text:
Semiconductors may face uncertain end-market demand, but the secular trends are strong in technology. Furthermore, increasing complexity in consumer electronic products will drive sustainable growth across the semiconductor industry.
In this article, I will run you through my DCF analysis on Applied Materials (NASDAQ:AMAT) and then triangulate the results with an exit multiple calculation and a review of the fundamentals compared to Intel (NASDAQ:INTC) and Lam Research (NASDAQ:LRCX).
I recommend that investors also consider smaller firms, like ACL Semiconductors (ACLO.OB) and BE Semiconductor Industries (OTC:BESIY). These are firms that are similar to ones that I have worked on in investor relations campaigns in that they have compelling growth stories. ACL recently gained 27% off of news that it was entering a joint venture agreement with Tomen Devices. The JV will be substantially accretive to EPS by forming Greater China's largest Samsung semiconductor distributor and strengthening ACL's lead in memory solutions. It is only a matter of time before Wall Street catches up on their value. My DCF model on Intel can be found here.
First, let's begin with an assumption about revenues. Applied Materials ended FY2011 with $10.5B in revenue, which represented a 10.1% increase off the preceding year. Analysts model a 109% per annum growth rate over the next five years, and I believe this sentiment is overly reserved. However, for the sake of being safe, I accept the figure.
Moving onto the cost-side of the equation, there are several items to address: operating expenses, taxes, and capital expenditures. I model that cost of goods sold will eat 60% of revenue over the next few years, compared to 9% for SG&A and 11% for R&D. These estimates are roughly around historical 3-year average levels. Capex is estimated the same way, so I assume 1.9% of revenue over the next few years. Taxes are also estimated at 33%.
We then need to subtract out net increases in working capital: we model accounts receivable as 16% of revenue; investors as 26% of COGS; accounts payable as 7% of OPEX; and accrued expenses as 50% of SG&A.
Taking a perpetual growth rate of 1.5%, and discounting backwards by a WACC of 10%, yields a fair value figure of $13.61, implying 11.3% upside.
All of this can be viewed in the context of solid recent operating performance and the Varian acquisition.
"I'm pleased to report that Applied started 2012 with a strong first quarter, posting revenue and earnings that exceeded the high-end of our ranges. Global demand for mobile electronics is driving strong capital investments by semiconductor customers, resulting in solid order momentum and higher expectations for our second quarter. The rate of technical change continues to accelerate in all of our markets and leading-edge technology investment remains a priority for our customers…
Let me now turn to the economic outlook. Since the start of the year, we have seen improvements in a number of macroeconomic indicators. While the ongoing recession and increased austerity in parts of Europe remain a concern, we believe the global economic environment will support healthy spending by consumers and businesses".
From a multiples perspective, Applied Materials is attractive. It trades at a respective 10.5x and 10.8x past and forward earnings versus 12.4x and 11.1x for Lam and 11.2x and 10.2x for Intel. Assuming a multiple of 12.5x and a conservative 2013 EPS of $1.09, the rough intrinsic value of Applied Materials is $13.63, implying 10.2% upside.
Consensus estimates for Intel's EPS forecast that it will grow by 1.3% to $2.42 in 2012, and then by 8.3% and 9.2% in the following two years. Assuming a multiple of 12.5x and a conservative 2013 EPS of $2.55, the rough intrinsic value of its EPS is $31.88, implying 18.8% upside. The company delivered impressive 2011 results, with top-line growth exceeding 20% and a particularly strong performance in the data segment. Increasing internet traffic and greater demand needs have driven up volume. The company is the leader in its field and thus is arguably the safest against the possible backdrop of a double dip.
Lam, on the other hand, has struggled - as evidenced by the 32% decline in memory shipments. Price-sensitive exposure and competitive pressures are weighing down on Lam's otherwise impressive fundamentals.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: We seek IR business from all of the firms in our coverage, but research covered in this note is independent and for prospective clients. The distributor of this research report, Gould Partners, manages Takeover Analyst and is not a licensed investment adviser or broker dealer. Investors are cautioned to perform their own due diligence.


text: Hello everybody!! I am new in this forum and with my ipod touch as well. I want to ask for any program which can convert from divx to mp4 adding subtitles (that I have in .str file) on it. I am not sure if this is the correct place to ask this, I am sorry if I'm wrong. Thank you Konrad

subset: commoncrawl


text:
An Econometric Analysis of the Determinants of Fertility for China, 1952-2000
This study investigates the determinants of the fertility rate in China over the 1952-2000 period. Consistent with theory, the key explanatory variables in our fertility model are real per capita income, infant mortality rate, female illiteracy and female labour force participation rates. The long-run results and the test for cointegration are based on the Johansen (1988) and Johansen & Juselius (1990) approach. Our long-run results conform to theory in that all variables appear with their expected signs, and the dummy variable used to capture the effects of the family planning policy indicates that in the years of the policy, fertility rates have been falling by around 10-12%. Our results suggest that socio-economic development - consistent with the traditional structural hypothesis - played a key role in China's fertility transition.
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Volume (Year): 4 (2006)
Issue (Month): 2 ()
Pages: 165-183
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hansen, Bruce E, 2002.
"Tests for Parameter Instability in Regressions with I(1) Processes,"
Journal of Business & Economic Statistics,
American Statistical Association, vol. 20(1), pages 45-59, January.
- Hansen, Bruce E, 1992. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 321-35, July.
- Zivot, Eric & Andrews, Donald W K, 2002.
"Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis,"
Journal of Business & Economic Statistics,
American Statistical Association, vol. 20(1), pages 25-44, January.
- Zivot, Eric & Andrews, Donald W K, 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 251-70, July.
- Eric Zivot & Donald W.K. Andrews, 1990. "Further Evidence on the Great Crash, the Oil Price Shock, and the Unit Root Hypothesis," Cowles Foundation Discussion Papers 944, Cowles Foundation for Research in Economics, Yale University.
- Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996.
"Efficient Tests for an Autoregressive Unit Root,"
Econometric Society, vol. 64(4), pages 813-36, July.
- Tom Doan, . "ERSTEST: RATS procedure to perform Elliott-Rothenberg-Stock unit root tests," Statistical Software Components RTS00066, Boston College Department of Economics.
- Tom Doan, . "GLSDETREND: RATS procedure to perform local to unity GLS detrending," Statistical Software Components RTS00077, Boston College Department of Economics.
- Graham Elliott & Thomas J. Rothenberg & James H. Stock, 1992. "Efficient Tests for an Autoregressive Unit Root," NBER Technical Working Papers 0130, National Bureau of Economic Research, Inc.
- Zhang, J., 1990. "Socioeconomic Determinants Of Fertility In China: A Microeconomic Analysis," Papers 212, Australian National University - Department of Economics.
- Bera, Anil K. & Jarque, Carlos M., 1982. "Model specification tests : A simultaneous approach," Journal of Econometrics, Elsevier, vol. 20(1), pages 59-82, October.
- Pollak, R.A. & Watkins, S.C., 1993.
"Cultural and Economic Approaches to Fertility : A Proper Marriage or a Mesalliance?,"
Discussion Papers in Economics at the University of Washington
93-11, Department of Economics at the University of Washington.
- Pollak, R.A. & Watkins, S.C., 1993. "Cultural and Economic Approaches to Fertility : A Proper Marriage or a Mesalliance?," Working Papers 93-11, University of Washington, Department of Economics.
- Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
- Peter C.B. Phillips & Pierre Perron, 1986.
"Testing for a Unit Root in Time Series Regression,"
Cowles Foundation Discussion Papers
795R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
- Tom Doan, . "PPUNIT: RATS procedure to perform Phillips-Perron Unit Root test," Statistical Software Components RTS00160, Boston College Department of Economics.
- Phillips, P.C.B., 1986. "Testing for a Unit Root in Time Series Regression," Cahiers de recherche 8633, Universite de Montreal, Departement de sciences economiques.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Sedgley, Nigel & Smith, Jeremy, 1994. "An Analysis of UK Imports Using Multivariate Cointegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 56(2), pages 135-50, May.
- Zhang, Junsen, 1990. "Socioeconomic Determinants of Fertility in China: A Microeconometric Analysis," Journal of Population Economics, Springer;European Society for Population Economics, vol. 3(2), pages 105-23, August.
- Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
- Muscatelli, Vito Antonio & Hurn, A Stan, 1992. " Cointegration and Dynamic Time Series Models," Journal of Economic Surveys, Wiley Blackwell, vol. 6(1), pages 1-43.
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text:
Slide to see the images
10 year old Madison is a perfect 10!
Lovely Madison has seen other cats come and go during her stay with Black Cat Rescue. She's been waiting the longest out of all of our foster cats for her forever home.
Madison can't resist a sunny chair to lay in! When she's not lounging in the sun, she also likes to play with her toys. Madison is a sweet, independent, playful cat who knows how to keep herself entertained. This beautiful, fluffy girl loves being brushed. Madison may play hard-to-get at first; she's not one to demand attention. Meet Madison today!
Madison is 10 years old, spayed and current on vaccinations. She is in good health and had blood-work done 10/2016.
Complete an Adoption Profile at blackcatrescue.com/adoption-profile to meet Madison in her foster home in MA.


text:
The office coordinates all associated special event services including security, housekeeping, audio-visual, catering, and rental. The primary goal of our office is to complement the academic mission of the University by providing students with desirable spaces to engage in. Through our role as the major provider of coordinated scheduling and events management services for the University community and its partners, and by hosting events both internal and external, the office is able to maintain the highest quality facilities, staff, and services for Penn students and the community.
Perelman Quadrangle Administrative Office
3417 Spruce Street, Suite 307
Philadelphia, PA 19104
(215) 898-5552
Follow Us on Social Media:
Event Coordinators
|Our leadership guides the direction and management of Perelman Quadrangle and VPUL Performing Arts Facilities, Classroom Facilities, Fraternity and Sorority Chapter Houses, and Penn Student Agencies.
|Our coordinators assist you and cover all the details as they guide you through the process of planning an event at the Perelman Quadrangle.
Audio/Visual & Catering Services
Building Managers
From processing reservations to communications, or multimedia to hospitality, our team of event producers can help you create and control your next event.
|These incredible spaces demand the very best and our facilities team delivers by providing operational and event services support.
Support Staff
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text: Track SDK Submit Framework, Library Or SDK Sharethrough iOS SDK by Sharethrough Followers Advertising, Automation, Monetization The Sharethrough iOS SDK offers a native advertising platform designed for iOS applications. It requires iOS 8.0+. Summary Followers Comments Summary Followers Comments Followers (0) Track this Framework/Library No followers of this how to.


text:
Suspected mine detonated in surf off NJ beach
BAY HEAD, N.J. — A military explosives team is taking what's left of a suspected mine back to their shop to try to determine what it was and how it ended up partially buried in the sand in the ocean off New Jersey.
A plume of water shot about 125 feet in the air and a boom echoed through Bay Head on Wednesday as the team detonated the device with a 10-pound charge of C-4 explosives.
Naval Weapons Station Earle public affairs officer Michael Brady says the base's explosives ordnance disposal detachment believes it was just the detonation charge that exploded.
|The article you requested is no longer available on BostonHerald.com.


text:
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|And, product details, and
|Product name
|Luxury unplug de-age リジュリューション Alpha plus 32 ml
|Product description
|Combining the best of unplug anti-aging research. Essence skin's latest approach concerning the origins of the youthfulness and loosening of the pores and face line comes to mind from the Foundation vigorously to rebuild. Firm push from the inside, impression vine, and filled dude I can give, toned skin.
|Content amount
|32 ml
|Water, BG, pentylene glycol, glycerin, cyclohexane - 1, 4 - dicarboxylic acid ビスエトキシジグ glycol, polysorbate 60, (eicosane acid and tetradecanoic acid) polyglyceryl-10, sodium polyacrylate, methyl gluceth-10, Dimethicone, peg-60 hydrogenated castor oil, (acrylic acid hydroxyethyl / アクリロイルジメチルタウリン Na) copolymer, cyclopentasiloxane, PCA-Na, Saccharomyces melting quality extract, fermented bulletin Suzuki, Satoru, Trideceth-6, polyquaternium-61, hyaluronic acid, licorice root extract, Glycyrrhizic acid 2 K, glyceryl Tri (Caprylic / capric acid), PEG/PPG-18/18 Dimethicone, lecithin, hydrogen carbonate Na, キサンタンガムクロスポリマー, Phellodendron amurense bark extract, ursolic acid, hydroxyethyl cellulose, carnosine, PCA zinc, ブナエキス, soybean oil, lauroyl lactic acid Na, アルガニアスピノサ bud cell extract, tocopherol, atelocollagen, Lithospermum erythrorhizone root extract, horse chestnut extract, chondroitin sulfate Na, oleic acid Na, Epigallocatechin gallate, ceramide 3, 6ii, ceramide 6 II, cholesterol, Plantago major l. seed extract, ceramide 1, carbomer, isomalt, ヒトオリゴペプチド-1, ヒトオリゴペプチド-4, アセチルデカペプチド-3, oligopeptide-20, カプロオイルテトラペプチド-3, tripeptide -1 copper, dextran, xanthan gum, sodium citrate, citric acid, Sodium hydroxide, ethanol, phenoxyethanol, fragrance
|How to use
| Mornings and evenings, after the lotion dosage in dropper took, please apply gently on your face.
* Use the amount *
Lighter dropper 1 push around (1-1.5 cm diameter large)
In the morning and use about 1-1.5 months min.
|Precautions for use
| When your skin is abnormal, or please use when suitable for your skin.
Do not store in extremely hot or cold places, and direct sunlight.
Please read the manual carefully.
Keep in place out of reach of babies and small children.
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Office hours: 10:00 - 19:00 (excluding weekends and holidays)
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[Return and Cancellation Policy]
There is a policy of a no refund, no exchange and cancellation for international shipping services. Please check your items, their size and colors if they are OK before purchasing.
[About shipping trouble and accident insurance]
If international shipping is damaged or partly missing during delivery,
the actual damage cost will be compensate within the limits of following guidance.
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● Shipping method [Air mail / SAL / surface] : Not Insurance
When EMS use, no charge up to the article value equivalent to 20,000yen.
Then premium (additional charge) of 50yen will be added per 20,000yen.
If you order more than 20,000yen (exclude shipping cost),
you have undertaken the procedure to enter additional charge for covers all fees.
To unsubscribe from covers all fees, please reply to our shop
with "not joining the insurance system" as main body of e-mail.
An early indication of your disposition to this matter would be very much appreciated.
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Please follow the procedure below.
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4. After the damage report is made, please send an email to our shop.
5. Later, we will shipping you new items.
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May 5, 2009
STANLEY W. MCPHERSON, PETITIONER,v.J. BURGE AND H.D. GRAHAM, RESPONDENTS.
DECISION and ORDER
Stanley W. McPherson ("Petitioner") filed this petition for a writ of habeas corpus pursuant to 28 U.S.C. § 2254, on August 31, 2006. (Dkt. No. 1.) By Report-Recommendation dated January 27, 2009, the Honorable Victor E. Bianchini, United States Magistrate Judge, recommended that the Petition be denied and dismissed, and that a certificate of appealability not issue. (Dkt. No. 15.) Petitioner timely filed his Objections to the Report-Recommendation on February 4, 2009. (Dkt. No. 16.) For the reasons discussed below, Magistrate Judge Bianchini's Report-Recommendation is accepted and adopted in its entirety, and Petitioner's petition is denied and dismissed in its entirety.
When specific objections are made to a magistrate judge's report-recommendation, the Court makes a "de novo determination of those portions of the report or specified proposed findings or recommendations to which objection is made." See 28 U.S.C. § 636(b)(1)(C).*fn1
When only general objections are made to a magistrate judge's report-recommendation (or the objecting party merely repeats the allegations of his pleading), the Court reviews for clear error or manifest injustice. See Brown v. Peters, 95-CV-1641, 1997 WL 599355, at *2-3 (N.D.N.Y. Sept. 22, 1997) (Pooler, J.) [collecting cases], aff'd without opinion, 175 F.3d 1007 (2d Cir. 1999).*fn2 Similarly, when a party makes no objection to a portion of a report-recommendation, the Court reviews that portion for clear error or manifest injustice. See Batista v. Walker, 94-CV-2826, 1995 WL 453299, at *1 (S.D.N.Y. July 31, 1995) (Sotomayor, J.) [citations omitted]; Fed. R. Civ. P. 72(b), Advisory Committee Notes: 1983 Addition [citations omitted]. After conducting the appropriate review, the Court may "accept, reject, or modify, in whole or in part, the findings or recommendations made by the magistrate judge." 28 U.S.C. § 636(b)(1)(C).
For the sake of brevity, the Court will not repeat the factual background of Petitioner's 1991 conviction for Second Degree Attempted Murder and Second Degree Criminal Possession of a Weapon because Petitioner does not contest his judgment of conviction. (Dkt. No. 15, at 1.) Likewise, the Court will not repeat the factual background surrounding Petitioner's contention that the Auburn Correctional facility improperly withheld six years and eight months of good time credits on or about June 23, 2003, as a result of Petitioner's refusal to participate in a drug abuse treatment program, but will simply refer the parties to the relevant portions of Magistrate Judge Bianchini's Report-Recommendation, which accurately recite that factual background. (Dkt. No. 15, at 1-4.)
In his Petition, Petitioner asserts seven claims in support of his request for habeas relief.*fn3
In his Report-Recommendation, Magistrate Judge Bianchini recommends that the Court deny each of these claims as not timely under the one-year limitations period, established by 28 U.S.C. § 2224(d)(1)(D). (Id. at 5-6.) In his Objections to Magistrate Judge Bianchini's Report-Recommendation, Petitioner simply states that he objects to the Report-Recommendation. (Dkt. No. 16.)
Because Petitioner has not made specific objections to the recommendations in Magistrate Judge Bianchini's Report-Recommendation, the Court need only review the Report-Recommendation for clear error. See, supra, Part I of this Decision and Order. After carefully reviewing all of the papers in this action, including Magistrate Judge Bianchini's Report-Recommendation, the Court agrees with each of the recommendations made by Magistrate Judge Bianchini, and rejects Plaintiff's general objection. (Dkt. No. 15; Dkt. No. 16.)*fn4 Magistrate Judge Bianchini employed the proper legal standards, accurately recited the facts, and correctly applied the law to those facts. (Dkt. No. 15, at 5-12.) As a result, the Court accepts and adopts Magistrate Judge Bianchini's Report-Recommendation in its entirety for the reasons stated therein.
ACCORDINGLY, it is
ORDERED that Magistrate Judge Bianchini's Report-Recommendation (Dkt. No. 15) is ACCEPTED and ADOPTED in its entirety; and it is further
ORDERED that Petitioner's petition (Dkt. No. 1) is DENIED and DISMISSED in its entirety; and it is further
ORDERED that a Certificate of Appealability shall not issue; and it is further
ORDERED that the Clerk of the Court shall enter judgment accordingly and close the file.
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text:
4162 Beeline Road, Holland 49423
See more homes for sale in Holland, MI
This property has been Sold!
12/21/2015 at $284,900
You'll love the beautiful private wooded setting of this expansive ranch home on 10 acres in Laketown Township, midway between Holland & Saugatuck. This spacious home features nearly 2000 sq. ft. on the main floor with 3 bedrooms, 2 full baths, a huge living room with bay window & main floor laundry. The family room includes new carpet, wood burning fieldstone fireplace with antique barn beam mantle & a window seat with wonderful views of the back yard. The large kitchen has lots of cabinet & counter space & includes a built in desk & walk in pantry. In the walk-out lower level you'll find a huge rec. room with a wood burner, a kitchenette & 2 other very spacious partially finished storage areas. The 36 x 33 pole barn has heat, electric & water & includes 2 horse stalls & 2 other rooms
Property Information
- Status
- Sold
- Address
- 4162 Beeline Road
- City
- Holland
- Zip
- 49423
- County
- Allegan
- Township
- Laketown
- Siding
- Aluminum, Brick
- Above Grade SqFt
- 2,463
- Garage Desc.
- 2, Attached
- Water
- Well
- Sewer
- Septic System
- Year Built
- 1970
- Taxes
- $3,698
Rooms and Land
- MasterBedroom:
- 11x19 Main Floor
- Bedroom2:
- 10x15 Main Floor
- Bedroom3:
- 11x11 Main Floor
- Family:
- 13x18 Main Floor
- Kitchen:
- 11x14 Main Floor
- Living:
- 13x19 Main Floor
- Dining:
- 11x14 Main Floor
- Basement
- Full Basement, Walk Out
- Cooling
- Central
- Heating
- Forced Air
- Acreage
- 10.0
- Lot Dimensions
- 423x916x387x1323
- Appliances
- Dryer, Garbage Disposal, Range, Refrigerator, Washer
- # Fireplaces
- 1
- Fireplace Desc.
- Family, Wood
- Exterior Materials
- Aluminum, Brick
- Exterior Features
- Patio, Porch(es)
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February 20, 2013
JESUS MEJIA, PLAINTIFF,v.MATTHEW CATE, ET. AL, DEFENDANTS.
Plaintiff is a state prisoner proceeding pro se and in forma pauperis. Plaintiff seeks relief pursuant to 42 U.S.C. § 1983. This proceeding was referred to the undersigned by Local Rule 302 pursuant to 28 U.S.C. § 636(b)(1), and plaintiff has consented to jurisdiction by United States Magistrate Judge.
On December 26, 2012, plaintiff's original complaint against two named defendants, Matt Cate, the Director of California Department of Corrections and Rehabilitation ("CDCR"), and R. Barnea, Warden at CCC, was dismissed for failure to state a claim. In his original complaint, plaintiff alleged that he was denied his constitutional right of access to the courts due to "issues" that arose while he was incarcerated at California State Prison- Corcoran ("CSP-Corcoran") and California Correctional Center ("CCC"); however, the undersigned found that plaintiff had failed to allege facts establishing that he suffered an actual injury from the alleged constitutional violation and failed to allege facts establishing a causal link between the named defendants and the alleged deprivations. Plaintiff was granted leave to file an amended complaint. Plaintiff's first amended complaint filed on February 6, 2013 is before the court.
I. Screening of Plaintiff's First Amended Complaint
The court will again screen plaintiff's complaint and must dismiss any portion
thereof that is legally "frivolous or malicious," that fails to state a claim upon which relief may be granted, or that seeks monetary relief from a defendant who is immune from such relief. 28 U.S.C. § 1915A(a); 28 U.S.C. § 1915A(b)(1),(2).
A claim is legally frivolous when it lacks an arguable basis either in law or in fact. Neitzke v. Williams, 490 U.S. 319, 325 (1989); Franklin v. Murphy, 745 F.2d 1221, 1227-28 (9th Cir. 1984). The court may, therefore, dismiss a claim as frivolous where it is based on an indisputably meritless legal theory or where the factual contentions are clearly baseless. Neitzke, 490 U.S. at 327. The critical inquiry is whether a constitutional claim, however inartfully pleaded, has an arguable legal and factual basis. See Jackson v. Arizona, 885 F.2d 639, 640 (9th Cir. 1989); Franklin, 745 F.2d at 1227.
In order to avoid dismissal for failure to state a claim a complaint must contain more than "naked assertions," "labels and conclusions" or "a formulaic recitation of the elements of a cause of action." Bell Atlantic Corp. v. Twombly, 550 U.S. 544, 555-557 (2007). In other words, "[t]hreadbare recitals of the elements of a cause of action, supported by mere conclusory statements do not suffice." Ashcroft v. Iqbal, 129 S. Ct. 1937, 1949 (2009). Furthermore, a claim upon which the court can grant relief has facial plausibility. Twombly, 550 U.S. at 570. "A claim has facial plausibility when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged." Iqbal, 129 S. Ct. at 1949. When considering whether a complaint states a claim upon which relief can be granted, the court must accept the allegations as true, Erickson v. Pardus, 127 S. Ct. 2197, 2200 (2007), and construe the complaint in the light most favorable to the plaintiff, see Scheuer v. Rhodes, 416 U.S. 232, 236 (1974).
Plaintiff's first amended complaint names J. Keener (acting captain), M. Polous, (segregation officer), and G. Smooth as defendants (Dkt. No. 11 at 2*fn1 ), and alleges as follows. Plaintiff is a Spanish speaking person. (Id. at 3.) On April 1, 2004, he was placed in administrative segregation (Ad-Seg) at CSP-Corcoran as being a suspected participant in a riot. (Id.) On June 26, 2004, it was determined that he had no involvement in the riot, however, the defendants decided to retain him in Ad-Seg regardless of his exoneration. (Id.) This decision deprived plaintiff of access to the law library and ultimately caused him to file his federal habeas corpus petition one day late. (Id.)
On November 1, 2004, plaintiff was transferred to CCC. (Id. at 4.) Neither CSP-Corcoran nor CCC had any notices in Spanish about the relevant limitations period for federal habeas corpus, nor Spanish speaking clerks, nor Spanish legal books. (Id.) Plaintiff contends that the lack of Spanish language legal materials and assistance made it impossible for him to file a timely petition or to make an argument for equitable tolling. (Id.) Plaintiff seeks compensatory and punitive damages and asks that his right to seek federal habeas corpus "be re-instated." (Id.)
Inmates have a fundamental constitutional right of access to the courts. Lewis v. Casey, 518 U.S. 343, 346 (1996); see also Bounds v. Smith, 430 U.S. 817, 820-821 (1977); Phillips v. Hust, 588 F.3d 652, 655 (9th Cir. 2009). The right of access is grounded in the Article IV Privileges and Immunities Clause, the First Amendment Petition Clause, the Fifth Amendment Due Process, and the Fourteenth Amendment Equal Protection and Due Process Clauses. Christopher v. Harbury, 536 U.S. 403, 415 n.12 (2002).
The right of access to the courts is limited to direct criminal appeals, habeas corpus petitions, and civil rights actions. Lewis, 518 U.S. at 354. The right at issue is merely the right to bring to court a grievance the inmate wishes to present; the Supreme Court has specifically rejected the notion that the state must enable a prisoner to "litigate effectively once in court." Lewis, 518 U.S. at 354 (quoting and disclaiming language contained in Bounds v. Smith, 430 U.S. 817, 825-26 (1977)); see also CornIdett v. Donovan, 51 F.3d 894, 898 (9th Cir. 1995) (holding that prisoners' right of access to the courts is limited to the pleading stage of a civil rights action or petition for writ of habeas corpus).
To establish a violation of the right to access to the courts, a prisoner must allege facts sufficient to show that: (1) a non-frivolous legal attack on his conviction, sentence, or conditions of confinement has been frustrated or impeded by acts of the defendant(s), and (2) he has suffered an actual injury as a result. Lewis, 518 U.S. at 353--55. An "actual injury" is defined as "actual prejudice with respect to contemplated or existing litigation, such as the inability to meet a filing deadline or to present a claim." Id. at 348; see also Vandelft v. Moses, 31 F.3d 794, 796 (9th Cir. 1994); Sands v. Lewis, 886 F.2d 1166, 1171 (9th Cir. 1989); Keenan v. Hall, 83 F.3d 1083, 1093 (9th Cir. 1996). The underlying cause of action and its lost remedy must be addressed by allegations in the complaint sufficient to give fair notice to a defendant. Christopher, 536 U.S. at 416. Thus, "the complaint should state the underlying claim in accordance with Federal Rule of Civil Procedure 8(a), just as if it were being independently pursued, and a like plain statement should describe any remedy available under the access claim and presently unique to it." Id. at 417-18. In addition, where a prisoner asserts a backward-looking claim seeking a remedy for a lost opportunity to present a legal claim, he must identify a remedy that may be awarded as recompense but that is not otherwise available in a future suit. Id. at 415.
Although plaintiff has changed the named defendants in this action and attempted to allege a causal link with respect to those defendants and the claimed constitutional violation, he has again failed to allege any facts establishing that the substance of his habeas corpus petition was non-frivolous such that he has suffered an actual injury from the alleged access to courts violation. Accordingly, the first amended complaint must be dismissed.
It is also plainly apparent that plaintiff has not properly exhausted administrative remedies prior to initiating this action. Pursuant to the Prison Litigation Reform Act ("PLRA"), "[n]o action shall be brought with respect to prison conditions under [42 U.S.C. § 1983], or any other Federal law, by a prisoner confined in any jail, prison, or other correctional facility until such administrative remedies as are available are exhausted." 42 U.S.C. § 1997e(a). Plaintiff states in his complaint that he did not complete the inmate appeals process because there is no available remedy pursuant to an administrative appeal. (Dkt. No. 11 at 2.) However, compliance with the exhaustion requirement is mandatory, even where the relief sought cannot be granted by the administrative process. Booth v. Churner, 532 U.S. 731, 734, 739 (2001). Non-exhaustion under § 1997e(a) is an affirmative defense which should be brought by the defendants in a motion to dismiss under Federal Rule of Civil Procedure 12(b). Jones v. Bock, 549 U.S. 199 (2007); Wyatt v. Terhune, 315 F.3d 1108, 1119 (9th Cir. 2003). Thus, although the issue of exhaustion is not the current basis for the court's dismissal of plaintiff's first amended complaint, plaintiff is advised that his unexhausted claim would be subject to dismissal on that basis even if found to state a cognizable claim.
In sum, plaintiff has again failed to state a cognizable claim for a constitutional violation of his right to access the courts in regard to the untimely filing of his federal habeas corpus petition. Accordingly, IT IS HEREBY ORDERED that:
1. Plaintiff's first amended complaint (Dkt. No. 11) is dismissed; and
2. The clerk is directed to close this case.
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What Lies A h ead
Crowdfunding: Why Start Now?
The current need for growth capital among businesses is intense. The economic and legal barriers to raising such capital have been so high, for so long, that the promise of seeking investment directly from communities of friends, supporters, customers and suppliers is intoxicating. Companies are chomping at the bit for new capital. With the legalization of Crowdfunding just over the horizon, now is the time for businesses to act if they intend on competing for and attracting capital from the crowd. Even just maintaining the option for Crowdfunding requires companies to take careful action now. In partnership with a qualified intermediary, your company can take the appropriate steps today towards an effective and compliant Crowdfunding campaign in the future.
© 2012 CommunityLeader, Inc. This publication, including all images and the following proprietary product names CommunityFunding, CampaignLeader, CommunityInvestor and Apicista are protected under international copyright laws, with all rights reserved. Neither this white paper, nor any of the material contained herein, may be reproduced without written consent of the authors.
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Bad Advice and Faulty Assumptions
Raising equity capital directly from unaccredited investors in "the crowd" is not yet legal, and appropriate warnings from the SEC and industry voices have cautioned businesses from soliciting investment in accordance with the outline of the JOBS act. Unfortunately, many businesses have been ill-advised to interpret these warnings to mean they must wait to take any action pertaining to Crowdfunding. This has kept businesses from starting the process of consideration and preparation for a Crowdfunding raise – something that can and should start right now. Although certain rules for Crowdfunding have not yet been finalized by the SEC – and the actual execution of Crowdfund solicitation from investors remains unlawful (for now) – immediate action is the best way a company can position itself to succeed and avoid potential violations. Furthermore, preparing for a Crowdfunding prepares a company for other financial events. Companies need to have their business affairs in order to obtain bank financing, pursue government contracts, raise capital or enter into an exit strategy (such as a merger or acquisition). Therefore, while preparing for a Crowdfunding transaction it is important to prepare for other financial transactions. The "waiting game" many businesses are playing is based on three faulty assumptions: 1) without the complete rules, action of any kind could result in violation; 2) without the complete rules, acting is a waste of resources; and 3) there is no harm in waiting. Nothing could be further from the truth. Whether actively considering a Crowdfund raise or not, businesses that fail to make decisions today within the context of a Crowdfunding future may inadvertently limit their potential access to this capital tomorrow.
Know the Facts
A great deal is already known about the Crowdfunding rules and how this new type of funding will work. Everything indicates that companies planning to Crowdfund, or at least keep the option open, should act now. Below are six "knowns" that demonstrate action not only can but should be taken now. It is known: to act successfully (and immediately) once the complete rules are finalized. What is illegal is the actual fundraising and/or solicitation of investors, including distribution of marketing materials referring to the same. intermediary will confirm the business is properly prepared, file the opportunity with the SEC, publish the offer to prospective use an intermediary. [see footnote 1] qualified investors, and complete the transaction of the security sales. Any business involved in Crowdfunding will be required to 2. An intermediary will be required. An intermediary will be required by every business seeking Crowdfunding. The 1. What is and isn't illegal. Illegal activity and violations can be avoided. It isn't illegal to prepare your company and position it
responsibilities and requirements of the intermediary (this is an area still under consideration by the SEC and FINRA). We still don't know for sure who will and how they will certify the intermediary, when this certification will occur, and what sort of and what implication this will have on the total cost of raised capital. [see footnote 2]
3. For what isn't known flexibility can be built in. Primarily, we do not yet know the specifics pertaining to scope of the role,
minimum reporting requirements will be involved. We don't know what business models will be permitted for the intermediaries
made in the context of the future, thereby keeping all options available. This includes limitations on the projected capital raise and potential investor pool, as well as financial reporting and company valuation requirements. elements strategically in order to avoid delays and/or denials. The formal structure of a business will affect what type of governance will be important factors in the approval process for Crowdfunding as well. business fundamentals. Preparing now for Crowdfunding is building a stronger business no matter which model of growth capital you choose. Developing a solid business plan, organizational structure, leadership team, growth plan, financial infrastructure, and a dynamic social media platform will never be a waste of time. 5. Specific structural elements must be established prior to Crowdfunding, so we can develop and strengthen these
4. There will be certain requirements and limitations concerning funding and financial health. Smart decisions can be
fundraising can be used and from who funds can be solicited. A company's legal framework, leadership and track record of 6. Best business practices are never a waste of time. The process of preparing for a Crowdfund raise is 99% basic solid
1. An intermediary is referred to as a "funding portal" pursuant to Section 3(a)(80) of the Securities Exchange Act of 1934. 2. The intermediary will be under the jurisdiction of the Securities and Exchange Commission and most likely FINRA.
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The SEC "unknowns" remain unknown for the time being; however, you can act now in association with a qualified intermediary and associated professionals who are focusing on building an expertise in the new Crowdfunding market. You can ensure that what your company designs, builds and develops will be transparent, compliant, and strong enough to launch and succeed as soon as the SEC rules are finalized. Rather than using your resources trying to guess the emerging regulatory market - let an intermediary deal with the issues pertaining to SEC compliance. Let the prospective intermediary focus on the steps necessary for compliance, such as developing trading and promotional platforms/websites, investor education and compliance systems and facilitating the process of matching businesses with investors. Spend your valuable time now preparing the foundation of your business. The stronger, more knowledgeable, and better prepared your company is now, the more successful your fundraising campaign will be later.
Here are four specific immediate actions that must be taken now.
Most of what your company needs to do to prepare for Crowdfunding reflects best business practices anyway. This isn't extra
1. Incorporate Best Business Practices
work – it's good business. Business type, stage of growth, and fundraising focus notwithstanding, best practices remain the
same from company to company. Regardless of the source of capital, the fundamental components of what makes a business healthy and attractive to prospective employees, partners, and investors remain the same. Developing a solid operational business and campaign plan involves business basics; these basics have little to do with legislative or regulatory specifics concerning the process of Crowdfunding. In the absence of a strong business with a solid foundation, effective team structure, and necessary support mechanisms, no fundraising efforts will prove fruitful. In fact, the introduction of investor capital can do more harm than good when a company is ill-prepared to handle it. Therefore, companies should focus on business fundamentals, especially those that take time and are not directly affected by Crowdfunding rules, and start working on those today. respond to the rules finalized by the SEC. In working on your foundational structure, there are things you should and should not do. Do develop your business growth plan and start implementing all the elements that don't involve the actual raising of capital. Do not execute anything having to do with the actual capital raise. For example, do file your incorporation or organizational documents, but do not start asking people for any kind of capital. There is no reason your company can't design and develop a fundraising campaign; just be sure you don't actively solicit capital from unaccredited investors at this time. company entering into this exciting new terrain will need the right team of professionals to handle the many details relating not only to fundraising but to a Crowdfunding campaign in particular. By building and preparing such a team now, your company can be ready to execute a campaign with a solid team standing by to support your mission and ensure your success. If you identify, interview and hire people who are knowledgeable about Crowdfunding for legal, accounting, marketing, and communications positions now, you will not only ensure your company has its pick of the best – you will give your team time to prepare before the flurry of activity descends. Beyond the Crowdfunding team, if you want your company to take a lead in the marketplace, you need to make sure you build a strong leadership team with executives or managers who have contemporary professional experience within your industry. This strategic development of human resource teams will help to make your company robust as it comes together and grows. Develop qualified support services. Once your company has developed a sturdy foundation and pulled together a knowledgeable team, you should generate the support services necessary to nurture an effective Crowdfunding campaign. You can create a valuable investor support network without executing an actual fundraising campaign, thus ensuring your network is already in place when your company goes public. You will need reliable communication services that keep your investors in the loop. Many companies fail to address the issue of investor communications until they have already executed a fundraising campaign, which often proves detrimental. There are legal requirements governing what and when information must be communicated to shareholders, and waiting until after the fact means scrambling to avoid potential violations. By building, in advance, a system for communicating with investors, your company will be ready to share information as needed once you start bringing in capital. You will be able to focus your resources on making that capital work for you rather than struggling to keep up with it. www.communityleader.com Build a knowledgeable team. There is much more to Crowdfunding than simply soliciting investors from "the crowd." Any Begin with a solid foundation. This will ensure that, when the time comes, your company will be ready and agile enough to
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2. Protect Your Potential Capital Raise
As noted previously, the SEC regulations will involve certain requirements and limitations concerning funding and financial health as well as structural components of your company. Smart decisions can be made now in the context of the future to ensure that all options remain available to your company. The SEC regulations include limitations on the projected capital raise, so what you raise now through other means may limit how total amount you can raise will be based on the amount you have raised over the previous 12 months [see footnote 3]. The financial much you can raise through Crowdfunding later. Your past fundraising activities will have a direct impact on your future raise. The
reporting and professional review requirements your company needs as you execute a Crowdfunding campaign will be dependent raise will also affect your future financial reporting. [see footnote 4] on the amount of capital you intended to raise, and actually did raise, during the previous 12 months. Your eventual Crowdfunding
Before you execute your Crowdfunding campaign, the amount of your company – and its declared value you intend to sell to investors must be established. Strategically designing and completing your company's financial structure will make your records more transparent when you go public – thus making your raise more fluid. By taking action now, you will be better able to demonstrate to your investors a realistic value of your business. Of course, there are tangible steps that can be taken between now and the time you choose to do your raise to maximize both the book value and the prospective investors perceived value opportunity presented by your business.
3. Avoid Delays: Ensure Structural Compliance
In addition to affecting your potential raise, regulations involving the structural elements of your company can significantly affect your fundraising timeline. The paperwork involved in filing, re-filing and licensing can take an exorbitant amount of time. You can save time and energy by working to make your company structurally compliant now. This will allow you to focus on the Crowdfunding campaign and the running of your business once the rules are finalized. It will also prevent unnecessary delays that could diminish the impact of your funding campaign. Determining where you want to be in the future – and taking that into consideration as you assign resources and make decisions now – will allow you to establish the financial systems and legal structure you need to get there. For example, you will need audited financials if you intend to raise over $500,000. Preparing for a proper financial audit can take a lot of time, so engaging the necessary people and resources now will save critical time later. As important to your potential raise as your company's financial activities, health and structure is the overall structure of your business. Determining what formal structure will best serve your business is a crucial part of the business development mentioned above. It also has significant impact on your fundraising future. The format structure of your business will affect what type of fundraising your company can use and from whom you can solicit funds. Don't limit your company's ability to hit the ground running with a Crowdfunding campaign by waiting to act. In order to obtain and demonstrate the specific structural components required for compliance with SEC rules, your company must set up a proper legal framework, "clean up" the board(s), and develop a proper track record of governance. There is no way to know exactly how long it will take to accomplish any of these, so it is critical for your company to start now. Waiting to resolve issues could significantly delay your ability to launch a Crowdfunding campaign, putting your business at a competitive disadvantage and risking the loss of investors to other interests. By developing and strengthening these elements strategically, you can avoid delays and/or denials.
4. Establish your Marketing and Community Platform
During the actual process of implementing a Crowdfund raise your company will be leveraging its existing relationships of customers, followers, partners, vendors, suppliers, friends, and supporters. You will be converting the existing "social capital" you have developed into financial capital. During the actual raise you will likely not be allowed to promote any specific aspect of your capital raise. This means that the time to establish your community will be before the raise. Now. Establishing your community includes all aspects of your marketing platform. Your vision. Your brand. Your systems. Your sales assignment. Your communities. All five of these marketing components are critical to set up now and set in motion to launch when you have the capital to effectively do so.
3. See Section 4(a)(6) of the Securities Act of 1933 that provides that "the aggregate amount sold to all investors by the issuer, including any amount sold in reliance of the exemption provided in this paragraph during the 12-month period preceding the date of such transaction, is not more than $1,000,000." 4. See Section 4A(b)(1)(D) of the Securities Act of 1933 describing the different levels of financial reporting required.
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You can answer basic questions like: • • • • • Is your brand recognizable? How is your brand positioned? Does your vision match your brand? Do you have the sales and customer support systems in place to handle growth? Are you and your sales leadership in alignment?
The Crowdfunding process is converting social capital which you have developed in your community to financial capital. The most important community is that which you create as a bond of reciprocal value among and between your employees, vendors and suppliers– and in partnership with your customers. Your community may also be your geographic community – where your employees live and your customers work. Business communities are also created by business groups, trade associations and industry groups. Your business communities may also include affinity and advocacy organizations in which you participate. Community also happens online. Online is not a replacement but an augment. LinkedIn™, Twitter™, Facebook™, Google+™ and other social media platforms are powerful ways to expand and build the community that will engage in your Crowdfunding campaign. In many of these communities you are or will also assume a leadership position. These positions – formal and informal – provide you the greatest social capital and the greatest opportunity for Crowdfunding success. Getting involved and giving to your community can be, should be and must be done now.
Seizing the Crowdfunding Opportunity
There are a lot of established and new emerging options for raising capital for your business. From bootstrapping from organic growth to leveraging existing assets; from traditional SBA loans to angel and venture capital; from donations and premium-based crowd sourced funding – each option has pros and cons for your business. There are strategic reasons that your company may choose to either use Crowdfunding over other types of funding, or to augment other options with Crowdfunding. Assuming it fits your business objectives and requirements, capital from Crowdfunding may be a more cost effective, provide you greater ongoing control, and most importantly actually be available to your business. Ensure that your actions now don't diminish your company's option to leverage this resource. Regardless of how you pursue capital moving forward, preparing your business for a potential Crowdfunding campaign will make your business stronger. Starting now will provide you with a competitive edge. Companies that act now will come out ahead, while those that don't will lose out on critical time and funds. Making decisions and taking action now in the context of the future will keep all the exciting options presented by Crowdfunding available to your company, and will ensure you are positioned strategically to succeed.
Executing Success with CommunityLeader
CommunityLeader is a leading voice in the emerging Crowdfunding market. Built by executives with decades of firsthand experience growing and selling private and public businesses, CommunityLeader is uniquely positioned to help your company make the right choices in evaluating and preparing for a Crowdfund raise. Launching in September, CommunityLeader LIVE provides unique education and training opportunities for businesses: • the professionals who support them) committed to understanding how Crowdfunding could help grow their business. This information-packed seminar will provide attendees with the knowledge they need to assess if Crowdfunding is right for their business. • by accessing the crowd with the support of their community. Industry experts will provide attendees with the knowledge, For a full schedule of education and training opportunities visit: live.communityleader.com Crowdfunding Intensive (CFI) Training: A two-day workshop for business owners committed to growing their business Crowdfunding Success Workshops: A COMPLIMENTARY 90-minute dynamic presentation for business owners (and
resources and tools they need to design, develop, execute and support a regulatory compliant equity-based capital raise.
WP II, Version 1 (Aug 2012)
Actualizing Today
CommunityLeader is a full service provider of business, investor and portal services in the emerging crowdfunding market: • • • CampaignLeader is a business development platform for companies seeking to effectively develop, implement and support a successful communityfunding campaign. CommunityInvestor is a smart-phone enabled application for individuals to track, commit and subscribe to the business they want to support. Apicista is an accredited communityfund platform to connect quality businesses with qualified investors. Apicista is an engine for community-based portals and partners to bring communityfunding home to their own communities. Together these three applications create the market's first quality-based, compliance focused and community-centric ecosystem for communityfunding. Authors
Joseph Barisonzi, ceo
Joseph is Co-Founder, Chief Executive Officer and inspiration behind CommunityLeader.
He is an accomplished executive with eighteen years of verifiable experience in increasing community-based organizational value, enhancing productivity, streamlining operations and improving bottom-line performance of dozens of companies in multiple industries. Joseph's dynamic and inspirational leadership skills and strong entrepreneurial spirit is ideally suited for grasping innovative ideas, developing comprehensive strategies and implementing the actionable plans needed for CommunityLeader to excel in the emerging crowdfunding industry.
Richard A. Weintraub, cco
Rick is the Chief Compliance Officer of CommunityLeader. He is also the Founder and Managing Partner of Weintraub Law Group PC. Practicing law for 30 years, Rick is an 'AV'-rated attorney by Martindale Hubble. He has been Lead Counsel in more than 400 public and private offerings and more than 200 mergers and acquisitions. Rick has extensive experience in the negotiation and structuring of hundreds of business transactions. He specializes in the formation of business entities; venture capital transactions; mergers, acquisitions, and divestitures; public and private offerings, and debt financing.
181 2nd Ave, Suite 458 San Mateo, California 94401 tel: 866.516.8922
7825 Washington Ave S, Suite 450 Minneapolis, MN 55439 tel: 866.516.8922
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The stock of Healthcare Services Group, Inc. (NASDAQ:HCSG) is a huge mover today! About 746,953 shares traded hands or 36.86% up from the average. Healthcare Services Group, Inc. (NASDAQ:HCSG) has risen 10.50% since March 9, 2016 and is uptrending. It has outperformed by 3.09% the S&P500.
The move comes after 8 months negative chart setup for the $2.71B company. It was reported on Oct, 12 by Barchart.com. We have $35.83 PT which if reached, will make NASDAQ:HCSG worth $135.50 million less.
Healthcare Services Group, Inc. (NASDAQ:HCSG) Ratings Coverage
Out of 2 analysts covering Healthcare Services (NASDAQ:HCSG), 2 rate it a "Buy", 0 "Sell", while 0 "Hold". This means 100% are positive. Healthcare Services has been the topic of 3 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm earned "Buy" rating on Wednesday, October 14 by Stifel Nicolaus. Robert W. Baird initiated the stock with "Outperform" rating in Friday, September 16 report.
According to Zacks Investment Research, "Healthcare Services Group, Inc. provides housekeeping, laundry, linen, facility maintenance and food services to the health care industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals."
Insitutional Activity: The institutional sentiment increased to 1.26 in Q2 2016. Its up 0.22, from 1.04 in 2016Q1. The ratio is positive, as 11 funds sold all Healthcare Services Group, Inc. shares owned while 74 reduced positions. 25 funds bought stakes while 82 increased positions. They now own 65.41 million shares or 0.99% less from 66.06 million shares in 2016Q1.
Bamco Ny, a New York-based fund reported 600,000 shares. Redmond Asset Management Ltd Liability Corporation accumulated 1.56% or 75,545 shares. Tcw Group last reported 0.03% of its portfolio in the stock. Pier Cap Limited Liability, a Connecticut-based fund reported 135,702 shares. Ladenburg Thalmann Fincl Inc last reported 8,352 shares in the company. Geode Mngmt Limited Liability Corp, a Massachusetts-based fund reported 521,174 shares. Shufro Rose And Ltd Liability Corporation has invested 0.1% of its portfolio in Healthcare Services Group, Inc. (NASDAQ:HCSG). Thrivent For Lutherans last reported 263,317 shares in the company. Blair William Il accumulated 0.39% or 1.01 million shares. Loring Wolcott Coolidge Fiduciary Advsrs Limited Liability Partnership Ma holds 22,085 shares or 0.02% of its portfolio. Tortoise Mgmt Limited Liability Com holds 299 shares or 0% of its portfolio. Tygh Cap Mgmt has 0.57% invested in the company for 48,668 shares. Summit Creek Ltd Liability Corporation has 3.06% invested in the company for 434,930 shares. Dimensional Fund L P accumulated 1.06M shares or 0.03% of the stock. Brave Asset holds 1,050 shares or 0.03% of its portfolio.
Insider Transactions: Since May 6, 2016, the stock had 0 insider buys, and 6 selling transactions for $8.29 million net activity. The insider MCCARTNEY DANIEL P sold 100,000 shares worth $3.74M. Ottaviano Dino D had sold 1,000 shares worth $38,790. $145,225 worth of shares were sold by BRIGGS JOHN on Friday, June 3. Another trade for 7,485 shares valued at $299,400 was sold by MOSS ROBERT J. FROME ROBERT L also sold $128,207 worth of Healthcare Services Group, Inc. (NASDAQ:HCSG) on Tuesday, July 19.
More recent Healthcare Services Group, Inc. (NASDAQ:HCSG) news were published by: Forbes.com which released: "Ex-Dividend Reminder: Healthcare Services Group, Visa and Bunge" on August 15, 2016. Also Globenewswire.com published the news titled: "Healthcare Services Group, Inc. Reports Results for the Three and Six Months …" on July 12, 2016. Benzinga.com's news article titled: "22% Upside Seen In Healthcare Services Group, Baird Initiates At Outperform" with publication date: September 16, 2016 was also an interesting one.
HCSG Company Profile
Healthcare Services Group, Inc., incorporated on November 22, 1976, provides management, administrative and operating services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the healthcare industry. The Firm caters to nursing homes, retirement complexes, rehabilitation centers and hospitals located in the United States. The Company's divisions include Housekeeping and Dietary. The Housekeeping segment consists of housekeeping, laundry and linen services. The Dietary segment includes dietary department services. The Firm provides its services to the long-term care industry in the United States, rendering such services to over 3,500 facilities in approximately 48 states. The Firm provides housekeeping services to various client facilities and dietary services to over 1,000 of such facilities.
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It's Summer?? No seriously, I live in Chile now so when most of my friends have Summer, I'm in Winter!
How do you spend your summer?
Off Topic
Everybody plays less at summer, so let us know what are you doing in this time of the year. Baller photos from vacations are more than welcome!
Work, Work, Work and BBQ.
I am trying to use my off-school months to finally create a sort of a routine and "structure" in my life, which has been badly needed for quite some time now. I consider having NO time schedule and deadlines whatsoever as one of the key reasons for my unproductivity. I am never forced to do anything RIGHT NOW or at any pre-set time, which usually ends up with me lingering right in the middle between doing something meaningful and not doing anything for the most of the day. I am in this weird "working at 30%" constant state. I have already been having some success regarding this in the past few months, which I am very happy for and proud of. I will elaborate more soon. Here is me trying out Laser Tag, which is a LOT of fun and I absolutely love the sweatyness of it.
The temperature is rising like Fedor Holz through limits and the plenty's favorite time of the year is here once again! What are your this year's summer plans? What are you up to? Where in the world are you? What will the next few months of your life look like? Click the group title and fire away, our dear poker friends!
To see more statuses, join TiltBook - poker social network with 23283 users.
- 23283 users
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Mr. Jolly: Man...or Mouser?
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"Mr. Jolly: Man...or Mouser?" is the first segment of the twentieth episode of Teacher's Pet. It aired on January 26, 2002.


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JBL LSR4328 PAK Bi-Amplified Studio Monitor System, Pair
JBL LSR4328 PAK Bi-Amplified Studio Monitor System, PairDetails
The JBL LSR4328 PAK (pair) is a bi-amplified studio monitor system that's equipped with an 8" woofer, 1" tweeter, and DSP Room Mode Calibration. This system delivers extremely accurate audio reproduction and offers powerful monitor control from your computer or via the wireless controller. With flexible front-panel speaker and system controls this bi-amplified system is ideal for both home recording studios and professional studios alike, producing a precise image regardless of where each speaker is placed.
Product Ref: 38445View Full Description
Full DescriptionView Full Description
Superior Audio Reproduction
The LSR4328P incorporates JBL's Linear Spatial Reference Technology, this matches the exact geometry of the 4300's waveguide design with the transducers and crossover network, resulting in an optimised frequency response at the mix position. JBL's next generation RMC system - Room Mode Correction - integrates a powerful analyser into each speaker, this then automatically analyses and compensates for both low frequency standing waves and boundary conditions. Simply plug the LSR4300 calibration microphone into the speaker, push a button and let the innovative technology do the rest.
Powerful Network Functionallity
The LSR4328P features a powerful DSP platform that provides full system networking and communications. The LSR4300 Control Center software utilises the Harman HiQnet™ which allows centralised control of a multi-channel system via any speaker's front panel, wireless remote control or computer via a standard USB connection. Harman HiQnet™ also enables synchronised RMC calibration of all speakers when connected to the same network.
Flexible and Comprehensive Control
Each speaker's front panel, wireless remote control or Control Center Software offers complete control of System Level, Individual Speaker SOLO, Input Source Selection, high and low frequency EQ settings, and adjustment of all parameters. Now you can adjust every setting within your monitor setup from anywhere in your studio.
Solo or Surround Use
The LSR4328P are suitable for a wide range of applications, from simple stereo mixing in a home studio to complex surround production in a professional studio. The system can be configured with up to eight main speakers, in any combination of 6'' LSR4326P and 8'' LSR4328P models. Additionally, the system is automatically aligned so that the sound arriving at the mix position from all speakers is synchronised to guarantee a precise image regardless of each speaker's actual placement.
- Magnetically shielded bi-amplified nearfield monitors for project or commercial recording and mixing
- Advanced Linear Spatial Reference design for flat off-axis response and greater clarity at the mix position
- RMC(TM) Room Mode Correction provides electronic control of room modes, "tunes" speaker to acoustic characteristics of recording and mixing space
- HiQnet(TM) Network Protocol enables multi-speaker, multi-room system-wide control of level, EQ, input selection and other general speaker functions
- Wireless Remote control and LSR4300 Control Center software enables remote control from listening position
- 31-segment dBFS front panel LED meter and setting display with -70dBFS to 0dBFS scale plus CLIP
- 5 rear panel LED indicators for active input and digital stream selection
- Integrated 150-watt LF, 70-watt HF speaker-matched bi-amplification with factory calibrated sensitivities
- 1" silk dome tweeter with Elliptical Oblate Spheroidal waveguide for precise pattern control
- 8" woofer with efficient Neodymium magnet and 2" voice coil
- 24-bit/96kHz digital inputs and processing with AES and SPDIF Digital I/O's
- Balanced XLR and 1/4" TRS Analog inputs
- Magnetically shielded for close-proximity use with computer and video monitors
- Reinforced enclosure and mounting points for installation, integral handles for simplified positioning
- Frequency Response: 50Hz - 20kHz, ±3dB
- 43Hz - 22kHz, -3dB
- 35Hz - 32kHz, -10dB
- SPL / 1m: 106dB / 112dB (Continuous/Peak)
- Low Frequency Woofer: 8''
- Tweeter: 1''
- Amplification: 220W Total
- Low Frequency: 150W
- High Frequency: 70W
- Digital Processing: 24-bit/96kHz
- Analog Inputs: XLR, 1/4'' Balanced +4dBu -10dBV
- Digital Inputs: XLR, RCA
- Data Connections: Harman HiQnet™, USB, RMC Mic
- Weight: 13.1kg (29lb)
- Dimensions: 438mm x 267mm x 269mm (H x W x D)
The product price includes a one year warranty and 30 day money back guarantee.
However, the Gear4music extended warranty scheme provides an enhanced service, and is designed to offer a higher level of protection than many 'free' warranties offered by some retailers and manufacturers.
The highlights of this enhanced warranty service are:
- Warranty is extended to 5 years from the date of delivery.
- Our Money Back guarantee is extended from 30 days to 90 days (terms apply after 30 days)
- Collection and delivery costs are included for the first two years
- Claim 50% cash back on the cost of the policy after 5 years if it has not been used!
- Warranty is transferable if the item is re-sold
- Loan or replacement equipment will be provided if the product isn't repaired within 30 days
- If an item can not be repaired, a similar alternative product or cash discount (as defined in this policy) will be offered
- The policy can be cancelled within 30 days, and at any time after that for a pro-rata discount
Please note that this extended warranty is currently only available on products sold within the EU or EEA, and is subject to the terms and conditions as detailed on the extended warranty certificate provided.
For customers in outlying areas of the country, the price of the Extended Warranty may be marginally higher, due to the potential for higher collection and redelivery transport costs.
This enhanced warranty is in addition to the standard Gear4music and manufacturer warranty policies, and the Gear4music terms and conditions of trade. No statement or condition of sale contained within these terms affects or restricts your statutory rights as defined under the Consumer Contracts Regulation 2014.
Once the product is delivered, you have 30 days to decide that you definitely want to keep it. If you decide it is not suitable for any reason, you can return it back to us for replacement or full refund, including standard delivery charges.
All Products are new unless stated, and include a minimum of one year warranty.
Some items are only eligible for money back guarantee if they are returned to us unused and sealed in the original packaging, and in the case of software, unregistered. These items include:
- Software
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- Earplugs and Ear Protection
- Mouthpieces, Reeds etc… for Woodwind and Brass instruments
- Mouth / Lip Care Products
We are unable to accept returns of any custom made items designed to work together as a unique package, such as computer system built to a customer's personal specifications. Exceptions may only be possible with prior agreement of the vendor, and may be subject to a cancellation fee.
If you also purchase items that do not qualify for free delivery, some delivery charges may be applied to your order which will be shown in your shopping basket.


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Reverie Traditional Apartments
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Check-in: 2 PM
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The 3-star Reverie Traditional Apartments offers comfort and convenience whether you're on business or holiday in Santorini. Offering a variety of facilities and services, the hotel provides all you need for a good night's sleep. Take advantage of the hotel's safety deposit boxes, free Wi-Fi in all rooms, concierge, coffee shop, family room. Guestrooms are fitted with all the amenities you need for a good night's sleep. In some of the rooms, guests can find balcony/terrace, bathrobes, hair dryer, extra long beds (> 2 meters), refrigerator. The hotel offers various recreational opportunities. A welcoming atmosphere and excellent service are what you can expect during your stay at Reverie Traditional Apartments.


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decided: February 25, 1988.
JOSEPH SLOMNICKI, APPELLANTv.ALLEGHENY COUNTY HEALTH DEPARTMENT, APPELLEE. COMMONWEALTH OF PENNSYLVANIA, APPELLEE V. JOSEPH SLOMNICKI, APPELLANT
Appeals from the Orders of the Court of Common Pleas of Allegheny County in the cases of Commonwealth of Pennsylvania v. Joseph Slomnicki, No. S.A. 1553 of 1985, and Commonwealth of Pennsylvania v. Joseph Slomnicki, No. S.A. 2186 of 1985.
Joseph Slomnicki, for himself.
Robert G. Borgoyn, Jr., Assistant County Solicitor, with him, James J. Dodaro, County Solicitor, for appellee.
Judges Craig and Palladino, and Senior Judge Barbieri, sitting as a panel of three. Opinion by Senior Judge Barbieri.
[ 114 Pa. Commw. Page 43]
Joseph Slomnicki (Appellant) appeals from an order of the Allegheny County Court of Common Pleas dismissing his appeal from a decision of the Allegheny County Health Department (Department) and from an order by the same court quashing his appeal from a summary conviction before a magistrate. Both appeals have been consolidated for our review.
Appellant is the owner of residential property located at 3101 Niagara Street in Pittsburgh, Pennsylvania. The property was inspected by the Department on July 12, 1985, and found to be in violation of Article VI of the Allegheny County Health Department Rules and Regulations dealing with houses and rooming houses. By notice dated July 19, 1985, the Department informed Appellant of the specific violations involved and gave him until August 21, 1985, to abate them.
Pursuant to Article XI of the Allegheny County Health Department Rules and Regulations, Appellant received an administrative hearing on August 21, 1985. In a written decision that same day, the hearing officer held that the violations had not been abated and that Appellant was responsible for seeing that they were corrected. Appellant appealed this decision to the Allegheny County Court of Common Pleas. After a hearing, the court dismissed the appeal by order dated April 2, 1987.
The Department filed a criminal complaint against Appellant on October 23, 1985, for failing to correct the violations listed in the notice of July 19, 1985. On November 22, 1985, Appellant was found guilty of failing to correct these violations. By order dated April 10, 1987, the trial court quashed Appellant's appeal of his conviction. In an opinion filed June 28, 1987, the trial court, relying on the transcript of the proceedings before
[ 114 Pa. Commw. Page 44]
the magistrate, noted that it was quashing the appeal because Appellant had pled guilty to the charges below. However, by letter dated April 10, 1987, the magistrate notified the trial court that several transcripts from Housing Court summary convictions were inadvertently marked as pleas of "guilty" when in fact the plea entered was "not guilty". An amended transcript of proceedings before the magistrate was filed with the trial court on August 25, 1987. The amended transcript indicated that at the November 22, 1985, hearing, Appellant actually pled "not guilty" but was found to be guilty by the magistrate and fined $1,200.00 plus costs.
On appeal to this Court from the order of April 2, 1987, Appellant contends that he is not responsible for correcting the local health code violations and therefore the court below erred in dismissing his appeal. On appeal from the order of April 10, 1987, quashing the appeal of his conviction, Appellant also contends that he is not responsible for correcting the cited violations and further that the magistrate did not have jurisdiction to impose a fine as the appeal from the trial court's order of April 2, 1987, was pending.
We disagree with Appellant's contention that he is not responsible for seeing that the violations of the Department's rules and regulations are abated. Appellant maintains that although he is the owner of the property in question, the tenant must bear the expense of abating violations of the Department's rules and regulations. Appellant is appearing pro se and does not elaborate further on this argument in his brief. From a careful review of the record however, we have discerned that he is arguing that the lease agreement for the property in question absolves him from liability and instead places responsibility for the condition of the property with the tenant. The lease provides that the tenant shall
[ 114 Pa. Commw. Page 45]
pay the landlord that amount necessary to keep the premises in "good repair" and "in such condition as the Board of Health may require".*fn1
Pursuant to Section 10(f) of the Local Health Administration Law,*fn2 the Department adopted the Allegheny County Health Department Rules and Regulations. Pursuant to Sections 621 and 626 of the Department's rules and regulations in effect as of the date of the notice of violations, responsibility for compliance with Sections 622 through 640 lies with the property owner who either occupies the dwelling or leases it to another.*fn3 Appellant was cited for violations of Section 622 (General Structure-Principal Members); Section 624 (General Structure-Openings); Section 630 (Utilities and Fixtures-Water Supply); and Section 632 (Utilities and Fixtures-Installation and Maintenance). Appellant was also cited for violations of Section 650 (Rodent and Pest Control-Protection Against Rodents). This section provides that no one is to lease a dwelling unit to another unless "every foundation, floor, wall, ceiling, roof, window, exterior door and basement hatchway is free from openings large enough to permit the entry of rodents."
[ 114 Pa. Commw. Page 46]
Although the tenant may indeed be responsible under the lease for payment to the landlord for repairs which are necessary to abate the violations, the landlord is responsible to the Department for ensuring that the violations are actually abated. Appellant may not contract such responsibility away to a third party. His only remedy is to enforce the terms of the lease agreement by requiring the tenant to pay for necessary repairs and alterations. Therefore, the court below properly dismissed his appeal of the Department's decision of August 21, 1985. However, the trial court improperly quashed Appellant's appeal from the summary conviction before the magistrate and therefore we must remand the matter for a new trial.
Pursuant to former Pa.R.Crim.P. 67(f),*fn4 Appellant was entitled to a de novo hearing in the trial court on the appeal from his summary conviction before the magistrate. The trial court held that Appellant could not appeal a guilty plea entered before a magistrate and quashed the appeal.
Former Pa.R.Crim.P. 67 provided that a defendant may appeal a conviction in a summary proceeding. A conviction has been defined to include "final judgment on a . . . plea of guilty". Black's Law Dictionary 301 (5th ed. 1979). See also Commonwealth v. Crouse, 11 Pa. D. & C. 3d 369 (1979), (denying motion to quash defendant's appeal of a guilty plea before a district magistrate), citing Preston Motor Vehicle Operator License Case, 216 Pa. Superior Ct. 415, 268 A.2d 134 (1970).
Former Pa.R.Crim.P. 67 established a procedure for de novo appeals to the court of common pleas. A trial de novo is actually a "retrial of the case as if the prior summary proceeding had not occurred". Commonwealth v. Kyle, 307 Pa. Superior Ct. 446, 405 n.3, 453 A.2d 668,
[ 114 Pa. Commw. Page 47669]
n.3 (1982). Therefore, the trial court was required to determine the facts and render a verdict of guilty or not guilty. Kyle. Although Appellant is responsible as owner of the property in question for violations of the local health code, the issue on remand is whether or not the property was actually in violation of the Department's rules and regulations.*fn5
The trial court's order quashing the appeal was entered on April 10, 1987, and the supporting opinion was filed June 28, 1987. The record was lodged with this Court on August 3, 1987, and the magistrate did not file the amended transcript with the trial court until August 25, 1987. The Department argues that the amendment was too late as the record had already left the trial court. In light of the foregoing discussion, we need not reach this issue. Accordingly, the order of April 10, 1987, is reversed and we will remand the matter to the trial court for proceedings consistent with this opinion.
And Now, this 25th day of February, 1988, the order of the Allegheny County Court of Common Pleas dated April 2, 1987, at No. S.A. 1553 of 1985, is affirmed. The order of the said court dated April 10, 1987, at No. S.A. 2186 of 1985, is reversed and the matter is remanded to the trial court for a hearing to determine whether or not Appellant was in violation of Article VI of the Allegheny County Health Department Rules and Regulations.
Jurisdiction relinquished.
Affirmed in part, reversed in part and remanded.
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