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Investment Banking For The Average Person
Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) by individuals with access to nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal. This is because it is seen as unfair to other investors who do not have access to the information, as the investor with insider information could potentially make larger profits than a typical investor could make. The rules governing insider trading are complex and vary significantly from country to country. The extent of enforcement also varies from one country to another. The definition of insider in one jurisdiction can be broad, and may cover not only insiders themselves but also any persons related to them, such as brokers, associates and even family members. A person who becomes aware of non-public information and trades on that basis may be guilty of a crime. Trading by specific insiders, such as employees, is commonly permitted as long as it does not rely on material information not in the public domain. Many jurisdictions require that such trading be reported so that the transactions can be monitored. In the United States and several other jurisdictions, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases, insiders in the United States are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies. The authors of one study claim that illegal insider trading raises the cost of capital for securities issuers, thus decreasing overall economic growth. However, some economists, such as Henry Manne, have argued that insider trading should be allowed and could, in fact, benefit markets.There has long been "considerable academic debate" among business and legal scholars over whether or not insider trading should be illegal. Several arguments against outlawing insider trading have been identified: for example, although insider trading is illegal, most insider trading is never detected by law enforcement, and thus the illegality of insider trading might give the public the potentially misleading impression that "stock market trading is an unrigged game that anyone can play." Some legal analysis has questioned whether insider trading actually harms anyone in the legal sense, since some have questioned whether insider trading causes anyone to suffer an actual "loss," and whether anyone who suffers a loss is owed an actual legal duty by the insiders in question.
Rules prohibiting or criminalizing insider trading on material non-public information exist in most jurisdictions around the world (Bhattacharya and Daouk, 2002), but the details and the efforts to enforce them vary considerably. In the United States, Sections 16(b) and 10(b) of the Securities Exchange Act of 1934 directly and indirectly address insider trading. The U.S. Congress enacted this law after the stock market crash of 1929. While the United States is generally viewed as making the most serious efforts to enforce its insider trading laws, the broader scope of the European model legislation provides a stricter framework against illegal insider trading. In the European Union and the United Kingdom all trading on non-public information is, under the rubric of market abuse, subject at a minimum to civil penalties and to possible criminal penalties as well. UK's Financial Conduct Authority has the responsibility to investigate and prosecute insider dealing, defined by the Criminal Justice Act 1993.
Definition of "insider"
In the United States, Canada, Australia and Germany, for mandatory reporting purposes, corporate insiders are defined as a company's officers, directors and any beneficial owners of more than 10% of a class of the company's equity securities. Trades made by these types of insiders in the company's own stock, based on material non-public information, are considered fraudulent since the insiders are violating the fiduciary duty that they owe to the shareholders. The corporate insider, simply by accepting employment, has undertaken a legal obligation to the shareholders to put the shareholders' interests before their own, in matters related to the corporation. When insiders buy or sell based upon company-owned information, they are violating their obligation to the shareholders. For example, illegal insider trading would occur if the chief executive officer of Company A learned (prior to a public announcement) that Company A will be taken over and then bought shares in Company A while knowing that the share price would likely rise. In the United States and many other jurisdictions, however, "insiders" are not just limited to corporate officials and major shareholders where illegal insider trading is concerned but can include any individual who trades shares based on material non-public information in violation of some duty of trust. This duty may be imputed; for example, in many jurisdictions, in cases of where a corporate insider "tips" a friend about non-public information likely to have an effect on the company's share price, the duty the corporate insider owes the company is now imputed to the friend and the friend violates a duty to the company if he trades on the basis of this information.
Liability for inside trading violations generally cannot be avoided by passing on the information in an "I scratch your back; you scratch mine" or quid pro quo arrangement if the person receiving the information knew or should have known that the information was material non-public information. In the United States, at least one court has indicated that the insider who releases the non-public information must have done so for an improper purpose. In the case of a person who receives the insider information (called the "tippee"), the tippee must also have been aware that the insider released the information for an improper purpose.One commentator has argued that if Company A's CEO did not trade on the undisclosed takeover news, but instead passed the information on to his brother-in-law who traded on it, illegal insider trading would still have occurred (albeit by proxy by passing it on to a "non-insider" so Company A's CEO would not get his hands dirty).
Misappropriation theory
A newer view of insider trading, the misappropriation theory, is now accepted in U.S. law. It states that anyone who misappropriates information from his or her employer and trades on that information in any stock (either the employer's stock or the company's competitor stocks) may be guilty of insider trading.
Proof of responsibility
Proving that someone has been responsible for a trade can be difficult because traders may try to hide behind nominees, offshore companies, and other proxies. The Securities and Exchange Commission prosecutes over 50 cases each year, with many being settled administratively out of court. The SEC and several stock exchanges actively monitor trading, looking for suspicious activity. The SEC does not have criminal enforcement authority, but can refer serious matters to the U.S. Attorney's Office for further investigation and prosecution.
Trading on information in general
In the United States and most non-European jurisdictions not all trading on non-public information is illegal insider trading. For example, a person in a restaurant who hears the CEO of Company A at the next table tell the CFO that the company's profits will be higher than expected and then buys the stock is not guilty of insider trading—unless he or she had some closer connection to the company or company officers. However, even where the tippee is not himself an insider, where the tippee knows that the information is non-public and the information is paid for, or the tipper receives a benefit for giving it, then in the broader-scope jurisdictions the subsequent trading is illegal.Notwithstanding, information about a tender offer (usually regarding a merger or acquisition) is held to a higher standard. If this type of information is obtained (directly or indirectly) and there is reason to believe it is nonpublic, there is a duty to disclose it or abstain from trading.The punishment for insider trading depends on a few different factors. There are three main factors, which can be identified. Depending on jurisdictions, there may be either civil or criminal penalties, or both.
Scope – How many people were affected by the wrongdoing? Gain – How much did the insider make from the transaction, whether directly or as a tipster? Where there is a tipster and a tippee, how much did the tippee make from the transaction? Evidence – Anyone charged is innocent until proven guilty. The burden of proof falls on the prosecution. If no one "flips", or if there is no smoking gun, the prosecution has a harder time proving guilt. This may result in prosecution moving away from criminal charges, and instead choosing to pursue civil charges.In the United States in addition to civil penalties, the trader may also be subject to criminal prosecution for fraud or where SEC regulations have been broken, the U.S. Department of Justice (DOJ) may be called to conduct an independent parallel investigation. If the DOJ finds criminal wrongdoing, the Department may file criminal charges.
Since insiders are required to report their trades, others often track these traders, and there is a school of investing that follows the lead of insiders. Following such leads subjects the follower to the risk that an insider is buying specifically to increase investor confidence, or is selling for reasons unrelated to the health of the company (such as a desire to diversify or pay a personal expense).
Legal trades by insiders are common, as employees of publicly traded corporations often have stock or stock options. These trades are made public in the United States through Securities and Exchange Commission filings, mainly Form 4. U.S. SEC Rule 10b5-1 clarified that the prohibition against insider trading does not require proof that an insider actually used material nonpublic information when conducting a trade; possession of such information alone is sufficient to violate the provision, and the SEC would infer that an insider in possession of material nonpublic information used this information when conducting a trade. However, SEC Rule 10b5-1 also created for insiders an affirmative defense if the insider can demonstrate that the trades conducted on behalf of the insider were conducted as part of a pre-existing contract or written binding plan for trading in the future.For example, if an insider expects to retire after a specific period of time and, as part of retirement planning, the insider has adopted a written binding plan to sell a specific amount of the company's stock every month for two years, and the insider later comes into possession of material nonpublic information about the company, trades based on the original plan might not constitute prohibited insider trading.
Until the 21st century and the European Union's market abuse laws, the United States was the leading country in prohibiting insider trading made on the basis of material non-public information. Thomas Newkirk and Melissa Robertson of the U.S. Securities and Exchange Commission (SEC) summarize the development of US insider trading laws. Insider trading has a base offense level of 8, which puts it in Zone A under the U.S. Sentencing Guidelines. This means that first-time offenders are eligible to receive probation rather than incarceration.
U.S. insider trading prohibitions are based on English and American common law prohibitions against fraud. In 1909, well before the Securities Exchange Act was passed, the United States Supreme Court ruled that a corporate director who bought that company's stock when he knew the stock's price was about to increase committed fraud by buying but not disclosing his inside information. Section 15 of the Securities Act of 1933 contained prohibitions of fraud in the sale of securities, later greatly strengthened by the Securities Exchange Act of 1934.Section 16(b) of the Securities Exchange Act of 1934 prohibits short-swing profits (from any purchases and sales within any six-month period) made by corporate directors, officers, or stockholders owning more than 10% of a firm's shares. Under Section 10(b) of the 1934 Act, SEC Rule 10b-5, prohibits fraud related to securities trading. The Insider Trading Sanctions Act of 1984 and the Insider Trading and Securities Fraud Enforcement Act of 1988 place penalties for illegal insider trading as high as three times the amount of profit gained or loss avoided from the illegal trading.
SEC regulations
SEC regulation FD ("Fair Disclosure") requires that if a company intentionally discloses material non-public information to one person, it must simultaneously disclose that information to the public at large. In the case of an unintentional disclosure of material non-public information to one person, the company must make a public disclosure "promptly."Insider trading, or similar practices, are also regulated by the SEC under its rules on takeovers and tender offers under the Williams Act.
Much of the development of insider trading law has resulted from court decisions. In 1909, the Supreme Court of the United States ruled in Strong v. Repide that a director who expects to act in a way that affects the value of shares cannot use that knowledge to acquire shares from those who do not know of the expected action. Even though, in general, ordinary relations between directors and shareholders in a business corporation are not of such a fiduciary nature as to make it the duty of a director to disclose to a shareholder general knowledge regarding the value of the shares of the company before he purchases any from a shareholder, some cases involve special facts that impose such duty. In 1968, the Second Circuit Court of Appeals advanced a "level playing field" theory of insider trading in SEC v. Texas Gulf Sulphur Co. The court stated that anyone in possession of inside information must either disclose the information or refrain from trading. Officers of the Texas Gulf Sulphur Company had used inside information about the discovery of the Kidd Mine to make profits by buying shares and call options on company stock.In 1984, the Supreme Court of the United States ruled in the case of Dirks v. Securities and Exchange Commission that tippees (receivers of second-hand information) are liable if they had reason to believe that the tipper had breached a fiduciary duty in disclosing confidential information. One such example would be if the tipper received any personal benefit from the disclosure, thereby breaching his or her duty of loyalty to the company. In Dirks, the "tippee" received confidential information from an insider, a former employee of a company. The reason the insider disclosed the information to the tippee, and the reason the tippee disclosed the information to third parties, was to blow the whistle on massive fraud at the company. As a result of the tippee's efforts the fraud was uncovered, and the company went into bankruptcy. But, while the tippee had given the "inside" information to clients who made profits from the information, the U.S. Supreme Court ruled that the tippee could not be held liable under the federal securities laws—for the simple reason that the insider from whom he received the information was not releasing the information for an improper purpose (a personal benefit), but rather for the purpose of exposing the fraud. The Supreme Court ruled that the tippee could not have been aiding and abetting a securities law violation committed by the insider—for the simple reason that no securities law violation had been committed by the insider. In Dirks, the Supreme Court also defined the concept of "constructive insiders," who are lawyers, investment bankers and others who receive confidential information from a corporation while providing services to the corporation. Constructive insiders are also liable for insider trading violations if the corporation expects the information to remain confidential, since they acquire the fiduciary duties of the true insider. The next expansion of insider trading liability came in SEC vs. Materia 745 F.2d 197 (2d Cir. 1984), the case that first introduced the misappropriation theory of liability for insider trading. Materia, a financial printing firm proofreader, and clearly not an insider by any definition, was found to have determined the identity of takeover targets based on proofreading tender offer documents during his employment. After a two-week trial, the district court found him liable for insider trading, and the Second Circuit Court of Appeals affirmed holding that the theft of information from an employer, and the use of that information to purchase or sell securities in another entity, constituted a fraud in connection with the purchase or sale of a securities. The misappropriation theory of insider trading was born, and liability further expanded to encompass a larger group of outsiders. In United States v. Carpenter (1986) the U.S. Supreme Court cited an earlier ruling while unanimously upholding mail and wire fraud convictions for a defendant who received his information from a journalist rather than from the company itself. The journalist R. Foster Winans was also convicted, on the grounds that he had misappropriated information belonging to his employer, the Wall Street Journal. In that widely publicized case, Winans traded in advance of "Heard on the Street" columns appearing in the Journal.The Court stated in Carpenter: "It is well established, as a general proposition, that a person who acquires special knowledge or information by virtue of a confidential or fiduciary relationship with another is not free to exploit that knowledge or information for his own personal benefit but must account to his principal for any profits derived therefrom." However, in upholding the securities fraud (insider trading) convictions, the justices were evenly split. In 1997, the U.S. Supreme Court adopted the misappropriation theory of insider trading in United States v. O'Hagan, 521 U.S. 642, 655 (1997). O'Hagan was a partner in a law firm representing Grand Metropolitan, while it was considering a tender offer for Pillsbury Company. O'Hagan used this inside information by buying call options on Pillsbury stock, resulting in profits of over \$4.3 million. O'Hagan claimed that neither he nor his firm owed a fiduciary duty to Pillsbury, so he did not commit fraud by purchasing Pillsbury options.The Court rejected O'Hagan's arguments and upheld his conviction. The "misappropriation theory" holds that a person commits fraud "in connection with" a securities transaction and thereby violates 10(b) and Rule 10b-5, when he misappropriates confidential information for securities trading purposes, in breach of a duty owed to the source of the information. Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of the information. In lieu of premising liability on a fiduciary relationship between company insider and purchaser or seller of the company's stock, the misappropriation theory premises liability on a fiduciary-turned-trader's deception of those who entrusted him with access to confidential information. The Court specifically recognized that a corporation's information is its property: "A company's confidential information ... qualifies as property to which the company has a right of exclusive use. The undisclosed misappropriation of such information in violation of a fiduciary duty ... constitutes fraud akin to embezzlement – the fraudulent appropriation to one's own use of the money or goods entrusted to one's care by another." In 2000, the SEC enacted SEC Rule 10b5-1, which defined trading "on the basis of" inside information as any time a person trades while aware of material nonpublic information. It is no longer a defense for one to say that one would have made the trade anyway. The rule also created an affirmative defense for pre-planned trades. In 2014, in the case of United States v. Newman, the United States Court of Appeals for the Second Circuit cited the Supreme Court's decision in Dirks, and ruled that for a "tippee" (a person who used information they received from an insider) to be guilty of insider trading, the tippee must have been aware not only that the information was insider information, but must also have been aware that the insider released the information for an improper purpose (such as a personal benefit). The Court concluded that the insider's breach of a fiduciary duty not to release confidential information—in the absence of an improper purpose on the part of the insider—is not enough to impose criminal liability on either the insider or the tippee.In 2016, in the case of Salman v. United States, the U.S. Supreme Court held that the benefit a tipper must receive as predicate for an insider-trader prosecution of a tippee need not be pecuniary, and that giving a 'gift' of a tip to a family member is presumptively an act for the personal though intangible benefit of the tipper.
By members of Congress
Members of the US Congress are exempt from the laws that ban insider trading. Because they generally do not have a confidential relationship with the source of the information they receive, however, they do not meet the usual definition of an "insider." House of Representatives rules may however consider congressional insider trading unethical. A 2004 study found that stock sales and purchases by Senators outperformed the market by 12.3% per year. Peter Schweizer points out several examples of insider trading by members of Congress, including action taken by Spencer Bachus following a private, behind-the-doors meeting on the evening of September 18, 2008 when Hank Paulson and Ben Bernanke informed members of Congress about the imminent financial crisis, Bachus then shorted stocks the next morning and cashed in his profits within a week. Also attending the same meeting were Senator Dick Durbin and John Boehner; the same day (trade effective the next day), Durbin sold mutual-fund shares worth \$42,696, and reinvested it all with Warren Buffett. Also the same day (trade effective the next day), Congressman Boehner cashed out of an equity mutual fund.In May 2007, a bill entitled the "Stop Trading on Congressional Knowledge Act, or STOCK Act" was introduced that would hold congressional and federal employees liable for stock trades they made using information they gained through their jobs and also regulate analysts or "Political Intelligence" firms that research government activities. The 2012 STOCK Act was passed on April 4, 2012.
With Congress-sourced information
In 2014, federal prosecutors issued a subpoena to the House Ways and Means committee and Brian Sutter, staff director of its health-care sub-committee, relative to a price move in stocks just prior to the passage of a law favorable to the companies involved. An e-mail was sent out by a "Washington-based policy-research firm that predicted the change [in the law] for its Wall Street clients. That alert, in turn, was based in part on information provided to the firm by a former congressional health-care aide turned lobbyist, according to emails reviewed by the [Wall Street] Journal" in 2013.
Security analysts gather and compile information, talk to corporate officers and other insiders, and issue recommendations to traders. Thus their activities may easily cross legal lines if they are not especially careful. The CFA Institute in its code of ethics states that analysts should make every effort to make all reports available to all the broker's clients on a timely basis. Analysts should never report material nonpublic information, except in an effort to make that information available to the general public. Nevertheless, analysts' reports may contain a variety of information that is "pieced together" without violating insider trading laws, under the Mosaic theory. This information may include non-material nonpublic information as well as material public information, which may increase in value when properly compiled and documented.
Arguments for legalizing
Some economists and legal scholars (such as Henry Manne, Milton Friedman, Thomas Sowell, Daniel Fischel, and Frank H. Easterbrook) have argued that laws against insider trading should be repealed. They claim that insider trading based on material nonpublic information benefits investors, in general, by more quickly introducing new information into the market.Friedman, laureate of the Nobel Memorial Prize in Economics, said: "You want more insider trading, not less. You want to give the people most likely to have knowledge about deficiencies of the company an incentive to make the public aware of that." Friedman did not believe that the trader should be required to make his trade known to the public, because the buying or selling pressure itself is information for the market.Other critics argue that insider trading is a victimless act: a willing buyer and a willing seller agree to trade property that the seller rightfully owns, with no prior contract (according to this view) having been made between the parties to refrain from trading if there is asymmetric information. The Atlantic has described the process as "arguably the closest thing that modern finance has to a victimless crime."Legalization advocates also question why "trading" where one party has more information than the other is legal in other markets, such as real estate, but not in the stock market. For example, if a geologist knows there is a high likelihood of the discovery of petroleum under Farmer Smith's land, he may be entitled to make Smith an offer for the land, and buy it, without first telling Farmer Smith of the geological data.Advocates of legalization make free speech arguments. Punishment for communicating about a development pertinent to the next day's stock price might seem an act of censorship. If the information being conveyed is proprietary information and the corporate insider has contracted to not expose it, he has no more right to communicate it than he would to tell others about the company's confidential new product designs, formulas, or bank account passwords. Some authors have used these arguments to propose legalizing insider trading on negative information (but not on positive information). Since negative information is often withheld from the market, trading on such information has a higher value for the market than trading on positive information.There are very limited laws against "insider trading" in the commodities markets if, for no other reason than that the concept of an "insider" is not immediately analogous to commodities themselves (corn, wheat, steel, etc.). However, analogous activities such as front running are illegal under US commodity and futures trading laws. For example, a commodity broker can be charged with fraud by receiving a large purchase order from a client (one likely to affect the price of that commodity) and then purchasing that commodity before executing the client's order to benefit from the anticipated price increase.
The advent of the Internet has provided a forum for the commercialisation of trading on insider information. In 2016 a number of dark web sites were identified as marketplaces where such non-public information was bought and sold. At least one such site used bitcoins to avoid currency restrictions and to impede tracking. Such sites also provide a place for soliciting for corporate informants, where non-public information may be used for purposes other than stock trading.
Legal differences among jurisdictions
The US and the UK vary in the way the law is interpreted and applied with regard to insider trading. In the UK, the relevant laws are the Criminal Justice Act 1993, Part V, Schedule 1; the Financial Services and Markets Act 2000, which defines an offence of "Market Abuse"; and the European Union Regulation No 596/2014. The principle is that it is illegal to trade on the basis of market-sensitive information that is not generally known. This is a much broader scope that under U.S. law. The key differences from U.S. law are that no relationship to either the issuer of the security or the tipster is required; all that is required is that the guilty party traded (or caused trading) whilst having inside information, and there is no scienter requirement under UK law.Japan enacted its first law against insider trading in 1988. Roderick Seeman said, "Even today many Japanese do not understand why this is illegal. Indeed, previously it was regarded as common sense to make a profit from your knowledge."In Malta the law follows the European broader scope model. The relevant statute is the Prevention of Financial Markets Abuse Act of 2005, as amended. Earlier acts included the Financial Markets Abuse Act in 2002, and the Insider Dealing and Market Abuse Act of 1994.The International Organization of Securities Commissions (IOSCO) paper on the "Objectives and Principles of Securities Regulation" (updated to 2003) states that the three objectives of good securities market regulation are:
Investor protection, Insuring that markets are fair, efficient and transparent, and Reducing systemic risk.The discussion of these "Core Principles" state that "investor protection" in this context means "Investors should be protected from misleading, manipulative or fraudulent practices, including insider trading, front running or trading ahead of customers and the misuse of client assets." More than 85 percent of the world's securities and commodities market regulators are members of IOSCO and have signed on to these Core Principles. The World Bank and International Monetary Fund now use the IOSCO Core Principles in reviewing the financial health of different country's regulatory systems as part of these organization's financial sector assessment program, so laws against insider trading based on non-public information are now expected by the international community. Enforcement of insider trading laws varies widely from country to country, but the vast majority of jurisdictions now outlaw the practice, at least in principle. Larry Harris claims that differences in the effectiveness with which countries restrict insider trading help to explain the differences in executive compensation among those countries. The US, for example, has much higher CEO salaries than do Japan or Germany, where insider trading is less effectively restrained.
By nation
In 2014, the European Union (EU) adopted legislation (Criminal Sanctions for Market Abuse Directive) that harmonises criminal sanctions for insider dealing. All EU Member States agreed to introduce maximum prison sentences of at least four years for serious cases of market manipulation and insider dealing, and at least two years for improper disclosure of insider information.
In 2009, a journalist in Nettavisen (Thomas Gulbrandsen) was sentenced to 4 months in prison for insider trading.The longest prison sentence in a Norwegian trial where the main charge was insider trading, was for eight years (two suspended) when Alain Angelil was convicted in a district court on December 9, 2011.
Although insider trading in the UK has been illegal since 1980, it proved difficult to successfully prosecute individuals accused of insider trading. There were a number of notorious cases where individuals were able to escape prosecution. Instead the UK regulators relied on a series of fines to punish market abuses. These fines were widely perceived as an ineffective deterrent (Cole, 2007), and there was a statement of intent by the UK regulator (the Financial Services Authority) to use its powers to enforce the legislation (specifically the Financial Services and Markets Act 2000). Between 2009–2012 the FSA secured 14 convictions in relation to insider dealing.
Rajat Gupta, who had been managing partner of McKinsey & Co. and a director at Goldman Sachs Group Inc. and Procter & Gamble Co., was convicted by a federal jury in 2012 of leaking inside information to hedge fund manager Raj Rajaratnam. The case was prosecuted by the office of United States Attorney for the Southern District of New York Preet Bharara.With the guilty plea by Perkins Hixon in 2014 for insider trading from 2010–2013 while at Evercore Partners, Bharara said in a press release that 250 defendants whom his office had charged since August 2009 had now been convicted.On December 10, 2014, a federal appeals court overturned the insider trading convictions of two former hedge fund traders, Todd Newman and Anthony Chiasson, based on the "erroneous" instructions given to jurors by the trial judge. The decision was expected to affect the appeal of the separate insider-trading conviction of former SAC Capital portfolio manager Michael Steinberg and the U.S. Attorney and the SEC in 2015 did drop their cases against Steinberg and others. In 2016, Sean Stewart, a former managing director at Perella Weinberg Partners LP and vice president at JPMorgan Chase, was convicted on allegations he tipped his father on pending health-care deals. The father, Robert Stewart, previously had pleaded guilty but didn't testify during his son's trial. It was argued that by way of compensation for the tip, the father had paid more than \$10,000 for Sean's wedding photographer.In 2017, Billy Walters, Las Vegas sports bettor, was convicted of making \$40 million on private information of Dallas-based dairy processing company Dean Foods. Walters's source, company director Thomas C. Davis employing a prepaid cell phone and sometimes the code words "Dallas Cowboys" for Dean Foods, helped him from 2008 to 2014 realize profits and avoid losses in the stock, the Federal jury found. In the trial, investor Carl C. Icahn was mentioned in relation to Walters's trading but was not charged with wrongdoing. Golfer Phil Mickelson "was also mentioned during the trial as someone who had traded in Dean Foods shares and once owed nearly \$2 million in gambling debts to" Walters. Mickelson "made roughly \$1 million trading Dean Foods shares; he agreed to forfeit those profits in a related civil case brought by the Securities and Exchange Commission". Walters's lawyer said he would appeal the verdict.
In 2008, police uncovered an insider trading conspiracy involving Bay Street and Wall Street lawyer Gil Cornblum and another lawyer, Stan Grmovsek, who were found to have gained over \$10 million in illegal profits over a 14-year span. Cornblum committed suicide before criminal charges were laid. Grmovsek pleaded guilty and was sentenced to 39 months in prison. This was the longest term ever imposed for insider trading in Canada. These crimes were explored in Mark Coakley's 2011 non-fiction book, Tip and Trade.
On October 1, 2015, Chinese fund manager Xu Xiang was arrested due to insider trading.
Insider Trading in India is an offense according to Section 195 of the Companies Act, 2013 and Sections 12A, 15G of the Securities and Exchange Board of India Act, 1992. Insider trading is when one with access to non public, price sensitive information about the securities of the company subscribes, buys, sells or deals, or agrees to do so or counsels another to do as principal or agent. Price sensitive information is information that materially affects the value of the securities. The penalty for insider trading is imprisonment, which may extend to five years, and a minimum of five lakh rupees (five hundred thousand) to twenty five crore rupees (two hundred and fifty million) or three times the profit made, whichever is higher.
Standards for Legal Insider Trading
Insider trading is legal as long as disclosure of the holdings and trading in securities of the company is done by the insiders. Any other connected person or group of connected persons shall also disclose their holdings under this regulation. The gist of these rules is that an insider cannot trade on non-public information until that information is disclosed, and cannot tip people off using non-public information.
SEBI Guidelines For Disclosures of Trading by Insiders
Promoters, key managerial personnel and director of every company whose securities are listed on any recognized exchange shall disclose his holding of securities within 30 days of these regulations taking effect to the company. Every person on appointment as key managerial personnel, director of the company or upon becoming a promoter shall disclose his holding of securities of company within 7 days of such appointment to the company. Every promoter, director or employee of the company shall disclose to the company, the number of securities acquired or disposed of within two days of such transaction, if the value of securities traded through one transaction or series of transaction in a calendar quarter exceeds 10 lakh rupees or any other value as may be prescribed. Company needs to inform within two days of receipt of such disclosure to the stock exchange. Disclosure by the connected person shall be made as required by the company.
Under Republic Act 8799 or the Securities Regulation Code, insider trading in the Philippines is illegal.
Mark J. Astarita, Insider Trading: Legal vs. Illegal Insider trading: Legal vs. Illegal, Stephen M. Bainbridge, Securities Law: Insider Trading (1999) ISBN 1-56662-737-0. Larry Harris, Trading & Exchanges, Oxford Press, Oxford, 2003. Chapter 29 "Insider Trading" ISBN 0-19-514470-8. Grechenig, The Marginal Incentive of Insider Trading: an Economics Reinterpretation of the Case Law, 37 The University of Memphis Law Review 75-148 (2006) (link). Klein, William A.; Ramseyer, J. Mark; Bainbridge, Stephen M. (2018). Business Associations: Cases and Materials on Agency, Partnerships, LLCs, and Corporations. University Casebook Series (10th ed.). St. Paul: Foundation Press. ISBN 978-1-68328-522-9. Review of Financial Studies; May2009, Vol. 22 Issue 5, pp. 1845–1887 Grechenig, Positive and Negative Information – Insider Trading Rethought Pierre Hauck, Europe's commitment to countering insider dealing and market manipulation on the basis of Art. 83 para. 2 TFEU A critical evaluation
General informationInsider Trading Informational page from the U.S. Security and Exchange Commission (SEC) Testimony Concerning Insider Trading, by Linda Thomsen, Director of the SEC's Division of Enforcement, before the U.S. Senate Judicial Committee (September 26, 2006) SEC Forms 3, 4 and 5 Insider Trading: Information on Bounties Hoffman, Liz, "Towers Watson CEO Sold Stock Before Big Deal: John Haley netted nearly \$10 million on preannouncement sales", Wall Street Journal, September 23, 2015. Towers Watson CEO John J. Haley's pre-deal sale of personally owned stock questioned.Articles and opinionsInsider Trading: The Legal and Illegal SECLaw.com, 2002 Timothy Sullivan We're still against fraud, aren't we? United States v. O'Hagan: Trimming the Oak in the wrong season St. John's Law Review, Winter 1997. An opinion on Why Insider Trading Should be Legal Larry Elder Interviews Henry Manne Why forbid insider trading? by Ajay Shah, consultant to the Ministry of Finance, India Information, Privilege, Opportunity and Insider Trading by Robert W. Mcgee and Walter E. Block – a scholarly work that opposes regulations against insider trading Free Samuel Waksal argues that businessman's insider trading should not be considered a crime Rule: Ownership Reports and Trading by Officers, Directors and Principal SecurityData on insider tradingSEC Edgar Database on current Form 3, Form 4 and Form 5 filings


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Every time I try to start mysql from the command line I get the message:
ERROR 2002 (HY000): Can't connect to local MySQL server through socket '/var/mysql/mysql.sock' (2)

Thanks to various posts on stackoverflow I discovered that this was because MySQL was not running. So I go to the MySQL pane in System Preferences and sure enough "The MySQL Server Instance is stopped". I click "Start MySQL Server" and I get the spinning beach ball for 2 minutes, then nothing happens. The MySQL Server Instance stays stopped.
If I restart my computer then I can go to the MySQL pane and it tells me that "The MySQL Server Instance is running". And sure enough mysql -v at the command line tells me my MySQL connection id, and that I have server version 5.6.10. But then if I leave mysql by typing exit the server instance stops, and I can only restart it by restarting my computer!
Any ideas? I haven't even been able to run MySQL for long enough to set passwords, let along create a database!

A: After an afternoon of false leads (I don't mean to sound ungrateful, all suggestions were followed up and I'm thankful for all advice), I uninstalled all traces of MySQL and reinstalled an older version, following the advice on this blog: http://soatechlab.blogspot.com/2011/01/completely-remove-mysql-on-mac-os-x.html
It appears to be working now.

A: Try:
prompt$ sudo mysqld -u root <secure password goes here!>

Note the sudo: MySQL wouldn't let me start up the server without root access to both the computer and MySQL itself. Also note that the program is mysqld, not mysql.
The command varies depending on how you installed MySQL. Try this first:
sudo /Library/StartupItems/MySQLCOM/MySQLCOM start

If that fails:
cd /usr/local/mysql
 sudo ./bin/mysqld_safe
(Enter your password, if necessary)
 (Press Control-Z)
 bg

I havent' tried this, but check this out if you are working with MAMP and php:-
http://twob.net/journal/fix-for-mamp-mysql/
Maybe even try a re-install and follow these docs:-
http://dev.mysql.com/doc/refman/5.6/en/macosx-installation.html
In addition, plenty of brainstorming on this page:-
https://stackoverflow.com/questions/4788381/getting-cant-connect-through-socket-tmp-mysql-when-installing-mysql-on-m

redpajama_set_name: RedPajamaStackExchange


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View of a classroom at the Western University of Pennsylvania. It was founded as the Pittsburgh Academy in 1787 and private through much of its history, the University was chartered in 1819 as the Western University of Pennsylvania and was first located in downtown Pittsburgh. The Reverend Robert Bruce was the first principal of the University, leading four others on the faculty. Tuition was twenty five dollars per year for the Classical Section and thirty for the Collegiate Section. Boarding could be obtained for one or two dollars per week. The first graduating class was in 1823 and consisted of three graduates. By 1830, the university moved to the intersection of Third Avenue and Cherry Way. After the 1845 fire, the university relocated to Ross and Diamond Streets. Additional moves would place the university in Allegheny City until 1908 when it was renamed the University of Pittsburgh. The university relocated for the final time in 1909 with its move to Oakland. Today, the University of Pittsburgh system consists of a 132-acre Pittsburgh campus, located in the Oakland section of the city, and regional campuses in Bradford, Greensburg, Johnstown and Titusville.
North Side (Pittsburgh, Pa.)
Western University of Pennsylvania.
Classrooms--Pennsylvania--Pittsburgh.

redpajama_set_name: RedPajamaCommonCrawl


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Kennedy Town Swimming Pool, Phase II, Hong Kong
This is a local landmark overlooking the Hong Kong's Victoria Harbour.
MTR Corporation Ltd
Completed in 2017
TFP Farrells
Kennedy Town Swimming Pool is a local landmark overlooking the Hong Kong's Victoria Harbour. The first phase of the pool, with two outdoor pools, opened in the summer of 2011. Phase II will add two indoor pools and two indoor Jacuzzis.
Structured into a triangular space-shuttle-like shape with steel roof and metal cladding, the new swimming complex has been strategically designed in a low rise complex to complement the views of the harbour whilst minimising obstruction to neighbouring residential buildings.
We provided civil and structural engineering and building services design for Phase II of the pool.
The pools are spanned by a column-free roof of light-weight PTFE (Polytetrafluoroethylene) synthetic sheets. Our civil and structural design scope is to review, modify and enhance the steel roof design for mounting the PTFE panels, and to meet the new user requirement of fire resistance protection. In addition we are modifying the foundation design of the swimming pool and rationalising the civil works interface so that its construction is not affected by the current West Island Line tunnelling works.
The scope of our MEP design is to modify the swimming pool filtration plant to meet the updated code of practice and optimise the maintenance space inside the plant rooms; to review and modify the fire services design so that it meets the prevailing buildings' fire safety requirements; and to enhance the MEP designs to suit the unique needs of the venue management and maintenance teams.
Sports and Stadia
Mechanical, Electrical and Plumbing
Other challenges that we have overcome
Tseung Kwan O Desalination Plant, Hong Kong
WSP is behind the first-of-its-kind facility in Hong Kong using reverse osmosis technology to provide the city with an alternative strategic water resource.
Hellerup, Denmark
Transforming a historic industrial building into a world-class science centre.
Olsztyn, Poland
Tetra Pak's First Polish Production Plant
WSP provided project management and multidisciplinary engineering consultancy for Tetra Pak's first production plant in Olsztyn, in north-eastern Poland.
Ydalir, Norway
Ydalir School
Ydalir Skole (school) is a mass timber project based in Elverum, Norway, that is central to the development of a new residential area of 1,000 homes.
Tele2 Arena, Stockholm
The 40,000-capacity Tele2 Arena is a world-class entertainment center in Stockholm. The complex includes a football stadium with a retractable roof and facilities for other sports, concerts, conferences and exhibitions, plus an entertainment area with bars, restaurants, mini golf and more.
Hanking Center, Shenzhen
Designed in collaboration with the architectural firm Morphosis, this tall, thin and irregular shaped massing helped make the Hanking Center project one of the most complex and interesting in WSP's history.
BC Place Stadium, Vancouver
Part of the fabric of British Columbia, Vancouver's 55,000-seat BC Place Stadium hosts hundreds of events each year, including sports, concerts, trade shows and conventions. The stadium opened in 1983 as Canada's first domed stadium, covered by the world's largest air-supported dome roof.
Al Shaqab Equestrian Centre, Doha
Al Shaqab, Qatar Foundation's equestrian complex in Doha, is the region's leading equine education resource centre. WSP provided civil and structural engineering, building services and infrastructure design for the award-winning project, which includes a performance arena, equestrian club, riding school, mosque, museum, veterinary hospital, stable facilities and Royal accommodation.
Craven Cottage
Craven Cottage has been the home of Fulham FC for over 100 years, and for the past twenty, WSP has been providing the club with engineering advice. In 2013, we helped them gain planning permission for the replacement of their Riverside Stand; but when the club was sold, the project was shelved.
Kai Tak Sports Park, Hong Kong
Occupying 28 hectares of land, the Kai Tak Sports Park is about 9 hectares larger than the Victoria Park.


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These video posts are very important to me as a blogger. Not just because I love animals, but because as viewers, you can do more than just enjoy what you see. You can make a difference.
These shelter volunteers purposely show you what Julia is capable of. She is a bit feisty but wouldn't you be too if you were locked in a cage for this long? If she had a forever home with lots of love where she had the opportunity to come to you on her own time, I can bet she warms up quickly and has the ability to be a sweetheart. She is only 3 years old and has spent 1000 days in a shelter. Let's do something about it!


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Half a year's new car is starting failure, 4S shop claims difficult to find reasons
The car has just been bought for half a year, and frequently starts failure. After many repairs, it still can not be ruled out. The day before yesterday, the car had difficulty starting again. The owner said he would apply for a refund from the manufacturer. The manager of Tongzhou District said that after repeated inspections, the fault was accidental and there were no other problems, so it was difficult to find out the specific reasons. The owner, Mr. ANN, said that in March last year, he bought a 2013 car, and the vehicle was set up with one key start. At the end of October last year, there was a breakdown in the vehicle. "It was very difficult to start the vehicle in the morning". Mr. Ann made a telephone call to the manufacturer. The customer service personnel said the owner needed to be contacted for local maintenance, but he did not check the problem. Mr. Ann said that starting from the end of October last year, the vehicle would start a malfunction on average four or five days. In April this year, Tongzhou District maintenance personnel contacted the manufacturer to replace a variable speed part for Mr. ANN, and the vehicle start-up system returned to normal. The day before yesterday morning, the vehicle was in trouble again. Mr. ANN, who could not bear it, went on to repair it again. He asked the staff to give a statement. If he could not get a reasonable solution, Mr. Ann would give the manufacturer a return vehicle. Tongzhou District's high manager said that after many inspections, the fault was an accidental fault, and the vehicle did not have other problems, and it was difficult to find out the specific reasons. The manager said that if the failure had not been relieved, the owner could consult with him to change the vehicle. The day before yesterday, the passenger service personnel said that the vehicle did not have a similar failure, suggested that the owner of the vehicle to carry out maintenance, and the relevant information to the manufacturer to register, and then discuss further solutions.


Viktorija loves masturbating, especially when there is someone watching her. So posing for us more than just a trun on. Just watch how she opens herself in a wat that not many girls do. You can tell she has been enjoying herself here!


The late Paul G. Hiebert (1932-2007) was distinguished professor of mission and anthropology at Trinity Evangelical Divinity School, having previously taught at Fuller Theological Seminary. He also served as a pastor and missionary to India. He received his PhD from the University of Minnesota and was the author or coauthor of numerous articles and books in the fields of anthropology and missions.


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Officially, Thor: Ragnarok is the third Thor movie, but in spirit it's closer to being the third Guardians of the Galaxy movie. This is both a mark of the massive success of the Guardians films, with their colorful, whimsical design and self-mocking humor, and of the relative failure of the first two Thor films, especially The Dark World, to find a vibe of their own.
Human Flow (2017)
If the global refugee crisis seems like too immense a problem to wrap one's head around, Ai isn't interested in narrowing his focus. Going for scope over depth, Human Flow isn't a definitive study of the problem, but it offers an incomparable starting point for further discussions.
Nausicaä of the Valley of the Wind (1984)
(Reviewed by Sarah E. Greydanus) Nausicaä of the Valley of the Wind may be the quintessential Hayao Miyazaki film — not necessarily his best, but the most comprehensive assortment of his characteristic themes and motifs.
The Unknown Girl (2017)
Jenny will do a lot of listening in the drama that follows. First, though, will come a moment when she does not listen — the only time in the film she ignores a bid for her attention, but that one time hangs over the rest of the film.
Menashe (2017)
It has been jokingly suggested that all Americans are Protestants — even Catholics, atheists and Jews. There's a meaningful insight there, although even as a joke it's an overstatement, and insular communities like the Hasidim manage to resist American cultural identity far more than most. Menashe is different, though I wouldn't want to suggest that he is a Protestant Hasid. It would be fair to say he's a bit of a resister or nonconformist, if not quite a rebel.
All Saints (2017)
All Saints opens with the most familiar of pious Hollywood setups, the clergyman tasked with saving a threatened church (school, orphanage, etc.). Then something unexpected and kind of wonderful happens.
Detroit (2017)
Kathryn Bigelow's Detroit has an important story to tell, but what story is it?
A Ghost Story (2017)
At the heart of A Ghost Story is an audacious visual metaphor. Like many effective metaphors, it is so straightforwardly literal and even absurd that there is no questioning or cross-examining it; like Kafka's cockroach, or like the pie scene, it challenges you either to shake your head and turn away, or else to take the plunge.
Dunkirk (2017)
Dunkirk is the first film Christopher Nolan has made that feels bigger than the director's preoccupations and obsessions.
Too often I find myself in the melancholy position of trying to articulate why a movie I ought to like doesn't work for me. War for the Planet of the Apes poses the opposite challenge: This is a film that, on paper, ought to leave me cold, but instead seared into my mind like a house on fire.
Spider-Man: Homecoming (2017)
No one almost destroys the universe or the planet, or even demolishes a large European city or a sizable chunk of a New York borough, in Jon Watts' Spider-Man: Homecoming.
To call Despicable Me 3 desperate would be to ascribe too much effort and passion to the thing. Ice Age: Collision Course, now: There was a properly desperate sequel.
At this point it seems like too much to hope for that any Pixar sequel, let alone a Cars sequel, should function smoothly from start to finish, but at least it ends well.
I have never seen a movie work harder or more hopelessly than Universal's new The Mummy, not merely to launch a new franchise, but to jump from a standing start into a full-blown Marvel-style shared cinematic universe in one go.
Movies like Man of Steel and The Lone Ranger misunderstand and besmirch their iconic heroes. This movie understands and reveres its protagonist. That's worth a lot, especially today.
Pirates of the Caribbean: Dead Men Tell No Tales (2017)
Even skeptics of the franchise must admit, I think, that the Pirates of the Caribbean films have generally aimed higher and been smarter than might have been expected.
To succumb to a regrettable but practically inevitable coinage, Scott wants to make the world of Alien great again — to remind us all what was so terrifying nearly four decades ago about being in space where no one can hear you scream.
King Arthur: Legend of the Sword (2017)
However Arthur himself is depicted, the Arthurian hero (be it Gawain, Bedivere, Perceval, Lancelot, Galahad or Arthur himself) is a man who stands for an ideal or a cause … If you can't manage this much, you aren't reinventing the myth — you're simply committing an act of cultural vandalism.
Guardians of the Galaxy Vol. 2 (2017)
Here's the thing: You haven't even seen Guardians of the Galaxy Vol. 2 yet, but you're already an incipient fan, aren't you?
Jesus of Nazareth (1977)
After the four Gospels, if one text is more influential than any other in the tone of Jesus of Nazareth, it might be the Vatican II declaration on the Church in relation to non-Christian religions, Nostra Aetate, a watershed document in Jewish-Catholic relations.


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Former Rangers Player Vic Hamilton Joins Woking FC Centre of Excellence
Peter Horncastle
Vic Hamilton joined Worplesdon Rangers Lions U9s in the 2008-2009 season and over the course of the next five seasons progressed to team Captain, gaining just about all team accolades (players'/parents'/managers' player plus fastest penalties) along the way – apart from top goalscorer.
In his final season, the team gained promotion from East Berks Football Alliance Division 4 to Division 3, where Vic played an integral part – as a midfield dynamo. His then manager, Mark Angus, prompted him to seek opportunities at a higher level and so with some reservation, Vic moved on to Yateley United FC U15 (2014-2015), playing in Division 2 of the East Berks Football Alliance. His new Manager thought he might do well up front – and sure enough, he did manage to get top goal scorer for the season! He also had spells with Coerver Performance Academy, ProWay Academy and, unofficially, Woking FC.
This new season sees former WRFC Lion Vic Hamilton officially on the Woking FC Centre of Excellence team and turning out for Brockham Badgers FC U16 in the Surrey Youth League Premier Elite division. He will be playing as an attacking midfielder or striker.
Says proud Dad Nige Hamilton: "We would like to thank the WRFC Committee, Managers and team mates for providing a friendly environment in which Vic could really thrive – and in particular Mark Angus, Dave Burgess and Bobby Dunne for all their support, guidance and encouragement over the years. In his early years prior to joining WRFC, Vic was regularly overlooked by more favoured players and spent a lot of time on the bench. He never gave up and his tenacity, persistence and determination has now got him at least 'in the shop window', where he has the opportunity and potentially to go on to greater things."
Worplesdon Rangers FC wish Vic continued success with his footballing career as the new season gets under way.
Young Leaders' Basic Referees Course
SPL League Development Vacancies
Chairman - Worplesdon Rangers Football Club
WRFC is 20 years old and in the news!
Trophy Day 2020!
COVID-19: WRFC Position – ALL Football Cancelled
COVID-19 UPDATE: Fixtures postponed, training optional.
Northmead update
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Home > Blog > Marley's Mission – accomplished thanks to NAWT supporters!
Marley's Mission – accomplished thanks to NAWT supporters!
Poor Marley arrived at the NAWT Clacton centre in a very bad way and in need of urgent medical attention.
This shy, senior dog had large masses on his head and neck. His ears were also in need of treatment and he had painfully matted fur, making his daily life very uncomfortable.
It was clear to see that this sweet natured boy was affected by his ailments. He spent a lot of time just laying still on his bed, but with patience and the help of some tasty treats, the team made friends with Marley.
They were keen to see this boy blossom, vet appointments were made to get Marley the medical attention he needed. It was estimated that the cost of treatment (including operations, consultations and pain relief) would be £1,000.
With the Coronavirus already making life very difficult for the charity financially, the team wanted to try to recuperate some of the costs for Marley's treatment. So they set up a JustGiving Page, shared Marley's story on Facebook and got the local newspaper involved, in the hope that people would help to contribute to making Marley's future a happier one.
The wonderful NAWT Clacton supporters rose to the challenge and donated with gusto, reaching and exceeding the target set. To date with gift aid contributions, more than £2,000 has been donated to Marley's Mission.
The big day came and Marley had his operations, everything went really well. He had the lumps removed and needed quite a lot of stitches and naturally had a bit of a sore head.
His ears were treated which made him feel much better, lots of his matted fur was sorted out too. He was super sleepy when he came back to the centre and wanted to head straight to bed, but when the team came to give him cuddles, he was more than ready to woof down a big bowl of chicken.
Marley took it easy for a few days with lots of pain relief to help make him comfortable, as well as plenty of cuddles and tasty treats. The lumps that were removed were tested to identify if they were cancerous and thankfully for Marley, tests showed that they were all benign follicle cysts, the team were delighted with this news.
Life continues to look up for Marley, as the team have found him a lovely foster home. His foster mum was looking for a furry companion, after the sad passing of her previous dog. She fell in love with Marley and currently he's resting his paws and recuperating in her care. Once his stitches are out and he's up-to-date with his vaccinations, his foster carer is hoping to adopt Marley and give him the forever home he has been longing for.
We cannot thank those that helped us successfully achieve Marley's Mission enough, your donations and kind words of support have truly made the world of difference to this boy – giving him the future he deserves. Thank you.
50 years of… Pet Names! How these have transformed over the decades
Stop, Dog Thief!
How emergency funding for greyhound racing impacts rescue
Donations Doubled for dogs like Drago: rehabilitated through lockdown following a lifetime of neglect
Donations Doubled for cats like Muffin: the determined Bengal who turned her life around during lockdown
Read more blog posts >


A truely exceptional work of pen craftsmanship. A diamond Rolex watch face is wrapped around the pen body where is joins dozens of gears and other internal components from a watch. Are you a Rolex watch user, are you looking for a gift for someone who is? We beieve you will find this to be a truely amazing pen that will please the most discerning pen and watch connoisseur. The Manchester Series of Pens are rhodium plated with titanium gold plating on the trim. The cap is threaded and can be posted while writing. Weight 1.8 ounces, legnth 5.25 inches. A walnut presentation box is available.


text:
Premier Magnesia, LLC is a global market leader in magnesia-based products and solutions for dozens of applications ranging from agricultural to industrial and environmental markets. We are one of the world's principal manufacturers and suppliers of high purity calcined magnesium oxide and magnesium hydroxide products. For over 50 years, the Company and its predecessors have owned and operated a magnesia mine and processing plant located in Gabbs, Nevada that will continue to offer the only domestically-mined source of magnesia ore in the United States well into the future.
Our Giles Chemical Division is the largest producer of magnesium sulfate, commonly known as Epsom Salt, in North America. Premier Magnesia and Giles Chemical are your essential magnesia mineral source, assuring consistent quality, technical expertise, and long term reliable supply.
To own and maintain USA-based production from mineral to final product; ensuring reliability of supply, quality control, and cost-effectiveness.
To set a standard-of-excellence in client experience through our responsiveness, technical expertise, and innovative solutions.
To be advocates for magnesia as a natural mineral that is safe, reliable, and adds value to numerous product applications in multiple industries.
Magnesia-based product chemistries are Generally-Recognized-As-Safe (GRAS) and non-hazardous, offering environmentally responsible solutions to complex problems.
Some Historical Facts About the Mineral Magnesium
In 1808, Sir Humphrey Davy first isolated several of the alkaline earth metals, naming them after their oxides as barium, strontium, calcium, and magnesium. Davy derived the term "magnesium" from the common name for magnesium oxide: magnesia.
Magnesium is the 8th most abundant compound in the earth's crust, and the 11th most abundant element in the human body.
Magnesia is considered a "universal neutralizer", which makes it ideal for applications where pH control is essential for safety and treatment, such as in environmental, industrial, and spill response applications.
Magnesium oxide is an essential nutrient in many animal feeds for providing mineral nutrition for digestive health and well-being.
Discovered in Epsom, England, magnesium sulfate heptahydrate (aka Epsom Salt) has been used as a therapeutic / soaking treatment for aching muscles and joints for over 300 years.
We Wrote the Book on Magnesia
"The Chemistry and Technology of Magnesia"
by Dr. Mark. A Shand, Director of Product Development and Process Technology
A Complete Guide to Magnesia - From Mining to End Use
MARK A. SHAND is the Director of Product Development and Process Technology for Premier Magnesia LLC, where he is responsible for the research and development of magnesia chemicals. He has technical experience with dispersion technologies, industrial and municipal applications, and production of magnesia and oxide products. In addition he has written several articles on magnesia and oxide. He is also a member of the American Chemical Society.
You can purchase "The Chemistry and Technology of Magnesia" in hardcover or E-book format by clicking this link


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text:
Bill may ease handgun rules
By Stephen Dethrage Staff Writer
State Sen. Gerald Allen, R-Cottondale, has pre-filed legislation that would allow Alabamians to carry concealed handguns without obtaining a pistol permit.
Alabama currently allows residents to carry handguns openly without a permit, but anyone seeking to carry a concealed gun or keep a loaded handgun in their vehicle must first apply for a concealed carry license and, when approved, pay an annual fee to their local sheriff's office for its issuance. Allen's bill would repeal that requirement.
"Alabama should be leading the way on constitutional gun rights. More than 10 states across the country already allow their citizens to carry guns without a permit. It's time we give our citizens the right to bear arms without first seeking the government's permission," Allen said. "We already allow open carry without a permit, and there is no logical reason for continuing to require a permit for concealed carry."
Allen said if his bill is passed, many Alabamians could and would still obtain pistol permits for the conveniences they offer.
For instance, permit holders are not required to undergo background checks when purchasing firearms from a federally licensed dealer because they have already passed a check to obtain a permit. Also, a license would still be required to carry a handgun in the "reciprocity" states that honor Alabama pistol permits.
"You will still need a permit if you're going to legally carry a gun in other states, so I anticipate that a large majority of gun owners in Alabama will continue to purchase a permit from their local sheriff," Allen said. "My goal is to remove unnecessary burdens on law-abiding citizens who own and carry guns, since most criminals and thugs don't bother applying for a permit anyways."


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text:
Server Virtualization - News, Features, and Slideshows
News about Server Virtualization
VMware prepares its virtualization stack for Docker
VMware may have pioneered enterprise virtualization, but until Monday it had been relatively quiet when it comes to Docker containers, the popular lightweight form of application virtualization.
Microsoft creates a container for Windows
Hoping to build on the success of Docker-based Linux containers, Microsoft has developed a container technology to run on its Windows Server operating system.
Google Cloud offers streamlined Ubuntu for Docker use
Google has adopted for use in its cloud a streamlined version of the Canonical Ubuntu Linux distribution tweaked to run Docker and other containers.
IBM climbs on the Docker bandwagon
Docker fever continues to spread across the enterprise IT landscape. Following similar moves by Amazon Web Services, Microsoft, and Google, IBM is equipping its enterprise Cloud services to run the Docker virtualization containers.
CoreOS's Rocket launch aimed directly at Docker
Citing concerns around Docker's security model and its increasingly complex supporting platform, CoreOS is developing Rocket, an alternative to the open-source container technology.
Features about Server Virtualization
Room to grow: Tips for data center capacity planning
Capacity planning needs to provide answers to two questions: What are you going to need to buy in the coming year? And when are you going to need to buy it?
Burning questions: Virtualisation
Virtualizing x86 infrastructure isn't just a one-step process -- as servers change, the whole data center must change as well. While server hypervisors such as VMware's ESX, Microsoft's Hyper-V and Xen can make IT more efficient and cost-effective, many of the virtualization advantages can be canceled out when data centers rely on technology and processes that haven't been updated for the virtualization age.
Quiz highlights benefits, limits of server virtualization
Server virtualization through the use of software products such as VMware has been implemented to varying degrees in corporate IT, with some successful and some not-so-successful outcomes. This year, the virtualization trend promises to continue apace.
Whitepapers about Server Virtualization
Forrester Research: Total Economic Impact Of The Management Suite
This paper presents a framework to evaluate the potential financial impact of the User Virtualization Platform on organizations having shared server-based computing environment.
How Flash Storage Changes Everything
Riverview Hospital Improves Patient Experience
Robust Data Protection Solutions for Virtual Environments


Ruvinda is currently an honor-student and senior attending Clear Brook High School and Radhika is a senior at Clear Brook High.
'Revive to Survive ' and a initial private donation of US $ 500 was deposited to CCA account in order to donate few vials of neupogen (1vial-Rs.5800 that time).The drugs were handed over to Dr.samadhi rajapakse by a representative from the group.
Want to know more about Radhini and Ruwinda?


Swallowing Darkness Laurell K Hamilton: it's like a train wreck. Inside the "erotica" was a plot that I was interested in. 6 books later I'm just glad it's over.
Damien by Jacquelyn Frank: Paranormal romance. 4th in a series I have read since I got the first at an ABA a while back. Much better than the above, with an interesting world peopled by Demons, Lycanthropes, Vampires and Mistrals, existing as Nightwalkers away from the humans who are only peripheral to their existence.


Hi, I'm Charles Bingham, creator of KANET, a web development company dedicated almost exclusively to work with small businesses and startup companies that want to create their first website. I've arranged a really cohesive and responsive team able to work with multiple clients at the same time without compromising quality and passion in regards to our products.
Right after graduating from college, I decided I wanted to work with small businesses instead of going for gigantic web development projects. I started calling every web designer and web developer I knew in order to make the most responsible team possible.
The dream begun in 2011, after I was finally able to gather four professionals with the same mindset as me and who also wanted to develop websites with a special focus on small businesses. Since then, we've been able to work with hundreds of different clients from different fields with tremendous success.
We're accustomed to having our clients coming back every single time, claiming that our team is the most responsive and understanding they have worked with. We take pride for this and we've been trying to improve our weaknesses over the years while maintaining the same level of responsiveness.
If you're interested in flawless website designs, feel free to call us and we will have a good answer for every one of your questions.


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72 409 fans
The Middle Zedd, Maren Morris, Grey 03:04
The Bones Maren Morris 03:17
Seeing Blind Niall Horan, Maren Morris 03:05
The Bones Maren Morris, Hozier 03:17
80s Mercedes Maren Morris 03:31
Make You Say Zedd, Maren Morris, BEAUZ 03:26
My Church Maren Morris 03:17
Good Friends Maren Morris 03:32
Chasing After You Ryan Hurd, Maren Morris 03:27
Rich Maren Morris 03:28
Humble Quest: In Rare Form
by Maren Morris
Maren Morris on tour
Ashley McBryde, Eddie Vedder, Brothers Osborne, Maren Morris, and 8 more… at Grand Ole Opry House (February 19, 2023)
Humble Quest
HERO (Deluxe Edition)
by Zedd, Maren Morris, Grey
The Bones (with Hozier)
by Maren Morris, Hozier
by Zedd, Maren Morris, BEAUZ
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Maren Morris is a country singer-songwriter and guitarist best known for her Grammy-winning single 'My Church'. She grew up singing along to country songs on her parents' karaoke machine in Arlington, Texas. She gigged from the age of 12 and released her debut album 'Walk On' at the age of 14. After two further albums she moved to Nashville in 2012, where she wrote 'Last Turn Home' for Tim McGraw and 'Second Wind' for Kelly Clarkson and toured with Pat Green, Radney Foster and Marty Stuart.
In 2016 she released her first major label album 'Hero' on Sony. It made number one in the Country Charts and she appeared on 'Saturday Night Live'. A single from that album 'My Church' mixed religious themes with a love of music and driving and won the Grammy Award for Best Country Solo Performance in 2017. Other songs such as '80s Mercedes' continued the driving theme and after the 2017 Las Vegas Route 91 Harvest Festival shootings she released the emotive song 'Dear Hate' with Vince Gill, having played the same stage the day before the shootings. In 2018 she collaborated on an electronic song 'The Middle' with Zedd and Grey and she was again nominated for a Grammy for her 2018 hit 'I Could Use a Love Song'. In early 2019 she released the feminist-themed single 'Girl'.


text:
Strategic Programs
Collaboration & Co-Creations
Global Coalitions
Young Feminists Call-to-Action for the Beijing+25 Review
Political Statement
We, 75 young feminists from across Asia and the Pacific region, gathered on 22-23 November 2019 in Bangkok to review and recalibrate strategies towards achieving gender-just societies as envisioned in 1995 during the Fourth World Conference on Women and the Beijing Platform for Action (BPfA).
We are organising towards strengthening and extending solidarity across young feminist movements in the region and beyond. We come together as young feminists – women, girls, trans, non-binary, intersex and people belonging to SOGIESC spectrum, in all our diversities including various sexual orientation, ethnicity, nationality/citizenship status, ability, race, age, caste, indigeneity, rural and urban poor, women workers including sex workers and trade unions, socio-economic status, migrant status, household status, marital status, health status including people living with HIV, sector of work and religion from across Asia and the Pacific. We recognise that gender equality does not just require addressing discrimination against women and girls, but also dismantling structures, social norms and institutions of cis-heteronormativity and the binary of femininity and masculinity, and centring people's pleasure and dignity.
We call upon governments in the region to address the persisting structural barriers and systemic inequalities hindering the full exercise of our human rights and centring of human dignity. Rising authoritarianism, macho-fascist, fundamentalist governments from Pakistan to India to the Philippines to Fiji have continued to polarise our socio-economic and political spaces. Neoliberal economic policies and the yoke of colonialism benefit corporations over peoples and the planet, as masses of workers from China to Vietnam suffer from back-breaking labour, only to face deepening inequalities and increasing poverty. Militarism intensifies in frontline communities that fight for their collective rights, dignity, and the environment. Women's human rights and environmental defenders are arbitrarily detained, persecuted and murdered from China to Thailand. We also acknowledge the harmful effects of the limited and heteronormative definition of family used in legal and social spheres and call to recognise various forms of families as people choose to define them. Moreover, the climate emergency threatens our present and future with islands sinking in Kiribati to mass flooding in Bangladesh, while global north countries, including Australia, are failing to meet their commitments under the Paris Agreement and blocking progress in international forums towards a sustainable future.
These realities for young feminists in the Asia Pacific region reinforce and fuel deep-rooted patriarchal norms and harmful and discriminatory practices affecting the most marginalised of us, among others.
Our solution to this crisis lies in unity and solidarity across our communities. As young feminists, you can find us everywhere, on the streets, in peace negotiations, in the corridors of power, in classrooms, in markets, in abortion clinics, and from the mountains to the sea. We are deepening our intersectional analysis, creating positive narratives, believing survivors, loving indiscriminately, learning from the lived realities of those around us, changing the ways we organise, listening to those that came before us, and paving the way to a feminist future.
Poverty eradication, universal social protection and social services, including public care services:
Shift the current neo-liberal development framework to be inclusive, people-oriented and gender-responsive particularly to rural, indigenous, migrant, refugees, urban poor, stateless women, girls and people of diverse SOGIESC. Address malnutrition and food insecurity among the poor and marginalised and ensure public provisioning of essential services (education, health, water and sanitation, housing, transport, etc) to all by adopting various fiscal measures including progressive tax regimes across the region and rejecting exploitative trade and investment policies that privatise and limit the provision of services which ensure human wellbeing. Using an intersectional framework to eradicate systemic poverty. Implement and promote :
proactive policy planning, create employment by enabling skills development and entrepreneurial programmes and promote social protection measures to benefit marginalized communities.
the rights of all citizens of a country to confer citizenship on their children on an equal basis by amending gender discriminatory citizenship laws and policies. Ensure non-citizen children of citizens, stateless children and children at risk of statelessness have immediate access to healthcare, public education and equal access to economic opportunities by de-linking social service institutions (hospitals, schools etc) from law enforcement/military forces.
institutional accountability mechanisms for both state and non-state actors (corporations/multinational corporations).
Universal Health Care and Access to Sexual and Reproductive Health and Rights (SRHR):
Implement comprehensive sexuality education and SRHR awareness from the primary level for those in educational institutions and out-of-school youth in alignment with UNFPA's ITGSE (International Technical Guidelines on Sexuality Education). Increase availability of information and ensure non-discriminatory access to quality, respectful and dignified health services including adolescent and youth-friendly SRH services especially for young people, irrespective of age, marital status, sexual orientation and gender identity. Ensure equal, accessible and affordable primary healthcare and SRH services to all including women in poverty, women with disabilities and those seeking such services during a humanitarian crisis such as natural and man-made disasters and in conflict settings. Recognise and respect indigenous traditional practices and medicines. Address mental health issues as part of sexuality education and services and put in place health policies covering universal access to quality and pleasure-centred SRHR for all. Gather more data/statistics/analysis of issues related to SRHR and social determinants on abortion, surrogacy, maternal mortality and women with disabilities. Engaging men while centering the choice and agency of women to improve SRHR services and addressing hegemonic masculinities. Decriminalise sex work and align laws and policies around the age of consent, marriage and abortion. Enforce stronger ICT laws and policies to address cybercrime and online gender-based violence and restrictions on pornography in public spaces and create more awareness and recognition around SRHR violations arising from early, forced and child marriage, domestic and intimate partner violence etc.
Inclusive development, shared prosperity and decent work:
Recognise all forms of work, including unpaid care work, sex work, and work in informal and entertainment sectors. Ensure inclusive work environments including the right to unionise and collective bargaining and a living wage, protection against all forms of gender-based violence including human trafficking and exploitation, discrimination in the world of work, and the right for their chosen work to be treated and viewed with dignity. Bridge the gender pay gap for all workers, including migrant women workers, and commit to ratifying and implementing all international labour standards. Hold governments and businesses accountable to labour rights violations. End all forms of labour rights violations and ensure accountability including providing criminal liability for businesses/corporations and government officials complicit in the unlawful activity of corporations.
Positive peace, and freedom from violence, stigma, stereotypes and harmful social norms:
Reform discriminatory laws and policies and ensure their compliance to international human rights and humanitarian laws and standards including in conflict and post conflict areas. Recognize and eradicate sexist, misogynist, racist, casteist, and harmful patriarchal norms, and create safe and enabling environments for all women and non-binary people in all SOGIESC. In addition LBTQI people and women human rights defenders and peacekeepers on the ground are also targets of so called "corrective rape", "honor killings", acid attacks, and other forms of torture intended to dehumanise, by the state, family, community, and informal courts. We need immediate action to fight against such deeply rooted violence against LBTQI people both in geological and digital spaces, including online gender-based violence, by taking proactive, survivor-centered measures including legislative, judicial and executive to ensure everyone's equal access to justice and protection against violence, decriminalisation, and end impunity against all forms of violence perpetrated by both state and non-state actors which can include access to justice being limited by the heteronormative definition of family.
Participation, social dialogue, accountability and gender-responsive institutions:
Ensure the meaningful participation and inter-generational gender-mainstreaming dialogue of women and non-binary people and communities in all SOGIESC in all levels of institutional collective decision-making beyond "tokenism". Eliminate all forms of persecution of WHRDs and establish effective protection mechanisms for WHRDs. Cease suppression of independent civil society and provide legal infrastructure to foster functioning independent civil society. Take immediate steps to promote women, girls and LGBTIQ/SOGIESC people's equality in family laws and practices in compliance with international conventions on human rights, and to respect, protect and realize women, girls and LGBTIQ/SOGIESC right to equality in the family across all types of family law, including those based on religious and customary legal standards, cognizant of recent findings connecting discriminatory family laws to lower levels of women, girls and LGBTIQ/SOGIESC labor force participation and economic empowerment, which impedes overall progress in implementing the Beijing Declaration and Platform for Action.Promote equality and non-discrimination in the family, by reforming discriminatory family laws that includes access to inheritance, guardianship, rights pertaining to custody and adoption, dissolution of legally recognized relationships as well as the dissolution of marriage and recognizing the diversity of families, is crucial for achieving the 2030 Sustainable Development Goals.Ensure gender-responsive budgetary allocation. Establish monitoring mechanisms to realise st
SOGIESC/LGBTIQ activism:
Expand the language we use to describe discrimination on the basis of gender and sexuality, to ensure we are inclusive of not just cis women, but also people who are trans, gender non-confirming, non-binary people, and ensure the difference between, and intersecting nature of gender, sexuality and intersex variations is recognised. Recognise and making visible the identities of and discrimination against all SOGIESC people, including people who are assigned female at birth including lesbian women, bisexual women, queer women and trans men. Raising the visibility of violence and discrimination against people on the basis of non-cis-heteronormative and binary gender expression, including when a person's gender expression is read differently from their identity, including the violence against trans women. Expanding representations of women in the media and curriculum to include non-normative gender expression, including sex workers, single women and lesbian, bisexual and queer women, and trans and non-binary people. Recognising and addressing the needs of gender non-conforming women and people are included in health, education, and livelihood policies. Condemn and end violence against SOGIESC/LGBTIQ activists who are targeted on the basis of gender identity, expression and sexual orientation.
Women with disabilities:
Recognise and address the issues of women with disabilities including systemic poverty in all policy-making spaces, including those belonging to marginalised communities which may include (but are not limited to) women who identify as queer, rural and indigenous women and women from oppressed castes. Ensure equal accessibility to justice, all forms of representation and participation, and social services for all women living with disabilities, especially those faced with systemic poverty, including quality equipments/assistive technologies, quality education and health services, adequate infrastructure, mental health care, SRHR services that centre their humanity and dignity and legal aid.
Climate justice Environmental conservation, climate action and resilience building:
Recognise the climate emergency and its adverse gendered effects on the most vulnerable and marginalised communities in the region, including women human rights and environmental defenders. Move the money from false climate solutions, the military and extractive industries to finance climate resiliency and responses. Take urgent actions by integrating gender-just, ecosystem-based, indigenous peoples-led, and sustainable and community-driven policies in the climate and environmental decision-making processes.
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Organizers of TelcoTV 2011 have announced the full slate of keynote speakers for the tenth anniversary of its prestigious conference and tradeshow, taking place this year from Oct. 25 to 27 at the Morial Convention Center in New Orleans. The keynote speakers, all leaders and innovators representing the full spectrum of cable, broadband, telecommunications and regulatory interests, will kick off sessions delving into some of the most critical issues facing today's media landscape. Topics include the FCC's 2010 National Broadband Plan, multi-screen TV, the future of IPTV, the changing video service ecosystem, and the impact of CDNs and cloud models, among others.
Spencer Kelly, presenter of BBC World News technology programme Click, is to present the inaugural ConnectedWorld.TV Awards.
Celebrating the creativity of broadcasters, independent producers, technology companies and consumer electronics manufacturers pioneering the business of 'content everywhere', the ConnectedWorld.TV Awards will be presented at a gala dinner on Monday 12 September. The Awards ceremony at the Hotel Okura Amsterdam is on the penultimate evening of IBC2012 – the leading global tradeshow for professionals in broadcast media and entertainment.
Pixelmetrix will showcase the full multi-resolution support for HD over HDMI on the Electronic Couch Potato at Booth 1B28.
The ECP connects after the Set Top Box and provides feedback on various service quality parameters to a central site. It stands out with its ability to emulate an end-user changing channels on a STB via a built-in infrared transmitter. Service plan verification, channel switching and multiple measurements on service quality for each channel reported to a central management console, give service providers valuable insight into the viewer experience and confirms the availability of subscribed-to channels.
Danny Wilson, Pixelmetrix President and CEO, will join a panel of industry experts at the IBC Conference to discuss Defining the New Media Supply Industry, on the opening day of the event, September 9, 8.00 am at E102 of the IBC Conference Area, RAI Amsterdam.
"We are thrilled to have the privilege of joining the panelists in this session after 11 years of participating at IBC," enthused Wilson. "It is certainly a session not to be missed as we are going to confer about the challenges faced by TV operators today, to retain customers by providing quality service and value for money in a time of economic uncertainty," he added.
Digital Rapids announced that IBC TV News, the official news channel of the IBC conference and exhibition, will again use Digital Rapids' versatile multi-format encoding systems to transform content for the IBC TV News website and mobile distribution. In addition to on-demand Web and mobile clips, IBC TV News will also feature live streaming of news updates on the Web. A new 'daily download' service will also allow IBC attendees to download the latest IBC TV News show at WiFi hotspots within the convention centre.
The TelcoTV 2011 Vision Awards call for entries is now open. Submissions for these prestigious industry awards will be accepted until September 30, 2011. Recognizing outstanding leadership and innovation, the 4th Annual TelcoTV Vision Awards will be presented at the tenth annual TelcoTV Conference and Expo in October 2011. With the theme "Ten Years Transforming Telecom and Entertainment," the show promises to attract businesses targeting the convergence of the entertainment and communications market.
BPL Broadcast announced the finalists in 15 categories for the inaugural ConnectedWorld.TV Awards. Judging was undertaken by an international panel of experts.
In association with the IBC Connected World, the ConnectedWorld.TV Awards celebrate the creativity of broadcasters, independent producers, technology companies and consumer electronics manufacturers pioneering the business of 'content everywhere'. To be presented at a gala dinner at the Hotel Okura Amsterdam on Monday 12 September, the penultimate night of IBC2011, the Awards showcase the many exciting developments arising from the growing use of broadband internet – both fixed and mobile - as an alternative distribution channel for TV and video content.
Exterity announced that it is attending IBC2011, the premier annual event for professionals engaged in the creation, management and delivery of entertainment and news content worldwide. The show, which is taking place from 9th-13th September at the RAI Amsterdam, is the pinnacle event on the broadcasting calendar.
At this year's show, Exterity will make a number of exciting announcements regarding new products and additions to its portfolio. These additions to Exterity's family of Building IPTV products will bring a whole new set of functionalities for streaming and distributing TV and video content over IP.
Digital TV Middle East, from the producers of the world Digital TV series, Digital TV Europe and TBI magazines, is co-located with IP&TV Middle East & North Africa 2011, which attracted over 750 attendees in 2010. The event brings together senior level decision makers from the full TV value chain and attendees of Digital TV Middle East will benefit from a shared keynote session, networking and exhibition space with the IP&TV forum.
It's hard to believe that it's not yet four years since the modern iteration of 3D reared its head at IBC once more, chasing away the ghosts of 50s and 70s monster and disaster films as digital projection and post production power gave the viewer a technology fit for the 21st century. With numerous dedicated 3D channels already transmitting worldwide, set costs plummeting, and with no let up in the appetite for 3D films, the progress of the format since has been astonishingly rapid.
At the moment even the most downbeat assessments seem to point to a rosy future, with latest figures suggesting that there will be 11million 3DTV sets in the UK alone by 2016. And even if only 42% of owners of those sets will have activated 3D services, as a new Informa Telecoms & Media report suggests, that's still over 4.5m viewers.
The connected TV is on the verge of a lot of great things, according to speakers at this week's Connections, a conference series put on by Parks Associates.
Here's what we took away from some of the Connections panels.
TVover.net and CleanSlate 2011 are giving away 3 free passes to the CleanSlate 2011 conference, July 19 in New York City. Enter to win by emailing us at media@tvover.net with subject line 'CleanSlate 2011', name, email, company, address and phone number by Friday, July 1. The winner will be randomly drawn.
For 10 years TelcoTV has been North America's largest event embracing the convergence of telecom and entertainment. IP video remains a moving target for many telcos and this year's TelcoTV sessions will cover a broad range of practical topics, focusing on the business case for video and where/how telecom providers can find profits as well as customers in the competitive video world. The TelcoTV exhibit floor showcases 150 companies representing all segments of the video value chain from content aggregators and OTT video, to broadband access providers and compression technologies plus everything in between. Attendance in recent years has exploded to include not just telcos – but over 20% of the audience pulling from the Cable and Utility markets. For more information please visit http://www.telcotvonline.com/.
The 3rd annual CDN World Summit promises to be the largest and most comprehensive CDN event ever.
We are pleased to announce our partnership with BT Wholesale as the host operator and those already confirmed to the stellar line up which will include over 80 speakers.