text:
History of Galicia
caption=|
The Iberian Peninsula has been inhabited for at least 500,000 years, first by Neanderthals and then by modern humans.
:"Main article Prehistoric Galicia".
Megalithic culture
Galicia, northern Portugal, Asturias, western León, and Zamora formed a single megalithic area since the Neolithic and Chalcolithic (also called Copper Age) Ages, around 4500 - 1500 B.C.E.
thumb|left|200px|Vimianzo.]
This was the first great culture to appear in Galicia and was characterized by its surprising capacity for construction and architecture. This was combined with deep sense of religion, based on the cult of the dead, the mediators between man and the gods.
Many historians Fact|date=February 2007 believe that Megalithic culture had two sources: an oriental source that was predominant in the Mediterranean area, and one in the Atlantic, which originated north of the Tagus River. The latter, because of its geographical proximity to Galicia, would explain the abundant traces of megalithic culture in this area. That this should be the first great culture also meant that it constituted one of the basic pillars that was to endow Galicia's cultural personality.
From this era there remain thousands of dolmens ("mámoas"), a type of tomb or sepulchre, throughout the entire territory. From its social organization it has been confirmed that it corresponded to some type of clan structure.
The introduction of bronze-working techniques introduced a new cultural stage, when the new importance of metals resulted in intense mining activity. Some historians Fact|date=February 2007 attribute the boom in this sector to the extremely dry and warm climate of the time which revealed, due to erosion it caused, the mining richness of the North.
The towns of the Castilian plateau moved to Galicia, thus increasing the population, because its position near the Atlantic Ocean gave it a very humid climate.
The increase in population caused certain conflicts, but also led to increased mining and heavy production of weapons, useful objects, and ornamental objects of gold and bronze. Pieces of jewellery crafted from Galician metals circulated throughout all of the Peninsula and Europe.
Celtic Gallaecia
:"Main article Celtic Gallaecia".According to the first-century geographer Strabo, the settlers resided on the north of the river Douro were known by the name of Kallaikoi; later the name Kallaikoi was translated into Latin as Gallaeci, Callaeci or Gallaicoi.
Prior to the Roman conquest of Gallaecia, the tribe was generally called the Gallaicoi, formed as local name ("gentilice") respect to the root "gall", meaning Celt or Gaul, in general. That name was applied to all the associated tribes of this ethnic group, beginning with the classical transalpine Gauls.From a historical point of view, little can be deduced from the clues we can gather, aside from what is stated in the "Leabhar Gabhala". Archaeological testimony indicates that towards the 7th to 5th centuries B.C., cultural influences pertaining to the Hallstatt Celtic culture began to arrive in Galicia and the north of Portugal. Together with other elements identified as coming from Eastern Mediterranean as well as those surviving from the previous culture (known as the Atlantic Bronze Age, surely carried out by Brythonic Celts, Brigantini, Albions was some of their tribal names) dominant in Galicia, they all ended up in the creation of a new fusion culture made up of these portions, which is known as Cultura Castrexa, name that alludes to the main type of towns that were built, called hillforts, that the Romans named castros ("dùn", "dùin" — or "don" —; in the Gallaic language).
The knowledge that we have today about the society of the hillforts is very limited; if we followed what the Roman historians said, the Galicians were a reunion of barbarians who spent the day fighting and the night eating, drinking and dancing to the moon. But today it seems absolutely clear that the last five centuries B.C.E. they developed an aristocratic and even perhaps a feudal social model. The division of the country — into "concelhos", concept similar to the counties of the islands or Romania — seems to be based on this class of social organization. Also, the structure based on hillforts, seems to be associated to a fortified occupation of the territory, resemblance to the one of the Central European classic Celtic habitat. On the other hand, this kind of territorial occupation was likely associated to the attraction that mineral wealth provoked that was in a similar way, as a certain class of gold fever. Anyway, it is also clear that the interest of the Romans for this region was mainly related to its gold mines.
When Iberia was involved in the Punic Wars between the Carthaginians and the Romans, the strategic alliance that they maintained with the Phoenicians enabled Hannibal to recruit many Gallegans. When the Romans finally undertook the conquest of Iberia, the "Gallaicoi" faced them in 137 B.C. in the battle at the river Douro that resulted in a great Roman victory against 60,000 Galicians, by who the Roman general, proconsul Decimus Iunius Brutus, turned to Rome as a hero, receiving the name of Gallaicus, according to the historian Paulus Orosius.
Roman Gallaecia
:"Main article Gallaecia".Junius Brutus' military campaigns scored further victories in the south of modern Portugal, before going on to the north. The tribe of the Gallaicoi, faced the Roman forces in 137 BCE in a battle at the river Douro, which resulted in a great Roman victory.
At the end of Brutus' campaigns, Rome controlled the territory between the Douro and Minho rivers plus probable extensions along the coast and in the interior. The Second Invasion, of 61 BCE, landed at Brigantium (A Coruña), under the command of Julius Caesar.
The evidence suggests that the resistance of the Gaedels against the Romans ended here; from now on, they would be enlisted massively as auxiliaries of the Roman legions, fulfilling destinies sometimes completely separate from Galicia, as far as Thrace and Dacia. It has been estimated Fact|date=February 2007 that of the total of Roman auxiliary troops coming from Iberia, more than a third belonged to tribes of the peninsular northwest.
The final extinction of Celtic resistance was the aim of the violent and ruthless Cantabrian Wars fought under the emperor Octavian from 26 to 19 BCE. The resistance was appalling: collective suicide rather than surrender, mothers who killed their children before committing suicide, crucified prisoners of war who sang triumphant hymns, rebellions of captives who killed their guards and returned home from Gaul.
In the 3rd century, Diocletian created an administrative division which included the "conventus" of Gallaecia, Asturica and perhaps Cluniense. This province took the name of Gallaecia since Gallaecia was the most populous and important zone within the province. In 409, as Roman control collapsed, the Suebi conquests transformed Roman Gallaecia (convents Lucense and Bracarense) into the kingdom of Gallaecia (the "Galliciense Regnum" recorded by Hydatius and Gregory of Tours).
Medieval Galicia
uebi Kingdom
:"Related articles: Suebi, Suebic Kingdom of Galicia".In the year 411, Galicia fell to the Suebi, who formed a kingdom of their own.
The number of the original Suebic invaders is estimated as fewer than 30,000 people, settled mainly in the urbanized zones of Braga (Bracara Augusta), Porto, Lugo (Lucus Augusta) and Astorga (Asturica Augusta). Bracara Augusta, the modern city of Braga, became the capital of the Suebi, as it was previously the capital of the Gallaecia Roman province. Suebic Gallaecia was larger than the modern region: it extended south to the river Douro and to Ávila in the east.
The Suebic kingdom in Gallaecia lasted from 410 to 584 and seems to have enjoyed relatively stable government for most of that time. Historians like José António Lopes Silva, the translator of Idatius' chronicles, the primary written source for the 5th century, finds that the essential temper of Galician culture was established in the blending of Ibero-Roman culture with that of the Suebi.
There were occasional clashes with the Visigoths, who arrived in the Iberian Peninsula in 416 and came to dominate most of the peninsula, but the Suebi maintained their independence until 584, when the Visigothic King Leovigild, invaded the Suebic kingdom and finally defeated it, bringing it under Visigoth control.
Richard Fletcher (Fletcher 1984) points out that in Late Antiquity Galicia was still very much a part of the Roman and Mediterranean world. He instances the Galician nun Egeria's account of her pilgrimage to the Holy Land, 381–4 and the journey of the young Idatius, though living "at the uttermost limit of the world", who had met Jerome in the East; his chronicle shows that he remained aware of the affairs of the eastern Mediterranean and refers to travellers from the east coming to Galicia. As bishop Idatius travelled to Gaul on an embassy to Aetius, 431–2. Miro, king of the Suevi, had diplomatic relations with fellow barbarian kings in Neustria and Burgundy, but also with the emperors in Constantinople. Martin of Braga the distinguished 6th century bishop, was a native of Pannonia. The Visigothic king Leovigild impounded the ships of Gaulish merchants in Galicia. At Lorenzana, the fine sarcophagus that received at a later date the mortal remains of count Osorio Gutiérrez,was probably an import from southern Gaul in the 7th century, Fletcher notes. And one of the coins in the Bordeaux hoard deposited about 700 was struck at a Galician mint, suggesting possible trade connections.
Visigothic Kingdom
With the Catholicization of the Visigothic kings, the Catholic bishops increased in power, until, at the synod held at Toledo in 633, they took upon themselves the nobles' right to select a king from among the royal family.
Rodrigo,the last elected king, was betrayed by Julian, count of Ceuta, who called for the Umayyad Muslims (or Moors) to enter Hispania. During the battle of Guadalete in 711, king Rodrigo lost his life. His left wing turned against him, as it was led by bishop Oppas, a collaborator with the Moors and a member of a rival royal faction. By the end of the battle the whole kingdom fell, and the throne was left empty, for the Moors did not allow the Oppas' faction to regain it. One of the few survivors was Pelayo, a noble in charge of the royal guard ("Comes Spatharius").
The kingdom of Asturias and Moorish Iberia
:"Main articles: Kingdom of Asturias, Al-Andalus."This marked the beginning of the Muslim conquest of Hispania in which most of peninsula came under Islamic rule by 718. The Moorish advance was aided by the native population. This rapid conquest can be understood as a continuation of the civil wars that had afflicted the peninsula for centuries, as well as the Moors following the Islamic command to gain converts by force.
Pelayo is credited with beginning the Christian "Reconquista" of Iberia in 718, when he defeated the Umayyads in the Battle of Covadonga, and established the Kingdom of Asturias in the northern part of the peninsula.
The north of Iberia (the former duchy of Gallaecia) even if conquered, were not the most ideal place for the Moors, who just sent a military force and collected taxes, and as with the Romans, not bothering the Astures and Cantabri. But by the late 710's Al-Andalus suffered of revolts. The Berbers did not like the lands they were given and were repressed by the emiral forces in several battles until the rebellion stopped, but then the Berbers turned against the Astures, claiming higher taxes and setting punishment patrols against their villages. This forced the Astures to start a guerrilla war. During the Moorish invasion of Spain, the Moors briefly occupied Galicia until they were driven out in 739 by Alfonso I of Asturias. The kingdom was known as Kingdom of Asturias until 924, when it became the Kingdom of León.
During the ninth and tenth centuries, the counts of Galicia owed fluctuating obedience to their nominal sovereign, and Normans/Vikings occasionally raided the coasts. The Towers of Catoira [http://www.catoira.net See "Catoira History" "(in Spanish)"] (Pontevedra) were built as a system of fortifications to stop Viking raids of Santiago de Compostela.
Constant rivalry between the Kingdom of León and the Kingdom of Castile opened rifts that could be exploited by outsiders, and Sancho III "the Great" of Navarre (1004–1035) absorbed Castile in the 1020s, and added León in the last year of his life, leaving Galicia to temporary independence. In the division of lands which followed his death, his son Fernando succeeded to the county of Castile. Two years later, in 1037, he conquered León and Galicia. In 1065, Ferdinand I of Castile and León divided his kingdom among his sons. Galicia was allotted to Garcia II of Galicia.
Kingdom of Galicia and Portugal
The Kingdom of Galicia and Portugal was formed in 1065 after the County of Portugal declared independence following the death of Ferdinand I of León of Castile-Leon. The Count of Portugal, Nuno Mendes, took advantage of the internal tension caused by the civil war between Ferdinand's sons to finally break off and declare himself an independent ruler. However, in 1071 king Garcia II defeated and killed him at the battle of Pedroso, and annexed his territory, adding the title of "King of Portugal" to his previous ones. In 1072, King Garcia II himself was defeated by his brother Sancho II of Castile and fled. In that same year, after Sancho's murder Alfonso VI became king of Castile and León; he imprisoned Garcia for life, proclaiming himself "King of Galicia and Portugal" as well, thus reuniting his father's realm. From that time Galicia remained part of the kingdom of Castile and León, although under differing degrees of self-government.
In 1095, Portugal separated almost definitely from the Kingdom of Galicia, both under the rule of the Kingdom of León, just like Castile (Burgos). Its territories consisting largely of mountain, moorland and forest, were bounded on the north by the Minho, on the south by the Mondego.
antiago and Galicia
The translation of Saint James relics to Galicia in the northwest of Iberia was affected, in legend, by a series of miraculous happenings: decapitated in Jerusalem with a sword by Herod Agrippa himself, his body was taken up by angels, and sailed in a rudderless, unattended boat to Iria Flavia in Spain, where a massive rock closed around his relics at Compostela. The "Historia Compostellana" provides a summary of the legend of St. James as it was believed at Compostela in the 12th century. Two propositions are central to it: first, that St. James preached the gospel in Spain as well as in the Holy Land; second, that after his martyrdom at the hands of Herod Agrippa I his disciples carried his body by sea to Spain, where they landed at Padrón on the coast of Galicia, and took it inland for burial at Santiago de Compostela.
An even later tradition states that he miraculously appeared to fight for the Christian army during the battle of Clavijo during the Reconquista, and was henceforth called "Matamoros" (Moor-slayer). "Santiago y cierra España" ("St James and strike for Spain") has been the traditional battle cry of Spanish armies.
:"St. James the Moorslayer, one of the most valiant saints and knights the world ever had … has been given by God to Spain for its patron and protection."
— Cervantes, "Don Quixote".
The possibility that a cult of James was instituted to supplant the Galician cult of Priscillian (executed in 385) who was widely venerated across the north of Spain as a martyr to the bishops rather than as a heretic should not be overlooked.
Contemporary Galicia
Galician nationalist and federalist movements arose in the nineteenth century, and after the Second Spanish Republic was declared in 1931, Galicia became an autonomous region following a referendum.
Socialists and anarchists attempted a coup d'état on 6 October 1934 in Asturias and Catalonia. That day Catalan politician Lluís Companys i Jover proclaimed Catalonia a free and independent republic. Miners in Asturias revolted, occupying Oviedo, leading to the death of about 40 people. The attempt of rebels to seize the government offices in Madrid was defeated and it's been thought that the most severe fighting occurred in Catalonia and Galicia. By the middle of October, however, the revolt had been completely suppressed by General Francisco Franco. This uprising and its suppression divided the nation.
During the 1936–75 dictatorship of General Francisco Franco, a Galician from Ferrol, Galicia's autonomy statute was annulled (as were those of Catalonia and the Basque provinces). The Franco regime also suppressed any official promotion of the Galician language (although its everyday use was never proscribed). During the last decade of Franco's rule, there was a renewal of nationalist sentiment in Galicia.
Following the transition to democracy following Franco's death in 1975, Galicia regained its status as an autonomous region within Spain. Varying degrees of nationalist or separatist sentiment are evident at the political level. The only nationalist party of any electoral significance, the "Bloque Nacionalista Galego" or BNG, advocates greater autonomy from the Spanish state, and the preservation of Galician heritage and culture. Other factions advocate total independence from Spain, while some smaller groupings aspire to integrate with Portugal and the Portuguese-speaking world. However, the nationalist parties have hitherto obtained only minority electoral support at election time.
From 1990 to 2005, the region's government and parliament, the Xunta de Galicia was presided over by the "Partido Popular" ('People's Party', Spain's main national conservative party) under Manuel Fraga, a former minister and ambassador under the Franco regime. However, in the 2005 Galician elections, the People's Party lost its overall majority, while just remaining the largest party in the parliament.
In the event, power passed to a coalition between the "Partido Socialista de Galicia" (PSdeG) ('Galician Socialist Party'), a regional sister-party of Spain's main socialist party, the "Partido Socialista Obrero Español" ('Spanish Socialist Workers Party') and the BNG. As the senior partner in the new coalition, the PSdeG nominated its leader, Emilio Perez Touriño, to serve as Galicia's new president.
* Timeline of Galician History
* Suebi
*R. A. Fletcher, 1984. "Saint James's Catapult: The Life and Times of Diego Gelmírez of Santiago de Compostela" (Oxford University Press). Chapter 1 "Galicia" offers a brief synopsis of sub-Roman Galicia to the 11th century. ( [http://libro.uca.edu/sjc/sjc1.htm on-line text] )
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I had not been to Aldi for long while, and having revisited one of its branches recently, I was surprised to find posh cuts from posh bovines. Aberdeen Angus and Wagyu? Goodness, Aldi has gone rather upmarket: it's certainly more upmarket than the local Sainsbury's and on par with Marks & Spencer, as far as the beef selection goes.
While there are numerous supermarkets within reasonable walking distance from my flat, I wish I lived near Aldi and Lidl. Tooting is the closest place I know where I can find these two supermarkets practically next to each other (well, opposite each other, to be more accurate, across the street). Throw in Iceland and a good few other food retailers and market stalls in the mix. Their prices are cheap, and I probably would save more than the return bus fare if I were to do a few days' worth of food shopping, but it is the matter of time that would prevent me from making regular trips. It is a tempting thought though.


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Readers and Sunglasses Feature Artwork of Artist Corrine Hunt
For Immediate Release – July 9, 2009
North Vancouver, B.C. – Claudia Alan Inc. recently launched an inspired collection of readers and sunglasses showcasing the work of First Nations artist Corrine Hunt. The AYA Accessories collection includes high quality ready-to-wear reading glasses (retailing from $39 – $60), sunglasses (retailing at $35), embossed cases and cleaning cloths. The line is available at fine retailers across Canada and at www.claudiaalan.com.
The elegant, yet stylish look of the AYA sunglasses and readers are sure to start conversations wherever they are worn. The line created and designed by Carla D'Angelo, Founder and President of Claudia Alan, features original artwork by Hunt. Said D'Angelo: "We are the first company to infuse traditional First Nations art with contemporary eyewear accessories, and that is very exciting for us." She added: "Working with Corrine was very inspiring, I am a huge fan of her work and I think consumers will love these readers and sunglasses."
The new AYA line follows fresh on the heels of the successful second season launch of the company's Pink Ribbon Readers in October 2008.
True to Claudia Alan's approach to contributing to its community, $2 from the sale of every pair of AYA eyewear supports ONEXONE First Nations Nutritious School Breakfast Program. "It is truly a wonderful honour to be associated with such a passionate and caring company," said Joelle Adler, Founder of ONEXONE. "At ONEXONE we believe in helping children one by one as well as the power of each individual to make a difference and nowhere is this more apparent than in the partnership we've developed with Claudia Alan/AYA Accessories."
The AYA Accessories collection is composed of ready-to-wear reading glasses and sunglasses. The collection focuses on wearable art, featuring Native art in a range of designs found on four styles of reading glasses (two are specifically designed for women and two are unisex), available in weak (1.50), medium (2.00) and strong (2.50). AYA sunglasses come in three highly fashionable and unique styles – two for women and one for men. The optical line of frames is set to debut in the fall of 2009.
For more information, please contact Paul Holman of AHA Creative Strategies at 604-303-1052 or at paul@ahacreative.com.

redpajama_set_name: RedPajamaCommonCrawl


Oftentimes, after a bankruptcy plan is confirmed and becomes effective, distressed debt investors' interest wanes and less eyeballs are focused on the case. Even after the bankruptcy changes from 2005, bankruptcies take a LONG time to be 100% completed. This is because, in most cases, claims have to be sorted and sifted through, checked-out and vetted, to see what the actual payout to various stake-holders will eventually be. I have, in the past, gotten checks for bankruptcies that occurred ten years ago.
In distressed parlance, a stub generally means a piece of an escrow or hold back that will receive a distribution depending on certain outcomes in case. Simply put: Either there are more assets to be distributed (due to litigation proceeds, insurance, refunds, default interest, etc) or less claims (due to some claimants doubling up, fraudulent claims, excessive claims, etc). There are many many cases like this - some that frankly I haven't even heard of. To those on the buy side, I have found Gleacher and Imperial to have the best listing of stubs (and if you know of anyone else that does a good job, please end me an email). A lot of these are amazing illiquid and probably have not traded in years. But they are out there ready to be studied and analyzed with potential for profit (Author Note: If you transact in these securities, make sure you have good counsel reviewing the docs & possibly purchase agreement, less you get left holding a worthless piece of paper not entitled to distributions).
To be frank, stub analysis is difficult. And it is oftentimes tedious and requires some guess-work as it relates to litigation recoveries and the amount of claims that will eventually be allowed. But that creates massive profit opportunities as these securities trades for, in many cases 0.5-2 bond points.
Some of the more liquid stubs traded institutionally include GGP, SSCC, Charter, Capmark, Chrysler CarCo, and GM (MTLQU - which someone just wrote up on the DDIC) just to name a few. One of the most well known stubs to distressed debt investors are the Adelphia stubs. You'll remember Adelphia filed for bankruptcy 10 years ago this past Monday (10 years goes by way to fast...June 25, 2002).
The Adelphia Recovery Trust (the "ART") was formed as a Delaware statutory trust pursuant to that certain First Modified Fifth Amended Joint Chapter 11 Plan of Reorganization (the "Plan") of Adelphia Communications Corporation ("Adelphia" or "ACC") and certain of its subsidiaries (collectively the "Debtor"). The purpose of the ART is to prosecute the various causes of action transferred to the ART pursuant to the Plan (the "Causes of Action") and distribute to the owners (the "Holders") of the interests in the ART ("Interests") the net proceeds of such Causes of Action ("Distributions"), according to the relative priorities established pursuant to the Plan, subject to the retention of various amounts to fund the prosecution of those Causes of Action and operations of the ART. Pursuant to the Plan, in addition to the Causes of Action, Adelphia transferred $25 million in cash to the ART, in connection with its formation, in order to fund the initial expenses of operation.
Basically the goal of the trust is to sue third parties for damages as it holds litigation claims against these parties. In this case, these parties include FPL, Prestige, and Goldman Sachs (and others which can be found in the 10-K: Adelphia Trust 10K). You can see the actual settlement press release here: Adelphia Settlement with Buchanan Ingersoll & Rooney. The trust is set to unwind on December 31st, 2014 unless its extended by the bankruptcy court. While you may think its a positive to just have this thing run forever, there are operating expense here: $3M in 2011 for G&A expenses. It's a balance between extend and probability of winning versus the cost of maintaining the trust.
The value of each security in Adelphia is set by a formula which can be found on Page 21 of the 10K (this changes based on who has been paid out). Take ACC-1 for instance which trades in the market as ADPAS (ACC-1 claims pool). These were Senior Notes issued out of ACC back in the day. There are $4,839,988,165M of interest. Let's say, after all is aid and done, the trust ends with $100M and the formula is the same (right now they have $47M on the balance sheet + $20M coming in from Buchanan). At that level, according to page 21, ACC-1 receives 42.73% of proceeds which equates to a price of 0.0088 cents. Right now the market is .005-.01 so fairly close to market expectations.
If you were VERY bullish on more litigation recoveries coming in faster AND less money going out the door for some nuances in this case you'd be buyers of this security. How would you get there? You'd make a lot of calls and do a lot of legal leg work reading briefs, working with outside counsel probably, etc. Not much valuation work here: It's really dialing for information and pounding the phone to get insight on the probabilities of damage awards and Adelphia Trust winning. Aggregating that is tough but you can get an edge there. And these stubs (again generally) have little to no correlation with the market which makes them enticing to the distressed debt community.
I plan on doing a lot more stub posts in the future. And my offer still stands: Stub ideas for the application for the Distressed Debt Investors Club are looked up very favorably - they require a lot of work and synthesis and knowledge of docs - the perfect candidate to add value to our community.
Over the last few months I have started to make and effort to meet some members of the distressed debt community that I have not yet cross paths. I have met some amazing, incredibly smart people.
For those that do not know, a few years ago I started a Distressed Debt Investing group on Linked In. It is great to see how fast the group has grown. Unlike other distressed groups on LinkedIn, this one is solely focused on corporate securities (trade claims ok), and I do my best to keep typical CRE / Real Estate spam out of the discussions. I know quite a few people who have used the resource to find jobs, team up to form committees, and generate great ideas for a fairly treacherous marketplace.
If you'd like to join our ranks of 4500+, please visit the group here: Distressed Debt Investing Linked In Group.
I am short CMEDY stock.
I will be honest: This is one of the weirdest situations I have ever been involved in. But instead of offering opinions or commentary on my thinking behind my position, I want to lay out facts related to the case and hopefully bring a little clarity to the situation.
CMEDY has two convertible notes outstanding: 6.25% of 2016 and 4% of 2013. CUSIPs are 169483AE4 and 169483AC8 respectively. They are in default due to missed coupons.
As you can see, both converts are trading at distressed levels.
"The Company has failed and refused to communicate with the Petitioner with respect to the events of default or the amounts now due and owing under the Notes. As noted above, the Company failed to respond to the Petitioner's notices of defaults and of acceleration. The Petitioner sent a copy of the 2 March Notice to the Company's counsel as identified in the 6.25% lndenture, in response to which the Petitioner received a letter advising that such counsel no longer represented the Company in any matters. Additionally, the Company and its counsel did not respond to email communications from counsel to the Petitioner.
Petitioner is advised that counsel to the 6.25% Notehoìders and the 4% Noteholders (together, the "Noteholders") has been unsuccessful in its efforts to engage with the Company regarding the events of default.
CMEDY stock has been on a tear in the last week. Here is the YTD chart.
The movement has been driven from from a 13D filed by AER Advisors, Inc ("AER"). which listed that along Peter Deutsch and William Deutsch, wine magnates, they owned 36.95% of the company. That filing was amended today to note that the group now owns 42.01% of the company. I will note that in neither filings was a detailed transaction history listed.
On May 7th, 2012, AER Advisors filed a 13G/A, that did not include the Deutsch's, but did list that they owned 6,833,873 shares. The 13D filed last week (June 12th) noted AER owned 11,923,452 shares.
The total shares traded in this time is 5,767,094. The change in AER/Deutsch ownership is 5,089,579. If there were no insider transactions (i.e. AER/Deutsch buying directly from management), they would have represented 88.2% of the volume of the stock in this period.
AER Advisors, Inc SEC FORM ADV can be found here: AER Advisors, Inc Form ADV. Their adviser brochure can be found here: AER Advisors Brochure.
Tom Steffanci is also the name of the President of W.J. Deutsch & Sons, Ltd, owned by William and Peter Deutsch, who, if you remember, was party to the AER 13D filed above.
They are obviously different people. From some sleuthing, I believe they are father and son.
Now, I do not know if this actually means anything. I just wanted to point it out to people that may not have caught it.
CMEDY is party to an class action complain, stemming from claims of fraudulent disclosures. You can find the docket here for those that have Pacer.
As always, WEB was well ahead of his time. Much work and study from behavioral finance/economics, like that of Daniel Kahneman, had discusses the effects anchoring has on each of us. If we see a stock price before valuing the company, we will unconsciously fix our valuation near the actual price.
I can feel the bias in stocks that are easily dismissed. For instance, the for profit education sector screens amazing well (i.e. I guess the stock price substantially higher than the actual trading level). This is similar to some of the stocks spit out by Joel Greenblatt's Magic Formula.
I equate the exercise to deliberate practice, a concept that is somewhat difficult to point to a true exercise for investing.
The actual price: $57.61. Ticker: SYNT. Another company I've never heard of before: From their website "Syntel is a leading global provider of integrated information technology and Knowledge Process Outsourcing (KPO) solutions spanning the entire lifecycle of business and information systems and processes. The Company leverages dedicated Centers of Excellence, a flexible Global Delivery Model, and a strong track record of building collaborative client partnerships to create sustainable business advantage for Global 2000 organizations."
I do not think I have ever paid, or will ever pay 25x FCF for a company but I know lots of people that do. So SYNT might not be one for me to allocate capital to.
Good luck! If you think you need more information, drop it in the comments and I'll respond accordingly.
Distressed Debt Investing is back from vacation.
Over the past few weeks, I have received a number of hedge fund letters from managers large and small. Like I have done in past posts, I think drawing out some of the most salient or interesting takeaways is good exercise for the enterprising investor (while not discussing specific fund performance). Unfortunately, I cannot send a lot of these out as they are water-marked in some capacity. If you have any other letters that I may have missed, please send them my way to hunter [at] distressed-debt-investing [dot] com.
...In summary, we are encouraged both by the current portfolio and our pipeline of opportunities. As of December 31, 2011, there were over 100 companies with approximately $400 billion debt outstanding with average gross leverage of greater than 9.0x in our pipeline. Approximately 80% of these companies are in the middle market space. While we see opportunities across many sectors, the largest focus is within power and energy, retail and consumer products, and media-related companies."
Given the timing of the letter, the hedging strategy looks amazing prescient. Personally, I allocated very little to the high yield / leveraged loan space from March - May as investors were "yield crazy" and deals that were marginal at best were coming to market from marginal dealers. This dynamic has changed significantly in just a few weeks with a number of high yield deals being pulled and terms being tightened up and IRRs improved fairly dramatically in the sell off of high yield. The last paragraph of Avenue's, which discusses, the up coming distressed opportunity set is mighty exciting.
"The fact that this strong rally has been spurred by government policy--low interest rates forcing investors into risky instruments in search of yield--makes it riskier still. Government interventions in markets can be ephemeral, subject to the vicissitudes of politics, and at the mercy of market action that can force the government's hand. The government is winking to investors that the coast is clear, that speculation should commence and will be rewarded. That is the kind of message that only a short-term trader can love. In a sense, investors are once again treating all news as good. Signs of strength are greeted with exuberant rallies. Signs of weakness are met with a few days of decline, followed by yet another rally as investors anticipate further government intervention.
We will not be tempted into making investments based on such absurdly short-term thinking, which sadly still dominate wall Street."
I have written in the past to friends and colleagues that an ECB Bond, QE 4, 5, 6, or an aggressive China FE isn't a viable investment strategy. While I may give up short term performance in a government fueled rally, the longer the can is kicked down the road (i.e. the more risks investors are taking), the more pain will be felt on the other side.
Larry Robbins' Glenview Capital's 1Q letter to investor is as usual full of goodies. It goes on to talk about the long hospital thesis Larry Robbins presented at the most recent Ira Sohn. Before that though, Robbins discusses the current "macro vs micro" argument quite prevalent in any discussion you have a with another buy-side analyst these days.
"While the market often debates about the two ends of the barbell – will Europe recover or implode – we think that a sound portfolio strategy needs to also take into account the option that economies in countries with bloated sovereign balance sheets and imbalanced income statements may limp along, wounded, for an extended period of time. As such, we are seeking strong alpha opportunities by owning companies which are high in quality, low in valuation, and supported by both intermediate term liquidity and strong free cash flow, while maintaining market hedges in those companies and equities that are less well positioned along each attribute."
Love it. I think if I was focused on running an equity book, the combination of a Tiger like approach of getting long the best companies in an industry that sport reasonable valuations and short the weakest, fundamentally broken companies, with an overlay of tail-risk portfolio hedges makes a lot of sense in this environment.
"The Japanese Yen finally showed some weakness, falling more than 7% during the quarter to Y82.79 per dollar. Several times during the past couple of years, we've though the Yen was on the verge of weakening, only to be proven wrong. While the long-term fundamentals of Japan's economy has not improved, the Yen has nonetheless continued to strengthen, to the point where many Japanese corporations can no long compete effectively. Last year, Panasonic, Sharp, NEC and Mazda all lost money. Industrial Japan is hurting and the country is no longer running a trade surplus. Politicians have taken note and are calling for a lower Yen and an end to deflation. The Bank of Japan (BOJ) has largely dragged its feet, but not it might have to capitulate. The mood at the BOJ is changing and, more importantly, so is the makeup of its Board. Within the next year, five of the nine governors, including the Chairman and both Deputy Chairmen, will be replaced. Two of those seats are currently vacant, and the Japanese legislature has already rejected one candidate because he was deemed unlikely to push for aggressive action to weaken the Yen. The Partnership remains positioned to benefit from a weakening Yen."
In previous reports it been suggested that, similar to Kyle Bass, Greenlight is expecting much higher interest rates in Japan along with being short the Yen. The thesis is well developed and the new make-up of the BOJ board could be the catalyst that moves the trade. I have heard everything from 10x10 swaps, swaptions, and long calls on interest rates as ways to express the trade, but I am sure there are more technical ways to maximize leverage while keeping carry costs low.
Third Point's 1Q letter has been out for some time. It is, as usual, a fantastic read. The discussion on tail risk was the most enlightening to me, especially the idea of betting long term Aussie rates would fall in a China slow down.
"First, since 2009, we have maintained a basket of "tail" trades, usually amounting to about 50-100 basis points of protection. We try to cushion the portfolio against various tail event risks including a war in the Middle East, EU sovereign defaults, contagion from Eastern Europe peripheral countries' stress, Japanese fiscal weakness, the sustainability of China's pace of growth, pressure on the Fed's control over rates and its balance sheet, and a global growth slowdown. We structure these trades in a variety of warys including via commodities, currencies, rates, swaps, puts and calls. This "tail risk" portfolio has remained fairly steady in overall size since its inception, and we expect it to remain roughly in this range indefinitely. The key is that these positions should provide some insurance when and if we most need it, with limited costs in the (hoped for) event that the worst never materializes."
Just fantastic stuff. The examples he goes on to list are brilliant (again the Aussie rates falling if China slows down) and a clear example of second derivative thinking. I.E. a less developed would be just to short China, but that is expensive with non optimal upside / downside characteristics. A friend commented to me that Dan Loeb could be the best manager out there these days given the breadth his bringing to the portfolio including mortgage related activities, distressed, event driven, macro-hedging, etc.
Finally, Bill Ackman's Pershing Square's 1Q letter was released this week. I am currently reading The Alpha Masters (I'll be doing a thorough review soon). Coincidentally I finished the Ackman chapter on the subway today. Simply amazing - especially the part about contacting Seth Klarman when he was at HBS back in the day. So far I'd highly recommend the book.
Ackman leads off the letter with his discussion of time arbitrage, an issue we've covered on the blog in the past.
"In our investment approach, we wait for the opportunity to purchase a great business at a highly discounted valuation, when investors overreact to negative macro or company-specific events. This is the time arbitrage part of the strategy. Our time frame for value realization is long term so we don't typically react to short-term factors that have little impact on long-term, intrinsic values. While the opportunity to take advantage of time arbitrage is a competitive advantage for Pershing Square, it is a limited one because there are other investors who share our longer-term horizon.
Our greatest competitive advantage is the ability to buy a stake in a company with the ability to intervene in the decision making, strategy, management, or structure of the business. We are one of the few investors in the world who can implement this approach at large corporations, which gives us an enormous long-term competitive advantage."
"We have begun to build a large stake in a business that meets our high standards for business quality at a low valuation. We have also added an equity short position to the portfolio. We look forward to sharing our thinking about each of these investments when appropriate."
While its hard to get a sense of what name he is shorting, I was thinking of candidates for the long investment. The name I keep coming back to is Walgreen's (WAG) which I am very very long and continue to get longer. The handling of the ESRX issue has been horrendous, they own a solid real estate portfolio (Ackman has gravitated to these), the stock has gone no where in 10 years, and their board owns basically no shares. At $26B of market cap, it might be too big though. Other names that pop up in my head are Safeway (serial under-performer, real estate ownership, lots of cash flow), Avon Products, and Sysco.
We will have to wait to see. If you have thoughts, I'd love to hear them.
Given the market volatility in the past 6 weeks, it seems that the defensive positioning of some of the funds mentioned above will pay off. As usual, with a little blood in the water, it's getting more and more fun out there.
"Berkshire, which has for several years held in excess of 50% of ResCap's outstanding unsecured bonds and in excess of 40% of ResCap's junior secured bonds, has a significant stake in the outcome of these cases. As one of ResCap's largest non-insider unsecured creditors, Berkshire agrees with the Official Committee of Unsecured Creditors ("UCC") that an investigation is necessary into the Debtors' prepetition transactions with Ally and its affiliates, and the settlements underlying the reorganization plan that the Debtors now seek to confirm on a highly abbreviated schedule."
Following this item (embedded below), Ted Weschler, one of the investment manager's Warren Buffett tapped to run Berkshire investment portfolio declared in a declaration of support (Docket #209), reiterates the point above and notes that "With the exception of less than approximately one percent of the face amount of Berkshire's holdings of junior secured bonds, Berkshire purchased its holdings of the unsecured and junior secured ResCap bonds more than two years ago."
Ted Weschler has tremendous experience in bankruptcy as the former chairman of the Equity Committee in W.R. Grace. It is good to see him getting involved in distressed debt again.
"Here, the Debtors' first-day pleadings and public securities filings reveal dozens of transactions with Ally and its affiliates involving billions of dollars of asset transfers and intercompany financing—transactions whose net effect was to transfer a substantial share of ResCap's operating assets to its parent. The Debtors now seek to release Ally from any claims arising from these transactions, even while they admit that the Debtors possess valid claims against Ally, including for fraudulent transfer, equitable subordination, and alter ego. An examiner should determine whether this proposed release is fair to the Debtors and all their stakeholders."
The Berkshire motion stands in contrast with the Unsecured Creditor's Committee (UCC) of Rescap that has filed a Rule 2004 motion, or a motion for discovery. Examiners and discovery are different animals. For instance, and again from the Berkshire motion: "this Court can empower the examiner to access the Debtors' communications with their counsel and other advisors. An examiner therefore can review critical documents and other information that are not available to the UCC."
This is a great read. Enjoy!
I have covered Patriot Coal, in one form or another, since their spin-off from Peabody in 2007. My more mean spirited friends and colleagues like to remind me how I got long the stock in late 2008 in the mid-teens only to see it fall to a price ~$3. I held on, added to the position, and eventually sold out in early 2010 (luckily). Since then, I have not established a position across the capital structure.
When Patriot Coal first announced a new bank deal to refinance their convertible notes due 2013, I began to look under the hood at the situation given the attractive terms that the new deal was being marketed. I had a few inbound suggestions that the best play here was to short the converts on the deal falling apart. The trade made a lot of sense: very little downside of 1-1.5 points, with big upside if the deal did indeed fall apart. Unfortunately I was a tad late to the game and there was no borrow.
And then the deal fell apart and the converts proceeded to drop 40+ points, now trading in the low 60s from a price of 98/99.
Coal has a rich history in distressed "war stories." Many people point to the success Wilbur Ross had building ICO which was eventually sold to Arch Coal at the absolute top of the met coal market since the crisis. And now analysts are sharpening their pencils again with sentiment caused by the PCX news sending ripples throughout the prices of capital structures across the space, with specific names such as James River and Xinergy, as well as the majors (moreso in the equities).
...or some sort of the combination of the above 5.
It is my contention that sometime in the next few years Patriot Coal has to file for bankruptcy to deal with the massive post-retirement health benefits they carry on their balance sheet which will be a significant drain on cash flow for the foreseeable future: $1.386B of accrued postretirement benefit costs as of the most recent 10Q with approximately 80-100M of cash payments each year. Further, as of the most recent 10K, a 50 bps drop in the discount rate for postretirement health benefits is a $92M swing. The 10K discount rate of 5.1% which will most surely go lower and push the legacy liability higher.
The problem of course for the converts: The legacy liabilities are at the guarantor subsidiaries and the converts are issued at the holding company with no opco guarantees. A good assumption in a Chapter 11 filing is that there will be a large rejection claim for the post retirement health benefits which will, at a high level of confidence, donut the converts.
In the interim then, Patriot can push off the filing (kick can down the road?) with some sort of exchange / refinancing. With the TOUSA decision so recent in everyone's mind, would bank lenders or other new providers of credit (second lien) chance the risk of lending to a potentially insolvent company and be at the bottom of the heap in a few years. Therefore I think option 2 is a possibility but there are technical hurdles to get there - I also have to think that the consortium invoked the MAC given the news that one of PCX's largest met customers is facing a default.
There is no doubt that PCX's asset value comes from their met assets. Some of their mines are better than others in terms of coal quality (vol). A lot of their met assets are leased reserves which hampers value realization potential. They could sell one or more mines, use the cash on the balance sheet (over $100M at holdco), and possibly issue equity to refinance the converts.
Options 3 and 4 seem the most plausible, technically feasible options outside of bankruptcy. In a conversion to equity, the convertible note holders would end up owning the lion share of the equity. I would also lop in a possible case, where Peabody, and possibly selling Australian thermal assets to a China, injects equity into Patriot, gets some ownership (non consolidated stake) and removes the risk of damages of the $150M in black lung damages disclosed in BTU's 10K (if PCX doesn't pay them) and any other damages that may flow to BTU in a PCX bankruptcy.
Debt for Equity Exchange: 15%: 75 - probably the hardest to figure out...i.e. what kind of market cap does this thing have, what's dilution of current equity, etc.
for an expected value of right around 53 versus a market price in the low 60s. I think the largest delta between my valuation and the markets is I am more pessimistic on a refinancing into a senior / opco security based on fraudulent transfer issues. I am not a buyer of bonds at these levels though realize they could be par when I wake up tomorrow. The risk of permanent capital loss is just too high.
From a management incentives perspective, new CEO, Irl Engelhardt, veteran in the coal industry (CEO of Peabody from 1990-2005), now owns ~650k shares after being granted 200k in his new CEO appointment. At a price of $2/share, that is $1.3M of economic interest. While not small, that is nearly 50% less than he made at Peabody in his last year. A filing here would enable him to delever the company, deal with legacy liabilities, and give him a healthy portion of the equity. Not filing in a non-dilutive exchange would not be terrible as he could extend the runway, clip a very health salary, and give himself "non-diluted" option value.
Senior note holders do not want a filing and at the same time do not want to be primed. To them the best option is either a debt for equity swap (or a BTU injection) or a like for like swap. In a bankruptcy the senior note holders would be pari with rejected legacy claims and even at a healthy multiple would be still recovering far far less than par.
Converts want to be paid off, or exchanged into a better security.
The banks do not want to fund the new facility they signed on for but also want to protect themselves from damages claims brought against them by PCX.
Equity holders are praying for an non dilutive exchange.
The unions want to not want to see a filing (reword wages - though uphill battle b/c of coal union protection).
And we haven't even talked about CAPP coal which is facing increasing costs, declining volumes on excess supply, and environmental regulation that is going to make it very hard to operate. With PCX's coal being high in sulfur content it makes the situation all the worse. A filing at PCX would allow them to lower costs to at least be competitive in a very tough market.
If you made me put on a trade here it would be long the senior notes hedged with long puts though this trade would be difficult to put on given the liquidity of the puts. In a refinancing, even one that primes, the bonds should trade up to cover loss on puts. If they file down the line, at a purchase price of 50, after a few years of coupon, your effective cost drops by 1/3 and you're puts will probably expire in the money. If they file tomorrow, the wildcard becomes the unsecured legacy claims, bonds would trade down, but you'd make it up in the puts. In a debt for equity exchange, bonds go higher, puts go higher, you win across the board.
Coal is a space we will be covering extensively as the situation plays out not just at Patriot, but across the industry. In the last few days, I've received many inbound emails on the situation. The above are summary thoughts - if you want to discuss more, email me at hunter [at] distressed-debt-investing [dot] com.


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J. Bern Jordan
A personal site about Disabilities, Accessibility, Usability, and Technology
The pressure-sensitive screen on the Apple Watch
Written by J. Bern Jordan on September 15th, 2014 . Leave a comment
A rendering of the Apple Watch by Justin14 [CC-BY-SA-4.0], via Wikimedia Commons.
Joseph Flaherty at Wired published an article today suggesting that the Apple Watch's pressure-sensitive touchscreen might be a bigger deal than the Apple Watch itself. While I'll let the market in the future determine the ultimate success of the product, I thought that Flaherty raised an interesting point with regards to the touchscreen user interface. Flaherty states that being able to sense a press with the so called "flexible Retina display" would allow for context-specific menus—much like the powerful "right-click" interaction with many computer interfaces. This could allow for a potential decluttering of the touchscreen interface because the user has a way of calling up menus that does not involve tapping on menu buttons or toolbars.
This decluttering could be useful for many, but may also be problematic for some. Context menus hide functionality, which some users may now not be able to find. In a poorly designed interface, people may have to "hard-press" many types of onscreen objects and elements to see which ones have the right hidden menu. In a well-designed interface, users would know just by looking (or convention) which onscreen elements have associated context menus.
An Accessibility Use of Pressure-sensitive Touchscreens
Having a pressure-sensitive touchscreen also allows for a very interesting and useful method of access for people who are blind and who have low vision: pressing firmly to activate an onscreen element. Currently, iOS and Android have built-in screen reading software. One way of using these respective screen readers is in an "exploration mode" where a user touches elements on the screen to have them read through text to speech. Because the system cannot different between a touch that means "what is this?" and a touch that means "activate this," a separate gesture is needed to activate the desired element one found. On VoiceOver in iOS for example, the person double taps anywhere on the screen to activate the item that was last touched. This second gesture can be somewhat awkward and involves extra motions.
With a pressure-sensing touchscreen, this "activation gesture" would be much more intuitive. Instead of having to double-tap the screen, press an Enter button, draw a circle on the screen, or any other complex gesture, the user could simply press harder. In the touchscreen exploration mode, a light or regular touch means "what am I touching?" and a firm touch would mean "activate this." This would be very powerful and intuitive to people who cannot see touchscreens well enough to read them.
pressure-sensitive
About J. Bern Jordan
Follow J. Bern on social media: Twitter
Bern is a Ph.D. candidate and researcher in accessibility, usability, user interface, and technology interested in extending usability to all people, including people with disabilities and those who are aging. He currently works at the Trace R&D Center in Biomedical Engineering at the University of Wisconsin-Madison.
All posts by J. Bern
"Happy" by Pharrell in American Sign Language
Just a click: The new reCAPTCHA API
Section 508: Flashing provision
Publication: Loop interface
Section 508: Color blindness
Visualize touches on a screen with JavaScript


Right now I would like to learn how to range read in FL poker. I want to say it's easier since where I play poker, there are a bunch of calling stations only raising when they have quality hands (at least what they believe are quality). I would like a systematic approach to doing this. To anyone who is experienced in playing small stakes FL poker, what is the average pre-flop range for a calling station? (and also nits, maniacs, etc.) I know that post-flop is just observations and I can do that on my own for the most part and narrow hands using the funneling principle.
Regarding the funneling principle, does this tactic only work in NL or can it work in all hold'em poker types?
Thanks for anyone who answers and comments.
I cannot give you specific hand ranges as all nits/calling stations/maniaks play different. You can always check the Fixed LImit articles for the TAG-strategy, although I believe it to be to tight to if you want to win at small/mid stakes.
It works in all forms of poker. But make no mistake, it is not easy in FL, especially not when up against calling stations or maniacs. Ranges are then much wider (harder to read) than in NL. Your range will be pretty wide too, so it's often trash vs trash. Best tactics is not to think very much about what they might be holding, particularly not in multi-way pots. Since they are calling stations and maniacs, figuring out their range on later streets is hard because they don't play rationally. Make few hero calls versus passive players when they wake up and make few big laydowns versus maniacs. That's about it. Then learn this from experience, not study, because it can't be "taught" - again since these games aren't rational.
Thanks for replying. It makes sense that I cannot narrow down a player's holding if they do the exact same thing every time. However, say a TAG all of a sudden becomes passive and you gather they are straightforward, and you have a weak made hand such as a middle pair, would this be an opportunity to bet or raise? Conversely if a Tight-Passive player becomes aggressive, that's something to take note and could affect my default strategy that I learned from the Basic strategy on this site. I just want to understand the game and make sure I'm on the right track in learning to be a better FL player.
Again, thanks for any comments and advice.


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Ву́лиця Ме́чникова — назва вулиць у деяких населених пунктах України.

 Вулиця Мечникова — вулиця у місті Вінниця.
 Вулиця Мечникова — вулиця у місті Дніпро.
 Вулиця Мечникова — вулиця у місті Донецьк.
 Вулиця Мечникова — вулиця у місті Запоріжжя.
 Вулиця Мечникова — вулиця у місті Київ.
 Вулиця Мечникова — вулиця у місті Кропивницькому.
 Вулиця Мечникова — вулиця у місті Луганськ.
 Вулиця Мечникова — вулиця у місті Луцьк.
 Вулиця Мечникова — вулиця у місті Львів.
 Вулиця Мечникова — вулиця у місті Одеса.
 Вулиця Мечникова — вулиця у місті Ужгород.
 Вулиця Мечникова — вулиця у місті Черкаси.
 Вулиця Мечникова — вулиця у місті Чернівці.

Вулиці в Україні
Вулиці, названі на честь людей

redpajama_set_name: RedPajamaWikipedia


10 in ONE CBSE Study Package Chemistry class 12 with 5 Sample Papers is another innovative initiative from Disha Publication. This book provides the excellent approach to Master the subject. The book has 10 key ingredients that will help you achieve success. 1. Chapter Utility Score 2. All India Board 2017 Solved Paper 3. Exhaustive theory based on the syllabus of NCERT books along with the concept maps for the bird's eye view of the chapter 4. NCERT Solutions: NCERT Exercise Questions. 5. VSA, SA & LA Questions: Sufficient Practice Questions divided into VSA, SA & LA type. Numericals are also included wherever required. 6. Past Years Questions: Past 10 year Questions of Board Exams are also included. 7. HOTS/ Exemplar/ Value based Questions: High Order Thinking Skill Based, Moral Value Based and Selective NCERT Exemplar Questions included. 8. Chapter Test: A 15 marks test of 30 min. to assess your preparation in each chapter. 9 Important Formulae, Terms and Definitions 10. Full syllabus Sample Papers - 5 papers with detailed solutions designed exactly on the latest pattern of CBSE Board.


text:
La Società Italiana per le Strade Ferrate del Mediterraneo (société italienne pour les voies ferrées de la Méditerranée), souvent appelée simplement la Mediterranea, fut constituée le  à l'initiative d'un consortium de banques, certaines étrangères, avec un rôle prépondérant de la Banca Generale de Rome. Une convention avec l'état régulait l'exploitation des voies ferrées. Le siège social se trouvait à Milan.

Notes et références

Entreprise de transport ferroviaire ayant son siège en Italie
Ancienne compagnie de chemin de fer en Italie
Entreprise fondée en 1885


Muffins Reveal Epigenetic Impact of Saturated and Polyunsaturated Fats on Our Bodies | What is Epigenetics?
Muffins – not only are they delicious, but they offer valuable insight into how different foods we eat might alter our DNA. New research that builds off of the popular "muffin study" that was published a few years ago suggests that eating a certain type of fat may actually adjust marks on your DNA and contribute to the way your body stores fat.
We often hear that saturated fat – found in butter, cheese, cream, chocolate, and sausage, for example – is bad because it doesn't build as much muscle and is more fattening than polyunsaturated fats. Oily fish, algae, nuts, and some oils like rapeseed or sunflower are common sources of polyunsaturated fats. Research is now showing that there is an underlying epigenetic mechanism at play which affects fat accumulation in areas like the liver and abdomen depending on the type of fat you consume.
Thirty nine participants in the 2014 muffin study consumed three muffins a day for seven weeks. One group ate muffins that were baked using palm oil, a saturated fat, and the other group ate muffins that were baked using sunflower oil, a polyunsaturated fat. Importantly, the muffins contained the same amount of carbohydrates and protein – the only difference was the type of fat used. Ultimately, they found that gaining weight from eating excess calories from muffins with polyunsaturated fat led to more gain in muscle mass, and less body fat than overeating a similar amount of saturated fat.
In a new study, researchers Ulf Risérus and Charlotte Ling from Uppsala University and Lund University in Sweden collaborated with the investigator of the major muffin study to assess epigenetic changes in fat tissue.
Specifically, they looked at an epigenetic mark known as DNA methylation and discovered that the epigenetic pattern of over 3,000 genes had changed as a result of the study, which showed differences in individuals that consumed polyunsaturated fat compared to saturated fat.
"We believe that the discovered epigenetic changes, depending on the type of fat they ate, could contribute to the difference in fat storage, in which saturated fat has a more negative impact," explained Charlotte Ling.
DNA methylation, the most well-known epigenetic mechanism, is defined as the addition of a methyl group onto DNA that suppresses the expression of genes, thereby impacting their function. Many environmental factors have the ability to influence the presence of this epigenetic mark and researchers continue to uncover what triggers this mechanism in numerous aspects of our lifestyle.
"It is fascinating that polyunsaturated fat seems to have completely different molecular effects compared to saturated fat; effects which in turn could potentially have an impact on both the body's fat storage and metabolism," said associate professor Ulf Risérus, who worked closely on the study.
Polyunsaturated fat was also linked to improved carbohydrate metabolism in the body. "It would now be interesting to learn whether the epigenetic effects of polyunsaturated fat could be involved in an improved carbohydrate metabolism," Ulf Risérus noted.
It's intriguing to see evidence that more and more factors have an epigenetic influence on our health. In light of these studies, we can make informed improvements in certain aspects of our lives as we strive for better health, such as eating less saturated fat or exercising more.
Source: Perfilyev, A. et al. (2017). Impact of polyunsaturated and saturated fat overfeeding on the DNA-methylation pattern in human adipose tissue: a randomized controlled trial. The American Journal of Clinical Nutrition, 105 (4): 991.
Reference: Lund University. New findings may explain the advantages of polyunsaturated fat. News and Press Releases, 8 May 2017. Web.


Arvest Blog - Arvest Bank Hires Charlotte Stratton in Harrison, Ark.
Arvest Bank Hires Charlotte Stratton in Harrison, Ark.
We're happy to have Charlotte Stratton grow her career with us in Harrison, Ark.
YELLVILLE, Ark. — Arvest Bank has hired Charlotte Stratton as a consumer and mortgage lender at the Northside branch in Harrison. Scott Tennyson, Arvest Harrison president, made the announcement today.
In her new position, Stratton will work closely with Arvest customers to find the best financial products for their needs. Previously she was the commercial closing coordinator at Waco Title Company.
Stratton, a native of Harrison, holds multiple financing and banking certifications and was a licensed mortgage broker.
Woo Hoo!!! We are happy to have Charlotte!! She's awesome!


Natural stone is a beautiful enhancement to your outdoor living but must be properly maintained to prevent wear and damage to the stone.
Ever notice spots on the stone patio around your grill, or white splotchy areas throughout your patio or walkway, commonly referred to as efflorescence? Possibly high traffic areas? These issues can all be fixed! Please call to discuss goals of improving your outdoor surfaces.


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I bought this camera "used" last year and it was in mint condition.
The Polaroid EE 100 was produced around 1977 and uses Type 100 peel-apart film which is luckily still produced by Fuji (I have some packs of the last original Polaroid black and white films produced here, too).
I haven't shown any pictures taken with this nice camera on this blog yet (you can see some on my flickr page and my Project 365 blog though), but I am going to change that soon.


Q. How much room do I need?
The stationary dances like Cha Cha & Jive require very little space but the Waltz needs more as it is a circulatory dance. Just learn the figures individually with small steps and put them together when a bigger space is available.
Q. Is this a substitute for class lessons?
No. It is additional to the classes given by dance teachers but it is available if you can't make it to a class.
Q. Will there be additional Technical information?
Yes. We are all going to input technical advice to dance better in a special area on the site.
Q. Will you be adding more figures?
Yes. Further figures will be added in more Courses for Beginner, Improver and Advanced levels.
Q. Where do I find the Bundle option?
You will be offered the Bundle on the final payments page.
Q. I've registered, what next?
Registering is simply to access the site and have an email available to us to impart information, additions and further offers, plus knowing of special events in advance of others. Now you can view the snippets of each dance and decide which to purchase.
Q. Is this suitable for people who can already dance?
Certainly. Not everyone will know all the figures used and Kevin and Joanne can be seen dancing them as they should be danced.
Q. What about music to practice to?
We have specially recorded music on the site for you to download and use for practice. More will be added periodically.
Q. Will my partner want to learn with me?
Have patience. Everything comes to those who practice. Encourage your partner and laugh as you learn.
Q. How long do the dances take to learn?
Impossible to say as everyone's different and it depends on how much you practice. Take your time or go for it, but just stick at it.
Q. Are the dances okay to learn on your own?
No problem! Learn the basic steps and be ready for dancing with a partner when the occasion arises.
Q. What are the introduction levels of dances?
most figures and combinations will be added to the Beginner level. Improved and Advanced levels are in the pipeline, to be announced soon.
Q. Am I too old to learn to dance? Don't dancers start young?
Nobody is too old. Dancing is suitable for everyone. Just choose the dances most suitable to you and learn to the level you can manage and enjoy.
Q. But I have two left feet. How can I learn to dance?
We'll make one of them right. People say if you can walk you can dance, it's just being taught properly and doing plenty of practice.
If you still can't find the answer you're looking for, then please use the form opposite to send us your question and we will get back to you with an answer!


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Q: grails - upload file in gsp (disappear after clicking cancel) I have to upload a file in my project. But when I cancel the dialog box, the previously uploaded file is disappearing. Is there a way to maintain the first chosen file even after I cancel the dialog box.
Here's my code

    Upload Audit Report *
    <input type="file" id="reportFileData" name="reportFileData" required-error="Please upload a file" class="m-b-10 card-panel" style="bottom-border: dotted 1px" pattern="^.*(xls|xlsx|doc|pdf|docx|ods|jpg|jpeg|png|XLS|XLSX|DOC|PDF|DOCX|ODS|JPG|JPEG|PNG)$" pattern-error="File must be in xls, xlsx, doc, pdf, docx, ods, jpg/ jpeg, and png format" required="" filesize="30000000" filesize-error="File must not exceed a file size of 30 MB." >

A: Unfortunately, this is not possible.  See: input type="file", clearing file after clicking cancel in chrome

*

*you can't detect when cancel is clicked

*you can't do anything about it

*different browsers handle it in different ways

redpajama_set_name: RedPajamaStackExchange


Engineering is the use of science and math to design or make things. People who do engineering are called engineers. They learn engineering at a college or university. Engineers usually design or build things. Some engineers also use their skills to solve technical problems. There are different types of engineers that design everything from computers and buildings to watches and websites.
This page was last edited on 4 September 2018, at 15:02.


The 4WD system on the R35 GT-R is electronically controlled. The front torque distribution is determined by driving conditions. ATSC corrects the front torque distribution for optimal driving.
ATSC can operate at 4 different levels. The user can easily identify the profile through the flashing LED light and select between them through the use of a switch.


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Are you ready to move New Hampshire forward? Fill out the form below and we will contact you to let you know how you can help!
Have Your Voice Heard
Moving New Hampshire forward, together.
MEET DAN
Dan, his wife Erin, and their daughters Iris and Josie live in the South End of Concord with their dogs Franklin and Roosevelt (a.k.a Rosie). Erin and Dan both grew up in working-class families. Dan's father worked at the same furniture factory for his entire adult life and his mother worked part-time jobs while also raising four kids.
More about Dan
In order to move New Hampshire forward, we cannot afford to leave anyone behind.
FIGHTING FOR NH
Dan has been fighting for the people of New Hampshire even before he began serving in the Senate. He brings nearly a decade of experience as a public interest lawyer, representing low-to-middle income people and families, seniors, survivors of domestic violence, and veterans.
Community Organizer and Policy Advocate
Dan isn't afraid to take on the tough issues facing everyday people in New Hampshire. Instead of letting politics get in the way, he finds a way to make sure no one is left behind. Dan served four years as the leader of the Housing Justice Project, during which time he fought for housing access against discrimination and took on the powerful banks to stop foreclosures.
In 2013, Dan received the NH Bar Foundation's Robert E. Kirby award which is presented to "New Hampshire attorneys 35 or younger who exhibit exceptional skill, civility and professionalism."
SEEKING COMMON GROUND
In his first term in the State Senate, Dan received numerous awards for his bipartisan work on critical issues facing Granite Staters. Through his continued bipartisan work during his time in the Senate, New Hampshire has made progress on a wide array of issues including:
Bipartisan Progress
Promoting lower energy prices and renewable energy
Protecting children from lead poisoning
Consumer protections for veterans
Affordable housing for working families and seniors
Promoting women's health care
Reauthorizing Medicaid for 50,000 low-income Granite Staters
ACCOMPLISHED LEGISLATOR
Legislator of the Year in 2016 from Housing Action NH, from Ski New Hampshire, and from New Futures for bipartisan work on the opioid crisis.
Sponsor of 2016 bipartisan legislation making New Hampshire the second state to guarantee working families a right to request workplace flexibility.
Named Early Learning Champion in both 2015 and 2016 by Early Learning NH for bipartisan work on early childhood education.
First ever Kennedy-Clinton award in 2016 from the NH Democratic Party.
Legislator of the Year awards in 2015 from the NH Homebuilders Association.
2013 recipient of the NH Bar Foundation's Robert E. Kirby Award, presented to "New Hampshire attorneys 35 or younger who exhibit exceptional skill, civility and professionalism."
Dan, his wife Erin, and their daughters Iris and Josie live in the South End of Concord with their dogs Franklin and Roosevelt (a.k.a Rosie). Erin and Dan both grew up in working-class families. Dan's father worked at the same furniture factory for his entire adult life and his mother worked part-time jobs while also raising four kids. Erin's mother worked in human resources most of her life, while her dad worked in a washing machine factory for most of his life until the factory went to Mexico.
Dan and Erin understand their parents worked hard to provide them the opportunity for a great life. In part because of their working-class upbringing, both Dan and Erin believe it is critically important to work to expand opportunity for everyone, not just the elite or well-connected few. Dan is a fighter for everyone. Above all, he believes that in order to move New Hampshire forward, we cannot afford to leave anyone behind.
Dan has a law degree from the University of Iowa, and a master's degree in Public Policy from Georgetown University, focusing on economics and energy regulation.
DAN FELTES FOR NH STATE SENATE
© 2019 Dan Feltes
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Back John Updike: Novels 1968-1975 Print
John Updike: Novels 1968-1975
Couples | Rabbit Redux | A Month of Sundays More
Edited by Christopher Carduff
This second volume in the Library of America edition of John Updike's novels collects three unforgettable books from the late 1960s and the 70s that capture the turmoil of an America undergoing heady social change on several fronts at once—sexual, social, and moral. Always a master of meticulous observation and subtle characterization, Updike turned in this period to a wider social canvas and in so doing reached new heights of critical and commercial success, including an appearance on the cover of Time magazine.
When Couples was published in 1968 it achieved instant notoriety because of its candor about the sexual revolution, then in full swing. (The Los Angeles Times called it "America's Most Explicitly Sexual Novel Ever.") Shocking, entertaining, and searingly honest about human passions and their costs, Updike's saga of the "post-Pill paradise" of the Kennedy era details the rampant, jubilant, and inevitably complicated episodes of promiscuity among a tight-knit social set in the placid, respectable town of Tarbox, an hour north of Boston. Often compared with the era's other landmark American novels about sex, Philip Roth's Portnoy's Complaint and Erica Jong's Fear of Flying, it remains a scorching good read.
The second installment in the Rabbit series, Rabbit Redux (1971), finds Updike's signature protagonist, Harry Angstrom, caught up in a whirlwind of personal tumult that mirrors—and illuminates—the upheaval of the late 60s. When his wife leaves him, Harry, now thirty-six, opens his home to Jill, a drug-addicted teenager, and her companion, Skeeter, a black Vietnam veteran and radical. Abandoning the drab rhythms and narrow conformity of his past life, Harry must confront how "we were all brought up to want things and maybe the world isn't big enough for all that wanting."
In A Month of Sundays (1975), a short tale of one man's disgrace, resonant with the concurrent unraveling of the Nixon presidency, Updike engages with Hawthorne's The Scarlet Letter in ways playful and profound. Pastor Thomas Marshfield is banished to a desert retreat after his serial adulteries have become too much for his church to tolerate. Charged by the estimable Ms. Prynne with recording his life in a diary, Marshfield offers himself to the reader as "a Christian minister, and an American" who lays bare his soul with a mixture of irony, celebration, and self-justification.
Rounding out the volume are two short pieces that shed light on the novels as well as "Couples: A Short Story," the origin of the novel of the same name, written in 1963 but deemed unsuitable for publication by The New Yorker.
Christopher Carduff, editor, is Books Editor of The Wall Street Journal. He is the editor of John Updike's posthumous collections Higher Gossip (essays and criticism), Always Looking (writings on art), Selected Poems, and Collected Stories, and of the Library of America William Maxwell edition.
Project support for this volume was provided by The Giorgi Family Foundation.
This volume is available for adoption in the Guardian of American Letters Fund.
Rabbit Redux
Foreword to "Couples: A Short Story"
Couples: A Short Story
"Special Message" to readers of the Franklin Library's signed limited edition of Rabbit Redux
ISBN: 978-1-59853-649-2 1061 pages
The Complete Novels of Philip Roth (nine volumes)
Norman Mailer: The Sixties (boxed set)
John Updike: The Collected Stories (boxed set)
John Updike: Novels 1959-1965 LOA N°311


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Garth Brooks Sings 'Amazing Grace'
Blake Shelton 'Minimum Wage'
Tyler Hubbard/Tim McGraw Song
Laine Hardy 'Swingin'' Cover
Country Music Tours 2021
RISERS: Meet Laine Hardy
Trisha Yearwood Jokes Garth Brooks 'Might Need Therapy' After Coronavirus Quarantine
Trisha Yearwood is glad that she's got her husband, Garth Brooks, by her side during the coronavirus (COVID-19) pandemic, even as she jokes that he "might need therapy" after their period of isolation is done.
Brooks and Yearwood have been isolating together during the worldwide health crisis, and she tells Entertainment Tonight in a video interview that he has been her rock.
"I live with a guy who always sees the bright side so, I think that he might need therapy once we get through this, but he has been a really wonderful source of strength for me," she states, while Brooks takes the opportunity to praise the essential workers who are still hard at work while the rest of us are locked down.
"I think I love the whole upside-down of it all because the celebrities and the idols now are not the singers or the celebrities, the idols are the people that are in the grocery stores that are working and those doctors and nurses that are on the front lines in the hospitals," he observes. "Those are the rock stars now. Love them, appreciate them, worship them. They have all of our strength in prayers."
The country couple haven't been idle during their time at home. They broadcast a TV special via CBS on April 1 titled Garth & Trisha: Live by Request!, which saw them performing fan requests from home to raise money for coronavirus relief efforts. CBS gave them the special after Brooks' weekly Inside Studio G Facebook Live show on March 23 drew such a massive audience that some fans were unable to access it.
The couple performed several special covers during the TV special, including Little Big Town's "Girl Crush," "Shallow" from A Star Is Born and the Fleetwood Mac classic "Landslide."
How He's Changed! Garth Brooks' Storied Career in Pictures:
Filed Under: Coronavirus, Garth Brooks, Trisha Yearwood
2021 Taste of Country, Townsquare Media, Inc. All rights reserved.


Certainly one of the most popular electrical wiring questions is regarding how to wire a switch. Though utilizing switches in your house is quite easy, wiring one particular may not be that simple for everyone. An ON-OFF switch is really quite simple to wire. You will discover different kinds of switches, but for this instance, let's say you will be putting in a single-pole toggle switch, a very widespread change (and the simplest).
You will discover a few shades of wires within a usual single-pole toggle switch: black, white, and green. Splice the black wire in two and join them over the terminal screws - one on prime and the other about the bottom screw in the switch. The white wire serves for a supply of uninterrupted electrical power which is ordinarily connected to your light coloured terminal screw (e.g., silver). Link the environmentally friendly wire towards the ground screw of one's switch.
These ways would normally be enough to generate a typical swap get the job done and not using a dilemma. Nonetheless, in the event you usually are not assured which you can accomplish the job correctly and properly you much better enable the professionals get it done in its place. Immediately after all, you can find a cause why this task is amongst the most common electrical wiring inquiries questioned by the majority of people.
For many reason, tips on how to wire a ceiling fan is additionally amongst by far the most common electrical wiring thoughts. To simplify this endeavor, you may use just one switch for your single ceiling fan. To wire the lover, it is simply a issue of connecting the black wire on the ceiling fan to your black wire of your swap. If there is a light, the blue wire must be linked to the black wire on the change at the same time.
You can find good reasons why these are generally one of the most commonly questioned electrical wiring issues. A single, several assume it can be basic to try and do, and two, they're the typical electrical responsibilities at home. But then you must not place your protection in danger within your purpose to save money. The stakes could even be much bigger when you seek to save cash and do an electrical wiring position with out ample awareness or knowledge.


Out of the blue an E-mail arrives from TEDx, asking me to speak on the topic of Self Esteem in the context of " What makes us, us." The mail originated in Japan, a famous Onsen City and home to the prestigious Asia Pacific University, who will be hosting the event. My first reaction was that maybe this is another of these e-mail hoaxes, as I have no contacts in Japan and had not applied to speak on TEDx. After a few e-mail exchanges it was clarified that extensive research had been conducted, my videos had been watched, on- line searches completed and TEDx wanted me to speak on the topic of Self Esteem.
Boom! After I picked myself up off the floor, the thought crossed my mind " Do I have the confidence and self esteem to speak on self esteem?" ...and in a foreign country like Japan! It was an amusing comment that I made to myself and in that same moment I decided this is where Self Management and Leadership springs into action. I said YES to life!
The next 3 months proved to be exciting, thought provoking, frustrating, stretching and beyond my imagination. Scripts had to be written, speaker teams reviewed, PR teams briefed, slides approved, video rehearsals submitted, and an eye kept firmly on the live event date.
Time was always a motivator, not only to ensure the live speech was less than the required 18 minutes, but also to meet all the deadlines of event build up whilst juggling a successful business at the same time.
1. Your talk is always about delighting the audience. Foster inspiration, learning and wonder for the audience, this is the end goal. Understand who the audience is and begin with this in mind. The talk is not about you, you are merely the instrument through which the message is shared.
2. Cultural sensitivity is a must. The Japanese concept of self esteem in a collective culture was very different to an individualistic, western, business background approach. This resulted in much debate and a softening down of some of the key lessons on Self Esteem. The ground must be fertile for the message to be heard.
3. There is never enough "time". This is true for preparation and also for presentation. The build up can be up to 4 months, which seems like an eternity, however the time passes by very quickly. Skype sessions, Script Submissions, Speaker Panel reviews, Re-scripting, all takes time, energy and effort. During this process the highs and lows of working long distance, with different cultures and barriers of communication are all part of the rich learning! Stay calm and positive with the end goal in mind.
4. Enjoy the full journey. Travelling to Japan, landing in Fukuoka, travelling by coach to Beppu, being met by TEDx guides...was an additional learning experience. No one spoke much English, and my Japanese was zero, so it was down to faith and trust that we got to be where we needed to be. A full day of rehearsals after an overnight flight with no sleep, added to the experience.
6. Enjoy the moment. 18 minutes is over in the blink of an eye. When it comes to your moment, take a deep breath and enjoy...in joy! Share your message, inspire and make a difference one person at a time. Be in the moment and simply be the best you!
Sally Forrest is an inspirational speaker, author and business leader. Based in Singapore, she is the founder of SoulCentre and SoulKids.
You have a great experience regarding Japan companies and you set a new record of it. I know essayontime.com/write-your-essay-for-you/ also working with them and they also learn many things.


We have seen that defining things is as simple as giving a name to a value using the def function. It is the same for the Clojure data structures and any other values.
Clojure uses dynamic typing, this means its trivial to mix and match different kinds of data. Here we are defining a name for a vector, which contains numbers, a string and name of another def.
You can dynamically re-define a name to points to a different value.
Hint This re-definition (or rebinding) of names to new values is typically used only during the development of your code, especially in REPL driven development.
;; The new list does have the change though.
You could therefore give the impression of mutable state by applying a function to data structure and redefining the original name to point to the resulting data structure.
Hint In practice, the ability to redifine functions and data structures live helps you develop your application quickly in the REPL.
In production you typical do not redefine functions or data structures in a live running application. That could be part of a new release of your application though.
All def names are publicly available via their namespace. As def values are immutable, then keeping things private is of less concern than languages built around Object Oriented design.
Private definitions syntax can be used to limit the access to def names to the namespace they are declared in.
To limit the scope of a def, add the :private true metadata key value pair.
The second form is syntax sugar for the first one.


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Q: Windows Azure Enterprise Account What is the difference between Windows Azure Enterprise account and normal Azure account
Enterprise account:- https://ea.windowsazure.com/
Azure:- http://www.windowsazure.com
Does interface for Subscription management and Administrator management is different in both of them?

A: I spoke with an Azure EA sales rep last week and the only difference currently (Feb 2015) is in pricing. The prices posted on the Azure site are their "rack rates". To get EA pricing, which they said would be 5%-20% cheaper, you need to agree up front to spend at least $25k for the year.

A: In addition to the price concessions that Microsoft makes for you having signed up for an Enterprise Agreement (assuming a $25,000 USD commitment), the administrative interface is slightly different.
In a typical Azure subscription, you have just that...a single Subscription. With an Enterprise Agreement, you can create numerous Accounts and within each Account you may create numerous Subscriptions. This is sometimes used for organizations that wish to use a chargeback model and issue an Account or Subscription for accounting purposes (e.g. Marketing, IT, Operations). As an alternative, you could use the Subscriptions as a level of isolation (e.g. DEV, TEST, PROD).
In summary, the Azure services available for consumption are the same, but the billing setup, pricing, usage reporting, and isolation offer you a greater level of management oversight.


When doing a study of your current employees, the question "What's great about working here?" uncovers the things that make them stay with your organisation. One of the most common responses to this question in all organisations is "The people I work with". Once you know these positives, you can use them in your recruitment messages AND give the staff more of these 'positives' to increase retention.
Do you know what your employees think is great about working for your organisation? What are they? How do you use this data to help your recruitment and employee motivation strategies?


Sen. Bernie Sanders, along with twenty-five other members of Congress, have filed an amicus brief in the Fifth Circuit Court of Appeals urging the Court to reverse the injunction issued by a Texas federal judge enjoining enforcement of the Department of Labor's recent increase to the salary basis threshold for the white collar exemptions under the Fair Labor Standards Act ("FLSA"). The amici stated that they "are committed to the right of American workers to receive fair pay for their work," are "[w]orking to ensure that workers are provided fair wages," and "have a strong interest in the proper interpretation and strong enforcement of the [FLSA]." According to the amici, the "Department of Labor took a needed step toward ensuring that workers receive fair pay" and "strengthened overtime protections for millions of Americans by" increasing the salary basis threshold for the white collar exemptions.
In support of their position that the DOL did not exceed its authority by more than doubling the salary basis test, the amici argue that the concept of a salary level test as part of the white collar exemptions "is supported by the history and purpose of the FLSA and the bona fide [executive, administrative, and professional] exemption." The amici argue that "every iteration" of the DOL's regulations defining the exemptions has included a salary level as a component of the exemption and that Congressional inaction since the salary level was imposed reflects agreement with a salary level test, particularly since Congress has amended the FLSA multiple times without removing the salary level test. The State Plaintiffs have explained, however, that inaction does not signal an agreement with the salary level requirement. Rather, the salary level was never before set so high, so it did not previously exclude employees from coverage under the exemption even though their duties would qualify them for it, and there was no need for Congressional action. The filing of the amicus brief by democratic members of Congress, coming after the announcement that President-elect Trump has named Pudzer as his nominee for Secretary of Labor, an outspoken critic of the overtime rule, injects further political theater regarding the appeal, which will be fully briefed by the end of January.