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Sunday, December 5, 2010

Much of the interior of New South Wales, Australia continues to be affected by floods caused by heavy rains. With more rain predicted, the Australian Bureau of Meteorology has issued a flood watch for all western flowing rivers in New South Wales from the Namoi River in the north of the state to the Murrumbidgee River in the south.

Coonamble, in the central-western plains district of New South Wales, has been isolated by major flooding of the Castlereagh River. The State Emergency Service estimates that around 2,760 people are currently trapped in Coonamble. Mudgee, Canowindra, Eugowra, Dubbo, Wellington, and Young have also been severely affected.

A number of major highways in Western districts of the state have been closed or had diversions put in place, including the Newell Highway near Mirrool Bridge, the Castlereagh Highway between Gilgandra and Walgett, the Oxley Highway between Gilgandra and Warren, and the Lachlan Valley Way between 28km north of Cowra and 6km South Of Gooloogong. A number of local roads have also been affected.

Emergency Management NSW has declared the local government areas of Mid-Western Region, Weddin, Wellington, Warrumbungle, Cootamundra, Coonamble, Harden, and Young as natural disaster areas where significant damage to property and infrastructure has occurred.

Evacuation orders have been issued for parts of Wagga Wagga and parts of Coonamble due to flooding.

The SES is advising people who require assistance due to flooding to call 132 500 and to contact 000 for life threatening emergencies. For road closure information, residents are encouraged to contact their local council.

Saturday, June 18, 2005

MasterCard International announced Friday that multiple instances of fraud have been tracked back to CardSystems Solutions, Inc., a company that processes credit card transactions and other payments. Customer names, banks, and account numbers of up to 40 million cardholders have been exposed, of which about 13.9 million are MasterCard-branded cards, the company said. Visa and American Express cards were also affected.

“The breach appears to be the largest yet involving financial data,” said David Sobel, of the Electronic Privacy Information Center.

CardSystems issued a statement late on Friday that said it learned of the potential breach 26 days ago, but that the FBI told the company not to advise the cardholders nor the public at large. CardSystems also said their statement had been vetted by the FBI.

A spokesperson for the FBI said that the agency had asked CardSystems not to disclose information that could compromise the investigation, but that it had not asked CardSystems to fail to disclose the breach at all.

Michael A. Brady, C.F.O. of CardSystems, told the Associated Press that “we’re absolutely blindsided by a press release by the association,” when speaking of MasterCard’s release. A MasterCard spokesperson said that the company was obligated to inform its customers of the breach.

MasterCard spokesperson Sharon Gamsin said that CardSystems was hit by a virus-like computer script that stole customer data for the purpose of fraud. She said MasterCard does not know how the script got into the CardSystem network.

Sobel said this theft “indicates that this is a shadowy industry where the consumer never really knows who is going to be handling and using their personal information. Presumably, the affected consumers thought they were dealing with MasterCard.” Having a third-party process credit card transactions is common practice in the industry.

Tuesday, November 9, 2010

The house where Josef Fritzl used to live and where he imprisoned his daughter is set to be demolished.

Fritzl locked his daughter Elisabeth in the make-shift dungeon for 24 years. During that time he raped her repeatedly — and fathered seven children with her, one of whom died in the basement of the house.

Judge Markus Sonnleitner stated, “There is a lot of interest in seeing it disappear. This seems to be the sensible course as there is little chance of ever selling the property for a profit. It should be done as quickly as possible.” Ever since the case became known in 2008, there has been a question over what would happen with the property.

The property, in Ybbstrasse, Austria, has become an unlikely tourist attraction with several people showing up to take pictures of the house. The door is sealed shut to stop anyone from gaining entry to the building.

On Thursday, Fritzl received the news that he has been granted planning permission to build a project consisting of houses, an office block and an underground carpark. Fritzl produced the blueprints for the project two years before police were aware of his crimes.

Judge Sonnleitner announced the plans as part of Fritzl’s ongoing bankruptcy case.

Tuesday, January 27, 2009

Martin Garbus, Esq. filed a shareholder derivative suit Monday against Marvel Entertainment and its Chief Executive Officer Isaac Perlmutter, as well as Stan Lee, the creator of Marvel superhero characters, and Lee’s wife and former Marvel Studios head, Avi Arad. The suit is for more than US$750 million (£528M) — about half of the estimated proceeds from Marvel’s movies.

Plaintiff Stan Lee Media (SLM) has four shareholders who live in Florida, California and Canada, and include Jose Abadin and Nelson Thall. The company is suing for recovery of civil damages representing one-half of film and book earnings from such blockbuster films as Spider-Man, Iron Man, X-Men, Hulk, and Fantastic Four franchises.

Defendants are accused of copyright violations over both the Marvel superhero characters and intellectual properties created by Stan Lee. Spider-Man’s three cinematic outings, starring Tobey Maguire, earned more than $1bn (£702m). “Most of Marvel’s financial success, including from the films, comes out of assets created by Stan Lee that are the subject of this suit,” the complaint states.

Lee, 86, has denied the allegations and has previously filed his own $50 million counter lawsuit against SLM, claiming the company has destroyed his name and reputation and prevented his effort to develop such properties as “The Accuser” and “The Drifter” and others via his first-look deals with Disney and Virgin Comics. Lee also co-created Daredevil, Doctor Strange and Thor.

Former dot-com company STM further alleges that it has agreed to pay Lee a $250,000 annual salary plus $100 million in company stock in exchange for the rights to the superhero characters. “That money should have gone to the corporation,” said Garbus. Lee’s counsel, Mark Williams, replied: “We look forward to a positive resolution for Stan Lee and his family.” Marvel has said the court pleadings, which were filed in U.S. District Court in Manhattan, are filled with “ridiculous claims”.

SLM ran out of operating capital during the dot-com meltdown in December 2000, closing operations entirely by December 19 of that year. The company was placed into Chapter 11 Reorganization in Bankruptcy by Stan Lee in 2001. During the insolvency proceedings, Lee assigned the major character franchises he had created to his new public company, POW! Entertainment, without the bankruptcy court’s approval.

Two multi-billion dollar lawsuits for damages were filed against Lee, his new company, his new partner Arthur Lieberman and Marvel Entertainment for cybersquatting and failure to disclose the existence and value of the Rights Assignment Lee made to the company when he founded it.

The company remained under bankruptcy protection until the US Trustee for the Central District of California moved to dismiss the bankruptcy proceedings for failure of the company as debtor in possession to comply with basic requirements of filing monthly reports and paying quarterly fees to the Trustee. SLM was taken back by the shareholders after its dismissal from bankruptcy and hired a legal and accounting forensic consultant to review all transactions that occurred during bankruptcy.

By November 2006, all of the officers and directors of the company had resigned or abandoned their positions and the company’s lawyers for the debtors in possession attempted to obtain court authorization to destroy or dispose of the company’s books and records. This initiated a long-running legal battle between shareholders and the company’s founder, Lee.

The plaintiffs in this most recent suit contend that Lee, Perlmutter, Arthur Lieberman and Avi Arad conspired in bad faith to conceal and misappropriate financial interests in Lee’s creations assigned to Stan Lee Media in 1998. SLM’s meltdown involved its former President Peter F. Paul fleeing to Brazil, contributions made to Bill and Hillary Clinton, Paul’s extradition and more. In 2007, SLM filed a $5 billion lawsuit in which it claimed co-ownership of all of Stan Lee’s creations for Marvel.

Tuesday, September 13, 2005

US-based Oracle Corporation announced earlier today that they are buying rival US-based Siebel Systems for $10.66 USD per share. Siebel shareholders have the option to receive the $10.66 per share in cash or in Oracle stock. This deal is valued at approximately $5.85 billion USD. Siebel Systems’ Board of Directors has already voted in favour of the acquisition. Founder Thomas Siebel has also given his support. A special meeting will soon be held for Siebel stockholders to vote on the acquisition. If all goes well the deal should close in the early part of next year.

After acquiring Siebel; Oracle, which specializes in database applications, will become the second largest software company. Oracle has offices in more than 145 countries, and employs over 50,000 people. This acquisition will make Oracle the largest customer relationship management (CRM) applications company in the world. CRM applications include accounting, inventory management and customer management software. “Siebel’s 4,000 applications customers and 3,400,000 CRM users strengthen our number one position in applications in North America and move us closer to the number one position in applications globally”, said Oracle CEO Larry Ellison.

“Today is a great day for Siebel Systems’ customers, partners, shareholders, and employees,” said Thomas M. Siebel, Chairman and Founder of Siebel Systems. Many analysts predicted the acquisition of Siebel after Oracle bought competitor PeopleSoft for $10 billion USD, last December.

Sunday, January 1, 2012

Today Virgin Money finalised a deal with the British Government to acquire the nationalised Newcastle upon Tyne-based bank Northern Rock for £747 million. During 2012, the bank will be rebranded as a Virgin company and the current Northern Rock customers will become customers of the enlarged Virgin Money.

The Northern Rock bank had been nationalised in 2008 following the revelation that the company had received emergency support from the UK Government. Northern Rock had required support due to its exposure during the subprime mortgage crisis in 2007. Sir Richard Branson’s Virgin Group had a bid for the bank rejected prior to the bank’s nationalisation. In 2010, while nationalised, the current high street bank Northern Rock plc was split from the ‘bad bank’, Northern Rock (Asset Management). Virgin have only purchased the ‘good bank’ of Northern Rock, not the asset management company.

The deal which could have additional payments to put the total value of the sale to over £1 billion had been first announced on 17 November 2011 and was criticised by some as not being a good enough deal for taxpayers. Opposition such as the Labour Party requested that the National Audit Office investigate the sale, and for it to be put on hold. By the beginning of 2012, the deal had been approved by the Financial Services Authority and the European Commission for merger clearance.

Jayne-Anne Gadhia will be Virgin Money’s CEO and former deputy governor of the Bank of England, Sir David Clementi, will be Chairman. Virgin have also pledged to maintain an operational headquarters in Newcastle upon Tyne as well as maintaining the current branches.

Wednesday, March 9, 2005

File:Plastic bag stock sized.jpg

They are cheap, useful, and very plentiful, and that is exactly the problem, according to researchers. A report issued on Feb. 23 by a cadre of environment and economics researchers suggested that Kenya should ban the common plastic bag that one gets at the checkout counter of grocery stores, and place a levy on other plastic bags, all to combat the country’s environmental problems stemming from the bags’ popularity.