'@param time: The value of the object.
@type time: (time|str)
@param adjusted: Adjust for I{local} Timezone.
@type adjusted: boolean
@raise ValueError: When I{time} is invalid.'

def __init__(self, time, adjusted=True):

    self.tz = Timezone()
    if isinstance(time, dt.time):
        self.time = time
        return
    if isinstance(time, basestring):
        self.time = self.__parse(time)
        if adjusted:
            self.__adjust()
        return
    raise ValueError, type(time)
