text:
And the Glazer family? They receive their $110m straight away.
That's "Glazernomics" folks.....!
They've already sold additional 8.5 million shares on top of IPO so they will be receive around $220m.
Hi Andy,
You must bare in mind that the Glazers are looking to float 35% overall so this will not be the only cash raised and not the only cash going towards our debt. I think they are just seeing how much they can make, sooner or later they will float the other 25%. Just hope most of that goes towards our debt. Personally I think half will go towards PIK2 and half towards bond debt.
Andy what about the new increased tax rate on our existing profits will the increase in tax meaning the we loose out when you consider increased tax on profit compared to coupon payments saved
Fair point Smokey, the 35% (vs UK 24%) will hurt for years....
Unbelievable. we need em out
some satisfaction in seeing the glazers high valuation considerably reduced which I'm sure will seriously piss them off. MUST deserve much credit for their campaign over the past 7-10 days. In 2 years I'm sure Fergie will be off into the sunset, new ball game and the one thing the Glazers need is a continually successful club. Interetsing times ahead and as much pressure on the glazers as ever. Could'nt happen to a nicer bunch of twats
What was the point of the IPO? Reducing indebtedness was seemingly the goal for over a year and yet when they get the sniff of a market they backtrack and make little more than a token gesture in that regard.
They changed their mind somewhere between the 2nd and third amended drafts and the decision didn't hinge on what percentage of bonds could be redeemed with the proceeds from going public.
Some folks believe that follow on offerings will be used to reduce the debt still further. I think that's rubbish. I think it's pretty clear that the Glazers intend to use the Club's free cashflow to optionally redeem more of the bonds going forward. I fully expect heavy cash-out in the near term with a possible refinancing of the remaining debt in a couple of years.
A complete and utter waste of resources to make a bunch of profiteers even wealthier. We aren't so much a for-profit business as a for-profiteering business.
What particularly gets on my nerves is the endless penny pinching we engage in on the transfer market; as though we were a paycheck away from being destitute. As though we can't afford to spend the going rate. Total nonsense. "No value" in the transfer market is just another way of saying "more value" for our great owners.
There used to be a Football Club in M16.
In particular, we have and will continue to be subject to the challenges of operating in our industry. These challenges and risks include, among other things, competition for key players and other personnel, increases in operating costs, such as player salaries and transfer costs, and our ability to manage our growth efficiently. For example, net of profit on disposal of players' registrations, we realized a loss from continuing operations in two out of the last three fiscal years (largely the result of finance costs that have since been significantly reduced through our deleveraging in fiscal year 2010). After giving effect to the use of proceeds from this offering, we would have had total indebtedness of £345.4 million as of March 31, 2012. In addition, although we preliminarily estimate that our profit from continuing operations for our fiscal year ended June 30, 2012 was approximately £21 million to £23 million, such amount includes a tax credit estimated to be approximately £27 million to £29 million. Net of that tax credit, we expect that we would have realized a loss from continuing operations for our fiscal year ended June 30, 2012. See " — Recent Developments."
oh darren, you mean that club, it's long gone. i heard it died sometime in 2005.
Following on from what Smokey said - based on last years figures could you work out how much more the club would have paid in tax if it had to pay 35% tax on its profits rather than 24%?
The £3.46m net interest saving is even more meaningless if the increased tax rate on profit hits the club by a larger amount.
First off - great blog.
Second off - my point/rant:
With every new development in this sorry saga of a debt dance I find it more and more unbelievable that even the cash-centric Premier League allow its clubs to be run in such a disrespectful way.
The fan base will naturally reduce over the next ten years as the club ceases to be the dominant force it once was, after all people flock to success, and what then for the sponsorship deals, merchandising and overpriced-ticket sale?
Also there's a fair chance of the massive Asian market for English football shrinking as the leagues on that continent carry on their steady rate of improvement.
Where would Utd stand without their extra incomes each year? What if the sponsor deals were halved and the foreign markets went down by 60%?
Whilst FFP might even the playing field somewhat between Utd and City/PSG/Chelsea etc, Utd will be in severe danger of becoming the next Liverpool, a high placing, but still second tier team, suffering decades of disappointment and false dawns.
Further more, with this latest show of utter indifference to the club, what manager will the Glazers hope to attract in a couple of years time when Fergie leaves?
What will it take for the majority of fans to start boycotting the club on a weekly basis? A year away from Europe? The loss of Rooney to fund a Glazer investment elsewhere? Championship football? Don't think it couldn't happen, look how close Liverpool looked for a while the other season.
Until the IPO I had mixed feelings about the Glazers, I never liked them, they brought the club in a way which damaged it, and they kept messing about with the debt in ever expensive ways, but the team was alright(ish) and Fergie seemed happy enough.
But this latest money grab is just insane. Every move they make financially seems like another bad choice destined to cost the team and the fans.
If it came to it, what would happen to the club if enough payments were missed on the debt? A bank induced auction for the highest bidder I presume?
Maybe we should start a savings fund for the fan, sat there accumulating interest in the hope that one day, post Glazer we can own enough of the club to make our voices heard.
I commend your work on this blog which has helped me and many United fans gain a better understanding of the financial mess that the Glazers have put United in.
Whilst greater and greater understanding of the issues seem to be growing among the fans, the one person who seems to be turning a blind eye to it all is Sir Alex. We know he is not stupid and therefore its reasonable to conclude that that he is either a proponent of the way the Glazers are running the club OR that he is ignoring the issues right in front of him (in which case he is negligent of his duties towards the club given his position as the foremost figure in United's history).
Ferguson has taught us fans over the years (by the way he has mercilessly culled players) that no man is bigger than the club; and if we have truly learned this lesson, surely we must come to the conclusion that the very same rule applies to Ferguson. And because of the 'no man is bigger than the club' principle United fans must be prepared to take Ferguson to task for his support (or negligence) of the Glazers actions.
No man is bigger than the club - and that includes the great man himself.
I'm a little confused by your tax analysis. As far as I recall, the profits of a foreign subsidiary of a U.S. corporation are only taxed in the U.S. to the extent that the profits are repatriated. I'm unclear why you think we'll be subject to U.S. taxes on U.K. earnings. This, combined with the proposed rate reduction from 35% to 28% and the possibility of adopting a territorial approach to foreign earnings, would seem to cast some doubts on your analysis.
Hi Anonymous at 03:31,
Your description of the tax situation is what I would have said until I read the F-1 which couldn't really be any clearer!
To quote:
"Following our reorganization in preparation for the offering, although we are organized as a Cayman Islands corporation, we believe that we will be treated as a US domestic corporation for US federal tax purposes. As a result, we will be subject to US federal income tax (currently at a statutory rate of 35%) on our worldwide income."
The very fact they are happy to accept this reverse tax arbitrage says a lot!
Precisely, but such tax is only levied to the extent that the profits are repatriated. Why would their tax treatment differ from that of any other corporation domiciled in the U.S. for tax purposes. Indeed, given that they've been the wholly owned subsidiary of a U.S. corporation since the takeover, in what ways have their circumstances changed?
Absenting the matter of the tax rate that will be applied, should your analysis not reflect that the $12.3m in expenses will either be expensed or amortised in it's entirety?
With the reduction on the bonds outstanding and as a result club indebtedness could this mean that they would be able to refinance the existing debt at a lower coupon rate in the near future, could this be their game plan.
Anonymous @ 11.08'
That confused me too. Why would they repatriate unless they were paying dividends, which they aren't? The F-1 does say: "We will be subject to greater tax liability" as a statement of fact.
It may be that this should read "we may be subject...." and is just lawyerly prospectus paranoia.
If they do hang onto a UK corporation tax rate of 24% it would increase the annual net interest saving by c. £500k vs. my cakculation, not really material. It would still be almost two years before the expenses are recovered......
Anonymous @ 11.46
I can't think of any reason under IAS to amortise the expenses. Surely they will be expensed as incurred?
I was focusing on the cash impact anyway. It's usually the right way to look at football clubs IMO.
Just out of interest Anders its been some time since you had a look at how the Glazers US businesses were faring. They still doing badly?
It would be usual to amortise the issue discount and expense any other expenses incurred in the transaction. Either way they generate a tax offset which has just as much of an impact on cash as the deductibility of interest payments. You seem to be selecting the facets of the tax code that you apply in order to bolster your argument.
They will, of course, start paying dividends fairly quickly - the "foreseeable future" statement is just boilerplate that's found in the F-1 of any company that's not currently paying dividends. And you are correct, the "U.S. tax treatment" statement is also boilerplate. It's important to remember that the F-1 is constructed with a major focus on avoiding subsequent lawsuits.
I have a further, more substantial, bone to pick with your analysis. If you look through the form of the transaction and instead focus on the substance you'll find you arrive at somewhat different conclusions. Prior to the IPO and the concurrent reorganisation, the Glazers were the 100% owners of the precursor entity. The substance of the transaction is that the Glazers sold 10% of their ownership in the public market and the proceeds were divided between the Glazers, Manchester United plc, and the issuing banks (and other providers of services in the transaction). What this makes clear is that the issue costs were paid by an additional dilution of the Glazers holdings and not in any sense by Manchester United plc (who were simply the recipients of part of the cash raised in the transaction. The form of the transaction is necessary for regulatory purposes, but that is not a reason to lose sight of the substance. When you say that United paid the issue costs you are violating your own credo of focusing on the cash flow. No cash that was formerly in United flowed out in the transaction - the expenses are attributed to the entity in a pro forma sense but have no cash flow consequence. (I suppose the best way to think of it is that it is not cash that somehow "should" have gone to United - that was never a possibility.) I understand that, when you're used to the rote analysis of financial statements, this is not a particularly appealing perspective, but it is the economic substance of the transaction.
take a break andred
@ Anonymous 20:03
You have to translate what you said into plain English for Andy's followers. A lot of Andy's followers get dazzled by financial jargon in his analysis, but for us who work in the financial sector, it's just another language, very ordinary. We are not gods because we work in finance, but then again, some finance people have a high tendency to show deity-narcissim syndrome.
The cost of the IPO is not a cost borne by the club as such, its the cost of getting the $110.3m flow into the club.
In terms of the clubs's cash position, thinking on what the IPO did, $110.3m went into the club and no cash came out. The club lost nothing, the owners lost 10% of the club asset value.
So if the IPO was bad for the club's cash position, I'm all ears as to why!
Well done picking up the tax issue. Andy seems to focus too much on words in documents and not likely practical application. IPO is a high risk you get sued if you don't reveal everything - it's almost tantamount to NEED saying something as obvious as "If you cross a road, you run the risk of getting run over by a car". Andy's done this before when he was analysing the bond, talking about the sale of the ground, sale of Carrington, carve outs resulting in £m's being taken by the Glazers. None of that has happened!
I'm sorry Anonymous @ 20.30 but I don't agree.
You say:
"No cash that was formerly in United flowed out in the transaction - the expenses are attributed to the entity in a pro forma sense but have no cash flow consequence."
That is indeed true of the underwriting costs which were paid through an "additional dilution" as you describe, a reduction in net receipts. But that is not what I'm talking about.
The $12.3m I am talking about in this post are the expenses set out on page 151 of the F-1. It says (my emphasis)
"Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, that we and the selling shareholder expect to incur in connection with this offering."
It goes on to say:
"All of the fees and expenses for this offering will be paid by us with existing cash on hand."
So you are incorrect, this $12.3m will be a cash out flow in Manchester United's cash flow statement. Very much a "cash flow consequence"of the IPO......
I'm well aware that this has been done to boost glazers personal coffers, but anyway you look at it, and bearing in mind that it could have been much better, Uniteds debt being £63 million lower, has got to be a positive thing.
Indeed Anders.
The cash in from the IPO ( already net of underwriting discounts and commission) will be used to redeem bonds. Other explicit fees of about 8m (estimated $12.3m) will be cash-paid by the club- "All of the fees and expenses for this offering will be paid by us with existing cash on hand."
The F-1 "Recent Developments" section indicates that exceptional expenses for YE 2012 will rise from 6m(Q3 total) to 11m by year end; further proof that the explicit fees and expenses will be paid by the club.
Andy, I don't get the point of your analysis.
It's not like the club has taken out a loan for the IPO expenses. They paid £7.9m and immediately got £63.6m back. The consideration was not provided by the club, it was provided by the owners releasing 10% of the club's value to market. To me that is a big immediate benefit to the club as they bought the bonds, which can be readily turned to cash if the need arises. Incidentally, that's where the Ronaldo cash has gone. It can be turned back into cash at any time and made available for Sir Alex.
You're trying too hard mate.
If anyone bought your side of the debate they could be forgiven for thinking the IPO was a masterstroke by the owners, and boy, are ManU grateful to have such geniuses at the helm.
In reality the club is being finacially ass-raped by the most vile owners we've ever had the misfortune to set our eyes upon.
You're technical explanations are nothing but a distraction. The only villains here are the Glazers.
Anders has my full support and without the likes of him to shine his light into the darkest recesses of United's finances, we'd be all the poorer.
His contributions are a million times more constructive than yours.
Have a nice day.
It's Man United or just United, NEVER ManU!!!
You are entitled to your opinion but thankfully your opinion doesn't affect me. I get very well paid for my opinions.
The Glazers are not great owners, they spotted an investment opportunity, which is what fund managers do too.
They knew the club made enough cash to pay the club's expenses, required investment in players and facilities and then some. They also saw the untapped commercial opportunities that could be developed.
The days when the club got all its money from the fans are long gone. Now the income from match day fans doesn't even pay the wages. The shortfall is made up from media and commercial which for the most part doesn't come directly from the fans.
Going back to topic, I think Andy's analysis has no real value and is misleading, nothing net has come out of the club or the fans from the IPO and the club has benefitted big time.
And no, no real effort on my part, just a quick 5 minutes on the couch ;-p
Good day to you too!
Rob thanks for your counterpoints,
It just seems a little disingenuous to suggest that Match Day income doesn't matter, when it's still the largest source of income and without it the club would be screwed.
The point of his analysis is the post IPO club is barely better off. In spite of the spin to the contrary, which you (I'm sure neutrally) are contributing to.
It would be nice, with Anders having corrected your error with the IPO fees payment, for you to admit your mistake. However with you likely working in the financial sector I won't be holding my breath.
I personally I value the analysis and the quality of the writing. When Anders gets something incorrect he's man enough to come out and admit. He hasn't this time and that's good enough for me. Perhaps you might like to set up your own blog, so we can get a better feel for you opinions.
Anonymous @ 19:40
Nope quite happy to admit when I'm wrong due to laziness in not researching. Despite my work, I still remember my working class roots from Eccles so I don't have deity-narcissism syndrome.
But then again, I'm not getting paid for thisoak no professional liability risks if I get it wrong. However, I do know the law on defamation at least and would be careful what I say here.
If you think the club is not significantly better off receiving the net proceeds of the IPO, then I and anybody with a more balanced perspective would disagree.
Btw, I didn't suggest fan income wasn't vital to the club, it is, just that the fans haven't lost out as much as the world peace chasers at MUST seem to be saying.
Regards, Rob
I get the impression that old Rob's spiel is a "tale told by an idiot, full of sound and fury, signifying nothing."
No Rob, neither the bonds previously repurchased nor the bonds about to be redeemed from the proceeds of the equity offering are convertible to cash. Both sets will be retired.
Do your homework, my good man; I hate to see guys paid handsomely for their financial opinion demonstrate such ineptitude. It makes those of us who actually know what we are talking about look bad.
Oh so page 4 of the quarterly report Q3 2012 is a load of crap?!
"As of 31 March 2012 we own £92.3 million of our senior secured notes.
These purchases were made pursuant to the Board's emphasis on prudent treasury management and improving the yield from its cash and cash equivalents balances. The purchased senior secured notes are being held by the Company and have not been retired. The senior secured notes may be sold back to the market in future depending on the capital and operating requirements of the business."
Do I get a pass for my homework, Sir?!
No Rob, alas, You don't pass. The Q3 accounts are so yesterday!
Please read the F-1 statement (either second or third amended version) for the most recent update on the repurchased bonds.
Oh hell, I will save you the effort- here you go:
"In addition, upon consummation of this offering, our senior secured notes previously purchased by us in open market transactions will be contributed to MU Finance plc and retired". [See "Use of Proceeds."]
So Rob, how many false claims have you actually made in this particular blog? I'm not keeping count or anything. Indeed, as you can gather from my tone, I'm genuinely distressed that a man paid so handsomely for his opinions could make such baseless claims; Particularly claims that can be easily refuted.
Ok, so now I had the motivation to read the IPO F-1. I'm playing with semantics, but technically the £92.3 million senior secured notes is still realizable although there is a statement of intent in the F-1 to retire them. The redemption notice period is at least 30 days per the bond prospectus, so the net IPO proceeds are in the clubs bank account. In addition, I note there is a lack of timing as to the date of the redemption, it doesn't say immediate redemption, so my previously unsubstantiated statement that the club has bonds it can sell and the IPO proceeds are still counted as cash still holds true to a limited degree at the time I made my statement.
Please feel free to point out any further inaccuracies in my statement, as you no doubt will.
Regardless of whether my statement can use the IPO proceeds and previously repurchased bonds that the club intends to retire as at a yet undetermined date as cash is correct in future, my point is that the club has benefitted immediately and significantly from the IPO because ultimately the debt will be paid down.
Ok, maybe fail on effort based on laziness for not reading the F-1, but pedantically, I could be correct to a degree. Agree?
Cheers! Rob
what do make of this , if this happens it will be great for the fans !
Ok, just went through the F-1, the bond prospectus, and my observations and opinions on this comment page.
Let's go through what I said:
1. The cost of the IPO is not a cost borne by the club as such, its the cost of getting the $110.3m flow into the club. In terms of the clubs' cash position, thinking on what the IPO did, $110.3m went into the club and no cash came out.
As I was too lazy to read the IPO prospectus when I wrote this, I stand corrected that nothing left the club, £7.9m did in IPO expenses. However, that doesn't change the fact that the club is receiving £70.7m net from the IPO, net benefit to the club, £62.8m.
If anyone tells me that is insignificant and doesn't immediately benefit the club, then I would respectfully disagree, not only because of future loan interest savings but also because of the reduced risk of being less indebted.
2. Bond prospectus, cash leaving the club through the revolving credit facility, sale and leaseback of OT and Carrington, etc.
I don't believe any this has happened. If I am wrong, please feel free to correct me and I will stand corrected.
3. The secured notes being held by the club can be liquidated to finance signings and the Ronaldo cash
As I was too lazy to read the F-1 when I wrote this, this is half correct.
For clarification, this statement is correct going off the Q3 2012 and I stand by this statement as correct based on the Q3 2012 and before the F-1.
However, as was pointed out to me, the F-1 clearly states the intention of the use of proceeds. But why may I have grounds for believing I am half right on this AT THE TIME I WROTE IT? Currently, no redemption notice has yet been served and redemption will only be made 30 days after notice is served. So technically, the Q3 2012 assertions on the bonds still stand. After reading the F-1, I stand corrected, IF the redemption notice is indeed served. However, the Use of Proceeds statement is a "forward-looking statement", words such as "will" and "intend" are included to identify forward-looking statements. What the forward-looking statements may mean is that the club may choose NOT use the proceeds to retire the secured notes if there are strong grounds for doing so. In "strong grounds" I mean to be reasonable enough to defend the litigation risk of making misleading statements if the safe harbor defence under section 27A of the US Securities Act 1933 ("USSA 1933") cannot be used to mitigate the litigation risk set out under section 12 of the USSA 1933. If the forward-looking defence is valid, then the IPO proceeds and previously acquired secured notes are a source of cash to finance the club's expenses. However, I adit due to the clubs strong seasonal cash position it is likely the redemption notices will be served and my original assertion will prove incorrect. (cont.)
4. My take on the Glazer's taking money from the fans, or are not...
I stand by this point based on my explanation on how the income streams changed dramatically from traditionally being mostly all from local fans that traditionally financed the club's expenses and investment needs, to include the significantly increased incomes from media and commercial which do not DIRECTLY come from the loacal match day fans' pocket and arguably more so from the global fan base and the global reach of the Man United brand.
Yes the match day fan income is vital, but it doesn't mean the Glazer's are taking money from the local fans directly, they are taking it out of the increases in commercial and media income which should be attributable to ex-local fans. They saw that the total income paid for the club's expenses and investments in players and facilities and still had enough left over. They saw significant untapped income potential. They could see that the recurrent expenses of the club were being et by the recurrent income (i.e. from the match day fan base), so all they needed to do was finance the debt costs from media and commercial income streams, less of course any investment wanted by Sir Alex. That's why they bought the club at a price so over the odds.
Yes you could say the £350m+ paid in debt costs could have reduced ticket prices by half, but equally you could say the Glazers could have spent the money on paying for an all expenses paid week long alcohol fuelled orgy in Budapest for every member of MUST. They didn't. The c**ts!!! Why, because they own the club. Welcome to the concept of the risks and rewards of ownership. If the money wasn't spent on debt, the tax man would get roughly a third, and the rest would be sitting in the bank account earning next to nothing or be withdrawn by the owners in the form of dividends or loans.
As for ticket prices, I hate the comparison to the general inflation rate because it's downright misleading. The general inflation rate measures the depreciation effect of time on spending power. To use it to measure the unreasonableness of ticket price rises in isolation is flawed. You have to gauge it against the changes in price for similar goods, i.e. EPL ticket prices. It's like using the general inflation rate to judge the reasonableness of rises in say, bus fares or petrol, it's meaningless because of goods specific inflationary factors.
Also, the Glazers are not master of ticket prices, they are slaves to the price mechanism. They need to set the maximum average price that will get 75,000 people into OT every game. They have done that now. They haven't driven traditional fans from the club, the fans that were previously on the waiting list but can afford the tickets have driven the traditional fans away. If the more loaded fans didn't buy the higher ticket prices, or of the G&G boycott actually worked to any degree, the price would go down to get 75,000 bums on seats each game at OT.(cont.)
5. My view on Andy's analysis
I stand by the fact the analysis is misleading and pointless. The conclusion is that the IPO doesn't benefit the club significantly or immediately. Not true in my view, the club gets £62.8m net for the owners giving up 10% of the value of the club to the market. It's pointless to measure the IPO costs in relation to interest savings on a break-even basis. Doesn't mean anything. The IPO costs are have no correlation to interest savings. The IPO has allowed the interest savings attributable to the debt reduction from the IPO proceeds, but that's as far as the connection between the IPO costs and interest savings go. The interest savings are just an additional benefit to the net IPO proceeds of £62.8m.
6. My intentions
Firstly, I do appreciate the amount of work Andy puts into this blog and the insights he gives to finance layman. It takes a lot of balls to put yourself up to be shot at for no reason. My only hope is that adheres to the doctrine of professional objectivity more instead of being a willing propaganda mouthpiece. By doing this, he sacrifices his professional integrity in my view and that, as a fellow professional, saddens me. That's why I am contributing the balance to the debate. And for heaven's sake, I hope he's more careful what he says, if Sir Alex was not as generous and decided to do a D. Drasdo on Redcafe, Andy should be crapping bricks right now!
Cheers, Rob
So to summarise:
1)Rob was correct at the time based on the facts as he knew them. The fact that the said facts no longer hold has no bearing on how correct Rob is. Sure, I buy that. Afterall I believe the world is flat; I read it in an old history book. Perhaps scientists might have subsequently reached a new concensus, but I still subscribe to the flat-earth theory and I can furnish dated documentary proof to support my position.
2)Rob believes that the poor Glazers were powerless to resist a market based pricing mechanism wrt ticketing. The ancient gods demanded that excess demand be quashed and prices pushed to maximum affordability. The poor Glazers had to choice but to acceed to the demands of the gods and against their own wishes and interest they pushed up prices and introduced the ACS. Those pesky Gods and their meddlesome ways! The Glazers were the real victims here. And nobody appreciates their predicament.
3)Rob spends alot of his expensive time putting together and irrelevant and invalid defense to support his false claims. And confuses himself in the process.
An example:
"Currently, no redemption notice has yet been served and redemption will only be made 30 days after notice is served. So technically, the Q3 2012 assertions on the bonds still stand."
Well no Rob- The repurchased bond to which Q3 refers aren't subject to a redemption notice requirement.
They can be retired immediately. And have been- according to the F-1statement.
As a fellow professional, Rob, it saddens me to think that you are a fellow professional.
oof - KO!
rob just got a can of internet whup ass opened on him ha ha well done anon
Rob wrote As I was too lazy to read the IPO prospectus when I wrote this, I stand corrected that nothing left the club, £7.9m did in IPO expenses. However, that doesn't change the fact that the club is receiving £70.7m net from the IPO, net benefit to the club, £62.8m.
Could you please clarify something for me Rob. I assume the £7.9m which left the club for costs is a loss of £7.9m.
I also assume the net benefit of £62.8m which you say 'goes to the club' actually doesn't but goes towards the Glazer debt.
Would that be correct?
I'm not good at this stuff so bear with me.
You state that "The club will use all this $110.3m to repay $101.7m face value (£63.6m) of the 2017 US$ notes at a price of 108.375% of nominal value", and yet later you say that The Glazer family get the $110m right away.
I'm assuming that The Family gets the money but the club only gets the interest savings ?
Your blog article is very intersting and fanstic,at the same time the blog theme is unique and perfect,great job.


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Thanks to my sister for her persistence in locating information while moving my mom. Wedding photos for my parents I believed were long lost were found! My parents were married November 15, 1947 in St. Stanislaus Church, Toledo.
March 31, 2011
Edward and Virginia Plenzler MierzejewskiPosted by Donna Mierzejewski-McManus under Mierzejewski, Plenzler | Tags: Mierzejewski, Plenzler |
1 Comment
One Response to "Edward and Virginia Plenzler Mierzejewski"
April 1, 2011 at 12:36 am
Beautiful! Thanks for posting, Donna!


text:
Ethan Lindsey first worked on the Marketplace Morning Report in 2004 and returned in 2010. In the interim, he worked as a reporter at the Oregon Public Broadcasting. One of Lindsey's first jobs out of college was clipping and summarizing news for the President and the White House.
In 2009, Lindsey won a Peabody Award for his work as a reporter at Oregon Public Broadcasting. He was also awarded a Fulbright fellowship, which allowed him to report in Germany for a year. One of the highlights of his fellowship was a trip to Trossingen, Germany, the birthplace of the harmonica. He had the pleasure of interviewing the curator of the harmonica museum and reporting on the history of the instrument.
Lindsey graduated from UC Berkeley, with a degree in English. In addition, he received his Masters at Columbia University's Graduate School of Journalism.
Lindsey currently resides in Los Angeles and enjoys hiking, camping and skiing in his free time. He is a die-hard Cal football fan and has been known to globe-trot in order to catch a game.Twitter: ethanlindseyMMR


text:
International Students Weekly Bulletin
Cricket Tournament - Nov 17th
Husky Cricket Sixers
Join the event to learn, play and enjoy cricket.
Entrance is free for everyone.
There will be a Coaching Session.
Register your team at firstname.lastname@example.com
Registration Deadline : November 14th
* If you would like your message to be considered for the Weekly Bulletin, e-mail email@example.com with a description of the event. Messages must be received by Tuesday at 4:30 p.m.


text:
Branagh, Youngs in Driver's Seat
COLORADO SPRINGS, Colo. ( July 4, 2008) - A pair of elimination bracket wins Friday at the US$600,000 Moscow 2008 Grand Slam for the U.S. beach volleyball team of Nicole Branagh/Elaine Youngs improved its chances of locking up a berth for the Beijing 2008 Olympic Games.
Top-seeded Branagh (Orinda, Calif.) and Youngs' (El Toro, Calif.) two wins Friday gave them a 160-point edge over compatriots Jen Boss (San Juan Capistrano, Calif.) and April Ross (Costa Mesa, Calif.) for the second American berth in Beijing with two more opportunities Saturday to improve their 4,380 total by 80, 160 or 240 points.
When Branagh and Youngs play Brazil's fourth-seeded Talita Antunesa and Renata Ribeiro in the women's semifinal match on Saturday, the winner could also cement the fifth seed at next month's Beijing Summer Games. With 160 points at stake in the semifinal match, Talita and Renata have 4,400 points for their best eight SWATCH FIVB World Tour placements since May 2007 while Branagh and Youngs have totaled 4,380.
Branagh and Youngs opened play Friday with a 21-11, 21-13 victory over 22nd-seeded Kathrine Maaseide and Susanne Glesnes of Norway before ousting eighth-seeded compatriots (Fort Myers Beach, Fla.) and Rachel Wacholder (Laguna Beach, Calif.) 18-21, 21-16, 15-10 in 53 minutes.
Turner and Wacholder's loss to Branagh and Youngs ended their Olympic hopes.
Boss and Ross have not yet been mathematically eliminated from the second U.S. berth in Beijing, but are currently 160 points behind Branagh and Youngs with 4,220 points. They will place ninth in Moscow after being upset by Brazil's 17th-seeded Maria Antonelli and Vanilda dos Santos Leão, 21-15, 22-20 in 39 minutes on Friday.
The teams of Jia Tian/Jie Wang of China (5,420 points), Misty May-Treanor (Costa Mesa, Calif.)/Kerri Walsh (Santa Clara, Calif.) of the United States (6,440), Juliana Felisberta Silva/Larissa Franca of Brazil (5,280) and Chen Xue/Xi Zhang of China (4,460) are projected as the top four seeds when the Olympic pools are announced July 26 in Gstaad, Switzerland. If the host country tandem finishes among the top six teams in the Olympic rankings, the team will assume the No. 1 seed.
The women's medal matches will be played Saturday afternoon with the gold medal winners sharing the $43,500 first-place prize.
In the men's bracket, top-seeded Phil Dalhausser (Ormond Beach, Fla.) and Todd Rogers (Santa Barbara, Calif.) extended their SWATCH FIVB World Tour winning streak to 17 with a pool-play victory Friday morning win over 16th-seeded Riccardo Lione and Matteo Varnier of Italy, 21-12, 21-14, in 41 minutes.
Saturday's first men's match will feature a meeting between the past two SWATCH-FIVB world champions as 2007 winners Dalhausser and Rogers face 2005 gold medalists Marcio Araujo and Fabio Magalhaes of Brazil.
Joining Dalhausser and Rogers as U.S. pool winners were eighth-seeded Matt Fuerbringer (Costa Mesa, Calif.) and Casey Jennings (Las Vegas, Nev.). After a 21-18, 21-17 pool win over ninth-seeded Russians Igor Kolodinsky and Dmitri Barsouk, Fuerbringer and Jennings will play third-seeded and 2007 SWATCH-FIVB world champions Emanuel Rego and Ricardo Santos of Brazil on Saturday.
Eleventh-seeded Jake Gibb (Bountiful, Utah) and Sean Rosenthal (Redondo Beach, Calif.) were eliminated in the first round by 25th-seeded Martins Plavins and Aleksandrs Samoilovs of Latvia, 25-27, 14-21.
Complete results, photos and more information are available on the FIVB beach Web site at www.fivb.org/EN/BeachVolleyball/index.asp.


text:
Topic: line numbers in code
Great forum you have here! I'm new to rails and am starting to learn and this place is very helpful. One thing irks me though: when I copy/paste code from a post, the line numbers are copied as well. For a couple lines, no big deal to remove them, but when the code is 75 lines it gets old pretty damn quick.
Any possibility of toggling this on/off as well, like it's done here:


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The rich whisky-enhanced flavor of classic bananas foster is ever-present in this new sweet bread.
We are big advocates of taking classic recipes and turning them on their heads. Bananas Foster, the down-by-the-bayou classic typically served with a generous scoop of vanilla ice cream, is our latest test subject. To retain the richness of the original, developed back in the 1950s at New Orleans' Brennan's Restaurant, our Relish chef opted to create a sweet, dessert-ready banana bread with a sweet whisky and sugar glaze drizzled atop. This loafed version certainly doesn't disappoint its decadent roots�butter, brown sugar and whiskey all make notable appearances on the ingredient list. And we know what you're thinking�what about the ice cream? Well, we think a scoop will still nuzzle up to a slice quite nicely. See how it's done and get the recipe (along with one for the original) below: [protected-iframe id="88eb108b0047d01fae2b72ab4d416921-41469640-40935346" info="http://content.bitsontherun.com/players/jHNHcaay-2MTAo5Uy.js" height="270" width="480" ] Brought to you by: Relish


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Rosehill's exterior reconstructed
The cemetery high atop South Hill will be getting a new look this summer.
Bonnie Ripplinger, superintendent of Rosehill Memorial Park, said the cemetery will undergo a fencing project that was approved by the Minot City Council and will replace the existing chain-link fence with wrought iron. The fence, which is actually metal but made to look like wrought iron, she explained, will be 5 feet tall and will span all across the north side of the cemetery. "The new fencing will make it look more like a cemetery," Ripplinger added.
The fencing project is one of the capital improvements being made and Ripplinger said they have also received generous donations from local businesses and families interested in helping.
Ripplinger said they also plan to overlay the roads in the cemetery and will get half of those done this summer.
Another plan for the cemetery that is in the works is a columbarium, an above ground unit that would house the cremated remains of people, Ripplinger said. "The increase in cremations will change the look of cemeteries down the road," she said, "so having a place to put the ashes will be a necessity."
Much farther down the road for Rosehill Memorial Park will be an expansion. However, the cemetery has roughly 80 to 90 years before they would have to expand into the nearby baseball diamond and Rainbow Gardens, Ripplinger said. "Expanding into those areas won't happen in my lifetime or yours," she added.
Rosehill Memorial Park, as a piece of trivia, sits on 45 acres. All of the lots are 4 feet wide and 9 to 12 feet long, depending on which section the person is buried in. There is also a very large veterans grounds at the cemetery, Ripplinger noted, and there is also a section set aside for veterans and their spouses.
Currently, more than 20,400 burials have been made in the cemetery, with nearly 250 burials completed each year.
In the summer, there are eight employees who work at Rosehill Memorial Park, Ripplinger said. Employees include Ripplinger, three equipment operators and four summer part-time staff. The four summer part-time workers do most of the groundskeeping, she added. In the winter, however, there are only four employees, said Ripplinger, just her and the three equipment operators.
Mowing the lawn at the cemetery takes a week. With good weather, it takes a week to mow the lawn from one end of the cemetery to the other, Ripplinger said. They do a lot of weeding, too, she added. "This is a good place to beef up muscles," Ripplinger remarked, making a reference to two of the part-time employees who are anxious to return to their college sports teams in the fall since they have built up arm muscles by working on the grounds.
If a person is looking for a specific grave at the cemetery, Ripplinger said they can come to the office and will be given a map along with some directions on where to find it.
Rosehill Memorial Park is located at 700-11th Ave. SE. Office hours are Monday through Friday, 8 a.m. to 4:30 p.m. People can reach Ripplinger at 857-4128. Visitors are admitted to the grounds daily, with gates closed only during winter storms or periods of heavy rainfall. Night security is provided by local law enforcement.


text:
Hey guys,Thanks for your comments and messages this week!I still can't believe I won an Emmy! Everyone's been asking me, "How does it feel?" It feels pretty awesome! I can't lie! When I won, I was very much present and in the moment. I remember everything on stage. It was afterward when I was walking around and holding the trophy in my hand that I thought it would disappear. I felt like I was floating and it was all a dream and I didn't ...
Read More >
Other Links From TVGuide.com
Location, ST | website.com


text:
wacky weed look[:D]
John once said that he's always needed a drug to survive, so I wouldn't be surprized.
Speak of jazz cigarettes. I see in the new TV Guide that Paul says he doesn't smoke them anymore.
I find that hard to believe. I guess it's true, but it seems odd to me.
Of course, I know he doesn't smoke cigarettes anymore, so maybe he gave the other ones up around then.


text:
GameWear New York Knicks Carmelo Anthony NBA Bracelet
Product Information:
Support your favorite player with the GameWear® New York Knicks Carmelo Anthony NBA® Bracelet. Authentic basketball material makes this a bracelet for the biggest Knicks fans. Featuring official team colors and Anthony's number, your favorite player is easy to recognize. With an adjustable clasp, this bracelet fits most any wrist, making it the perfect gift for the Carmelo Anthony fan of any age.
- GameWear® New York Knicks Carmelo Anthony Bracelet
- One size fits most
- Modifiable clasp
- Made of authentic basketball material
- Features official team colors
- Features Carmelo Anthony's number
- Officially licensed by the NBA®
- GameWear
Country of Origin: ImportedWeb ID: 24573556


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Lighten up your cowboy hat choice with an eye-catching stone wool cowboy hat. The Stetson Hutchins is crafted of 100% wool felt - this is a cowboy hat that's built to last. Wool felt hat features a 4" pinch front crease crown and a 3 1/2" brim. Comfort leatherette sweatband. Satin crown lining. Head shape: oval.
Cowboy hat crown and brim width may vary slightly.


text:
I just got back from te meeting and the one thing I got out of it is that all drag racers are wanting to please the fans. I have come up with a few things I have seen at dragstrips as ways to get people and racers to make the racing a little more interesting.
IDEA #1: Burnout competition round. For one round of test and tune, three random fans are given dry erase boards and write down the score from 1-10 on what they think of the burnout. The winnr could recieve a coke and a cheesburger and possible a sticker similar to the money winner sticker.
IDEA #2: Biggest Wheelie. Judged just by observation. Winner could recieve a $5 and a big air sticker.
IDEA #3: Fastest Pass: Judged either by E.T. or M.P.H. but winner could get $5 and a fast pass sticker.
Just Ideas... take them or leave them. Just my ten cents.


text:
Jaime Hernandez:
This year the Philadelphia Mint struck very poor quality coins for circulation. The 1949-P Lincoln Cent, 1949-P Jefferson Nickel, 1949-P Washington Quarter and the 1949-P Franklin Half Dollars are some of the worst coins produced by the Philadelphia Mint from about 1940-1964.
It is very difficult to find any of these examples in MS66 condition. Some issues don't even exist in MS67 condition. For the Jefferson Nickel, it is very difficult to find any example in MS66 condition with or without Full Steps. There are less than 100 examples certified by PCGS in MS66 without the Full Steps designation with few being graded higher. In MS66 Full Steps, there are less than 5 known and none being graded higher. One of the more difficult issues in high grade condition.


text:
Come in from the cold and see some art: Free gallery admission January 10–February 7.
ArchiveArticles Visual Arts
178 Items
Homage to the 21st Century
Bartholomew Ryan
Apr 2015
After a 1964 coup in Brazil, intense censorship scattered artists across the globe or forced them to adopt less public forms of art-making. One, Antônio Henrique Amaral, is best known for large paintings of bananas, a critique that the military dictatorship was turning Brazil into a banana republic. "They can't censor bananas," said Amaral, who passed away April 24 at age 79, in this final interview.
Pop and the Traveling Image
Charlotte Cotton
Apr 2015
With the Walker's International Pop now on view at the Philadelphia Museum of Art we revisit this discussion on the role of the traveling mass-produced image during the 20th century.
A Culture Wars Chronicle
Mia Lopez
Mar 2015
As identity politics made their way into galleries and museums in the '80s and '90s, social conservatives took note, lashing out at artists like Robert Mapplethorpe, Karen Finley, and Ron Athey for work that addressed sexuality, multiculturalism, and LGBT rights. Featuring many of these artists, the Walker found itself at the center of the conversation—and the controversies—that marked the Culture Wars.
The Political Provocations of Keith Haring
John R. Killacky
Jan 2015
Keith Haring's activism, delivered in his trademark effervescent candy-colored pop aesthetic, is alive and well in works featured in Keith Haring: The Political Line, now on view in San Francisco. Reviewing the exhibition catalogue, former Walker performing arts curator John Killacky examines Haring's provocations, from guerrilla postings of agitprop collages to works commenting on AIDS, crack, and racism.
Indeterminate Adventures with Cage
Martin Friedman
Dec 2014
Composer John Cage's visits to Minneapolis often veered toward the unexpected—from a late-night reading of James Joyce with Tony Smith to Sunday-morning mushroom hunting in a church yard.
Collecting Forward
Joan Rothfuss and Olga Viso
Dec 2014
With an eye toward the future, and across disciplines and geography, the Walker's collecting practices have long sought to support artists early in their careers. Looking at works in Art at the Center: 75 Years of Walker Collections, the exhibition's curators tell the stories behind well-timed purchases of favorite works by artists including Chuck Close, Maya Deren, Cindy Sherman, and Za Wou-Ki.
The Ruins of the Culture Wars
Jeff Chang
Nov 2014
"How has the national culture changed over the past half-century that we could elect a black president? Just as important," writes Jeff Chang in his new book Who We Be: The Colorization of America, "how has it not changed?" Chronicling the rise and fall of multiculturalism through the lens of visual culture, Chang looks at political and aesthetic struggles for racial equity, inside the art world and out.
The Internet Is More Powerful than China
Ben Valentine
Nov 2014
"You can never know what is and what is not powerful, but you can always find out what the powerful people are scared of," says Ai Weiwei. "A state like China looks so powerful, but they are so scared of the Internet, so the Internet is more powerful than them." Journalist Ben Valentine visits with Ai in his Beijing studio to discuss art and the enduring potency of online activism.
"It's Art If I Say So"
Martin Friedman
Nov 2014
"And what exactly is it that you do, Mr. Duchamp?" That question was posed to the Walker's guest one fall evening 49 years ago during a dinner in honor of Duchamp and his wife, Teeny. "Well," the 78-year-old exemplar of Dada coolly responded, "I play chess."


text:
Maintenance of Ruby 2.0.0 ended on February 24, 2016. Read more
A FileCreationTask is a file task that when used as a dependency will be needed if and only if the file has not been created. Once created, it is not re-triggered if any of its dependencies are newer, nor does trigger any rebuilds of tasks that depend on it whenever it is updated.
Is this file task needed? Yes if it doesn't exist.
# File rake/file_creation_task.rb, line 13 def needed? ! File.exist?(name) end
Time stamp for file creation task. This time stamp is earlier than any other time stamp.
# File rake/file_creation_task.rb, line 19 def timestamp Rake::EARLY end
Commenting is here to help enhance the documentation. For example, code samples, or clarification of the documentation.
If you have questions about Ruby or the documentation, please post to one of the Ruby mailing lists. You will get better, faster, help that way.
If you wish to post a correction of the docs, please do so, but also file bug report so that it can be corrected for the next release. Thank you.
If you want to help improve the Ruby documentation, please visit Documenting-ruby.org.


text:
Traditional Living® Golden Amber Oak Premium Laminate Flooring - 36PK
by Traditional Living | Item #: 610480 | Model #: LF000688 |
We're sorry, this item is not available in your selected Club. Check another Club
About this item
Price Per Square Foot: $1.77
Premium flooring with Woodprint™ Technology features the rich look of hardwood with beautiful American and exotic wood species.
How many cartons will I need? (PDF)
Premium flooring with Woodprint™ Technology features the rich look of hardwood with beautiful American and exotic wood species. Foam underlayment is already attached to reduce installation time by up to 50%. Flooring is scratch, wear, fade and moisture resistant; non-toxic and non-allergenic.
- $1.77 per sq. ft.
- 17.65 sq. ft. per carton
- 8mm plank thickness with attached 2mm premium underlayment
- Authentic wood looking floors at a fraction of the cost
- Foam underlayment already attached to reduce installation time by up to 50%
- Scratch, wear and fade resistant
- Moisture resistant
- Non-toxic, non-allergenic
- Easy to install; no glue or nails
- Ecologically friendly
- Maintenance free; just vacuum or sweep
Important: Unused, unopened boxes cannot be returned for refund. Each box covers 17.65 sq. ft. Cartons per pallet: 36; Planks per carton: 7. Planks are approximately 7 5/8"W x 48"L. Each box weighs approximately 27 lbs.
For more information about your laminate flooring, please call 1-800-978-9448.
WARNING TO CALIFORNIA RESIDENTS: Traditional Living Flooring and Simple Solutions moldings are wood products. Drilling, sawing, sanding or machining wood products generates wood dust, a substance known to the State of California to cause cancer. Avoid inhaling wood dust or use a respirator or other safeguards for personal protection.
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text:
ESQ by Movado Men's Harrison Quartz Diamond Watch
by ESQ by Movado | Item #: 461542 | Model #: 07301281 |
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About this itemAll the flexibility, style and features you would expect from a wristwatch, and more!
The ESQ by Movado Harrison wristwatch features sparkling diamonds. This men's casual watch has a stainless steel case and bracelet.
- Case: Polished and brushed stainless steel
- Caseback: Snap back closed
- Bezel:coin edged
- Dial: Black
- Stones: 12 white diamonds on dial
- Hands: Silver tone
- Markers: Diamond hour markers
- Bracelet: Polished and brushed stainless steel
- Clasp: Jewelry clasp
- Crystal: Mineral
- Crown: Pull and push crown
- Movement: Swiss quartz
- Water resistance: 30m (100 feet)
- Case measurements: 38mm wide x 47mm long x 8mm thick
- Bracelet measurements: 19mm wide x 8" long
- Country of origin: Switzerland
- Model: 07301281
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Dennis Knapp
Dennis R. Knapp, 71, of 1301 Fiddler Hill Rd., passed away Thursday, October 10, 2013 at his home.
He was born October 8, 1942 in Warren, to the late Robert C. and Genevieve Rulhman Knapp. Upon his graduation from Youngsville High School, Robert served with the United States Marine Corps., in Japan, the Philippines and Taiwan. He worked at Cherry Point Air Force base and lived in Harkers Island, N.C. for 12 years and he worked as a welder at the National Forge in Irvine, where he retired. Robert was a member of the Youngsville American Legion Post #658, Sugar Grove Am Vets, a lifetime member of the V.F.W. and D.A.V., Stillwater Lodge #547 F. & A.M. and the Coudersport Consistory.
Denny was a loving father who enjoyed frequent trips to North Carolina, visiting his daughter and family. His favorite place was on the hill top home, where he was one with nature. He spent many hours watching deer and other wildlife from the convenience of his porch. He hosted many family gatherings up by his pond, where he shared his love of the water and taught many children how to swim. His willingness to share his knowledge and his farm resulted in many successful first time hunts for several junior hunters. He will be greatly missed by all who knew him.
In addition to his mother, he is survived by his best friend and companion of several years Jo Ann Singhas of Youngsville, his daughter Mia Denise(John)Smith of Beaufort, N.C. and Jo Ann's loving family Lane, Robin, Jason and Bart Morrison and their children; his granddaughters Tabitha(Zack)Kington and Melissa Smith of Beaufort, N.C and his great grandson Owen Kington; his sister Connie(Scott)Jenkinson of Warren; step brothers Ed and Dan Williams; step sisters Jane Crossley and Jean(John)Olsen in Lander, Pa.; his niece Leslie(Andy)Cusimano of Frewsburg, N.Y and nephew Robert R. Young of Longmont, Co.
Denny was preceded in death by his father Robert C. Knapp.
Services will be private and held at the convenience of the family.
The family requests that any donations be made to Hospice of Warren County, 2 Crescent Park, Warren, Pa. 16365 and the Fisher House Foundation, University Drive C, Building 33, Pittsburgh, Pa. 15240.
The Nelson Funeral Home & Cremation Services in Youngsville will be in charge with all arrangements. Condolences may be made at www.nelsonfuneralhome.net


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Armor for Man in the Maximilian Style, c. 1510/20 with later additions
Steel, leather, and brass
H. 188 cm (74 in.)
George F. Harding Collection, 1982.2401a-g
Skillfully forged of steel, this composite armor achieves its beauty with the simple elegance of its austere lines and form rather than its surface decoration. The armor was expertly crafted for protection: the smooth, rounded shape, breastplate with a pronounced vertical ridge down the center, and heavy roping (turned edge etched with lines) at the upper edge of the breastplate functioned to deflect sword thrusts and glancing blows. Thick roping on the gauntlet knuckles acted as added protection. The helmet, with its smooth, rounded form, was shaped to deflect downward blows away from the head. The bracket attached to the right breastplate is called the lance rest, a shock-absorbing support designed to hold the lance when it was couched under the right armpit.
— Permanent collection label


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Moderator: Mike
cleptosid wrote:I forgot how much this song rocked. And also forgot that its Lawrence Juber and Steve Holly and Not Jimmy and Joe on this tune. I really wish that the last lineup of Wings would have made more music together. Juber is a Kick A** guitarist !!!!. And Holly looked pretty comfy on the drums. Ever since I bought the Macca Years for some reason this video stood out to me and since then which is about 5 or 6 days now I have been playing Back To The Egg and Goodnight Tonight, Daytime Nighttime and any other tune I have that features this line up and man I tell ya this is one tight band!!! I know that Wings would not be wings without Linda but I would love to hear a fresh project with Larry and Denny on Guitars and Steve on Drums. I wonder what McCartney II would have turned out to be if that band stood together?
JimmyMcCullochFan wrote:Jimmy and Joe are in fact the ones playing on the track and not Laurence and Steve. They are just miming in the video.
Genuine_Indian_Guru wrote:
If you say that it was Jimmy and Joe, then it was Jimmy and Joe. Few people on this planet know as much about Jimmy's musical history than you.
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Debates of May 10th, 1994
House of Commons Hansard #67 of the 35th Parliament, 1st Session. (The original version is on Parliament's site.) The word of the day was industry.
- Government Response To Petitions
- Interparliamentary Delegation
- Coastal Fisheries Protection Act
- Petitions
- Questions On The Order Paper
- Agriculture
- Canadian Military Heritage Museum
- The Environment
- Grain Transportation
- Mining Industry
- Killer Cards
- South Africa
- Women Refugees
- Young Offenders Act
- Communications
- Killer Cards
- Government Services
- Bilingualism Bonus
- Referendum '94
- Crime Prevention
- Infrastructures
- South Africa
- Capital Punishment
- Foreign Affairs
- Mil Davie Shipyard
- Young Offenders Act
- Hepatitis C
- Correctional Service Canada
- Pharmaceutical Products
- Haiti
- Taxation
- National Defence
- Ministerial Travel
- Immigration
- The Economy
- Justice
- Seniors
- Fisheries
- Presence In The Gallery
- Pearson International Airport Agreements Act
- Agriculture
- Pulp And Paper
- Agriculture
Government Orders
1:45 p.m.
Jay Hill Prince George—Peace River, BC
Madam Speaker, it is a pleasure for me to rise in the House today to address the subject of agriculture.
Because of my rather extensive experience and background in agriculture I have a bit of trouble when I read the motion as put forward. It talks about proactive work of the government and uses phrases and words such as co-operation, enhance, building the sector to be among the best in the world, and sustainable agriculture. Sustainable is a good catch phrase. It is one that we as farmers have heard and used ourselves for some time now. Farmers are not looking for fancy catch phrases or motions but some assurance of where we are headed from this point.
As I have said I was born and raised on a farm. As such I have had the enjoyment of learning firsthand about picking rocks on our land. I have been involved in farming virtually all my life. For many years I operated about a 3,000 acre grain farm with one of my brothers who continues our family farming tradition today.
The farm was started by my father with the help of the Veterans Land Act shortly after the second world war. My family has quite a tradition of being on the land. Something I have witnessed and something I have personally felt is what I call the farmer's love of the land. The enjoyment of actually producing from one's own efforts is the very reason so many farmers today continue to struggle against all odds every year
when the economics of their business would dictate that in reality they should just give up and do something else, do something more profitable.
This love of the land could be equated to the similar feelings I am sure aboriginal peoples have for their traditional lands, or that foresters feel for forests, or pilots for the skies. In short, farmers are happiest when they are working on their land or working with their livestock.
Back home right now I know they have started preparing the soil and planting the 1994 crop. As I said earlier, they desperately need some assurance from the government that it intends to support those efforts with more than simply more empty rhetoric.
Over the years I have been involved in many farm organizations working on behalf of my fellow farmers. For a while I was president of the B.C. Grain Producers Association. As such I served as the director responsible for grain with the B.C. Federation of Agriculture. I have had the opportunity to witness firsthand farm programs that I would say were designed by bureaucrats for bureaucrats. By that I mean programs that have been unnecessarily cumbersome and heavy in administration, programs designed more to justify an ongoing need for government jobs than for sustaining agriculture.
The reality is that farmers are not asking for a handout. They never have and they never will. They just want to be able to earn a decent return on their investment and labour. In short they need to know if their industry will be protected from circumstances completely beyond their control.
Because farmers sell their products on the world market they are price takers, not price setters. When our competitors, namely the EEC and the U.S., choose to continue the seemingly never-ending trade war, it is our farmers who are caught in the middle.
City dwellers simply do not understand some of the sacrifices their rural cousins are called upon to make. I am speaking about the need for off-farm income. It has been well documented that in order to sustain farm operations farmers' wives are working off farm. Farmers may spend many days themselves in the wintertime away from their families just to sustain their farming operations. Also they have to make do with much lower standards of living in some cases than those of their urban neighbours.
I am concerned that when urban people drive by and see a farmer working his fields they relate his efforts to a small businessman rather than to an industry. They should be better educated about the situation. When they see a farmer and consider the need to sustain agriculture and to assist farmers, they must look at it as a primary industry similar to forestry, oil and gas or mining rather than a small business. It is not fair to equate farming with small business because like forestry, it is renewable.
I have always been somewhat upset when I pick up a newspaper and read about another subsidy to farmers. We have to recognize that all industries at different times, especially our natural resource industries, call upon both levels of government to support them. At different times both levels of government provide tax incentives or royalty holidays or initiate specific programs to assist major industries. As I have said, agriculture should not be viewed any differently.
Over the years there has virtually been a flood of farm programs supposedly designed to assist farms to remain sustainable. As has already been outlined, some programs have taken the form of transportation subsidies, the Crows Nest Pass rate which eventually became the Western Grain Transportation Act. There are various feed freight assistance programs and those types of things. Some have been designed to protect farmers from natural disasters, natural elements. Crop insurance is a program put in place to provide that type of protection.
There have been many others implemented to protect farmers from price fluctuations in the marketplace. The western grain stabilization program was such a program. It was proclaimed in 1976 and was eventually dissolved 15 years later in 1991. I know from personal experience on our farm that in consultations among my father, my brother and I, we chose not to participate in that program because we could see that it was not sustainable. By the way it was initially set up, it was not a good program for farmers.
As president of the B.C. grain producers I was personally involved with the special Canadian grains program that came about because of the trade war. In 1985-86 it was recognized that the WGSA was simply not addressing needs because it did not foresee how badly prices would drop.
We have moved through myriad programs over the years, and now we have come to GRIP and NISA. I am sure I could spend a lot more time than I have available today talking about all the problems that have developed with GRIP and NISA. Actually NISA is the one program that has been a relatively bright light in the darkness of government programs.
Despite all the problems with the programs that have been created in the past, we still talk about being proactive and co-operating with farm groups and farmers. The discussion seems to centre around which commodities to include in new programs on the horizon to replace GRIP and NISA.
As mentioned by my colleague earlier, Reform suggests a different route. It suggests elimination of the present farm support programs and instead the diverting of funds into basically three separate programs. The trade distortion adjustment program is an all-sector program, an all-inclusive program designed to address some of the concerns of my hon. colleague
across the way and what is going to be facing the supply management sector and other sectors.
We talk about a program specifically designed to offset foreign intervention and foreign competition through unfair subsidies our foreign competitors might be granted that we in this country do not have. We talk about other areas. As I have said, NISA has been a relatively successful program. We talk about making it more inclusive and making it applicable to all sectors of agriculture rather than just the grain sector.
We would continue to require crop insurance to offset the elements, the natural disasters that always occur and that farmers must be protected against. That briefly outlines my past history and what I say our government must move toward in relation to farm safety net programs.
Government Orders
1:55 p.m.
Wayne Easter Malpeque, PE
Mr. Speaker, the member for Prince George-Peace River talked about the Reform agricultural policy. He also talked about the elimination of farm support programs.
Could he be a little more specific so that we on this side would have the benefit of knowing what farm support programs that are in place now he wants to eliminate? Could he give the specifics on that?
Government Orders
1:55 p.m.
Jay Hill Prince George—Peace River, BC
Mr. Speaker, I thank my hon. colleague on the other side of the House for his comments and question.
There are a number of programs. The two I specifically referred to were the gross revenue insurance program and the Net Income Stabilization Act. There is also the feed freight assistance program that we talked about. My colleague referred earlier to western grain transportation. There are a number of programs for livestock, feed development initiatives, and economic and regional development agreements. A wide range of programs are presently in place.
Rather than having all the specific programs that actually end up distorting one sector of agriculture to the detriment of another, Reform is suggesting that we should be looking at the whole farm approach to protect farmers regardless of whether they are producing chickens, grain, milk or whatnot. We have to protect all farmers in all sectors against unfair foreign practices. To do so we need to move toward all farm and all sector programs with both our trade adjustment distortion program and our new income stabilization program, which would be an enhanced NISA and applicable to all sectors instead of only the ones it currently covers.
Government Orders
1:55 p.m.
The Speaker
It being 2 p.m., pursuant to Standing Order 30(5) the House will now proceed to Statements by Members pursuant to Standing Order 31.
Canadian Military Heritage Museum
Statements By Members
1:55 p.m.
Jane Stewart Brant, ON
Mr. Speaker, this past Saturday I had the pleasure of participating in the opening of the Canadian Military Heritage Museum in the city of Brantford, Ontario.
In the words of the board members, Canada's military heritage collections are part of the history of all Canadians. The story of our military past should be understood and made meaningful to all Canadians, many of whom have had no direct experience of war or the part played by conflict in Canada's history.
The museum is a wonderful museum. It has displays of original armaments, vehicles and uniforms from Canada's earliest conflicts right to the present. Most striking are the pictures that depict Canadian men and women in the heat of battle.
I would like to congratulate those who have made the museum a reality and invite all Canadians to Brantford to share in the Canadian Military Heritage Museum.
The Environment
Statements By Members
May 10th, 1994 / 1:55 p.m.
Bernard Deshaies Abitibi, QC
Mr. Speaker, the green revolution launched by Horne, a copper smelting operation in Noranda, is worthy of note today since it stands as proof that a mining company can conduct its operations without polluting the environment.
The company derives no less than 15 per cent of its supplies from various recycled products. More than 150 suppliers from around the world do business with Noranda. These include such well-known companies as IBM and Kodak.
In addition to making an economic contribution, Noranda enriches the quality of life in the community by making substantial grants to local agencies.
The technology employed at the Horne smelter goes far beyond our borders. Agreements for the export of continuous smelting technology have been concluded with China, allowing the Horne smelter to make a name for itself in terms of its technology, productivity and concern for the environment.
Grain Transportation
Statements By Members
1:55 p.m.
Leon Benoit Vegreville, AB
Mr. Speaker, the joint subcommittee of agriculture and transport has been dealing with the crisis in grain movement in Canada. The testimony of these meetings clearly demonstrates there are too many uncoordinated and overlapping government organizations attempting to control and regulate grain movement.
There is no clear authority. One organization often interferes with the actions of another. This has led to a transportation and grain handling industry which has failed miserably. This is unfair to Canadian farmers.
Reform agriculture policy has always recognized the need for a less regulated industry and the evidence supports our position. The government must back off. We must allow farmers to control the system they pay for and which exists to serve them.
It is my sincerest hope that this government will recognize the need for less government regulation and for a more market driven grain transportation industry.
Mining Industry
Statements By Members
1:55 p.m.
Ben Serré Timiskaming—French-River, ON
Mr. Speaker, May 14 to 20 is mining week in Ontario. The mining industry has been and continues to be the cornerstone of our economy, representing 16.2 per cent of total exports.
I wholeheartedly support the "Keep Mining in Canada" campaign and the Save Our North organization which have been actively working to keep mining alive and well in this country.
As the member of Parliament for Timiskaming-French River, as a northern Ontario MP and as a member of the natural resources committee, I have been working and will continue to work to raise the profile of our Canadian mining industry and to push for mining incentives for exploration and development in Canada, especially in northern Ontario.
On behalf of all members of this House, I wish to extend my best wishes to the mining industry, to the over 100 mining communities across Canada, and to all Canadian miners and their families for a very successful mining week.
Killer Cards
Statements By Members
1:55 p.m.
Murray Calder Wellington—Grey—Dufferin—Simcoe, ON
Mr. Speaker, on behalf of myself and the many constituents who have petitioned this House, I congratulate the Minister of Justice for bringing forth draft amendments to the Criminal Code and the Customs Tariff Act.
These draft amendments would restrict the sale and distribution of serial killer cards and board games. We do not need products which commercialize and glorify violent crime. There is too much violent crime as witnessed by my constituents in the village of Clifford in the senseless shooting of Joan Heimbecker.
I trust that members from all sides on the justice committee will work co-operatively to achieve the restriction of these offensive products.
South Africa
Statements By Members
1:55 p.m.
Réginald Bélair Cochrane—Superior, ON
Mr. Speaker, May 10, 1994 is a day that will go down in the history of South Africa. The swearing-in of newly-elected President Nelson Mandela marks the beginning of a new era of growth, common vision and national reconciliation.
Having witnessed the birth of a democratic nation, I was pleased to see that the Black majority was able to express itself freely, with pride and tolerance and without fear of reprisals.
With all communities working closely together in the fields of education and government, the new South Africa will become a model to be emulated by others.
The black majority's dream has been realized through Nelson Mandela's vision for a new South Africa in which a government represents all South Africans through a spirit of co-operation and peaceful coexistence.
This era of rebirth for South Africa will set an example for all African countries to strive to offer every citizen, regardless of tribal affiliation or racial association, hope for their future generations.
Women Refugees
Statements By Members
1:55 p.m.
Osvaldo Nunez Bourassa, QC
Mr. Speaker, according to a study conducted by Florida State University, women and children account for between 75 per cent and 85 per cent of the world's refugees.
However, in the past ten years, one and a half times more men than women have been admitted into Canada as refugees.
Furthermore, the refugee selection process applied at offices located abroad is also biased against women. Indeed, women living in refugee camps must demonstrate their potential to integrate the country in question. Considering that in many
countries, women receive less formal education than men, they are less likely to satisfy admissibility criteria.
It is time that we denounce this situation on behalf of all those seeking refuge in countries that respect human rights.
Young Offenders Act
Statements By Members
2:05 p.m.
Deborah Grey Beaver River, AB
Mr. Speaker, about one hour ago in my riding of Beaver River students and staff of J.A. Williams High School in Lac La Biche joined together to offer their sympathy to families that have lost loved ones at the hands of young offenders.
They joined to form a heart with the word yes underneath it; yes to major changes in the Young Offenders Act.
They are telling us it is not just the older generation that is concerned about youth violence, they are also concerned. They are puzzled as to why the identities of all young offenders are protected. What about the rights of citizens to be informed of potential dangers in their own neighbourhood? Young people who commit criminal acts must be held responsible. All Canadians are angry and frustrated at a court system that allows young criminals to thumb their noses at the law.
I congratulate the students at J.A. Williams High School for their initiative. We should listen to them and to millions of other Canadians. They are telling us loud and clear that yes, the Young Offenders Act needs reform. The government must act now.
Statements By Members
2:05 p.m.
Pat O'Brien London—Middlesex, ON
Mr. Speaker, the constituents of London-Middlesex believe that communication is a vital link in the development of a unified community.
In 1993 a large area of land including the village of Lambeth was annexed to the city of London. Lambeth is now part of London and as such receives most of the same services and utilities as the residents of London.
There is one exception. That is that Lambeth residents are subject to long distance telephone rates when calling surrounding communities.
The community of Lambeth has a strong social and commercial dependency with neighbouring exchanges. It does not seem fair or equitable that Lambeth residents do not receive extended area service in the same manner as other London residents.
An overwhelming number of my constituents are in support of the CRTC providing extended area service to the Lambeth telephone exchange. On their behalf I ask that the government consider this unique situation which would go a long way in improving our vital community communication links.
Killer Cards
Statements By Members
2:05 p.m.
David Iftody Provencher, MB
Mr. Speaker, I want to address the issue of serial killer cards and games.
It is particularly troubling and indeed perverse to think that someone is profiting from the depiction of such horrific murders which serve to deviously corrupt our young people and attack our basic values of respect for life.
I applaud the Minister of Justice for introducing draft legislation banning the sale of such cards and games. He is leading the way to a more decent and respectful society.
I would encourage members of the justice committee who must now work at ways to refine and strengthen the legislation to follow through with firmness and determination. Let us put an end to this new form of obscenity and hate.
Government Services
Statements By Members
2:05 p.m.
Alex Shepherd Durham, ON
Mr. Speaker, I would like to address a matter of great concern to the electorate. That is the quality of service that is delivered to the taxpayers by government.
Many of our civil servants are hard working, dedicated people. However, I have discovered many incidents of poor attitude and indeed the inability to deliver personal services in many departments of government.
A recent freeze on public sector wages has been imposed on government employees. This freeze is, at the choice of the public service, being borne by the junior employees; that is to say incremental increases have been curtailed. As a consequence the freeze on mid-line management is minimal as it would only forgo modest cost of living increases.
As it is generally the more junior ranks that deal with the public, I fear that this policy will further erode motivation and reduce service. This is occurring at a time when the private sector is embracing concepts like total quality management.
I believe that it is time the public sector did the same.


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How to Obtain Asymptotic Covariance M...
Mplus Discussion
Growth Modeling of Longitudinal Data
Johnny Wu
posted on Thursday, April 23, 2009 - 11:14 am
Hi Dr Muthen,
I am conducting an LGM and want to probe for an interaction between x1 and x2 in predicting intercept and slope.
I am following Preacher's advice on how to examine interactions.
I need the asymptotic covariances for the required coefficients. Is there a way to obtain the ACOV matrix in MPLUS?
Thank you very much
Bengt O. Muthen
posted on Thursday, April 23, 2009 - 11:32 am
Request TECH3 in the OUTPUT command.
Johnny Wu
posted on Thursday, April 23, 2009 - 12:54 pm
Thank you very much.
Another question: How can exogenous predictors interact with time to predict growth factors, within the LGM framework?
You see, because on Preacher's website, time is treated as an predictor. Hence, a two-way interaction regressing slope on x1 with x2, would be a three-way interaction regression slope on x1 with x2 and time.
How do I obtain the regression coefficient for time?
Bengt O. Muthen
posted on Thursday, April 23, 2009 - 1:41 pm
It sounds like Preacher's approach to growth modeling is via two-level analysis with a random slope for a time variable - see the Mplus UG example 9.16. You get the same effect by letting the x1*x2 interaction variable influence the slope growth factor in the regular Mplus single-level wide approach to growth: the slope growth factor multiplies time to create the product of the 3 variables.
Kostas Fanti
posted on Tuesday, August 23, 2011 - 2:39 am
I have a related question. I used TECH3 to request for an asymptotic covariance matrix, but Mplus did not provide the covariance between the growth terms and the predictors. How should I proceed?
Thank you
Linda K. Muthen
posted on Tuesday, August 23, 2011 - 11:55 am
TECH3 gives covariances among the parameter estimates. The growth factors and covariates are variables. It would be difficult to get that without changing your model. Why not regress the growth factors on the covariates.
Fabien Long
posted on Monday, January 20, 2014 - 3:38 am
Dear Dr. Muthen,
I have a related question. I am using Preacher's online tool to graph a multilevel interaction effect (
) and I find myself unable to find the required asymptotic covariances using the tech3 output.
Elsewhere, it was stated that the order of the tech1 values can be used to interpret tech3. However, while the order of my tech1 output is Y, X1, X2, X1*X2, there is a 6*6 matrix in the tech3 output.
Is there a reference that explains how to interpret the respective tech3 values? Also, does tech3 contain the covariances between the predictors and the intercept y00?
Thank you for your help and your time!
Linda K. Muthen
posted on Monday, January 20, 2014 - 6:56 am
Please send the output and your license number to
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Right Kids,
I was thinking as a thank you to all our volunteers, particularly those who worked so hard during the festival (which was CRAZY working!) we should have a pyjama party. This would be just invite only - your invite being that you volunteered at least since the beginning of the Festival. I reckon.
Thus, it wouldn't be the usual vollie party plus public who show up for it. It's just for you! And me, if you'll let me.
Any ideas post below. I'm going ahead with this unless there's strong objection.
Nice treats galore, silliness and us all together in one big happy family.
Date TBC. It's gonna be a Sat night due to people not having to worry about getting up for work or that.


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When a dog consistently licks, bites or gnaws on its paws, this could be a sign of a medical problem and you should bring your pet to a veterinarian as soon as possible to find out how the issue can be treated. This affliction, known as pododermatitis, could be caused by external environmental factors, hormonal disorders, infections, allergies or cancer, according to VCA Animal Hospitals.
Many of the clinical signs that accompany the localized inflammation tend to vary depending on the underlying factors. Swelling, redness, lesions and ulcers are all common signs. VCA reports that a veterinarian may need to take blood and urine samples and perform a series of tests and biopsies to determine what is causing pododermatitis in your canine.
Localized demodectic pododermatitis, which is one of the most resistant forms of mange, could be what is plaguing your dog. The ASPCA reports that this form of mange occurs around the paws and may result in accompanying bacterial infections. Since this skin disease is caused by tiny mites, the vet might need to conduct a deep biopsy to properly diagnose and treat this particular form of pododermatitis.
After the underlying cause has been discovered, the vet can administer the appropriate treatment. This may involve dog shots of antibiotics or other medications. According to VCA, most canines recover successfully, but some pet owners may need to make a few minor changes in their dog's life to ward off future bouts of the disease.