DOCSLIB.ORG

Series 2003 Crocker

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Series 2003 Crocker NEW ISSUE - BOOK-ENTRY ONLY RATING: MOODY'S: "Aaa" (See "RA TING" herein) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation. Special Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming certain representations and compliance with certain covenants and requirements described herein. the portion of each Installment Payment constituting interest (and original issue discount) is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and c01porations. In the fi1rther opinion of Special Counsel, the portion of each Installment Payment constituting interest (and original issue discount) is exempt from State of California personal income tax. In addition, the difference benveen the issue price of a Certificate (the first price at which a substantial amount of the Certificates of a maturityis to be sold to the public) and the stated redemption price at maturity with respect to the Certificate constitutes original issue discount. See "TAX MATTERS" herein with respect to certain tax'consequences with respect to the Certificates. The City has designated the Certificates as "bank qualified" under the provisions of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. $5,680,000 CITY OF LOS BANOS REVENUE REFUNDING CERTIFICATES OF PARTICIPATION (1993 SEWER SYSTEM PROJECT)SERIES 2003 Dated: Date of Delivery Due: December 1, as shown below The Certificates arc being sold to refinance certain sewer facilities for the City of Los Banos, to fund a reserve fund and to pay certain delivery costs. The Certificates are being executed and delivered in fully registered form and when executed and delivered will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Individual purchases will be made in principal amounts of$5,000 and integral multiples thereof and will be in book-entry fonn only. Purchasers of the Certificates will not receive certificates representing their beneficial ownership in the Certificates but will receive credit balances on the books of their respective nominees. Interest represented by the Certificates, which will be payable on each June I and December 1, commencing June 1, 2004, and the principal thereof are payable by the Trustee to Cede & Co., and such interest and principal payments and premium, if any, are to be disbursed to the beneficial owners ofthe Certificates through their nominees. The Certificatesare subject to optional and extraordinary prepayment as more fully described herein. The Certificates are payable from Installment Payments payable by the City pursuant to the Installment Purchase Agreement, dated as of October 1, 2003, by and between the City and the Los Banos Public Financing Authority and amounts on deposit in certain funds and accounts established by the Trust Agreement, dated as of October 1, 2003, by and among the City, the Authority and BNY Western Trust Company, as Trustee. The obligation of the City to make Installment Payments under the Installment Purchase Agreement is a special obligation of the City payable solely from Net Revenues of the City Sewer System and is payable from such Net Revenues on a parity with the 1997 Installment Payments outstanding in the aggregate principal amount of $3,545,000. The scheduled payment of principal of and interest with respect to the Certificateswhen due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Certificatesby Federal Guaranty Insurance Company. Financial Guaranty lnsunmcc -IC •FG Company The obligation of the City to pay Installment Payments does not constitute an obligation of the City forwhich the City is obligated to levy or pledge any form of taxation or for which the City has levied or pledged any formof taxation. The obligation of the City to pay Installment Payments under the Installment Purchase Agreement does not constitute a debt of the City, the State of California or any political subdivision thereof in contravention of any constitutional or statutory debt limitation or restriction. THIS COVER PAGE CONTAINS CERTAIN INFORMATIONFOR REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. MATURITY SCHEDULE Maturity Principal Interest Price or Maturity Principal Interest Price or (December I) Amount Rate Yield (December I) Amount Rate Yield 2004 $275,000 2.50% 101.434% 2012 $350,000 3.60% 99.237% 2005 290,000 2.50 102.400 2013 360,000 3.80 99.175 2006 300,000 2.50 102.654 2014 375,000 3.90 99.113 2007 305,000 2.50 101.927 2015 390,000 4.00 99.056 2008 315,000 2.50 100.707 2016 405,000 4.10 99.002 2009 320,000 2.60 99.446 2017 425,000 4.20 98.953 2010 330,000 2.90 99.369 2018 440,000 4.30 98.907 2011 340,000 3.30 99.301 2019 460,000 4.40 98.864 The Certificatesare offeredwhen, as, and ifdelivered and received by the U11de1writer, subject to the approval as to the validityof the Installment Purchase Agreement by Stradling Yocca Carlson & Rauth, a Professional Corporation, Special Counsel, and certain other conditions. Certain legal matters will be passed upon for the Undenvriter by its counsel Ballard Spahr Andrews & Ingersol/, LLP, Salt Lake City, Utah, for the City and the Authorityby the CityAttorney, for the Insurer by its counsel and for the Trustee by its counsel. It is anticipated that the Certificates will be available for deliverythrough the facilities of The Depository Trust Company, on or about November 19, 2003. CROCKERSECURITIES LLC Dated: November 6, 2003 :.! ;: C E I V E Li 03 DEC -2 AH 11 : 2 7 CALlFOi'.<hli!, DEBT 1\DVISOR Y COMMISSION CITY OF LOS BANOS CITY COUNCIL Michael S. Amabile, Mayor Kevin Hudak, Mayor Pro Tern Richard Gerbi, Council Member Mike McAdam, Council Member Nikki Smith, Council Member CITY STAFF Stephen J. Rath, City Manager Lucy Mallonee, City Clerk Melinda J. Wall, City Treasurer SPECIAL COUNSEL Stradling Y occa Carlson & Rauth, a ProfessionalCorporation Newport Beach, California TRUSTEE BNY WesternTrust Company Los Angeles, California FINANCIALADVISOR Public Finance Resources Walnut Creek, California VERIFICATION AGENT Grant Thornton,LLP Minneapolis, Minnesota No dealer, broker, salesperson or other person has been authorized by the Authority, the City or theUnderwriter to give anyinformation or to make any representations other than those contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawfulfor such person to make such offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the Bonds. Statements contained in this Official Statement which involve estimates, projections, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as a representation of facts. The information and expressions of opinion herein are subject to change without notice, and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the information or opinions set forth herein or in the affairs of the Authority or the City since the date hereof. This Official Statement, including any supplement or amendment hereto, is intended to be deposited with one or more repositories. The Underwriterhas provided the following sentence forinclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws applied to the facts and circumstances of this transaction, but the Underwriter does not guaranteethe accuracy or completeness of such information. IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS THAT STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT LEVELS ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANYTIME. Other than with respect to information concerning Financial Guaranty Insurance Company (the "Insurer") contained under the caption "Bond Insurance" and Appendix F - "SPECIMEN MUNICIPAL BOND INSURANCE POLICY" herein, none of the information in this Official Statement has been supplied or verified by the Insurer and the Insurer makes no representation or warranty, express or implied, as to (i) the accuracy or completeness of such information; (ii) the validity of the Certificates; or (iii) the tax exempt status of the interest with respect to the Certificates. Certain statements included or incorporated by reference in this Official Statement constitute "forward-looking statements." Such statements are generally identifiable by the terminology used, such as "plan," "expect," "estimate," "budget" or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance
Load more

Recommended publications
  • Neuberger Berman/New Jersey Custom Investment Fund II (“NB/NJ Custom Fund II”)
    Agenda Item 5a CHRIS CHRISTIE DEPARTMENT OF THE TREASURY Governor DIVISION OF INVESTMENT P.O. BOX 290 KIM GUADAGNO TRENTON, NJ 08625-0290 ANDREW P. SIDAMON-ERISTOFF Lt. Governor State Treasurer January 20, 2012 MEMORANDUM TO: The State Investment Council FROM: Timothy Walsh Director SUBJECT: Proposed Investment in Neuberger Berman/New Jersey Custom Investment Fund II (“NB/NJ Custom Fund II”) The New Jersey Division of Investment (“Division”) is proposing an investment of $200 million in Neuberger Berman/New Jersey Custom Investment Fund II (“NB/NJ Custom Fund II”). This memorandum is presented to the State Investment Council (the “Council”) pursuant to N.J.A.C. 17:16- 69.9. As part of NJDOI’s separate account mandate to achieve attractive risk adjusted returns while promoting economic benefits within the State of New Jersey and Northeast region, staff and SIS are recommending a commitment to NB/NJ Custom Fund II. A report of the Investment Policy Committee (“IPC”) summarizing the details of the proposed investment is attached. Division Staff and its private equity consultant, Strategic Investment Solutions, undertook extensive due diligence on the proposed investment in accordance with the Division’s Alternative Investment Due Diligence Procedures. As part of its due diligence process, staff determined that the fund has not engaged a third-party solicitor (a "placement agent") in connection with New Jersey’s potential investment. We will work with representatives of the Division of Law and outside counsel to review and negotiate specific terms of the legal documents to govern the investment. In addition, the proposed investment must comply with the Council’s regulation governing political contributions (N.J.A.C.
    [Show full text]
  • Capital Markets
    U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets OCTOBER 2017 U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Capital Markets Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Brian Smith and Amyn Moolji, and included contributions from Chloe Cabot, John Dolan, Rebekah Goshorn, Alexander Jackson, W. Moses Kim, John McGrail, Mark Nelson, Peter Nickoloff, Bill Pelton, Fred Pietrangeli, Frank Ragusa, Jessica Renier, Lori Santamorena, Christopher Siderys, James Sonne, Nicholas Steele, Mark Uyeda, and Darren Vieira. iii A Financial System That Creates Economic Opportunities • Capital Markets Table of Contents Executive Summary 1 Introduction 3 Scope of This Report 3 Review of the Process for This Report 4 The U.S. Capital Markets 4 Summary of Issues and Recommendations 6 Capital Markets Overview 11 Introduction 13 Key Asset Classes 13 Key Regulators 18 Access to Capital 19 Overview and Regulatory Landscape 21 Issues and Recommendations 25 Equity Market Structure 47 Overview and Regulatory Landscape 49 Issues and Recommendations 59 The Treasury Market 69 Overview and Regulatory Landscape 71 Issues and Recommendations 79
    [Show full text]
  • SRGL 2011 Information Statement
    Scottish Re Group Limited P.O. Box HM 2939 Crown House, Second Floor 4 Par-la-Ville Road Hamilton HM 08, Bermuda May 11, 2011 Dear Scottish Re Group Limited Shareholder: You are cordially invited to attend the Extraordinary General Meeting of Shareholders of Scottish Re Group Limited (the “Company”), to be held at the Fairmont Hamilton Princess Hotel, 76 Pitts Bay Road, Pembroke HM 11 Bermuda HM CX, on June 8, 2011, at 9:00 a.m., Bermuda time. The enclosed Notice of Extraordinary General Meeting of Shareholders to be held on June 8, 2011 (the “Notice”) and information statement describe fully the formal business to be transacted at the Extraordinary General Meeting. At this important meeting, you will be asked to consider and vote upon proposals (i) to approve, authorize and adopt the Agreement and Plan of Merger, dated as of April 15, 2011 (as amended or supplemented, the “Merger Agreement”), by and among the Company, SGRL Acquisition, LDC (“SRGL LDC”), Benton Street Partners I, L.P. (“Benton I”), Benton Street Partners II, L.P. (“Benton II”), Benton Street Partners III, L.P. (“Benton III” and, together with Benton I and Benton II, “Benton”) and SRGL Benton Ltd. (“Merger Sub”) and the plan of merger referred to in Section 233(3) of the Companies Law (2010 Revision), as amended (the “Plan of Merger”), and the merger contemplated thereby, (ii) to make certain amendments to the Company’s Amended and Restated Articles of Association (amended and restated by Special Resolutions passed on March 2, 2007) (the “Proposed Amendments”) and (iii) to approve and adopt certain resolutions relating to the foregoing proposals (the “Resolutions”).
    [Show full text]
  • The-Cypress-Of-Charlotte-2019 0.Pdf
    DISCLOSURE STATEMENT (Information Booklet) THE CYPRESS of Charlotte 3442 Cypress Club Drive Charlotte, North Carolina 28210 (704) 714-5500 June 1, 2019 THE CYPRESS OF CHARLOTTE MUST DELIVER A DISCLOSURE STATEMENT TO A PROSPECTIVE MEMBER PRIOR TO OR AT THE TIME A PROSPECTIVE MEMBER EXECUTES A MEMBERSHIP AGREEMENT (RESIDENCY AGREEMENT) TO PROVIDE CONTINUING CARE, OR PRIOR TO OR AT THE TIME A PROSPECTIVE MEMBER TRANSFERS ANY MONEY OR OTHER PROPERTY TO THE CYPRESS OF CHARLOTTE, WHICHEVER OCCURS FIRST. THE CYPRESS OF CHARLOTTE, LIKE ALL OTHER CONTINUING CARE FACILITIES IN THE STATE OF NORTH CAROLINA, IS SUBJECT TO AN ARTICLE CONCERNING REGISTRATION AND DISCLOSURE BY CONTINUING CARE FACILITIES (THE "ARTICLE"). REGISTRATION UNDER THE ARTICLE DOES NOT CONSTITUTE APPROVAL, RECOMMENDATION, OR ENDORSEMENT OF THE CYPRESS OF CHARLOTTE BY THE DEPARTMENT OF INSURANCE OR THE STATE OF NORTH CAROLINA, NOR DOES SUCH REGISTRATION EVIDENCE THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THIS DISCLOSURE STATEMENT. Unless earlier revised, The Cypress intends for this Disclosure Statement to remain effective until October 28, 2020. 816211 TABLE OF CONTENTS Page Introduction .................................................................................................................... 4 I. THE PEOPLE Overview ............................................................................................................ 5 The Cypress Group, LLC ................................................................................... 5 The Cypress of Charlotte,
    [Show full text]
  • The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective
    City University of New York (CUNY) CUNY Academic Works Publications and Research Queens College 2009 The Rise of Private Equity Media Ownership in the United States: A Public Interest Perspective Matthew Crain CUNY Queens College How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/qc_pubs/171 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] International Journal of Communication 2 (2009), 208-239 1932-8036/20090208 The Rise of Private Equity Media Ownership in the United States: ▫ A Public Interest Perspective MATTHEW CRAIN University of Illinois, Urbana-Champaign This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of the challenges posed by private equity to effective media regulation and comparison of private equity and corporate media ownership models. The media sector in the United States is deeply and historically rooted in the capitalist system of private ownership. The structures and demands of private ownership foundationally influence the management and operation of media firms, which must necessarily serve the ultimate end of profitability within such a system.
    [Show full text]
  • Investment Committee Memorandum NB PA Co-Investment Fund LP
    Investment Committee Memorandum NB PA Co-investment Fund LP Private Equity Asset Class February 25, 2020 Page 1 PA SERS Private Equity Investment Recommendation Investment Recommendation SERS’ Investment Office Staff recommend that the State Employees’ Retirement System Investment Committee, subject to further legal due diligence, interview Neuberger Berman Alternative Advisors, LLC (“Neuberger Berman”, “NB” or the “Firm”) at the February 25, 2020 Investment Committee Meeting to consider a potential investment of up to $200 million to a separately managed account named the NB PA Co-investment Fund LP (“the SMA”, or the “Partnership”). SERS has not previously held an investing relationship with Neuberger Berman. As this SMA has been directly negotiated to have a custom investment mandate for SERS, it is a fund of one and the proposed commitment will be the fund size. Furthermore, there is no firm closing schedule, but SERS has agreed to target completing legal due diligence and closing by June 30, 2020 should approval be attained. Investment Rationale Staff identified NB PA Co-investment Fund as a strong candidate for SERS’ capital commitment as it offers: ➢ SMA strategy represents meaningful step forward in achieving funding objectives set out in PPMAIRC report; ➢ Bespoke co-investment solution crafted to satisfy numerous SERS objectives; ➢ Partnership with a top performing co-investment intermediary; ➢ High level of coverage with SERS’ existing core PE managers determined by cross checking Neuberger Berman track record and reference calls with SERS’ PE managers. SERS will benefit from joining with Neuberger Berman’s existing capacity, relationship history and negotiating power; ➢ Extendibility of partnership to other parts of Neuberger Berman’s platform including secondaries and private credit.
    [Show full text]
  • Falcons Acquisition Corp
    FOR IMMEDIATE RELEASE Investor Group to Acquire Financial Guaranty Insurance Company for $2.16 Billion from General Electric Capital Corporation New York, NY, August 4, 2003 -- An investor group consisting of The PMI Group, Inc. (“PMI”), The Blackstone Group (“Blackstone”), The Cypress Group (“Cypress”) and CIVC Partners L.P. (“CIVC”), collectively the “Investor Group,” announced today that it has signed a definitive agreement to acquire Financial Guaranty Insurance Company (“FGIC”) from General Electric Capital Corporation (“GE”) in a transaction valued at approximately $2.16 billion. FGIC is a leading triple-A rated monoline bond insurer with approximately $202 billion of insured par outstanding. FGIC provides financial guaranty policies for public finance and structured finance obligations issued by clients in both the public and private sectors. Financial guaranty insurance policies written by FGIC generally guaranty payment when due of the principal and interest on the guaranteed obligation. On completion of the transaction, FGIC will operate as an independent company. PMI will be the largest shareholder in FGIC with 42% ownership. Blackstone and Cypress will each own 23%. CIVC will own 7% of the new company and GE will maintain approximately a 5% stake. The purchase price will be funded with approximately $1.44 billion of equity, $225 million of senior debt, $235 million of mandatorily convertible participating preferred equity held by GE and a pre- closing dividend of approximately $260 million. In highlighting the growth plan for FGIC, the Investor Group noted that the Company will continue to be a leading participant in its core municipal bond market business and that FGIC’s strong platform will be the base for expansion into markets it does not currently serve, including certain areas of the municipal bond market, the structured finance market, and the international bond markets.
    [Show full text]
  • Restaurant Finance Monitorr
    R RESTAURANT FINANCE MONITOR Volume 31, Number 6 • Restaurant Finance Monitor, 2808 Anthony Lane South, Minneapolis, MN 55418 • ISSN #1061-382X June 18, 2020 OUTLOOK Digital Hospitality Mark Your Calendar Hospitality as we know it has taken on a new meaning. Restaurant Finance & Development Conference Satisfying guests no longer means extended physical November 9-11, 2020 • The Wynn, Las Vegas interaction. QSR operators have made money running 100% of their business through the drive-thru lane. Casual RFDC involves months of planning and that’s what dining and fast casual operators have taken orders digitally we’re doing—planning to hold the 31st annual event and delivered meals curbside or through third-party sources. on November 9-11 at the Wynn Hotel in Las Vegas. During the height of the pandemic, it was their only sales Attendee registration will open on July 15 and we’ll give channel. you plenty of time to decide for yourself whether you Digital ordering, menu optimization, loyalty, drive-thru wish to travel to Las Vegas for the conference. speed and execution isn’t the hospitality we were taught in Meeting room capacity restrictions at Las Vegas hotels Restaurant 101. But, it’s the future. are expected to be lifted between now and November, Dining rooms are reopening, but for many operators however, our intention is to lower the capacity this that’s not a positive thing. Fewer employees means higher year to help attendees feel more comfortable. We productivity. Labor may become more plentiful from all have a large amount of convention space contracted the layoffs, but the government’s generous unemployment at the Wynn and we’re working with them to comply benefits means wage rates will remain high.
    [Show full text]
  • Milken Institute Global Conference from Theappstore Orgoogleplay
    MISSION STATEMENT Our mission is to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health. We do this through independent, data-driven research, action-oriented meetings, and meaningful policy initiatives. 1250 Fourth Street 1101 New York Avenue NW, Suite 620 137 Market Street #10-02 Santa Monica, CA 90401 Washington, DC 20005 Singapore 048943 Phone: 310-570-4600 Phone: 202-336-8900 Phone: 65-9457-0212 #MIGLOBAL AGENDA | LOS ANGELES | APRIL 28 - MAY 1 E-mail: [email protected] • www.milkeninstitute.org download the Global Conference mobileapp download theGlobalConference descriptions and up-to-date programming information, information, descriptions andup-to-dateprogramming AT YOUR FINGER TIPS YOUR AT To find complete speaker biographies, panel findcompletespeakerbiographies, panel To SEE: requests andconnectwithparticipants requests CONNECT: speaker biographies,andvenuemaps Milken Institute Global Conference Global Institute Milken from the App Store orGooglePlay. theAppStore from CUSTOMIZE: the full agenda, panel descriptions, the fullagenda,paneldescriptions, and personalschedule opt-in to make meeting opt-in tomakemeeting your profile your profile MIGlobal WILSHIRE BOULEVARD WILSHIRE ENTRANCE 11 12 13 14 15 16 SALES & CATERING WELLNESS GARDEN CORPORATE EVENTS 21 CA WILSHIRE GARDEN TERRACE LOBBY EXECUTIVE GIFT SHOP BAR 17 18 19 20 OFFICES 4 Networking Areas 8 PAVILION LOUNGE VALET 22 7 5 Pavilion Lounge 9 6 Lobby Bar 10 Wilshire Garden Circa 55 (Lower Level)
    [Show full text]
  • The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective▫
    International Journal of Communication 3 (2009), 208-239 1932-8036/20090208 The Rise of Private Equity Media Ownership in the United States: ▫ A Public Interest Perspective MATTHEW CRAIN University of Illinois, Urbana-Champaign This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of the challenges posed by private equity to effective media regulation and comparison of private equity and corporate media ownership models. The media sector in the United States is deeply and historically rooted in the capitalist system of private ownership. The structures and demands of private ownership foundationally influence the management and operation of media firms, which must necessarily serve the ultimate end of profitability within such a system. The staggering levels of concentration and corporatization in media ownership in the United States are well documented and the resulting threats to media institutions’ conventional public interest obligations have been outlined in detail (Arsenault & Castells, 2008; Bagdikian, 1983, 2004; McChesney, 1999, 2004). Hypercommercialism, decreasing localism, lack of diversity, and disempowered and ineffectual journalism are among the most severe social symptoms of the corporate media system.
    [Show full text]
  • In a Year Dominated by Private Equity Deals, No Firm Fared Better Than Simpson Thacher
    Private Equity November 2006 www.americanlawyer.com MMarket MMakers In a year dominated by private equity deals, no firm fared better than Simpson Thacher. That’s the reward for three decades of sharp lawyering and intense client focus. Here’s how they built a juggernaut. By Amy Kolz Simpson Thacher & Bartlett just had the kind of summer that private equity lawyers dream about. The New York firm’s two top private equity clients, Kohlberg Kravis Roberts & Co. and The Blackstone Group, were on a dealmaking binge, and Simpson was at the center of the action. The deal that caught everyone’s attention was the $33 billion leveraged buyout of hospital operator HCA Inc., announced at the end of July. It would finally break the record of RJR Nabisco Inc.’s $31 billion buyout in 1989. And Simpson, which advised KKR on RJR 17 years before, had the coveted role of representing the private equity consortium. But that’s just the beginning. The New York–based firm worked on KKR’s multibillion-dollar purchases of stakes in Royal Philips Electronics N.V.’s semiconductor unit and France Telecom’s yellow-pages publisher, both announced within ten days of HCA. And it advised Blackstone on a triple-header in June: the $8.9 billion buyout of Trizec Properties, Inc., and Trizec Canada Inc., the $4.3 billion purchase of Travelport Inc., and the $870 million acquisition of Encore Medical Corporation. Of course, it’s been a good year for many in private equity. Leveraged buyouts totaling $209 billion were announced in the first eight months of 2006, accounting for 24 percent of all merger activity, according to Thomson Financial.
    [Show full text]
  • Power Revenue Refunding Bonds Series SS
    NEW ISSUES – BOOK-ENTRY ONLY $993,450,000 Puerto Rico Electric Power Authority $509,520,000 Power Revenue Bonds, Series RR $483,930,000 Power Revenue Refunding Bonds, Series SS The Power Revenue Bonds, Series RR (the “Series RR Bonds”) and the Power Revenue Refunding Bonds, Series SS (the “Series SS Bonds” and, together with the Series RR Bonds, the “Bonds”) of Puerto Rico Electric Power Authority (the “Authority”) are being issued pursuant to a Trust Agreement, dated as of January 1, 1974, as amended, between the Authority and U.S. Bank Trust National Association, New York, New York, successor trustee (the “1974 Agreement”). The Bonds, the outstanding bonds previously issued under the 1974 Agreement and any additional bonds that the Authority may from time to time issue under the 1974 Agreement are payable solely from the net revenues of the Authority’s electric generating, transmission and distribution system. The Bonds will have the following characteristics: • The Bonds will be dated their date of delivery. • The Bonds will be registered under the book-entry only system of The Depository Trust Company (“DTC”). Purchasers of the Bonds will not receive certificates evidencing the Bonds. • Interest on the Bonds will be payable on January 1, 2006 and on each January 1 and July 1 thereafter. • The Bonds will be subject to redemption, commencing on July 1, 2015, as described herein. • The inside cover page contains information concerning the maturity schedule, interest rates and yields of the Bonds. • The scheduled payment of principal of and interest on some of the Bonds will be insured by CDC IXIS Financial Guaranty North America, Inc., Financial Guaranty Insurance Company, Financial Security Assurance Inc., MBIA Insurance Corporation, or XL Capital Assurance Inc., as indicated on the inside cover page of this Official Statement.
    [Show full text]