addressed below.
B. Plaintiff Does Not Plausibly Allege that the Statement Concerning HBOS Liquidity Was Misleading.
Plaintiff asserts that defendants' September 18, 2008 statement concerning liquidity at HBOS was false and misleading. As noted, the Complaint alleges that at the time that the acquisition was announced, defendants stated that HBOS had £60 billion in liquid reserves; plaintiff alleges that these holdings were illiquid, and consisted of government debt and unsecured loans. (Compl't ¶¶ 17, 79, 94.)
Upon careful review of the Complaint, this Court is unable to find any allegation identifying the speaker who allegedly uttered the representation of £60 billion in liquidity, or any context concerning when and where the remark was made. However, in an exhibit annexed to defendants' motion, a non-party individual named Truett Tate, identified as "Group Executive Director, Wholesale and International Banking of Lloyds," is quoted in an investor call as stating that HBOS held "roughly" £60 billion in near-term liquid reserves. (Edwards Dec. Ex. M at 2, 9.) Plaintiff cites to this exhibit in opposition to the motion. (Opp. Mem. at 2 n.2.) The Complaint does not mention Tate or set forth any basis to impute his remarks to defendants. Without explanation or supporting allegations, it merely attributes this allegedly fraudulent misrepresentation to the parties in this action. The Complaint therefore fails the basic threshold requirements for alleging fraud, including the obligations to specify the fraudulent statement, identify the speaker, allege when and where the statement was made and explain why the statements were fraudulent. ATSI, 493 F.3d at 99. This remark does not plausibly support a securities fraud claim.
Even if the statement of a non-party could be imputed to the defendants, the Complaint does not allege facts showing that any defendant had actual knowledge that this statement was false at the time that it was made. In conclusory fashion, the Complaint alleges that HBOS's receipt of ELA funds establishes that the representation concerning liquidity was knowingly false, and cites to a 2011 letter to Lloyds shareholders discussing bond portfolios and non-securitized HBOS loans. (Compl't ¶ 79.) But plaintiff does not explain how the receipt of ELA funds would plausibly mean that an institution was illiquid. He alleges that another financial institution, Northern Rock, experienced a "run on the bank" after ELA participation was disclosed, whereas disclosure of SLS aid "did not create panic" on the part of banks' depositors or shareholders. (Compl't ¶¶ 38-42, 45.) Plaintiff alleges that a second institution, the Royal Bank of Scotland, received ELA aid when it reached "the point of failure . . . ." (Compl't ¶ 84.) But retrospective knowledge of other financial institutions' conditions does not support an allegation as to HBOS's own liquidity levels. The Complaint does not plausibly allege that the label "Emergency Liquid Assistance" speaks to the specific liquidity reserves of an institution, or that the receipt of such assistance contradicts Tate's representation of HBOS liquidity. More importantly, the receipt of ELA funds and the scope of HBOS's unsecuritized holdings do not render any liquidity-related statement by Tate knowingly false at the time that it was uttered.
The Complaint fails to plausibly allege that any defendant misrepresented HBOS's liquid reserves.
C. Plaintiff Does Not Plausibly Allege that the Shareholder Circular Was Misleading.
Plaintiff asserts that defendants committed securities fraud when the "shareholder circular" of November 3, 2008 stated that "there has been no significant change in the financial or trading position" of HBOS since June 30, 2008, the date of its last published financial statements. (Compl't ¶ 98; see also Edwards Dec. Ex. F at 266.) The Complaint selectively quotes from this portion of the shareholder circular, omitting language stating that, except for sections headed Group Overview, Divisional Review and Outlook, there was "no significant change" in HBOS trading or financial positions. (Edwards Dec. Ex. F at 266.) *fn2 These qualifying sections of the shareholder circular included the following disclosures:
That in the nine months preceding the end of September 2008, HBOS profitability had been affected by higher impairments, negative adjustments to treasury portfolio, the sale of an entity called BankWest and short-term fluctuations in investment returns. It also noted "deposit outflows" in September and October. (Edwards Dec. Ex. F at 271.)
That HBOS performance had been affected by higher impairments, including an impairment charge of £1.721 billion taken on September 30, 2008. It noted that secured lending arrears "have risen broadly," and that unsecured lending arrears also rose. The "Corporate credit environment has deteriorated," the circular states. The circular stated: "The third quarter charge reflects a significant increase in the collective provision in view of the worsening economic outlook." (Edwards Dec. Ex. F at 272.)
That "the credit environment will remain challenging," with the "robust capital position" of HBOS "further enhanced by the injection of capital and liquidity facilitated by the UK Government." (Edwards Dec. Ex. F at 273.)
Thus, the shareholder circular expressly included acknowledgments that HBOS, in the preceding months, had taken impairment charges and sold certain assets. It disclosed that HBOS intended to accept an "injection" of "liquidity" from the UK government. It stated that
HBOS anticipated ongoing losses due to "the worsening economic outlook." The purported misleading statement about the lack of change in HBOS finances was, therefore, expressly conditioned on acknowledgment of recent charges, fluctuations and a planned injection of government liquidity. Plaintiff has not plausibly alleged that the circular contains a misstatement of material fact.
D. Plaintiff Does Not Plausibly Allege that the Failure to Disclose the ELA Package Was a Material Omission.
Finally, several of the Complaint's allegations are directed toward the non-disclosure of the ELA package.
"Under section 10(b) and Rule 10b-5, 'an omission is actionable under the securities laws only when the buyer is subject to a duty to disclose the omitted facts.'" S.E.C. v. DiBella, 587 F.3d 553, 563 (2d Cir. 2009). "For an undisclosed fact to be material, there must be a substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the total mix of information made available." Castellano v. Young & Rubicam, Inc., 257 F.3d 171, 180 (2d Cir. 2001) (quotation marks omitted). If a development renders a past statement misleading, the failure to disclose that development may be a material omission. In re Time Warner Sec. Litig., 9 F.3d 259, 267-68 (2d Cir. 1993). An omission also may be actionable if a defendant has an affirmative legal duty to disclose, such as a duty set forth by statute or regulation. In re Morgan Stanley Info. Fund Sec. Litig., 592 F.3d 347, 360 (2d Cir. 2010).
Here, while contending that the ELA funding was unique compared to other forms of government assistance administered to HBOS and Lloyds, the Complaint does not allege that receipt of ELA funding itself caused loss to Lloyds shareholders. Rather, plaintiff's theory of liability is that disclosure of the ELA would have informed shareholders of the true scope of losses within HBOS. Plaintiff contends that a disclosure obligation arose through past Lloyds statements announcing certain government support, which were rendered misleading by HBOS's acceptance and non-disclosure of ELA funding.
Although it did not announce the ELA funding, Lloyds made public the fact that it was receiving substantial government assistance both for itself and HBOS, and that they required governmental liquidity to maintain operations. On October 13, 2008, Lloyds announced that it was participating in numerous measures initiated by the UK government, including continuation of SLS funding, and programs known as the Bank Recapitalisation Fund and the Credit Guarantee Scheme. (Compl't ¶¶ 14, 76.) The Complaint asserts that the Bank of England "secretly agreed" to provide ELA support on October 1. (Compl't ¶ 20.) It alleges that the ELA package "differed in several significant respects" from SLS and other government measures by imposing higher interest rates than the SLS and the prevailing market rates, and that the UK government required larger amounts of HBOS collateral under the ELA. (Compl't ¶ 20.)
But, as noted, plaintiff's theory of fraud is not that the ELA harmed shareholders, but that its disclosure would have revealed other problems within HBOS, particularly its declining liquidity. In plaintiff's view, had shareholders been on notice of the ELA, they also would have been on notice of HBOS struggling conditions. (Compl't ¶¶ 109 (alleging defendants' awareness of ELA and "exact reasons HBOS was required to resort to ELA . . . ."), 115 (alleging that a "statement did nothing to inform the investing public about the true state of HBOS's financial affairs" because it omitted mention of ELA package); 131 (alleging that the market "would have known immediately" about "the poor quality of HBOS's assets" if the ELA had been disclosed).
This theory of fraud neglects that Lloyds and HBOS disclosed the necessity of government funding and acknowledged the adverse effect on their solvency if the funding became unavailable. The shareholder circular stated that "[i]n order to meet their funding obligations," Lloyds and HBOS would "rely" on "Bank of England liquidity facilities," among other sources. (Edwards Dec. Ex. F at 33.) The circular stated that HBOS's "robust capital position" would be "enhanced by the injection of capital and liquidity facilitated by the UK Government," which would "reinforce[]" the ability of the combined Lloyds-HBOS entity "to meet" the "challenging" credit environment. (Edwards Dec. Ex. F at 273.) The Lloyds prospectus of November 2008 expressly stated that the combined entity required a liquidity infusion from UK government sources. It stated:
The Lloyds TSB Group expects that the Enlarged Group will substantially rely for the foreseeable future on the continued availability of Bank of England liquidity facilities as well as HM Treasury's guarantee scheme for short- and medium-term debt issuance. If the Bank of England's liquidity facility, HM Treasury's guarantee scheme or other sources of short-term funding are not available after that period, the Lloyds TSB Group, or the Enlarged Group, could face serious liquidity constraints, which would have a material adverse effect on its solvency. (Edwards Dec. Ex. G at 13.)
The Complaint fails to allege an actionable omission. First, there is no allegation that defendants were under an affirmative obligation pursuant to a statute, SEC regulation or other type of rule to disclose funding under the ELA program. In re Morgan Stanley, 592 F.3d at 60. Second, the Complaint does not plausibly allege that a disclosure of ELA support was required to render past statements not misleading. See In re Time Warner, 9 F.3d at 267-68; see also Richman v. Goldman Sachs Grp., Inc., __ F. Supp. 2d __, 2012 WL 2362539, at *5-6 (S.D.N.Y. June 21, 2012) (no obligation to disclose new SEC notice of investigation when company previously disclosed ongoing government investigations into same matters). Defendants disclosed HBOS's reliance on government support to maintain liquidity, and plaintiff does not plausibly allege that informing shareholders of ELA funding by name would have materially altered the total mix of information. "An omission is material if there is 'a substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the "total mix" of information made available.'" Halperin v. eBanker USA.com, Inc., 295 F.3d 352, 357 (2d Cir. 2002) (quoting Basic Inc. v. Levinson, 485 U.S. 224, 231-32 (1988)). At the pleading stage, the Court assumes that a reasonable investor would have considered it material that HBOS relied on government financial assistance to maintain its liquidity. However, Lloyds disclosed in public statements that HBOS was reliant on government funding to maintain liquidity and that its withdrawal could threaten the solvency of the combined entity. The Complaint does not plausibly allege that a reasonable shareholder would have viewed specific disclosure of ELA funding as having significantly altered the total mix of information already available to the public.
The Complaint therefore does not plausibly allege that the non-disclosure of ELA funding was a material omission.
II. The Complaint Does Not Raise a Cogent and Compelling Inference of Scienter.
Defendants argue that the Complaint fails to allege an inference of scienter under Rule 9(b) and the PSLRA. There are two states of mind that may constitute scienter. One is "conscious misbehavior," arising from conduct that would benefit the defendants "in some concrete and personal way." ECA, Local 134, 553 F.3d at 198. Alternatively, a plaintiff may plead scienter with "strong circumstantial evidence" of recklessness. ATSI, 493 F.3d at 99. The Second Circuit has stated that "securities fraud claims typically have sufficed to state a claim based on recklessness when they have specifically alleged defendants' knowledge of facts or access to information contradicting their public statements. Under such circumstances, defendants knew or, more importantly, should have known that they were misrepresenting material facts related to the corporation." Novak, 216 F.3d at 308. Such recklessness is "an extreme departure from the standards of ordinary care . . . ." Id. The Complaint appears to proceed under a recklessness theory of scienter,*fn3 asserting that the defendants intentionally failed to disclose material facts concerning the ELA. (Compl't ¶¶ 87-90.)
The Complaint does not raise an inference of scienter, one that is at least as compelling as a competing inference of non-fraudulent intent. Tellabs, 551 U.S. at 314. The allegations directed to knowledge possessed by defendants Bank and Daniels is thin, and premised on conclusory assertions that these two defendants were "intimately familiar with all facets" of the transaction. (Compl't ¶¶ 7-8.) The Complaint alleges in conclusory fashion that defendants acted "knowing[ly] and intentional[ly]" in failing to disclose material information, and that the defendants "knew all of the facts" concerning HBOS's finances and the ELA. (Compl't ¶ 109; see also Compl't ¶¶ 126, 133-34, 146-47 (conclusory assertions that defendants had direct knowledge of deteriorating HBOS finances)).
When proceeding with a recklessness theory of scienter, a complaint must plausibly allege that defendants "'knew facts or had access to information suggesting that their public statements were not accurate . . . .'" Teamsters Local 445 Freight Div. Pensions Fund v. Dynex Capital Inc., 531 F.3d 190, 194 (2d Cir. 2008) (quoting Novak, 216 F.3d at 311). "Where plaintiffs contend defendants had access to contrary facts, they must specifically identify the reports or statements containing this information." Novak, 216 F.3d at 309.
The Complaint's scienter allegations consist solely of generalized averments that draw no distinction between and among defendants. Scienter may not be alleged through group pleading. See, e.g., Teamsters Allied Benefit Funds v. McGraw, 2010 WL 882883, at *11 n.6 (S.D.N.Y. Mar. 11, 2010) (collecting cases). There is, moreover, no allegation that explains how, when and to what extent the defendants received information concerning conditions at HBOS, including its liquidity problems or the extent of its holdings in troubled assets. It identifies no contemporaneous reports or statements that contain information contrary to public disclosures.*fn4 Novak, 216 F.3d at 309. The scienter allegations appear premised solely upon the individual defendants' positions within Lloyds, not fact-based allegations of actual knowledge -- let alone "strong circumstantial evidence" of recklessness. ATSI, 493 F.3d at 99.
Concerning the ELA, plaintiff argues that defendant Daniels testified before the UK Parliament that he consciously elected not to disclose the ELA. (Opp. Mem. at 20-21; Edwards Dec. Ex. L at 7-8.) Daniels testified that although Lloyds did not disclose that ELA support totaled £25 billion, he believed that it nevertheless made adequate disclosure of government financial assistance. Daniels stated:
What we disclosed was that there was emergency funding from the central bank, that it was substantial, that HBOS would not be able to function without it, so we believed that the investor could be left with no doubt as to the seriousness of the emergency lending. (Edwards Dec. Ex. L at 7.) In its November 3, 2008 shareholder circular, Lloyds stated that "[i]n order to continue to meet their funding obligations," Lloyds and HBOS would continue "access to the wholesale lending markets and Bank of England liquidity facilities and the UK Government's guarantee scheme." (Edwards Dec. Ex. F at 33.) As previously quoted, the HBOS prospectus of November 18, 2008 discussed UK government measures to inject liquidity to the nation's financial institutions, including HBOS. (Edwards Dec. Ex. K at 224.) Thus, while Daniels's after-the-fact testimony may to Parliament have somewhat overstated the explicitness of disclosures about government assistance, Lloyds contemporaneously disclosed that both Lloyds and HBOS were using Bank of England "liquidity facilities" "to continue to meet their funding obligations." (Edwards Dec. Ex. F at 33.) In light of such statements, the Complaint cannot plausibly allege that defendants' failure to disclose specific details of the ELA constituted "an extreme departure from the standards of ordinary care . . . ." Novak, 216 F.3d at 308 (quotation marks omitted).
The Complaint fails to raise an inference of scienter that is "cogent and at least as compelling as any opposing inference of nonfraudulent intent." Tellabs, 551 U.S. at 314.
III. Plaintiff's Section 20(a) Claim is Dismissed.
"In order to establish a prima facie case of liability under § 20(a), a plaintiff must show: (1) a primary violation by a controlled person; (2) control of the primary violator by the defendant; and (3) that the controlling person was in some meaningful sense a culpable participant in the primary violation." Boguslavsky v. Kaplan, 159 F.3d 715, 720 (2d Cir. 1998) (quotation marks omitted).
Because the Complaint fails to plead a primary violation, the Section 20(a) claim is dismissed.
IV. Entry of Judgment Is Appropriate.
In opposition to the motion to dismiss, plaintiff did not seek leave to amend the Complaint in the event that the defendants' motion is granted. Even if he had, based on the procedural history of this action, leave to amend would not be warranted under Rule 15(a), Fed. R. Civ. P.
On February 13, 2012, defendants wrote to the Court setting forth the bases for a proposed motion to dismiss. (Docket # 10.) In response, the Court issued an order stating that it would address the proposed motion's scheduling at a pretrial conference in March. (Id.) The order also directed plaintiff to advise the Court "whether it wishes to amend to cure any purported deficiencies." (Id.) In a letter dated February 20, 2012, plaintiff wrote the Court stating that it wished to file an amended complaint "to formally respond to the alleged deficiencies" and "to dissuade Defendants from filing a motion to dismiss." (Docket # 11.) The Court issued an order granting plaintiff leave to amend. (Id.)
Following a pretrial conference on March 16, 2012, the Court issued an order noting that plaintiff had elected to amend his complaint, and set forth a briefing schedule for defendants' motion to dismiss. (Docket # 25.) Plaintiff filed his First Amended Complaint on March 19, 2012. (Docket #24.)
Plaintiff has "already had one opportunity to plead fraud with greater specificity." Luce v. Edelstein, 802 F.2d 49, 56 (2d Cir. 1986). In this instance, the plaintiff filed his amended complaint after reviewing the bases for defendants' proposed motion but failed to satisfy the pleading requirements of Rule 9(b) and the PSLRA.
The motion to dismiss is GRANTED. (Docket # 27.) The Clerk is directed to terminate the motion and enter judgment for the defendants.
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Professional Opticians of Florida
For the past 30 years, the Professional Opticians of Florida have dedicated themselves to enhancing the competency of opticians, advancing the profession of opticianry, for the purpose of dispensing the best vision possible to the citizens of Florida.
POF State Office
1947 Greenwood Drive
Tallahassee, FL 32303
850:201.2622 Fax:201.2947
Toll Free 800:972.2698
Se Habla Español (9am - 4pm)
POF Continuing Education Courses Back Online
While transitioning to our new software, POF temporarily made its online CE courses available by phone or email request. Many opticians took advantage of the course offerings during that brief time period, and we thank you all for your patience while we upgraded our system.
POF's continuing education courses are now available online.
To order courses, you will need to create a new login to register and pay. Your old password will not work. Your email address is your user name and we created a temporary password for all licensed opticians and apprentices that we have in our system.
To access online CE, your new temporary password uses your Florida license number.
Opticians, your temporary password is formatted like this: DO####AA (replace the #### with your 3 or 4 digit license number)
Apprentices, use DA####AA instead.
You are welcome to login from the MEMBER PROFILE LOGIN PAGE and reset your password now, and to review or update your profile that is on file with POF.
Starting in December of this year POF.org will have an all new look with new and improved functionity including a new login for members and non-members to register and pay for membership, CE events and workshops.
With this new website you need to create a new login profile and password your old password will not work. Your email address is your user name and we have created a temporary password for all licensed opticians and apprentices that we have in our system.
To access the online CE, your new temporary password uses your Florida license number, for Opticians your temporary password is formatted like this DO####AA replace the #### with your 3 or 4 digit license numbers Apprentices use DA####AA instead.
You are welcome to login from the MEMBER PROFILE LOGIN PAGE and reset your password now and to review or update your profile that is on file.
Go to the MEMBER PROFILE LOGIN PAGE
Well, as we get busy with the actual renewal process, we can look back to a great year of education from your association and say it was awesome and fun!
With four big outstanding educational events around the state, and numerous local chapter events, that explains why so many opticians were extremely happy getting their continuing education with the Professional Opticians of Florida. Spring Spectacle in Ft. Walton Beach, West Coast Better Vision in Safety Harbor, Summer Showcase in Daytona Beach, and Vision Preview in Weston were the biggest and best ever.
These events take a lot of work and preparation. Special thanks, of course, to Mark Miller and staff for another great year. Their work starts months before each event. But there are also many volunteers that devote time and energy to the success of our events. These are your association Board of Directors and chapter leaders from all over the state. I truly thank each and every one of you for your dedication to your association and profession. Without you all it would be much more challenging.
So, if you have completed your CE hours and renewed your license, congratulations on another successful biennium. If you are still in need of hours, see the website home page for dates and locations of CE events around the state or go to the website for the online CE of which members receive five (5) free hours.
Wishing you and your family the best this holiday season.
David Couch
David Couch, LDO, Board Certified
President, Professional Opticians of Florida
'Your positive influence on others today will influence their others tomorrow.'
Recently, an article ran on the US News and World Report's website based on Opticianry Licensure in the United States. This article, "Bringing the Effects of Occupational Licensing into Focus: Optician Licensing in the United States" LINK to original 'Working Paper' on the Mercatus Center/George Mason website that was written by Anna Mills (George Mason University Graduate Student) and Edward J. Timmons (George Mason University Associate Professor) has the potential of placing the American Consumer at risk of eye health problems by advocating the elimination of opticianry licensure across the country.
POF's Executive Director Mark Miller, brought this 'Working Paper' to the attention of OAA and other optical association leaders after discovering it on the web. Unfortunately, the flawed and inaccurate article has already been released and published. The Opticians Association of America(OAA) immediately sent a response to the US News and World Report refuting the findings of this very flawed and questionable study.
Read the OAA's response to Working Paper and Article
In this Edition, you will find articles on the following hot topics...
The Opticians Association of America and Professional Opticians of Florida truly hopes that you will check out the publication.
Phones, televisions and even the written eyeglass Rx look different than they did just 10 years ago. While POF is not able to provide technical support for your smart phone or Wi-Fi connected flat screen, we can provide technical guidance on some of the questions you may have about the recent changes and developments that have affected written eyeglass and contact lens prescriptions.
Here are some frequently asked questions about the new look of the Rx;
Is it illegal to maintain in our files an eyeglass or contact lens Rx written on counterfeit proof pad that has the word VOID or ILLEGAL printed on it?
Can opticians maintain copies of filled eyeglass and contact lens prescriptions electronically in their office instead of the paper version?
Is a prescription that has been digitally signed by the prescriber when no written signature appears legally acceptable?
Read POF's responses to these questions on the changing Rx in the digital age.
You can earn up to five educational hours to renew your license online right now at pofCE.org. With over 12 different CE hours available to choose from, there is something for everyone.
POF makes it easy for you. Select the courses you want, read the course material online or take it with you, take the test when you want. You will get instant test results, and your C.E. certificate will be available to print immediately.
As Always online courses are FREE to POF Members and at a new lower price of $14.97 per hour for non members. Check out these great courses anytime that you want, they are always available - but not for such a low price.
Make online payments with confidence. See POF's privacy and security policy.


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More than 9,000 people were killed since Russia invaded Ukraine
Pope Francis announced on Sunday, April 3, that a special collection would be taken up in all of Europe's Roman Catholic churches on April 24 to raise funds to help the people of Ukraine.
Read also Ukraine's President meets the Pope
Speaking to tens of thousands of people at a Mass in St. Peter's Square, Pope Francis said: "My thoughts go to all the people who are most thirsty for reconciliation and peace. I think, in particular here in Europe, the plight of those who suffer the consequences of violence in Ukraine: how many remain in the lands devastated by the hostilities that have already caused several thousands of deaths, and how many more - over a million - were driven to leave by the serious persistent situation."
Implementation of a deal agreed in Minsk last year and a lull in violence late last year had raised hopes that the conflict that has killed more than 9,000 people could be resolved soon. However violence has intensified recently in eastern Ukraine between government forces and Russian-backed sepratist forces.
Read also Pope calls for dialogue over worsening Ukraine situation
The vast majority of Christians living in Ukraine are Orthodox but there are about a million Roman Catholics and about four million Eastern Rite Catholics who are in unity with Rome.


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Album Summary
Notes & Reviews:
Jean-Philippe Rameau wrote two complete Anacréons, both of them a one-act acte de ballet, but with two different plots and librettos. Anacréon (1754) had a successful premiere followed by some performances in Paris after the composer's death, and then fell into oblivion for almost 250 years. From fragmented manuscripts scattered through Paris's libraries the work was subsequently reconstructed by Dr. Jonathan Williams and published. Dr. Williams leads this world premiere recording, joined by a leading cast of soloists and the Orchestra and Choir of the Age of Enlightenment.
MusicWeb International, 22nd October 2015
There is an indefinable sophistication to the OAE sound here that bears comparison with Les Arts Florissants - high praise in repertoire like this ... The finest of the singers is Anna Denis' ChloT, who is full of wide-eyed innocence but marries this with a gloriously refulgent tone. There is a haunting, luxurious quality to her voice that I found utterly beguiling, and her singing is a joy throughout.
The Guardian, 8th October 2015
This Rameau Project... shows how integrated research and performance have now become...The music here is well worth restoring: the instrumental dances full of burbling flutes, whooping horns and beating drums show Rameau as thoroughly contemporary in his vivid imagination; they rather overwhelm the paler vocal lines.
Choir & Organ, March 2016
Rameau fans will rejoice over this world premiere recording ... there's elegant, expressive heart-warming singing from Matthew Brook and Anna Dennis. One of the chief pleasures lies in the band's virtuosity, including a brace of fantastically flighty flutes, playing throughout with the most impressive, almost gleeful, brio.
Recording information: All Saints Church, East Finchley, London, England (02/14/2014-02/15/2014).
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Works DetailsRameau, Jean-Philippe : Anacréon, acte de ballet
- Conductor: Jonathan Williams
- Ensemble: Orchestra of the Age of Enlightenment
- Notes: All Saints Church, East Finchley, London, England (02/14/2014-02/15/2014)
- Running Time: 1 min. 14 sec.
- Period Time: Baroque
- Form: Ballet
- Written: 1754


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1. MoanaGross: $28,270,989Total: $119,786,319
2. Fantastic Beasts And Where To Find ThemGross: $18,118,111Total: $183,080,514
3. ArrivalGross: $7,267,029Total: $73,045,543
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5. Doctor StrangeGross: $6,684,552Total: $215,507,729
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Hi guys and girls i want to get a tattoo but I can't decide. What kind of to get a tattoo?
What kind of to get a tattoo?
What Girls Said 2
Honestly, if you're undetermined then you should maybe check out styles of tattoos and go from there. Like look into black and grey, American traditional, Japanese, new school, etc. find a style you really want, then you can go from there. I think it's a good place to start.
Also, to help decide do you want something just because you like how it looks or do you want something with personal meaning? That'll help you decide what you want too.10|10|0
Okay now I'm bassist, horse rider, kung fu fighter and psychology student. Maybe this way i get a tattoo but word would be better like nietzsche, freud etc.
Have a word you can suggest? thank you :)
A tattoo is something personal, it would be a bad idea for us to tell you what you should get.10|10|0
I just asked for the exchange of ideas. Thank you :)
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The Meaning of BVB
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The most popular meaning of BVB is: Black Veil Brides
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The definition of BVB is "Black Veil Brides".
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BVB means Black Veil Brides.
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Little farmers can show off their love of red proudly when they wear this Case IH hoodie. Neon yellow hoodie has a red lined hood, the Case IH logo screen printed on the front, a drawstring hood and a kangaroo pocket.
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QC Part #: 79279
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November 25, 2011: A research was conducted by PricewaterCoopers and Oracle on the Information technology priorities of the communications service providers in the European region. Survey results showed that 60 % of the Chief Information officers (CIO's) are spending half of their budget on operational expenses and that they will think of outsourcing and standardization in the next year.
The report predicts that a huge shift to commercial off the shelf (COTS) application will pose a serious danger to in house Information Technology workers who do not move to the vacancies with the IT companies. However the report predicts that functions such as Billing, mediation, and reporting are more mission critical in nature and they will not be outsourced.
The above said kind of outsourcing has gained popularity among the players in the mobile industry including Nokia, Vodafone, O2 etc. Most of them are opting to outsource their IT functions to IT service providers such as Accenture, Tata Consultancy services and Amdocs.
The research report indicates that 80 per cent of the Chief Information officers have plans to upgrade their Customer Relationship Management (CRM) systems in 2012 to make themselves available for more strategic issues such as portal and content applications.
According to Gordon Rawling, senior marketing director at Oracle, since CIOs are considered as agents of change in business, change is coming in more frequently. It is their responsibility to ensure that their business is running as efficiently as possible.
O2 has partnered with IT service provider 2e2 to introduce a joint venture company, O2 Unify. O2 claims that the partnership gives them the opportunity to outsource their IT and communication jobs to a single service provider which drives efficiency and savings up to 30 per cent. According to Ben Dowd, business director at O2, the partnership and the outsourcing is based o what customers have demanded and that 30 per cent of the bids require converged solutions. With the partnership it is possible for O2 to provide what exactly the corporate customers are looking for.
Rawling says that mobile operators must make use of IT to focus on the customer care and that COTS can be a help in that direction.


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ECO - Characteristics of various market structures
Question;The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:1. Perfect competition2. Monopolistic competition3. Oligopoly4. MonopolyRequired:1. Using Template A, construct a table that describes the various characteristics of each market structure.2. Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.3. Using Microsoft Excel, construct a graph for each of the market structures and explain how price and output decisions are made in each structure and how they differ.4. How is marginal analysis used in the price and output decisions of firms in the various market structures?Template A:PerfectCompetition MonopolisticCompetition Oligopoly MonopolyNumber of Firms Pricing Decisions OutputDecisions Profit Demand Curve Ease of Entry Product DifferentiationAs you respond to the characteristics of various market structures, please be sure to provide market concentration data using the Hirshman-Herfindahl Index and use practical examples and financial information from the respective industries.
Paper#56921 | Written in 18-Jul-2015Price : $27


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FIN 571 Week 5 Quiz
Question;FIN 571 Week 5 Quiz;1.;Genaro needs to capture a return of 40 percent for his one-year investment in a;property. He believes that he can sell the property at the end of the year for;$150,000 and that the property will provide him with rental income of $25,000.;What is the maximum amount that Genaro should be willing to pay for the;property?;2.;The process of identifying the bundle of projects that creates the greatest;total value and allocating the available capital to the projects is known as;3.;You are considering a project that has an initial cost of $1,200,000. If you;take the project, it will produce net cash flows of $300,000 per year for the;next six years. If the appropriate discount rate for the project is 10 percent;what is the profitability index of the project?;3.;What might cause a firm to face capital rationing?;4.;The WACC for a firm is 19.75 percent. You know that the firm is financed with;$75 million of equity and $25 million of debt. The cost of debt capital is 7;percent. What is the cost of equity for the firm?;5. Bellamee, Inc., has semiannual bonds outstanding with;five years to maturity and are priced at $920.87. If the bonds have a coupon;rate of 7 percent, then what is the YTM for the bonds?;6.;Beckham Corporation has semiannual bonds outstanding with 13 years to maturity;and are currently priced at $746.16. If the bonds have a coupon rate of 8.5;percent, then what is the after-tax cost of debt for Beckham if its marginal;tax rate is 35%? Assume that your calculation is made as on Wall Street.;7.;RadicalVenOil, Inc., has a cost of equity capital equal to 22.8 percent. If the;risk-free rate of return is 10 percent and the expected return on the market is;18 percent, then what is the firm's beta if the firm's marginal tax rate is 35;percent?;8. Which type of project;do financial managers typically use the highest cost of capital when;evaluating?
Paper#47597 | Written in 18-Jul-2015Price : $27


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Mountain Biking in Slatyfork, WV
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Slatyfork, WV is an adventure mountain biking destination worthy of exploration.
Recommended by
25.0 miles
There are dozens of options for rides in the region ranging from 5 miles to nearly 100 miles.
Destination Distance From Downtown
80.3 miles
Rocks, roots, primitive trails, steep climbs, and steep descents make this a fairly technical riding area.
Time To Complete
8 hours
There are dozens of options for rides in the region. The shortest loops or point to points might take an hour whereas other loops and linkups could take the better park of the day.
Spring, Summer, and Fall
Dog Friendly
On Leash Only
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- Skiing & Snowboarding
- Snowshoeing
- Trail Running
- White Water Paddling


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1031 Redmond Road, Jacksonville, AR 72076Request info Add to list
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1031 Redmond Road is an industrial property for lease in Jacksonville, AR. The property currently has 1 industrial space for lease and is marketed by .
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Investment firm Morgan Creek has reportedly secured a $100m commitment for its latest venture fund of funds from the State of Illinois.
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2005 Dog Point Vineyard Sauvignon Blanc
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- Cellar 3 - 5 years (2008-2010)
- Closure: Screw Cap
A magnificent example of Sauvignon Blanc The name of this wine has many winelovers perplexed. Its origins date back from the earliest European settlement of Marlborough, where sheep were first introduced to the district. There were few fences and the sheep were rounded up by the 'boundary keeping dogs'. The story goes that some of these boundary dogs turned feral and inhabited a hill which became known as 'Dog Point'. Bright pale straw colour. Superb lifted nose of ripe gooseberry and ripe passionfruit, followed by a tropical fruit end note. Perfectly integrated palate showing superb fruit balance. Layers of ripe passionfruit are followed by spice and perfectly ripe gooseberries. Creamy mouthfeel, with velvet like texture. Outstanding length, exceptionally long aftertaste of ripe gooseberries and spice. Limited StocksCellar 3-5 years (2008-2010) Alc/Vol: 13.0%


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About Stroke Select
Stroke Select is the manifestation of Artist/DJ/Musician/Designer, J. Ivcevich's particular take on certain fashion accessories. Ivcevich launched the Stroke Striped Socks label in the late 1990's (strokesocks.com) to critical acclaim. The continued success of the sock label and the endless stream of compliments Ivcevich received while out on the town sporting his custom tailored suits and accessories confirmed others shared his tastes. Stroke Select commences a stylistic journey that examines how a unique yet simple accessory can define a classic look for the fashion forward.


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Today's search podcast covers new search patents including a tricorder-like
device; AdSense's bot confirmed to be helping Googlebot; a new index aims to
help quantify click fraud rates; Yahoo pleases Wall Street with earnings; how
about a poster of Google search commands?; Google Australia is looking for a few
good women — actually, a lot of them — and more!
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Bill Slawski Joins SEW Blog As Patents & Search Research Correspondent
Greetings From Bill Slawski, SEW's New Patent Correspondent
- Search
Engine Watch Has Strong Bias Towards Last Names With "S"
New Search Patents: April 18, 2006 – Is That A Tricorder In Your Pocket?
- Google's
Matt Cutts Confirms AdSense Bot Helping Googlebot With Indexing
New Click Fraud Index Aims To Quantify Click Fraud Rate
Search Ad Providers Gaze into their Crystal Balls
- Revenues
Up, Profits Down But Yahoo Meets Earnings Expectations
- Yahoo
Pondering Free & Low-Cost WiFi
Yahoo Buys Meedio, Gains TiVo-Like Tech
- Chris
Pirillo Search Podcasts From SES NY & Googlefasting
- Interview
With Ask's Jim Lanzone
- A Poster Of
Google Search Commands
- Google Australia In Need Of Female Engineers
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PENSIONS: Alameda's $100k club
Craig Ojala retired from the Alameda Police Department in 2008, after 30 years on the job. Ojala started working in the department as an officer in 1979, when he was 20 years old, and rose to the rank of interim chief in 2005 before leaving the department as a captain.
For his service, Ojala earns a pension of $179,730 a year, according to a database compiled by the conservative California Foundation for Fiscal Responsibility that lists retired public employees earning pensions of $100,000 or more a year – more than any other retiree from the City of Alameda.
Ojala is one of 50 people who have retired from the city with six-figure pensions, the database shows, with the CalPERS pension fund's annual payouts for those employees alone totaling $6,248,187. The list is topped by former police and fire brass and includes an assortment of former managers and even some members of the city's rank and file.
The figure is a "squeal point" for taxpayers, a report on pensions issued recently by the state's Little Hoover Commission said, and it is being used as a tool to further pension reform efforts that include tighter limits on benefit payouts, higher employee contributions and the creation of a "hybrid" system that includes 401(k)-style defined contribution plans for new public employees.
But defenders of the existing defined benefit pension plan said they're working to make changes that will help cities manage rising pension costs, including some of the changes reformers seek. And a spokesman for CalPERS, the public pension fund where Alameda invests its employees' retirement money, said investment losses and increased staffing, not benefit increases, are the primary drivers of cities' increased benefit costs.
"Benefit enhancement is part of the picture. But it's not a primary driver," CalPERS spokesman Brad Pacheco said, offering a chart that showed that payroll increases accounted for more than half of cities' rising pension bills.
Staffing for the City of Alameda, for example, grew from 594 positions in 1993 to 738 a decade later, city budget records show (the city now has 659 positions).
The City Council voted in 2000 – unanimously and without any public discussion – to increase retirement benefits for its police officers and police management to allow them to retire at age 50 with 3 percent of their top salary for each year served instead of the 2 percent they had been getting, minutes of the meeting where the benefit was approved show, with a cap of 90 percent. (The council voted to provide firefighters the same benefit in 2001, meeting minutes show, though in that case they cut and froze positions and trimmed funding in order to pay for it.)
But at the same time city leaders increased benefits, their annual payments jumped from the 9 percent of employees' salaries they had been paying – the same rate public safety employees pay into their own pensions – to 25.8 percent in mid-2003, a staff report written in 2002 shows. City staffers estimated that the increased value of the benefit the council had promised – $10.2 million for police and $8.6 million for fire – would be paid over 20 years.
A string of retirements of top police and fire officials hit the city in the years after the benefits were raised: All of Alameda's top 10 pension earners are former police or fire brass, and each of them retired after the new rules went into effect.
Former Alameda Police Capt. Rich McWilliams, who served a stint as acting police chief, retired in 2005 after 30 years on the force, with earnings of $173,370.36 a year, a City Council resolution issued as he retired showed. Former Fire Chief Tim Reilly, who left as the new benefits were put in place, earns $167,770.20.
The new rates allowed some of the city's top earners to retire with most of their pay intact. Chris Reilly, who's on the top 10 list, spent five and a half years as a deputy chief at the Alameda Fire Department before retiring in March of 2009. In 2008, he had total earnings of $190,889.16, records obtained by The Island for an earlier investigation and a LinkedIn profile for Reilly show. After he retired, he began earning a pension of $166,926.96, the California Foundation for Fiscal Responsibility database shows, or about 88 percent of what he made in his last full year of work in Alameda.
The average benefit paid to Alameda's retirees is much lower, though it is growing – and being offered to a growing number of people. Actuary reports supplied by CalPERS show that the pension fund paid an average benefit of $66,486 to Alameda's 204 public safety retirees for 2009, and that they started taking the benefit, on average, at the age of 63. A year earlier, the fund paid 192 safety retirees an average of $62,623. Some 538 non-safety workers got an average of $16,128 in 2009, up from $15,223 a year earlier for 525 former city workers. They started taking the benefit, on average, when they were nearly 71, the reports show.
Meanwhile, the rates the city pays for employee retirement benefits are rising to cover the losses CalPERS suffered when in the stock market and housing crashes of 2008. The city's public safety contribution rate is now 31 percent, and forecast to rise to 45 percent by 2015. Other city employees, who get 2 percent of their top pay for each year served, with no cap, can retire at 55; the city pays 13 percent of their salary toward their retirement now, and expects to pay 19 percent by 2015.
The city's retirement contribution for its top-paid public safety employee – Acting Police Chief Mike Noonan – was $63,383.75 in 2010, or close to 31 percent of his base salary of $155,984 plus specialty pay add-ons. At 45 percent, the city's annual retirement costs for Noonan alone would be roughly $92,000, or the cost of a full-time police officer or firefighter based on city employee pay records.
For its top non-safety employee, Interim City Manager Ann Marie Gallant, the city made a $31,943.73 payment in 2010. For a police officer who earned roughly $89,000 in 2010, the city made a PERS payment of $29,745.81.
Some 126 current city employees made a base salary of $100,000 or more in 2010, the city's records show; a little more than half of them, or 68, were public safety workers. Overall, the city contributed $10.4 million toward its workers' retirement funds in 2010, and the city's controller, Fred Marsh, expects the city's bill to rise by $1.75 million this year (though this year's tab was less than what the city paid in 2008 and 2009).
California Foundation for Fiscal Responsibility president Marcia Fritz said the list of top retirement benefit earners is growing by 60 to 70 percent a year, and faster than the list of public pensioners as a whole. She said the group's list is littered with city managers who had direct access to policy makers and who helped drive decisions on growing their own benefits. And she said the new benefit rules – allowed by a state legislative change made in 1999 – provided a perverse disincentive for top managers to retire early.
Fritz said that while CalPERS's investments have recovered, the rate of early retirements and wage increases exceeded what actuaries had predicted.
"You've got guys that may have a position for one year. And then they retire at that salary," Fritz said.
Jeff DelBono, a firefighter/paramedic and the political director for Alameda's firefighters union, acknowledged there are problems with the pension setup, but he is resisting calls to convert city workers' current pensions to a 401(k) plan. He said he's willing to work with the city to save money, but there are a lot of cost-saving concessions workers can't make unless the state Legislature changes the law to allow them. (He also stressed that his union doesn't represent the management employees who dominate the city's top-earning pension slots.)
While he said he couldn't divulge details of the tentative contract the union has hammered out with the city until his members vote on it, he said one fix could be bigger employee contributions for benefits.
DelBono said other potential cost-cutting moves – including caps on retiree earnings and different contribution rates for existing and new employees – can't be made at the bargaining table unless state legislators, who set the parameters for benefits, retirement formulas and eligibility ages, change laws that would allow those items to be renegotiated. And other strategies – like raising the retirement age for new hires who haven't yet been promised a specific benefit level, as existing employees have – wouldn't save the city any money up front, according to an actuarial study commissioned by the city.
"It's a statewide problem," he said.
DelBono said the benefits were added at the height of the dot-com boom as CalPERS was flush with cash, and that they came in lieu of pay raises and firefighting positions that had been frozen in previous budget cycles.
"These benefits were put in place when the economy was going gangbusters and people were earning a lot more money in the private sector," DelBono said.
Tuesday: Peril is in the eye of the beholder
Wednesday: A brief history


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Our last day at Disney
... too. Then George & I went to the Anna and Elsa boutique where she had a make over - very cute.
Finally we spent the night at the Goofy Kitchen restaurant and got to have dinner with Goofy, Pluto, Chip & Dale and Minnie Mouse. It was lots of fun - enjoy the pics.
Hawaii tomorrow
Back to Disneyland
... way to Royal Hall in FantasyLand, to get the signatures of the remaining princesses, Merida, Rapunzel, Belle, Snow White & Cinderella. The day was quite warm so the time had come for an ice cream. YAY. We sat in front of Cinderella's Castle on the roundabout in Main Street USA and ate our ice cream and watched the Parade come through.
By about 5pm the girls had enough and Mum took the girls back to the hotel while Dad staked out a vantage spot to view ...
Can you GETTY me there on public transport?
... as a BJ look alike complete with mohawk! They were twins!
But still no luck for BJ - Denise abandoned him to ANOTHER day of loneliness in the apartment. We've now threatened that we will report her to Chicken Services if she doesn't pick up her game!
The morning walk up Hollywood Boulevard again included our early morning stopover with Noah. We did learn today that we was in "Lost" and is currently working on a new show called "Colony". And yes, again, ...
Day 1 - the nightmare
So finally we arrived in Los angles this morning at 930am. Getting here was a shambles out of our control, to some extent We started our adventure in Brisbane where we were told we could not board our plane to LAX because the Qantas check in lady believed it was her job to deny us boarding the LaX as we could not show proof of exit out of Mexico. We frantically ran around BNE airport to find internet computers to find how to book online our bus from Playa del Carmen to Belize. No such ...
End of the Road... Grand Canyon, L.A.
... br> And that's us! We caught a taxi to the airport with our hundred kg of baggage and sat waiting for our flight. The whole way home I kept wondering at the fact that it all went off without a hitch - the camper didn't break down, we didn't get mugged or ripped off, no injuries or illness, we didn't even lose anything more important than a jandal. I've obviously got a good team and all of us have a fair amount of Luck!
We have been ...