text:
Crikey mate! They are at it again.
Those cheapskate Aussies are trying to steal (pun intended) Steel and Tube [STU.NZX] off shareholders for the measly price of NZ$4 a share.
OneSteel [OST.ASX] has today launched a bid for the 49.73% of Steel and Tube they don't already own.
It has shades of the Contact Energy[CEN.NZX] takeover bid last year about it when Origin Energy attempted to buy the approximately half of Contact they didn't already own, for a knock down bargain basement price and the board of Contact, which had a number of Origin aligned directors on it approved the bid.
It wasn't until an independent report came back that the bid by Origin was seen as the highway robbery it clearly was and Origin was rightly sent packing.
I assume that OneSteel have a number of directors on the Steel and Tube board sympathetic to Origin's charms, so it doesn't take an Einstein to figure out that they will probably want to rubber stamp their parent company's bid without so much as a "hold your horses mate" (insert Australian twang here).
Apart from the cheek of the bid, it once again highlights the major gaps in New Zealand's financial regulatory and takeover laws, where a majority holder in a listed company thinks they can dupe the remaining shareholders simply because they have board control and therefore the controlling votes.
Of course this is where Steel and Tube shareholders are crucial in this scenario. If they are dumb enough to sell for 4 bucks well you just cant help some people.
Seriously though, times are tight so investors could be forgiven for folding but the company is worth more than $NZ4(at today's AU/NZ exchange rate cross only AU$3.28 )
Steel and Tube is a cyclical company. Currently the building and construction sector is experiencing a slowdown and raw materials are getting more expensive to buy to make their products. The current credit crunch and market jitters isn't helping either and as a consequence the share price is trading at multi year lows.
This will change, there will be a construction upswing, market turmoil will abate and raw steel is going drop in price.
Guess what, that means profit and the share price will rise.
OneSteel's bid is therefore very opportunistic. I don't blame them, it is a smart move.
But and it is a big but (insert OZ accent again) it is up to shareholders to have some steely resolve and and just say no to those aggressive little buggers across the ditch.
I have been an unwilling participant in a cheapskate takeover before. The Transpacific Industries [TPI.ASX] "merger" of Waste Management NZ a few years back left me with a bitter taste in my mouth.
The CEO of Transpacific made what he called a "fair bid' for an almost monopoly company that had been growing profit at 20% per annum for over 5 years and shareholders fell all over themselves to take the cash.
A made a large profit on a large number of shares but I didn't want to sell. Waste Management was going to be a good long term company in my portfolio.
As I am a small shareholder in Steel and Tube, my advice to shareholders is to hang on tight for the independent directors report on the OneSteel bid.
See what they have to say and if they approve tell OneSteel and the directors where to get off.
Steel & Tube @ Share Investor
Long Term View: Steel & Tube Ltd
NZX's Top 10 Dividend Returns
Discuss STU @ Share Investor Forum
Download STU Company Reports
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c Share Investor 2008
Tuesday, September 30, 2008
OneSteel makes cheeky bid for minority shareholders
Crikey mate! They are at it again.
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: OneSteel bid for Steel and Tube, STU, takeover bid
Friday, September 26, 2008
The $700 Billion Question: How much will the taxpayer bailout affect my investments?
I have been busy consumed with dirty politics over the last few weeks and haven't been writing much on investing. I cant help myself, these are interesting times in which we live.
I, like many of us, have been nervous about global economic problems and what that might mean to my investments.
I have a share portfolio, a house, a business, money in the bank and other financial interests that are going to be deleteriously affected by the fallout from the Sub-Prime meltdown.
Whatever your politics or attitude to investing, the US$ 700 billion taxpayer bailout of the US banking system is a necessary evil-I happen to be vehemently opposed to this kind of corporate welfare, but that is another story-we will suffer more economically if nothing is done.
So lets get to the point of this little rant.
Assuming the bailout will go ahead in a reasonably swift fashion, and it is likely to happen, how much impact will there be on your assets?
To be sure there is no free lunch when this size bailout is made, someone has to pay, in this case the American taxpayer digs deep and pays directly and the rest of the world will get caught in the fallout in a more indirect way.
$700 billion of extra debt for the biggest economy in the world means higher interest rates, higher gas, food and living costs and much, much more for the rest of us. All this unproductive spending means higher inflation, a slow down in the US economy, and a cut back by corporations-even outside the crippled financial sector-which will clearly have an impact on employment.
A decent recession is something we will have to look forward to and this will impact on asset classes of all kinds. When $700 billion is removed from an economy like that, your house, shares and business are going to be worth less.
Even though I am a long-term investor in all the assets that I hold, it is still hard to take the day to day devaluing of those assets.
I wrote a piece the other day about what companies you might consider buying during an economic slump of this kind and came to the conclusion that buying stocks in companies that sell day to day commodities or things that people will still use during a recession is a relatively safe bet.
I called it "The Monopoly Board" approach to investing, buy the eclectic, water and airport company monopolies and you will soon see your wealth increase.
Clearly shares in companies that sell widgets that are not essential are going to struggle during the coming downturn and as a result they ain't going to be worth as much.
If the bailout works and it probably will in the medium term, we will still need to hunker down and live a bit more frugally than we have been over the last 15 years or so.
Global economic growth was astounding in those years, assets increased in value multiple times and you shouldn't be surprised if your current assets lose half of their value before things get better. Even with a decrease of that nature we will still all be better off than we were at the beginning of this century.
Oh well, at least I still have my health.
Buy Toughen Up: What I've Learned About Surviving Tough Times
Toughen Up - Fishpond.co.nz
c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: $700 billion bailout, falling asset values, recession
Tuesday, September 23, 2008
Free Market to Pollies: We dont want you!
The meltdown of world financial markets has been headlined in the news to the max over the last couple of weeks and the prequel to it has been simmering for more than a year.
Massive collapses of Sub Prime related lenders like Merrill Lynch, Lehman Brothers, Bear Sterns and a whole host of other major lenders have bitten the dust. Some have been "rescued" by the US Fed and some have simply died a natural death. They took the risk, so they should therefore die by their own sword.
Unfortunately these lenders are not being allowed to die a natural death. Uncle Sam is getting involved, in a big way, and that will be a big problem sometime in the future.
Much finger pointing from the left of the political sphere that the "failure of true capitalism" or "the free market" is the fault of the free marketeers and their greed and it just goes to show that capitalism doesn't work.
That is rubbish of course and nothing could be further from the truth.
Capitalism or the free market in its current form hasn't been allowed to be free from interference from Governments the world over, and as we scramble to yet another taxpayer bailout of private investors and publicly listed companies we see the same sort of interference that has brought the whole credit market down, begin all over again.
The facts are that bad lending was forced on lenders by Congress back in the 1980s:
Congress set up processes (Research the Community Redevelopment Act) whereby community activist groups and organizers could effectively stop a bank's efforts to grow if that bank didn't make loans to unqualified borrowers.
Real Clear Politics
This has led to the current and inevitable blow out that we are now experiencing.
Rather unsurprisingly two of the first lenders to go were the State backed Fannie and Freddie, now laughingly called Feddy because it is now fully State owned.
Ironically, Fannie Mae was set up in the 1930s as a State antidote to the crazy lending of the 1920s, the stockmarket crash in 1929 and the depression of the 1930s to lend money to the "secondary mortgage market" (sounds familiar doesn't it). Freddie Mac was set up by the Federal Government in the 1970s when Fannie was privatised but Fannie still had Federal input.
Even more bizarrely, New Zealand politicians from the left are contemplating setting up our own sub prime mess by allowing people who cant afford to borrow to buy houses the ability to borrow money with the help from the State.
Will we ever learn?
The free market must be left to function perfectly as it would if left alone. That is, those that take risks either benefit from those risks or lose their shirts, that is how a free market truly works.
Until politicians keep their sticky little interfering fingers out of that free market we will continue to experience economic meltdowns of the wonderful variety that we are currently grasping to fully understand.
I can hardly wait for the "carbon trading" collapse.
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Buy Toughen Up: What I've Learned About Surviving Tough Times
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c Share Investor 2008
Posted by Darren Rickard at 5:28 PM 0 comments Links to this post
Labels: capitalism, credit crunch, State interferance in free market, Uncle Sam
Saturday, September 20, 2008
Follow the Monopoly Board
One question an investor in the stockmarket might be asking themselves right now is just when should one start buying stocks again.
Warren Buffett used his massive multi billions in cash to buy an energy company, Constellation Energy yesterday for a bargain price and he seems to be the only person in the world buying things, except the US federal government buying up private debt to "stop the markets from crashing".
Clearly nobody knows just how long this credit purge is going to continue for but what we do know is that there is more bad news to come.
That would indicate to me that there is more downside risk for stocks to come.
As long as the purchase you make is one that you can afford to hold and not have to sell if you need the money then a good beaten down stock is definitely one worth taking an educated punt on.
If one uses the Monopoly Board type style of investing that Warren Buffett has been using over the last year, buying utilities and more shares in staple producing companies like Coca Cola and Kraft foods an investor would do well to purchase similar shares if they exist on the NZX.
So what would you buy and what is resilient in these times of economic uncertainly and market turmoil?
Any of our energy stocks would be a good buy, Trustpower Ltd [TPW] Contact Energy [CEN] and Vector Ltd [VCT] will all do well in an extended downturn.
A company that I own, Goodman Fielder [GFF] is an Australasian food giant with great brands and a whole range of staple food items from breakfast to dinner and all the snacks in between that people are still going to buy.
Auckland International Airport [AIA] which I also have a shareholding in, is another good monopoly that will do OK during a downturn and its shares are currently at multi-year lows.
Even Telecom New Zealand [TEL] would be worth laying some money down at anything less than $2.50 and it is getting close to that price. Even during a deep recession people will still need to communicate.
While there are plenty of cheap stocks worth looking at, especially in retailing, transport and export sectors and they are worth buying for a long-term investment, these companies are going to find the going tough during the long recession we are going to face.
Look for companies with strong brands, monopoly or near monopoly positions in their markets and the ability to cuts costs without impacting too heavily on their business.
The power companies that I mentioned would probably be some of the best performers over the recession and market sentiment as it currently is, that is, it is crap, like Warren Buffett you might get a relative bargain.
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Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: auckland international airport, Contact Energy, Telecom New Zealand, warren buffett
Friday, September 19, 2008
Pumpkin Patch takes a hit
Kids clothing retailer and manufacturer Pumpkin Patch Ltd [PPL.NZ] profit result out yesterday was a tale of two different stories.
Long-term and short-term stories.
In the long-term Pumpkin Patch will probably do very well but at the moment it is suffering and suffering for a number of reasons, some of them obvious and some of them not so obvious.
The biggest hit on its bottom line is being taken from its stores in the UK and the USA. Both these units are relatively small and have not been established for long.
Although they are growing revenue through increased store numbers, the cost of expansion-they opened 16 US stores last year bringing the total to 34-has hit overall group profit hard and an almost 9 million dollar loss for the year on US stores is a big hit when your profit tips in at just over NZ $17 million.
Not only is the expansion costing money but US retailing is in an even worse state than it is in Australasia, where the bulk of Pumpkin's sales and profit currently come from. The UK division has suffered a similar fate for similar reasons, although losses have been lower than in the US because the brand and its 35 stores in the UK have been established for longer and initial establishment costs have been somewhat ameliorated.
What I like about management's updated growth strategy for the UK and US is that only one store in each country will be opened in 2009 and they will concentrate on establishing the brand further, cutting costs and focusing on margins.
This outlook is the most sensible given current market conditions and the negative retail environment and may have to continue past the end of 2009 because of impacts from the credit crunch.
The break in store growth in these 2 markets will put expansion of the brand into hiatus and delay the economies of scale and logistical capabilities and brand growth that comes with a larger number of stores but the reassessment of growth plans is a decision based on the poor outlook for the retail sector.
Two positive factors in Pumpkin's profit release was the New Zealand and Australian arms of the business.
Australia's 107 stores achieved strong sales, up 11.4% to $198.5m and was the highlight of an otherwise downbeat profit result while New Zealand's 52 stores grew sales 2.0% to $65.6m.
These results were achieved in an Australasian retail market that is experiencing a severe downturn and a recession in New Zealand-management have done well in these two relatively mature growth markets .
The short to medium term for Pumpkin Patch is going to be tough, especially for their UK and US stores but there are some bright spots along the way. A more favourable exchange rate will have a positive impact in 2010 and the removal of quotas for their US stores on Jan 1 2009 will clearly be advantageous to the bottom line.
Long-term Pumpkin Patch has the designers, brand awareness and management to push the company to a major global success story.
Disclosure I own PPL shares in the Share Investor Portfolio.
Pumpkin Patch @ Share Investor
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From Fishpond.co.nz
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c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Wednesday, September 17, 2008
Quote of the Year
"...creating product that is impossible to comprehend..."
Mark Weldon-Newstalk ZB , 17 Sept 2008
Mark was talking about the current market turmoil and some of the dodgy financial instruments that have led to its current shake-up.
Unfortunately for us though Mark and his NZX are putting together financial products that are even harder to comprehend than sub-prime related instruments.
He is helping develop a carbon trading platform that will make the current mess look like a walk in Central Park, during daylight hours.
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Posted by Darren Rickard at 9:45 AM 0 comments Links to this post
Labels: carbon trading, Mark Weldon, NZX, quote, TZ1
KFC finally flying
Stepping away from market turbulence for a while(I have decided ignorance is bliss) I thought I would take a look at Restaurant Brands [RBD.NZ] sales figures for the 16 weeks ended 8th September 2008.
Sales are flattish overall for the last quarter for the 3 brands the company operates-Starbucks, Pizza Hut and KFC-but Starbucks is suffering and Pizza Hut continues to bleed cheese all over their dirty backroom floors.
What I want to look at is KFC because what is happening looks good.
It has always been the strongest of the 3 brands but having said that its sales figures have been patchy over the years but there looks like there is finally some reason for optimism for the revival of the brand and sales. For the year to date, KFC sales were $110.4m, while the last quarter KFC sales increased $2.7m to $63.4m, with sales up 5.5 per cent on a same store sales basis.
Back on December 12 I was reasonably skeptical about the "increase in sales" that management were crowing about:
Management are siting "record" sales at its fried chicken restaurants but the facts are that the year they might be comparing this latest result to, 2002, KFC did $177.1 million in sales. If you add the 2007 cumulative 3 quarter total of $151.8 Million to say a generous $48 million final quarter, you are still just shy of $200 million, an approximate 12% rise in dollar sales since 2002. Factoring in a generous 3% annual inflation since then though and sales are 3% down since their record listed year in 2002.
Lets do a little rough calculation to come up with a full KFC sales figure for 2008 based on the first two quarters of sales.
Lets assume another 5% growth of sales for the next two quarters and the company could be looking at as much as $230 million in KFC sales for the full year. That estimated figure would be around 30% more than their record $177.1 million in 2002. Factor in the 3% inflation rate for six years for a cumulative 18% then we see real growth in sales over 6 years of around 12% cumulative or 2% a year above inflation.
Now I have been watching this company for ten years and this is the best result in sales that KFC have achieved(if the sales figures pan out) so management efforts seem to be working.
It is hard to tell whether it is the better menu offerings and pricing or the store refurbishments that have been the reason, but I would put more emphasis on the menu and slightly better service.
Just one rider on the good news about KFC sales. Like other retail businesses, higher day to day costs like Labour, energy and ingredients are keeping a lid on margins.
KFC looks more promising though than it has for more than 10 years.
Shame about Starbucks and Pizza Hut.
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Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: Fast Food, KFC, Restaurant Brands NZ
Monday, September 15, 2008
Strap yourself in Baby
I cant help myself, I'm starting to get more than a little concerned with what is going on in New York at the moment.
Without a doubt, things are going to get nasty overnight(NZ Time) on the DOW and European markets.
Over this weekend, Lehman Brothers, which is, significantly, 136 years old, and survived the Great Depression, has failed to be rescued by a consortium of banks or the US Fed.
Merrill Lynch, John Keys old stomping ground, has been acquired by Bank of America for a cut down price and the largest insurance company in the world , AIG, is in serious trouble, with a need for an injection of funds to keep it operating.
In my 12 odd years of investing in the stockmarket, which clearly isn't very long- I have never experienced anything like it-a sense of impending panic just seems to be around the next corner.
In my entire almost 43 years, there has been nothing as serious as this that has happened to financial markets, not since the Depression, where faith and trust in destroyed financial markets and more than a few bodies flew out windows, have things looked this dismal.
There are still more skeletons in the financial closet though.
However, the cards have been played and the market must keep plugging until the joker cards, both of them, turn up.
Hold on and lets hope there is an ace in the pack somewhere.
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c Share Investor 2008
Posted by Darren Rickard at 7:27 PM 4 comments Links to this post
Labels: AIG, Lehman Brothers, Merril Lynch
Will the stalactites hold?
The financial meltdown has been making a mess on stock exchange floors and business boardrooms globally but nothing that has been tried so far seems to be freezing the tide of red ink.
Since the financial crises that kicked off in August 2007 it has beset markets and financial institutions all over the world, stockmarkets have lurched upwards, downwards and sideways since and seemingly at the whim of the market regulators in the United States.
The next collapse of a Bear Stearns, Northern Rock, Lehman Brothers or another New Zealand finance company seems just around the corner-if Bear Sterns Fannie and Freddie and Lehman Brothers have gone the way of the dodo, you can bet other Wall Street firms who have been drinking at the easy credit trough and lending to others whose assets are of dubious value are going to head the same way.
Last week a massive bombshell, one that has been on the brink for the best part of seven years, Fannie Mae and Freddie Mac finally collapse and the US Federal Government will pile 100s of billions of taxpayer dollars into it hoping to stem the flow.
All this has had a chilling effect on the credit market, the lifeblood of business, between financial institutions and other business and between individuals.
Heads of powerful investment banks have still not come clean about their exposure to the sub-prime derivatives market to in what Warren Buffett has called "financial weapons of mass destruction" and we continue to see new revelations everyday about previous cavalier attitudes to lending, and borrowing, coming home to roost.
The value of these derivatives in the Fannie and Freddie collapse are relevant to the bleak outlook for world markets and the global economy and likewise the recent Lehman Brothers
Optimism is well overrated in this market because the bubble of optimism keeps getting pricked.
Even Warren Buffett's assurances that the Federal Reserve did the right thing bailing out Fannie and Freddie had me worried.
It seems a tad self serving to me on his part considering he usually keeps his mouth shut and claims not to like the limelight-seems to me he has been popping up everywhere in extended interviews, ball games, TV shows and the like over the last year or so, most uncharacteristic of him and his style in the past.
My feeling is that investors are set for at least another year of this cloak and dagger stuff.
The market has so far been propped up by taxpayers around the globe-directly to help ailing banks and indirectly to allow cheaper credit to flow through financial markets and ease the pressure on doing normal business.
There is no sign yet that this approach has or will work in the future, having said that, the vast increases in new and different financial instruments in the 1990s and early 2000s and the resultant surge in speculation and bull runs in sharemarkets took time to reach their nadir.
Perhaps now that the bubble has burst it will take just as long to recover from the hangover than the credit binge party itself.
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c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: credit crunch, credit squeeze, Fannie Mae, Freddie Mac, sub prime
Saturday, September 13, 2008
Warehouse sale could hinge on Extra decision
Today's announcement of profit (1MB PDF)at the big red sheds at The Warehouse Group [WHS] today had two significant pieces of information.
One, a good profit result-considering how other retailers like Briscoes Group [BGR] have fared recently- of $NZ90.769 million to full year July 27 2008 versus $114.834 million in 2007, a decrease of 21.0 % .
Sales were down on 2007 1.5% to $1.735 billion.
As I wrote in a column on Thursday, The Warehouse will do well in the long-term and today's announcement shows that in an extremely tough retailing environment the company has done better than most and weathered the recession well, so far anyway.
The second significant tidbit was the results of the trial of the 3 "extra" format stores:
"In relation to Warehouse Extra we have put considerable resource into refining the model and improving execution in both store operations and supply chain", Mr Morrice says. "As a result we have seen a measurable increase in customer acceptance and improved financial performance across our three Extra stores. Disappointingly however, the sales halo benefits that emerged in the first half did not maintain their momentum and have annualised well short of our expectations".
Mr Morrice said that the Extra strategy was under review. A decision regarding the future of the strategy would be made before the end of October.
Ian Morris, CEO
I'm very surprised that kiwis haven't embraced the giant "one stop" store format that has made Walmart so successful, however it appears that this style of shopping just wont fly here, or the company have the model wrong. This puts the decision made in the Appeal Court earlier this year, in The Commerce Commissions favour against Foodstuffs and Woolworths Australia buying The Warehouse, in jeopardy when it goes before The Supreme Court, probably sometime in 2009.
The Commission's case was apparently won on the basis of "potential competition" in the grocery market that the extra format stores "might provide in the future" and therefore a possible buyout of the company was nixed.
A decision to cut the format loose by The Warehouse in October would clearly remove that "potential competition" stumbling block from a Woolworths appeal to the Supreme Court and clear the way for a gobble up of the big red Kiwi retailing icon.
Short term investors should place their bets soon while the share price is low and long term investors should be hoping that there is a bidding war between the two possible suitors so their pockets are sufficiently full come bargaining time.
Either way the October decision will be eagerly awaited.
Disclosure: I own WHS shares
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Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Thursday, September 11, 2008
The case for The Warehouse without a buyer
The Warehouse Group Ltd [WHS.NZ]has been embroiled in several takeover attempts over the last 18 months or so.
The company has been at the center of bids from Woolworths Australia, Foodstuffs, the New Zealand grocers cooperative and the majority owner and founder of the company, Stephan Tindal.
Of course we all know all this takeover activity is on hold while Woolworths take the battle to The Supreme Court.
In the meantime the capital value of the company has halved and the retail sector, including The Warehouse, has been hit by a recession.
What investors have to ask themselves is, what is the company worth and what are its prospects for the long term if the status quo remains and the company is not merged or bought by a new owner.
Without a doubt, The Warehouse is the major player in the New Zealand retailing sector. It is the largest non food retailer, only Foodstuffs and Woolworths are larger, and it is dominant in most areas of retailing including: clothing, books and CDs, gardening and a whole host of other non grocery items.
The company has an enviable position as a company with great logistic capabilities and "on time' delivery of stock, important in the low margin area in which they operate and their geographical spread across the country, in some of the best malls and stand alone shopping districts, solidifies their logistical capabilities.
The name the Warehouse is also a great brand, well known, backed by frequent advertising and often the first choice for consumers when they think about buying any non grocery item.
A good history of trading also makes the company a good long term prospect in the future.
Interestingly, when you look at the historical trading activity of the company in terms of sales when compared to today and in the light of the current share price the figures are curious.
If I pick a date the earliest I can find, Jan 3 2003, the share price for The Warehouse closed at NZ$7.10 for that day.
Revenues for the full year 2003 (PDF) were slightly over NZ 2 billion dollars, approx 1.5 billion if you strip out Australian sales- the figure relevant for my comparison because The Warehouse OZ no longer exists.
A closing price of just $3.23 on 9 Sep 2008 and the most recent half year sales to January 27 2008 of $852 million (PDF)-estimated $1650 million for full year 2008 show a big drop in share price to sales from 2003 to 2008.
Net profit for full year 2003 was $82.1 million and after-tax earnings for the year ending July 27 2008 are expected to be between $84 million and $88 million, in the toughest retail environment in New Zealand for a generation.
Profit and sales will presumably increase as the retail sector inevitably improves.
The significance then of the difference in what the market puts as the capital value of the company today when compared to 2003 is obvious. It has been unduly marked down, as many listed New Zealand retailers have.
Sales are up and so is profit from 2003 but the market has given up.
Even without the prospect of The Warehouse being bought on the horizon, the capital value of the company is way below that of what it should be, the facts and figure comparisons reflect that.
The fact that 3 different suitors are interested in buying the company means that they can see the value in the company as well. All the advantages that The Warehouse hold in New Zealand retail are the reasons why others want a piece of The Warehouse action.
Long term investors in New Zealand retail stocks would do well to consider buying shares in the Warehouse to capitalise on the current low share price and tough retailing conditions.
In my opinion it will be one of the better performers long-term amongst our listed retailers.
The Warehouse full year result to July 27 2008 is due out 12 September.
Disclosure: I own WHS shares in the Share Investor Portfolio
The Warehouse Group @ Share Investor
Long Term View: The Warehouse Group Ltd
Share Investor Short: Warehouse Group yield worth a look
The Warehouse Group: 2010 Interim Profit Review
The Warehouse: Big Brands, Big Opportunities
Warehouse strike opportunity to buy
Long Term Play: The Warehouse Group
Share Investor Short: Warehouse Group yield worth a second look
Woolworths supermarket consolidation an indicator of a move on the Warehouse?
Stock of the Week: The Warehouse Group
Warehouse 2009 interim profit a key economic indicator
When will The Warehouse bidders make their move?
Long vs Short: The Warehouse Group
Warehouse bidders ready to lay money down
The Warehouse set to cut lose "extra" impediment
The Warehouse sale could hinge on "Extra" decision
The case for The Warehouse without a buyer
Foodstuffs take their foot off the gas
Woolworths seek leave to appeal to Supreme Court
Warehouse appeal decision imminent
Warehouse decision a loser for all
Warehouse Court of appeal decision in Commerce Commission's favour
MARKETWATCH: The Warehouse
The Warehouse takeover saga continues
Why did you buy that stock? [The Warehouse]
History of Warehouse takeover players suggest a long winding road
Court of Appeal delays Warehouse bid
The Warehouse set for turbulent 2008
The Warehouse Court of Appeal case lay in "Extras" hands
WHS Court of Appeal case could be dismissed next week
Commerce Commission impacts on the Warehouse bottom line
The Warehouse in play
Outcomes of Commerce Commission decision
The fight for control begins soon
Discuss WHS @ Share Investor Forum - Register free
Download WHS company reports
Shop online at The Warehouse
Buy Toughen Up: What I've Learned About Surviving Tough Times
Toughen Up - Fishpond.co.nz
c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 1 comments Links to this post
Labels: The Warehouse Group, WHS
Tuesday, September 9, 2008
US TREASURY PRESS RELEASE: Fannie Mae and Freddie Mac
Share Investor Forum-Discuss this topic
The following information is a press release from the US treasury less than 30 minutes ago.
It defines effectively that the US Government(taxpayer) is taking control of Fannie and Freddie.
It means that half of all US mortgages are now State managed and backed.
It also means that the private housing market in the US has collapsed-the taxpayer bailing out the company doesn't mean it hasn't, whatever US Government officials are telling Americans, and the rest of the world for that matter.
It is important that investors re-assess their investments at this juncture and structure them according to the risk and current economic climate in view of this latest news.
WASHINGTON (Sun Sep 7, 2008 12:57pm EDT) The following is the full text of a statement released on Sunday by Treasury Henry Paulson on mortgage finance companies Fannie Mae and Freddie Mac: Good morning. I'm joined here by Jim Lockhart, Director of the new independent regulator, the Federal Housing Finance Agency,
FHFA. In July, Congress granted the Treasury, the Federal Reserve and FHFA new authorities with respect to the GSEs, Fannie Mae and Freddie Mac. Since that time, we have closely monitored financial market and business conditions and have analyzed in great detail the current financial condition of the GSEs including the ability of the GSEs to weather a variety of market conditions going forward. As a result of this work, we have determined that it is necessary to take action.
Since this difficult period for the GSEs began, I have clearly stated three critical objectives: providing stability to financial markets, supporting the availability of mortgage finance, and protecting taxpayers both by minimizing the near term costs to the taxpayer and by setting policymakers on a course to resolve the systemic risk created by the inherent conflict in the GSE structure. Based on what we have learned about these institutions over the last four weeks including what we learned about their capital requirements and given the condition of financial markets today, I concluded that it would not have been in the best interest of the taxpayers for Treasury to simply make an equity investment in these enterprises in their current form.
The four steps we are announcing today are the result of detailed and thorough collaboration between FHFA, the U.S. Treasury, and the Federal Reserve. We examined all options available, and determined that this comprehensive and complementary set of actions best meets our three objectives of market stability, mortgage availability and taxpayer protection. Throughout this process we have been in close communication with the GSEs themselves. I have also consulted with Members of Congress from both parties and I appreciate their support as FHFA, the Federal Reserve and the Treasury have moved to address this difficult issue.
Before I turn to Jim to discuss the action he is taking today, let me make clear that these two institutions are unique. They operate solely in the mortgage market and are therefore more exposed than other financial institutions to the housing correction. Their statutory capital requirements are thin and poorly defined as compared to other institutions. Nothing about our actions today in any way reflects a changed view of the housing correction or of the strength of other U.S. financial institutions. I support the Director's decision as necessary and appropriate and had advised him that conservatorship was the only form in which I would commit taxpayer money to the GSEs. I appreciate the productive cooperation we have received from the boards and the management of both GSEs. I attribute the need for today's action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.
GSE managements and their Boards are responsible for neither. New CEOs supported by new non-executive Chairmen have taken over management of the enterprises, and we hope and expect that the vast majority of key professionals will remain in their jobs. I am particularly pleased that the departing CEOs, Dan Mudd and Dick Syron, have agreed to stay on for a period to help with the transition. I have long said that the housing correction poses the biggest risk to our economy. It is a drag on our economic growth, and at the heart of the turmoil and stress for our financial markets and financial institutions. Our economy and our markets will not recover until the bulk of this housing correction is behind us. Fannie Mae and Freddie Mac are critical to turning the corner on housing.
Therefore, the primary mission of these enterprises now will be to proactively work to increase the availability of mortgage finance, including by examining the guaranty fee structure with an eye toward mortgage affordability. To promote stability in the secondary mortgage market and lower the cost of funding, the GSEs will modestly increase their MBS portfolios through the end of 2009. Then, to address systemic risk, in 2010 their portfolios will begin to be gradually reduced at the rate of 10 percent per year, largely through natural run off, eventually stabilizing at a lower, less risky size. Treasury has taken three additional steps to complement FHFA's decision to place both enterprises in conservatorship. First, Treasury and FHFA have established Preferred Stock Purchase Agreements, contractual agreements between the Treasury and the conserved entities.
Under these agreements, Treasury will ensure that each company maintains a positive net worth. These agreements support market stability by providing additional security and clarity to GSE debt holders senior and subordinated and support mortgage availability by providing additional confidence to investors in GSE mortgage backed securities. This commitment will eliminate any mandatory triggering of receivership and will ensure that the conserved entities have the ability to fulfill their financial obligations. It is more efficient than a one-time equity injection, because it will be used only as needed and on terms that Treasury has set. With this agreement, Treasury receives senior preferred equity shares and warrants that protect taxpayers. Additionally, under the terms of the agreement, common and preferred shareholders bear losses ahead of the new government senior preferred shares.
Related Share Investor Reading
Not so sweet Fannie Mae
Global credit squeeze: There is no free lunch
Lenders must come clean over losses to restore faith in credit markets
Global Market meltdown: What is Warren Buffett doing?
Credit crunch a blessing in disguise
Market meltdown: I can smell the fear from here
Mr Market gets his groove on
What happened to risk?
State backed Sub Prime mortgages in New Zealand
The global economy looks bad now, but wait theres more
NZ Sharemarket set for a Winter and Summer of discontent
c Share Investor 2008
Posted by Darren Rickard at 5:15 AM 0 comments Links to this post
Labels: Fannie Mae, Freddie Mac, US Treasury
Monday, September 8, 2008
Lets drink to Delegats
The good result from Delegats Group Ltd [DGL.NZ] last week got me thinking about a new future star of the NZX.
I'm not sure if it will be Delegats, they are but one major Kiwi wine maker, but the New Zealand wine industry is going to play a much bigger part in our economy as time goes on and industry players will want to get their hands on funds with which to expand their businesses.
Consolidation of a number of smaller Kiwi players to get economies of scale to compete with much larger international wine labels will also need to occur.
Some of the funds needed to expand these businesses will be obtained from borrowing money from banks and some could raise funds by listing on the NZX.
If we look at Delegats they seem to have approached their model of business in a most appropriate way.
While reasonably large in terms of cases sold, at $165.3 million or 1.4 million cases, by New Zealand standards, that figure pales into a rose' compared to international wine makers outputs.
Delegats have been clever though. They realise wine volume on an international scale will never be achievable from New Zealand, so they have gone for the "upper end" and have their own niche in the branded market, with their Oyster Bay label.
Apparently a good quality wine-maker(I cant tell the diff between a Carafe of house red Lafoot from a Château Lafite) Delegat's Oyster Bay holds the number one New Zealand wine category position in the large export markets of Britain, Australia and Canada.
In a world where good wine makers are a dime a dozen Delegat's brands will do them well as they grow and allow them to sell their product at a premium price.
In 2008 the New Zealand wine industry had record export sales of $800m, a 14 per cent increase over 2007 and the industry as a whole expects to grow to $1 billion within the next few years.
Delegats were able to increase their exports by 20%, with the premium end of their sales probably responsible for that increase.
While there are obvious threats to agricultural businesses like wine growers-bad weather equals a bad year-the good management at Delagats, headed by Managing Director Jim Delegat seem to have planned well for inclement weather.
The mad hatters who are pushing the "climate change" industry and its associated taxes are also a growing threat to our Kiwi wine makers.
Delegats have a wide geographical spread of wineries, in North Islands Hawkes Bay, where a massive push into premium wines is in play, and where this writer is from, and Marlborough, a longer established wine region.
The Hawkes Bay and Marlborough regions hold the most promise, in my uneducated opinion, for a good future winery business to need more capital for expansion, buying more vineyards and establishing a brand for export and indeed local consumption.
There are however a number of wine regions in New Zealand, from mainland Auckland, through Gisbourne, down through Nelson and Marlborough, Canterbury and Central Otago and even Waiheke Island, with 26 vineyards on a very small Island in Auckland's Hauraki Gulf, is fast establishing their own unique viticulture community in a micro climate a few degrees warmer than Auckland itself.
The long established family winemakers, Nobilo, Delegats, Villa Maria and Vidals have tended to expand their businesses through profits and some vineyards and winemakers have been gobbled up by multinational drinks conglomerates looking for a brand or business in this new world of wine making down here in the South Pacific.
Stockmarket investors should keep a look out for the opportunities to invest in this sector of our economy, through future IPOs and capital raising's.
A part share in a good start up winery, in a good area, with a good vintner that you know well would be a good long term investment.
Even Delegats might be worth a punt.
Related Links
Full 2008 profit report 336 kb PDF (requires registration to download)
Delegats Group
Nobilo Wines
Vidal Wines
Discuss Delegats @ Share Investor Forum
Related Amazon Reading
The Complete Idiot's Guide to Starting and Running a Winery by Thomas Pellechia
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c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: Delegats, New Zealand wine industry, OysterBay
Tuesday, September 2, 2008
Why did you buy that stock? [Fletcher Building Ltd]
I have a small holding of 1000 shares which I bought for NZ$9.75 in November 2006 and it has provided me with a gross dividend income of approximately $1400 in total. FBU shares last traded at $7.20 as I write this.
Why did you buy that stock?
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Why did you buy that stock? [Fisher & Paykel Healthcare]
Why did you buy that stock? [Pumpkin Patch Ltd]
Why did you buy that stock? [Ryman Healthcare]
Why did you buy that stock? [Michael Hill International]
Why did you buy that stock? [Mainfreight]
Why did you buy that stock? [The Warehouse Group]
Why did you buy that stock? [Goodman Fielder]Why did you buy that stock? [Auckland Airport]
Why did you buy that stock? [Sky City Entertainment]
OK Darren, you are not usually too concerned about these temporary market driven figures so whats up?
Well I'm trying to make a point actually.
The fact that I have "lost" $1150 approx since my purchase doesn't concern me. It is a temporary thing and it is due to a number of factors.
Most NZX stocks have been punished by weak overseas markets and fallout from the Sub prime mess and Fletchers is no exception.
Building stocks like Fletchers are also cyclical and the company is facing the bottom of a domestic building slump, in Australasia and in the United States-their products are getting harder to shift.
All these things will inevitably change for the better, and if you are a long term investor don't sell. If you are a short termer, you might as well just bugger off now because this piece ain't for you.
The main impetus for me to invest in Fletcher Building was its pedigree for good management.
The company has existed in one form or another for more than 100 years and has grown from humble beginnings, to today developing into a very large multinational building supplier and manufacturer, retailer and commercial and residential builder in its own right.
Throughout that time it has been well manged and the current CEO Jonathon ling has done a good job so far, with the notable exception of buying the over priced Formica Corporation last year-we can all make mistakes.
As I pointed out above the building sector is highly cyclical and clearly good management is very important. So far Jonathon and his team have managed to weather the current economic storm well.
The previous CEO managed to structure the company in such a way as to diversify the company's revenue streams, so as to make the cyclical ups and downs less, well ,up and down.
Ling looks set to continue this in the future.
More revenue has come from markets outside New Zealand and Australia, with an increase in sales in Asia and America.
Good forward planning has also given Fletcher Building a good backlog of commercial building work in New Zealand and this has clearly offset the downturn in the domestic housing market, in which Fletcher's is the biggest player.
To go back to the price of the share again, when I bought at $9.75, the 60c odd per share in gross dividends represented an approximate 6 % return, which was a better return than the cash rate at the time and of course buying shares in a company that will grow profit means there is going to be a higher capital value for that company eventually.
So value for money and good returns was a compelling tick of the box for me to plunk down my hard earned.
Warren Buffett rears his bald, Coke bottle glasses adorned head again in the last column in this series.
The reason is because Fletcher Building, in my not so humble opinion, has a "economic moat" in some of the sectors in which it operates, it is:
- New Zealand's sole manufacturer of gypsum plasterboard;
- a major participant in the New Zealand steel industry;
- a major producer of aggregate, cement and concrete products in Australasia;
- the world's largest manufacturer of decorative surfaces and high pressure laminates;
- a distributor of a wide range of building materials in New Zealand;
- a substantial construction contractor in New Zealand and the South Pacific Islands;
- a major builder of residential homes in New Zealand;
- a major producer of insulation products in Australasia; and
- the world's largest producer of steel roof tiles.
An economic moat, as coined by Warren Buffett, is an advantage in business, through dominance in the market and/or strong brands that gives the business a competitive edge, that is very difficult to compete against.
Fletcher Building have that competitive edge, they have strong brands and are dominant in the manufacture and distribution of several building materials and have a large enough and efficient enough infrastructure and well managed employees to be able to construct, commercially or domestically.
These sorts of business advantages are especially important in this heavily cyclical industry and management have clearly understood this.
Fletcher Building's strong brands are well known by consumers and the construction industry alike and even Formica Corporation will end up being a positive contribution once the fat has been liposuctioned from the company hierarchy.
So brands and a big competitive advantage were big ticks for me.
I am not adding any more new companies to the Share Investor portfolio currently or adding additional shares to those companies that I already hold, but I would be buying more Fletcher Building now if I was.
It is a great long term company and is therefore is a blue chip for a very good reason.
Fletcher Building @ Share Investor
Fletcher House built on hard times
Fletcher Building down tools in the short term
A solid foundation for the future
Fletcher Building raises profit through canny management
Fletcher's got game
Related Reading
Fletcher Building History - Auckland University
Click here for full Media Release - FBU 2008 Annual Results
Related Amazon Reading
|The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) by Benjamin Graham
Buy new: $13.25 / Used from: $9.24
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c Share Investor 2008
Posted by Darren Rickard at 12:01 AM 0 comments Links to this post
Labels: FBU, fletcher building, Share Investor portfolio, why did you buy that stock?


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text:
Many fans believe that the Pittsburgh Steelers made a mistake by not adding more young cornerbacks to the roster during the draft. In fact, many were surprised that the team did not add more through their undrafted rookie free agent class. That all changed on Wednesday, as the team made a roster move focused on that position.Alabama cornerback Deion Belue may be a small move, it is one focused on adding competition to the roster at that position. At 5-11, 182-pounds, Belue may not have the greatest pure athleticism, but he was a two-year started for the Crimson Tide. For his career, he notched 60 tackles, 10 pass break-ups, and three interceptions. With the Steelers at their 90-man limit, they released undrafted rookie free agent tackle Kaycee Ike (UAB).
Defensive Backs
Stanford cornerback / safety Devon Carrington (Profile 5/15)
Alabama cornerback Deion Belue
Offensive Linemen
Youngstown State offensive guard Chris Elkins (Profile 5/16)
UAB offensive tackle Kaycee Ike (Profile 5/16)
East Carolina offensive guard Will Simmons (Profile 5/17)
Defensive Linemen
Wisconsin defensive end Ethan Hemer (Profile 5/18)
Stanford defensive end Josh Mauro (Profile 5/20)
Louisville defensive end Roy Philon (Profile 5/23)
Shepherd outside linebacker Howard Jones (Profile 5/25)
Tight End
Missouri tight end Eric Waters (Profile 5/28)
Cincinnati quarterback Brendon Kay (Profile 5/28)
• Be sure to "like" Steelers 101 on Facebook and to follow Steelers 101 on Twitter
• Be sure to "like" Sports Media 101 on Facebook and to follow Sports Media 101 on TwitterTags: Alabama, Deion Belue, Football, Kaycee Ike, NFL, Pittsburgh, Pittsburgh Steelers, UAB


text: True believers team up to defeat freedom's all-time greatest enemies, in this real-time tactics sequel from Irrational Games. If the original Freedom Force was an homage to the "Silver Age" of superhero comic books, this follow-up pays tribute to the "Golden Age," when comics writers were inspired by Allied efforts in World War II and the most common villains were the Nazi soldiers of the Axis powers. Fans of the original Freedom Force will reunite with favorite heroes, such as Minuteman, El Diablo, and Mentor, who become embroiled in one of Nuclear Winter's nefarious schemes and are whisked back to Europe at the height of the war. Here, they must join with new Golden Age allies like the rocket-powered Sky King, the gadget master Black Jack, and the beautiful, swordstress Tricolour, to defeat a conspiracy of evil that transcends time itself. Although its bright colors and comic-book backgrounds are instantly recognizable to fans of the original, Freedom Force vs. The Third Reich runs on a new version of the Gamebyro graphics engine, which can produce more vibrant lighting and special effects. The single-player game is still designed to be a thought-provoking adventure -- demanding keen tactics and pause-able at any point -- but the game's artificial intelligence has been enhanced by giving characters default attacks they'll automatically perform against nearby foes if the player doesn't issue direct orders to them. This addition also aids player-versus-player battles, and some of the most dramatic improvements are seen in the sequel's multiplayer modes. Unlike the bland, random-map skirmishes that were available in the original, the sequel's modding tools are designed to make it easy for players to create their own story-lined battle settings, complete with customized objectives and characters. These gamer-made scenarios can be played and traded online. ~ T.J. Deci, All Game Guide


text:
PTO, Sports Boosters
fundraisers planned
Two big school-related events are coming up this weekend in Aurora.
The PTO's fundraising fish dinner will be March 7 from 5 to 7 p.m. -- at Aurora High School. Tickets at $6 for adults and $4 for ages 5 to 12 and senior citizens -- are available at all schools, the Board of Education office, from PTO members or at the door.
The All-Sports Booster's reverse raffle will March 8 from 6 p.m. to midnight at the Aurora Event Center. Information is available on the schools' website at www.aurora-schools.org. For tickets, call the athletic office at 330-954-2008 or Jennifer Miller at 216-403-1804.
Another coming event is a community forum and discussion about drugs called "Hidden in Plain Sight." It will be March 12 at 7 p.m. at the high school and will be presented by the Copley Police Department with support from the Aurora Police Department.
Top students unveiled
Recent students and athletes lf the week at Harmon School are:
Sixth-graders -- Grace Caffoe, Lauren Callahan, Vinny Harper and Ethan Nielsen; seventh-graders -- Logan Jancsuak, Michael Kaplan, Ian Moeller and Seth Stojetz; eighth-graders -- Olivia Conces, Zach Gerber, Zach Vandivier and Kristina Vidziunas; athletes -- Tylor Kee-Bey, Hannah Most, Julia Mazanec and Paige Nelson.
Drawing winners told
Joe Roberto and Reece Deanna were last week's Aurora High School's Pride Card drawing winners. Also, the high school baseball team is seeking a manager and statistics keeper for this season. If interested, email coach Tim Deering at firstname.lastname@example.com or contact the athletic office.
Orchestra dance set;
'good' pupils named
March 14 is the Aurora Orchestra spring pizza party / dance for third- to fifth-graders at Leighton School. A parent must sign a permission slip for a student to stay after school for the party.
There will be a disc jockey and hula hoop contest. The grand prize is a Kindle Fire HD, and there are many other baskets to win. Students can purchase raffle tickets at the party.
Fliers are available in the orchestra room, on the Leighton website and in the office. The last day to turn in permission slips is March 13.
Caught being good last week at Leighton were: Thomas Vanstavel, third grade; Colin Roche, fourth; and Matt Lucal, fifth.
Class photos will be taken at Leighton on March 6. The cost of a class photo is $10. Order forms went home last week, and should be returned to the school on picture day. Checks should be made payable to Ripcho Studio.
Ice cream at Harmon;
sports signups ahead
An Aurora Orchestra spring ice cream party for Harmon School students will be March 14 after school. A grand raffle prize of a $200 gift card from Nike, plus many other raffle baskets will be awarded.
Students must have a signed permission slip to join the party. Pre-paid admission must be purchased by March 13 at the end of the school day to get two free raffle tickets at the door.
A disc jockey will spin music requests, and there will be line dances and contests. Fliers are in the orchestra room or front office.
Harmon School sports (baseball, softball and track) practices start March 10 and signups are taking place this week. A current physical must be on file before practices begin.


text:
Culture Victoria
Nillumbik Historical Society Inc
The Nillumbik Historical Society's aim is to collect and preserve historical documents, articles and historic sites. The society's headquarters is a stone farmers cottage erected in 1865, which it operates as a museum and storage centre. The Society's collection includes some 1800 historic photos, in most cases accompanied with a slide and a negative, biographies of 90 local families and institutions, and artefacts and memorabilia. A tem of speakers visit schools and local interest groups. Displays of historic photographs are mounted as requested. Because Diamond Creek was a gold mining town, special emphasis is placed on gold mining. The Society publishes small books and articles on items of local interest.
Our CollectionThe Nillumbik Historical Society's collection is catalogued in three sections: 1. Some 1,800 photographs, many in large display format, and with accompanying slide and negative. 2. Documents. These include personal biographies and family trees, noted on organisations, buildings, events, industries etc. 3. Artefacts. Three dimensional artefacts include domestic and industrial articles, furniture, farm machinery and bric-a-brac.
Organisation Location
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text:
July 15, 2004
by BOB DORAN
IT'S NOT LIKELY THAT THOSE WHO EXPERIENCED THE first String Cheese Incident performances (aka "incidents"), back in the winter of '03, would have thought of the band as ambitious. At the time they were rag tag ski bums playing mutant bluegrass in Colorado ski lodges to make enough money to pay for the next day's rope-tow fees.
"We were never a bluegrass band in the strict sense," said SCI bass player Keith Moseley, calling from his home near band headquarters in Boulder. "From the beginning we had drums and an electric bass. We played some bluegrass, some originals that Billy [Nershi] had written, and we played whatever cover tunes we could come up with, from the Neville Brothers to the Grateful Dead to David Grisman, whatever we were fans of. Of course, it's evolved quite a bit since then."
SCI has evolved in more ways than one; in fact, the band has built a small but ambitious empire: SCI's parent company, Madison House Inc., handles booking and management services for String Cheese and other bands. Then there's the record label, SCI Fidelity, plus SCI Gear with merch for SCI and "Friends of the Cheese." Madison House Publicity deals with the requisite PR, while Madison House Design produces poster and album art. Madison House Travel arranges airline tickets and accommodations for those following the band on international "incidents" or even a show like the one Friday night at Benbow Lake. SCI Ticketing offers concert tickets, and not just for String Cheese shows, but also for Spearhead, Steve Kimock Band, Keller Williams, Ozomatli and others.
In part because SCI charges lower service fees, the ticket sales operation put the band at odds with the largest ticketing operation in the world, Ticketmaster, which had an exclusive agreement with Clear Channel, the behemoth that controls most venues in the United States. When Ticketmaster invoked that exclusivity to cut SCI Ticketing out of the business, the band filed suit -- and won.
"We have reached an agreement, and we are happy to announce that we are selling tickets again," said Moseley. "[Our] agreement allows us to sell a good amount of tickets to all of our shows, and once again at a better price than what they were offering and providing better service."
While it would appear SCI has achieved a high level of success, Moseley contends, "It's all relative. We're still way below the radar as far as the big scale is concerned."
In fact, the jam scene is moving toward larger scale concerts. SCI was one of the bands playing the recent jam rock summit, Bonnaroo, where attendance was over 100,000. And until recently, the band was preparing for a summer of large shows headlining Perry Farrell's alternative music fest, Lollapalooza, alongside Wilco, Sonic Youth and the Flaming Lips. Unfortunately the tour was canceled abruptly, just before it was set to begin.
"It's just too bad that it didn't work out, but the promoters and booking agents decided to pull the plug based on soft ticket sales," said Moseley. "We'll have a great summer anyway. We've already played to huge crowds at Bonnaroo and at our sold-out festival at Horning's Hideout, and we're looking at a sold-out weekend at Red Rocks with the Allman Brothers.
"It's funny, we were scheduled to be the headliner for Lollapalooza: Day 2, closing the show, and I'd read about it in Rolling Stone or Entertainment Weekly, and they'd say `Day 2, headlined by the Flaming Lips, Gomez, Polyphonic Spree -- and also String Cheese Incident.' So to a lot of mainstream press we're still a big question mark."
In part that's because, by choice, the band has chosen a track to success that bypasses major labels, radio and TV.
"We've been outside the normal paradigm of things for about 10 years now, since the beginning," said Moseley. "We're not an MTV band and we probably won't get much radio play. We decided long ago that we were going to establish our fan base via touring, to take it to the people, and try to establish a relationship with our fans based on getting in front of them over and over again."
When it came time to record, once again the band chose to sidestep the mainstream. "Back in '96 and '97, when we started touring nationally, we were playing a lot of festivals. We spent a lot of time talking with various bands about their record deals -- what was working for them, what wasn't working, about what it was like to be on a major label. About 90 percent of them were unhappy with the deals they had, with the situations they were in.
"So we decided way back then, `Let's try to do it a little differently. Let's start our own label.' That way we retain artistic control of what we do and decide how and when we tour. We didn't want to work for someone who has a marketing angle on how to promote our band. We wanted the choices left up to us."
And again, the choice has proved ambitious. The SCI Fidelity label does far more than release SCI's studio recordings. They handle records by Keller Williams, Karl Denson and other jam bands and recently released the latest by rock icon Stevie Winwood, a veteran who has worked for a number of majors. "He was interested in doing something a bit more organic," said Moseley, "and we were proud and thrilled to have him as part of SCI Fidelity."
The band also encourages the ever-burgeoning tape trading scene -- and for those who don't have the means to get into it, they conceived SCI On the Road, a sub-label that offers complete recordings of every SCI show since spring 2002, more than 130 recording so far, either as triple-disc CDs, or as Web downloads.
"We've tried to develop a relationship with the audience -- making the music readily available is part of that -- and I think it's paid off in terms of a loyal, committed fan base," Moseley said. "We hope to see some of them when we come out to California this week."
String Cheese Incident performs Friday, July 16, at Benbow Lake State Park, in a benefit for the Humboldt Green Genes' initiative banning genetically engineered crops. Tickets $35, $30 in advance. Gates at 5 p.m. with local rockers N*P*K and DJ Andreas opening at 5:30; SCI hits the stage at 8 and plays 'til 11 p.m. For concert info, call People Productions: 923-4599. For more on SCI, see www.stringcheeseincident.com. For initiative details: www.growgmofree.org.
Bob Doran
© Copyright 2003, North Coast Journal, Inc.


text:
Efficacy And Safety Of Xalatan Compared To Usual Care In Patients With Open Angle Glaucoma Or Ocular Hypertension.
This study has been completed.
Information provided by:
ClinicalTrials.gov Identifier:
First received: August 29, 2005
Last updated: April 4, 2008
Last verified: April 2008
- Full Text View
- Tabular View
- No Study Results Posted
- Disclaimer
- How to Read a Study Record
No Study Results Posted on ClinicalTrials.gov for this Study
|Study Status:
|This study has been completed.
|Estimated Study Completion Date:
|April 2006
|Primary Completion Date:
|No date given


text:
Canada's public producer unveils
Canada's first film application for the Android platform
Montreal, March 2011 – Its iPhone app was named one of the best apps of the year by iTunes Canada. Its interactive and cross-media productions have garnered Webby Awards—the Oscars of the Internet. In just over two years, its digital platforms have racked up ten million views and put Canadian cinema into the hands of audiences in every region of the country.
Now, the National Film Board of Canada is ready with another Canadian digital media breakthrough: this country's first film app for the Android platform.
"We are passionately committed to serving Canadians in engaging and innovative ways; as Canadians change their viewing habits we must accompany them. Making the richness and depth of the NFB collection and our startling new works available on the most popular online and mobile platforms such as the Android ensures that Canadian works by Canadian creators representing Canadian points of view take pride of place in the vast globalized range of video consumed in the digital space," said Tom Perlmutter, Government Film Commissioner and NFB Chairperson.
Just as Android emerges as the number one smartphone platform, Canada's Oscar-winning public producer is ready with 1,500 NFB films that Android users can watch, free of charge. The new NFB Android app gives users the ability to search the entire collection of films available online at NFB.ca, explore films by thematic channels, create their own favourites list, and share films by e-mail, Twitter or Facebook—all from their mobile phone.
To download the NFB's Android app:
• visit nfb.ca/android
• or the Entertainment category of the Android Market market.android.com.
The NFB's latest app builds on the NFB's successes with its iPhone and iPad applications. The NFB's iPhone app was the third most downloaded application, ahead of such giants as Facebook and Skype, just two days after its launch on October 21, 2009. It was hailed by
On July 20, 2010, the NFB released its iPad application, optimizing its acclaimed iPhone app for iPad. The NFB is preparing to release a major upgrade of its iPad app this spring, with improved user experience and stability, and several new features.


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The Chicago Bears have gotten off to a great start in the 2012-13 season, jumping out to a 7-1 record, allowing their fans to believe the preseason Super Bowl hype.
They've won big, they've won ugly and they've lost real ugly. But at the end of the day, the Bears have won seven of their eight games at the midpoint of the season. We here at Bears 101 will breakdown where Chicago has been successful and where they'll need to improve if they hope to play in February.
Quarterback: C+
Sure, the Bears are 7-1, but how much of that is because of Jay Cutler.? Cutler really hasn't been that great this year, and take away his two garbage times touchdowns last week against Tennessee, he's accounted for more turnovers than touchdowns. Anyway, those two are currently deadlocked at 12, and god only knows where the passing game would be without Brandon Marshall.
He's been sacked 28 times and is sixth-worst in the league with a 52.4 completion percentage when facing at least five pass rushers. We don't mean to bash Cutler one bit as he's a leader for this team — something that's very important — but if this team plan to make it to the Super Bowl, he needs to improve his game. Consistent quarterback play is the difference between an early playoff exit, and hoisting a trophy.
Running Backs: B+/A-
If you think this grade is a little too high, look at the numbers again. For as "bad" as the team's offensive line is, the Bears have more than 1,000 yards on the ground this year and are averaging 4.3 yards per carry. There is one telling stat that sets them apart from the majority of the league, however.
The Bears and the New Orleans Saints are the only two teams in the NFL that haven't had a running back fumble the ball on a carry. That's not a stat about fumbles lost, either. This is strictly fumbles. There are a few teams that have fumbled the ball and were able to recover, but the Bears haven't even had to do that to this point of the season. Running backs can't turn the ball over if they don't let it go, and that's exactly what Chicago's running backs have done.
We would like to see the ball in Matt Forte's hands more as the season progresses, and we bet he would agree.
Wide Receivers: B-
Outside of Brandon Marshall, there hasn't really been a bright spot in the receiving corps. In fact, Alshon Jeffery is second on the team in receiving yards (184), and he's missed the past few games. It goes to show that Cutler is looking one way and that's about it. The receivers have caught just less than 60 percent of the targets that have come their way, and rank 27th in the league in yards.
The bright spot for this group is one in the same as the running backs. This group has yet to fumble a ball this season, and that could easily be because they aren't going against their own defense. For the rest of the season, somebody has to emerge opposite Brandon Marshall. We're surprised teams aren't triple covering him now as it is.
Defense: A+
This grade shouldn't be a surprise to anyone. This defense has been phenomenal throughout the year. They have forced the most turnovers of any defense, and have returned seven interceptions for touchdowns this season (seven). They lead the league in fumbles forced (17) and are tied for the league lead in interceptions (17).
But where this opportunistic defense has made a name for themselves is in the end zone. The return touchdowns are something the league hasn't seen in a long time, and this defense has challenged the offense this year by scoring as much as they have. They've proven they can take over a game and potentially win on their own. They go after the ball, and when they get it, they look for points. It's a way that only the Chicago Bears play.
Despite all that success, it's weird to think that the Bears rank toward the bottom in number of tackles (475). The league leading team in tackles has 701 to put that into comparison. Just goes to show that the turnovers are keeping them off the field, meaning they're keeping themselves fresh for the rest of the season. The team's improved pass rush has accounted for 24 of the team's 25 sacks on the year, and that added pressure helps in the forcing of turnovers. As long as this defense can keep doing what they're doing, the Bears will have a real shot at a ring.
Special Teams: B
This grade is because of the kicker Robbie Gould, and punter Adam Podlesh. The return game for the Bears hasn't been the return game for the Bears as averages are way down (18.3 on kickoffs and 8.7 on punts). They haven't found the end zone in that department this year, and the one touchdown from special teams came on a blocked punt. Hester almost found day light on a punt return against the Titans, but didn't quite find the end zone. Things may be turning for the return units, but as of now, they've been rather weak.
Gould has made 16-of-18 kicks this year, and knocked home a game-winner against Carolina. He's proven his clutch kicking ability, and has shown he can kick from 50-plus yards. He also hasn't missed an extra point, but that should never happen anyway. Podlesh's punts never get returned. That's a credit to the coverage. Opposing teams have returned punts for a total of 55 yards on his 36 punts. Only the Dallas Cowboys punt coverage has allowed less (41). Exactly one-third of his punts have backed the opposition inside their own 20-yard line as well. That helps win the battle of field position, which should make life easy on the offense.
Overall, the team gets an A because they are 7-1. A few areas start to click, and Chicago will be a very scary team moving into the playoffs.Tags: Adam Podlesh, Alshon Jeffery, Brandon Marshall, Chicago, Chicago Bears, Football, Jay Cutler, Matt Forte, NFL, Robbie Gould


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Days of our Lives and the Ken Corday Foundation have reaffirmed their commitment to making a difference in teen lives through a major sponsorship of $25,000 that just launched the ARROW-HEART Adventure Camps.
Arianne Zucker, two time Emmy nominee, and her brother Todd Zucker are co-founders of ARROW-HEART. Through an exciting and challenging outdoor adventure camp experience ARROW-HEART equips teens at a crossroads with the survival skills to build a sense of self-worth, take responsibility for their lives, and ultimately, become an asset in their communities.
"Our philosophy is to cultivate critical thinking skills through a character and team building structure rooted in our six C's: character, commitment, communication, critical thinking, credibility and compassion," said Todd Zucker.
Arianne Zucker has played the role of Nicole Walker on Days of our Lives since 1998. The founding of ARROW-HEART with her brother Todd was the natural extension of her deep passion for making a difference in the lives of teens. Says Arianne: "I believe mentorship through a challenging camp experience connects us to the simplicity of the outdoors while providing the opportunity to build a strong sense of self-worth. These kids are our future and with the encouragement of our camp it is our mission to inspire them to be productive members of a world community."
The ARROW-HEART Adventure Camps team consists of:
· Arianne Zucker, Creator/ Co-Founder and CEO
· Todd Zucker, Creator/ Co-Founder and Board Vice-President/School Administrator
· Steve Fenske, Executive Director/ Board President/Law Enforcement
· Billie DeYoung, Board Treasurer/Accountant
· Shawn Christian, Marketing/Branding, Daniel Jonas/Days of Our Lives
· Philippe Van Den Bossche, Fundraising
Days of our Lives and the Ken Corday Foundation sponsorship contributions go a long way towards meeting the $150,000 2013 fundraising goal of ARROW-HEART, which opened its doors on September 28 in Weiser, Idaho.
During kick-off weekend, campers and ARROW-HEART team members also participated in an adventurous ropes course. Shawn Christian elaborates, "Watching these kids high in the air on the ropes course building a sense of trust in one another and us was an inspiring first day of camp." Arianne Zucker can be seen below about to make a daring leap.
Arianne describes her experience—"This camp is incredible for everyone involved, including myself. I have a very big fear of heights and when I was up on the ropes course and felt I couldn't make the leap from the platform to the triangle bar all the kids were encouraging me to do it and I had only known them for an hour. If we can build this kind of team work within these teens in one day, imagine what we could do in ten months."
We're also happy to announce that Washington County is allowing juveniles on probation to fulfill community service hours at ARROW-HEART Adventure Camps.
The NEXT ADVENTURE for the ARROW-HEART teens involves a CROSS FIT session, after which the campers will be challenged with the engineering of catapults for the PUMPKIN LAUNCH and a thrilling team building GHOST HUNTERS adventure.
To learn more about camp activities, its mission and philosophy and about how you can help contribute to the ARROW-HEART program please visit: http://www.arrow-heart.com/
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About the Book
A Collection of Poems, Paintings and Photos
by Pat Bauer Freeman
Features & Details
- Category Poetry
5×8 in, 13×20 cm
70 Pages
- Publish Date Jan 03, 2009
- Tags poetry. red shoes, Freeman
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About the Creator
Phase One Design Generations Gallery
Griffin GA
Design Services Generations ...The Gallery at Indian Springs Generations Writers Group
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text:
iTie iPod Holder Frees Up Dudes' Pockets
Save for the murse-carrying set, somehow guys manage to carry the world in their pockets. How they do it is beyond us. But maybe it's because they're just more creative than we think, and have secret hiding places. Like this dapper device, the iTie, which features a covert pocket on the backside, in which to store an iPod or small cell phone. It even has little button holes that attach to a dress shirt, so the tie stays in place. Now…what other fashion tricks do men have up their
sleeves ties? [Inventor Spot]


text:
The 25-year-old beauty and BMX biker Josh Hansen are now romantically linked after the two were spotted leaving Hollywood's Katsuya restaurant together on Wednesday night, August 18.
Kelly Osbourne might have gotten over her recent split from BMX star fiance Luke Worrall. The daughter of rocker Ozzy Osbourne has been spotted having a quality time with another BMX biker, Josh Hansen, who is also known as the ex-boyfriend of "The Hills" star, Stephanie Pratt.
Kelly and Josh were spotted leaving Hollywood's Katsuya restaurant together on Wednesday night, August 18. Kelly, who wore a black skintight biker jacket and big glasses, left the eatery in the same car with Josh, who looked casual in his blue gingham shirt and a bennie.
According to Daily Mail, this wasn't the first time Kelly and Josh spent their time together. Josh was said recently attending Ozzy's Ozzfest event in Chicago, Illinois and hanging out backstage with the Osbourne family.
Kelly also filled her Twitter page with a bet she made with Josh. On August 18, the 25 year-old beauty tweeted, "Please follow Josh Hansen - if he does not get 10,000 followers by the end of the day he is going 2 get Sid (my dog) for a day this can't happen!!!" And she later posted another tweet which read, "@ the air port wishing I never made this stupid bet with @joshhansen100 please follow him or he gets Sid for a week!!!!!!"


text:
|Property type
|Minimum Stay
|2 - 60 nights
Kendall House is an elegant turn of the century Dutch colonial house that offers over 1900 square foot of living space. Beautiful matched wood interior throughout the house, large windows, and a pellet stove insert in the living room makes it warm. For those entertaining or with a large family, use the formal dining room that seats ten with ease. To relax, you can either sit in the sun room or on the open air porch. Both have spectacular ocean views to the north. There is outdoor furniture and a gas grill on the lawn looking out toward the ocean. On the second floor, there are water views from Three of the five bedrooms. The house is rented Saturday to Saturday. Some towels and linens are at the property laundry service is not provided.
One hour north of Boston MA and 45 minutes south of Portland ME, Kendall House is located on the north east side of the Nubble, a peninsula that has a beach to either side. Short Sands beach, .75 mi long with a boardwalk and a playground is a 5 minute walk away, while Long Sands offers a 1.5 mi long beach after a 15 minute walk. At the tip of the peninsula, a short 15 minute walk away, is the very picturesque Cape Neddick light house.
To the south is Kittery ME with its many retail outlets. Across the Piscataqua River, 14 miles from York is Historical Portsmouth NH. Traveling north from York, Ogunquit is only 6 miles away and has a beach as well as many quaint artisan shops. 5 miles further north on RT 1 is Wells with antique alley and its own beach. Whether staying in York or taking day trips, within 20 miles north or south there is great diversity of beaches, restaurants, live theater, museums, entertainment, parks and cultural events. Enjoy what the seacoast has to offer.
Keywords: York Beach, Kendall House, Rundlett, Nubble Light, Short Sands, York
Hi Dave,
I wanted to let you know that our family had a fabulous weekend in your vacation home at Short Sands Beach.
It was a little cold and a little drizzly but we made the best of it. Sunday and Monday were quite nice and we loved the area!
We hope to rent again in the future.
Charming older home with fantastic view. Spacious home. Landlord was accommodating.
Beautiful and inviting porch with the best view.
Needs some updating of furniture and screen otherwise it was wonderful.
Will stay again.
The house was hold but clean. No dishwasher and the tap was runing so slowly, it was a mightmare to do the dishes. We had to put wood pellet in the stove every 3 hours so if you don't wake up 3 times per night you freeze to death.
A group of 10 of my friends and I rented kendall house for a reunion in mid october. The house is big and beautiful and perfect for a large group. However, the only heat source is a pellet stove thay is hard to work and doesn't heat very well. There is no electric or oil hest and that is not mentioned anywhere in the VRBO description. We spent the weekend freezing and we're barely able to hangout in a group because we all had to stay in our rooms cuddled under the covers. It's a great rental for summer but it's much too cold for spring or fall.
My friends and I had a fantastic stay. Lots of room with everything you need. My only suggestion would be more comfortable furniture. The sun porch furniture looks appealing but is vey uncomfortable.
Close to everything and the outdoor porch is great .
We had a great stay at this authentic beach house in York. Everything wood; floors, ceilings, walls...making for a great beach feel along with the ocean views, salty breeze, and the sounding of the bell buoy. The pellet stove came in handy for the few rainy days we had on our 10 day stay. The location to town and the beach is convenient for all with kids and strollers at hand. A couple of us would bike to Perkins Cove early in the morning for the ocean scenery and exercise. The views, and the amazing porch well appointed with tables, chairs, and a rocker easily accommodated our large family get together. The large dining room table was also a plus as well as plenty of parking. Nice outside shower was convenient with kids coming home from the beach. The living room with pellet stove is on the smaller side, but with the porch, and enclosed sun porch, and large dining room, we spread ourselves out in our own cozy way. The owners were friendly, accommodating, and great hosts. I loved this house and will definitely book again.
Another fabulous stay at The Kendall House! You just can't beat the location (close to Short Sands, Long Sands, Nubble, Dunne's -- the new Brown's -- ice cream), the house, the porch (still my favorite part of the rental!!), the owners/landlord. We love starting our summer off every year in York, and feel very lucky to have found such an amazing property to stay at, and amazing family to rent from.
This rental is clean as you go. Please leave the house in the condition that you received it in. If you would like to hire a cleaning service upon your departure, we can provide referrals. Thank you


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Cheers to that spring feeling
The jasmine is making an appearance, the polar necks and leather boots have been put away, the pavement cafes are buzzing, and the message on the streets of Johannesburg is clear – spring is in the air; it's time to wave goodbye to winter and to celebrate the delicious warmer weather.
And what better way to celebrate the arrival of spring than by sipping delicious South African Sauvignon Blanc wines and spending some time with friends?
The Spring Sauvignon Blanc Festival takes place from Friday 31 August to Sunday 2 September at Montecasino in Fourways, Johannesburg, and is 1 of the main attractions of the MTN Festival at Montecasino – which offers 45 days of entertainment, events and festivals.
Whether you like your Sauvignon Blanc grassy, dry, crispy or a touch tart, but always downright delicious, you will have every opportunity to sample the country's finest wines at this fun festival. The event will showcase 76 of South Africa's top Sauvignon Blanc wines, and names like Glen Carlou, Bouchard Finlayson, Mulderbosch and Klein Constantia, to mention just a few of the top wine estates, are participating. A number of wine estates will take the opportunity to showcase their new-season whites.
There is lots to look forward to, including fabulous food and great entertainment.
And what better way to celebrate the arrival of spring than by sipping delicious South African Sauvignon Blanc wines and spending some time with friends?
The event takes place at the Pivot Piazza at Montecasino, where visitors can enjoy the sounds of the Graeme Watkins Project (Saturday 1 September at 14h00) and the Muses (Sunday 2 September at 13h00), both providing groovy tunes that you can sip along to.
Session times of the Spring Sauvignon Blanc Festival are: Friday 31 August from 18h00 to 21h00; Saturday 1 September from 12h00 to 20h00; and Sunday 2 September from 12h00 to 16h00. Tickets cost R120 per person, either through the Montecasino Box Office or through Computicket. Your fee includes a wine-tasting glass.
Visit www.montecasino.co.za or the official MTN Facebook Festival page, wwwfacebook.com/montecasino.
Category: Food & Wine


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On Thanksgiving night the New York Jets were apparently in a very giving mood as they had five total giveaways and gave up 49 points in losing to the New England Patriots by 30. The win would give Bill Belichick his 200th career coaching victory, which had to be somewhat sweeter against the rival Jets.
First Quarter:
The New York Jets won the toss and deferred until the second half. Muhammad Wilkerson wrapped up Tom Brady on first play causing an intentional grounding call. The Patriots went three and out, but on Jets first play Dont'a Hightower sacked Mark Sanchez. The Jets also punted and Patriots drove down to give Stephen Gostkowski a 39-yard attempt that he missed. Shonn Greene ran to get the Jets to the 47 yard line after the miss. Then Sanchez found Jeff Cumberland for a first down to the 35 yard line. Greene rushed for three more then caught a pass for six. Bilal Powell ran for four more and a first down, but then Sanchez was intercepted by Steve Gregory. The Jets defense had a couple of nice plays when LaRon Landry batted down as pass intended for Wes Welker and Bart Scott lowered the boom on Stevan Ridley.
Second Quarter:
Brady hit Welker in the front corner of end zone for a touchdown as Ellis Lankster didn't concentrate his coverage on Welker for the entire route. Joe McKnight returned the kickoff to the 34 yard line then it was the Bilal Powell show, running for four, then a pass play for a first down. Then Powell ran for five more, another two, then enough for a first down. Powell ran for three more, then Jeff Cumberland on a pass play for five, and Powell got one more, but Greene was stopped. Greene fumbled the ball over the line and Gregory recovered for Patriots. Brady found Shane Vereen open along sideline and he proceeded to outpace Bart Scott and the rest of the defense for an 83-yard touchdown. Sanchez found Clyde Gates on a slant for first down, then the comedy of errors began. Vince Wilfork pushed Brandon Moore back into Mark Sanchez on a busted play, Sanchez fumbled and Gregory ran it in for another touchdown. On the kickoff return McKnight was hit and fumbled into the air and waiting arms of Julian Edelman who ran it in for yet another score in less than a minute. Later in the quarter, Brady lofted a nice pass to Edelman who beat Landry and scored to put the Patriots up 35-0. The Jets salvaged something before the half with a 32-yard Nick Folk field goal.
Third Quarter:
Muhammad Wilkerson returned after going out mid-way into second quarter. On an end around Landry separated the ball from Edelman and Eric Smith recovered. The Jets drove and went for it on fourth and goal only to be stopped at the one yard line. On the next play, Ridley was called for a chop block on Demario Davis in the end zone that resulted in a safety for the Jets. After the free kick the drive got started with a big pass play to Cumberland for 39 yards. Then Bilal Powell for 14 yards more after he ran over his would-be tackler around the first down line. They would get to eight yard line on a slant pass to Jeremy Kerley. Powell capped it with a four yard touchdown run after a defensive holding penalty on the Patriots.
Fourth Quarter:
On the subsequent Patriots drive that started in the third quarter, the Patriots scored when Brady was able to sneak it across on second and goal. Sanchez found Schilens on a nice pass play that Alfonzo Dennard knocked out and Rob Ninkovich recovered. Brady completed a pass to Welker inside the ten yard line, then Ridley ran it in untouched for the score. With under four minutes left in the game the Jets got the ball back and drove for a final score that started with a long pass play to Kerley in the middle of the field. Several plays later the touchdown pass went to Dustin Keller in the back of the end zone.
During the second quarter the tryptophan from eating turkey apparently kicked in for the Jets as they would go from being down seven to down 32 by halftime. The only hope at this point is winning out the remaining five games and with some luck hoping other bubble teams lose to give the Jets any tiebreakers. Its very doubtful that that will occur so it's time to give younger players and other reserves more playing time to see who can contribute next season.Tags: Bart Scott, Bilal Powell, Bill Belichick, Eric Smith, Football, Jeremy Kerley, Joe McKnight, Julian Edelman, LaRon Landry, Mark Sanchez, Muhammad Wilkerson, New York, New York Jets, NFL, Steve Gregory