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Financing contributions for media
WHAT is the financial contribution and WHAT IS IT FOR?
As set out in Austrian law, funding for the expenses of the KommAustria media authority and the RTR Media Division is to come partly from the federal budget, with the other part to be contributed by companies in the media market under the responsibility of the authority. The financial contribution refers to the portion of funding contributed by those companies.
KommAustria and, with it, the RTR Media Division in its role as the authority's administrative agency, have numerous responsibilities: these include issuing licences for radio and television, evaluating the media services notified to KommAustria, ensuring compliance with advertising regulations, introducing and further expanding digital radio broadcasting, legal supervision of the Austrian Broadcasting Corporation (ORF) and privately owned market participants, and addressing complaints against suspected breaches of legal provisions. The goal in meeting all of these responsibilities is to ensure fair conditions for all market participants and to safeguard a highly diverse media landscape for viewers, listeners and users.
WHO is obliged to contribute?
All private television and radio broadcasters established in Austria and other media service providers offering products requiring licences or notification are obliged to contribute, as is the ORF.
WHAT IS THE AMOUNT of the financial contribution and how is it calculated?
The financial contribution is not a fixed amount but a percentage of a particular company's revenue in relation to overall industry revenue. In each individual case, the financial contribution is calculated by using the company's net revenue as an initial base (excluding taxes and contributions not based on revenue).
How the financial contribution is calculated in each individual case is described in the following. First, the authority's and RTR's funding requirements for the coming year are determined, with market participants entitled to state their position. In this case, a budget ceiling has been defined by law for RTR. The amount RTR receives from the federal budget and the revenue RTR directly generates are subtracted from the funding requirements. The remaining amount must be covered through the financial contributions provided by the companies obliged to contribute. Those companies are in turn required to provide an estimate of their expected revenue in the coming year (this figure is then verified in the following year by querying the amount of revenue actually achieved; any surplus contribution paid earlier is credited, or notice is given of any contribution amount subsequently due). Overall industry revenue to be expected in the coming year can also be predicted based on the individual revenue. This also allows a specific company's share in the overall industry revenue to be determined. The amount the company is required to provide as their share of the financial contribution is then determined on a pro-rated basis.
For example: After net revenue of EUR 100,000 in 2017, the company was required to pay a net financial contribution of EUR 513, based on an evaluation of the actual revenue.
WHAT TYPES OF REVENUE fall under the financial contribution?
In general, all revenue generated in Austria from radio and television broadcasting, additional broadcasting services, or from providing an on-demand media service falls under the financial contribution. This similarly applies to the ORF, whereas the ORF programme fees, collected by Gebühren Info Service GmbH (GIS), are not counted as revenue. Such revenue is usually generated through advertising, sponsoring and product placement. Internet revenue is mostly achieved through the various types of banner and video advertising (including pre-roll, mid-roll and post-roll ads) shown in videos and in the context of providing videos.
A guide has been prepared to help determine the types of revenue falling under the financial contribution, while the list provided is not to be regarded as exhaustive (refer to the download link at the bottom of the page).
Are there EXEMPTIONS from the payment obligation?
The payment obligation only applies above a specified minimum revenue level. In general, companies defined as falling under the obligation to pay the financial contribution are obliged to pay without exception. Nonetheless, this only applies above a specified revenue threshold that varies and is re-calculated every year. This threshold can be very roughly stated as having been around EUR 50,000 in previous years. In 2017, for example, the threshold was set at an actual revenue level of EUR 51,071. A company earning that amount of net revenue had to pay a financial contribution of EUR 262 in 2017.
The applicable legal provision states that no financial contribution is to be collected when the estimated amount an entity will be required to contribute is less than EUR 235, and that entity's revenues are not to be taken into account when calculating the total revenue achieved in that particular industry. As of 2012, that amount is to be decreased or increased in proportion to the change in the 2005 Consumer Price Index (VPI) for the previous year or in the index replacing the VPI, as published by Statistics Austria.
As a result, the minimum amount was increased to EUR 262 in 2017.
Spot checks are done to verify the information provided by the companies on the revenues actually generated (query of actual revenue).
Planned revenue data
Mid-December: query of planned revenue data
All companies obliged to contribute are requested in writing to disclose the amount of revenue planned for the following year. Every media service provider is required to report the amount of planned revenue by no later than mid-January.
Late February: planned revenue in the particular industry
Once the planned revenues have been reported, estimates of the expenditure for the particular industry and of the planned revenue in that industry are published on the RTR website. If any company obliged to contribute fails to report planned revenue, RTR makes an estimate.
Mid-March: first or only payment order
The financial contribution is to be paid in four instalments. Where the total annual financial contribution is less than EUR 1,000, a single payment order is issued in the first quarter to simplify administration. In that case RTR credits the company with the interest accrued through early payment.
The first or only payment is due by the end of March.
Mid-June to mid-December: second, third and fourth payment orders
The second, third and fourth payments are due at the end of each quarter.
Actual revenue data
Early May: query of actual revenue data
All companies obliged to contribute are requested to disclose their actual revenue data for the past year. The actual revenue must be reported by no later than the end of May.
Mid-September: provisional statement of accounts
Based on the reports received of actual revenue and on the estimates made for companies not reporting actual revenue, RTR calculates and publishes the actual amounts of revenue achieved in the past business year by the companies obliged to contribute. The companies obliged to contribute are requested to review their revenue reports and estimates once again and to comment on the public figures.
Late September: actual revenue in the particular industry
Any revised revenue reports are taken into account, resulting in the actual revenue achieved in the particular industry. This figure, along with RTR's expenses during the previous business year, are published on the website.
Mid-October: Final financial contribution statements
The actual financial contribution is listed opposite the planned figure for each company. If the actual financial contribution is higher than the planned amount, a payment order for the difference is issued; similarly, any surplus payment is credited.
If you require additional details, please write to us at firstname.lastname@example.com


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Halloween Camp 2014 - A truly spookily affair!!
Great fun playing with Frozen inspired play-dough
Santa enthralls Tots Creche and Daycare Dec 17th 2014
Lots of fun atTaste of Asia day in preschool! January 23rd 2015
Noodles, Basmati rice, Sweet n' Sour sauce; Indian curry, Poppadum's and Prawn Crackers YUM!
Chopsticks added to their enjoyment and you might be surprised too at their dexterity and skill !!
Awesome Easter Camps
Not one, but two Awesome Easter Camps
Spot the focus on creativity
in the first week?
Food Glorious Food!!
Yum Yum! Culinary Camp had the added benefit of being able to eat what they made!
And all the kids were amazingly tidy as well; hardly a stray ingredient to be seen at all.
A smattering of other recent events
July 2014
Summer Camp!!
September 2014
New Culinary Delights
Our famous Summer Camp reached dizzy new heights of fun this year - more to post when we all calm down!!!
Our Chef has been making some lovely new dinners and all the kids love the new tastes – Thanks for all your hard work Antoinette

subset: commoncrawl


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Mathematics leads in many directions and to many seemingly strange ideas. If the mathematics behind discoveries is consistent, the ideas are usually portals to new mathematical breakthroughs. Along the way, there have always been mathematicians who would not accept or even consider the possibilities and usefulness of new mathematical ideas that popped out of the expansion of mathematical concepts. Among these are:
- The Pythagoreans refused to consider and other irrationals as numbers.
- Early Europeans (even during the medieval era and the beginning of the Rennaisance era) generally dismissed the use of Hindu-Arabic numerals in favor of Roman numerals. They especially didn't want to consider "zero" as a number — calling the notion of "nothingness as a number" as ludicrous. The only groups of people who use Hindu-Arabic numerals at the time in Europe were bankers and traders. They recognized the advatages of Hundu-Arabic numerals over Roman numerals. Imagine doing long multiplications and divisions using Roman numerals.
- It was Leonardo of Pisa, also known as Fibonacci, who popularized the use of Hindu-Arabic numerals during the 13th Century. In his book Liber Abaci (1202), he argued that the Hindu-Arabic numeral is more superior and flexible than the Roman numerals. Fibonacci was the first person who tried to convince the general public to switch to Hindu-Arabic numerals, and his efforts had paid off. But even then, many people still refused to switch to Hindu-Arabic numerals and several schools refused to include it in their curriculum.
- Most mathematicians of the 16th & 17th century refused to accept negative numbers, let alone imaginary, complex. quaternions, transcendental and transfinite numbers. During this era we have Nicholas Chuquet and Michael Stifel referring to negative numbers as absurd, and Girolamo Cardano giving negative numbers as solutions to equations even though he considered them as impossible answers. Blaise Pascal was reputed to have said "I have known those who could not understand that to take four from zero there remains zero.", On the other hand. Albert Girard recognized complex numbers as formal solutions to equations which had no other solutions.
- In 1585, mathematician Simon Stevin published a pamphlet titled De Theinde ("the tenth"). The pamphlet explained the value and applications of decimal fractions like for extracting square roots. A number of ideas in the pamphlet was ahead of Stevin's time. The metric system was introduced more than two centuries after the publication of the pamphlet, but there was already a discussion of decimalization of system of weights and measures in the pamphlet. Stevins stated that it was just a matter of time before the universal introduction of decimal weights, measures and coinage.
- From the late 1860s to the early 1900s, traditional mathematicians refused to accept what they called mathematical anomalies/monsters that surfaced from the works of such mathematicians as Cantor, Wierstrass, Peano, Koch and Sierpinski, which led to today's evolution of fractal geometry.


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Regional News
Thai Police Seize 5.6 Tons of Marijuana Destined for Netherlands – [Video]
BANGKOK – The Office of Narcotics Control Board (ONCB) has announced Royal Thai Police seized almost six tonnes of compressed cannabis in two linked raids in Ayutthaya and Pathum Thani, and arrested one man.
ONCB secretary-general Pongsapat Pongcharoen said on Wednesday morning that on Saturday police arrested Niran Kotangka, 35, a resident of Nakhon Panom, with one tonne of cannabis hidden in a load of gravel on an 18-wheel truck in Ayutthaya's Wang Noi district, reported in the Bangkok Post
Mr Niran allegedly confessed he was being paid 100,000 baht to deliver the cannabis to Pathum Thani.
The NCB said the case was part of a sting operation in which police agents tried to purchase the cannabis for 4,500 baht a kilogramme from a Lao dealer. It was believed the cannabis was destined for export to the Netherlands.
Pol Gen Pongsapat said the operation then expanded to the search of a warehouse in Pathum Thani's Lam Luk Ka district.
Pol Maj Gen Sermkid Sithichaiyakant, commander of Ayutthaya police, said that at the warehouse police found a total of 4.689 tonnes of cannibis in compressed one-kilogramme blocks hidden in corrugated carboard boxes and covered with clothes. Packaging equipment was also seized from the warehouse.
Initial investigations revealed that Sirisak Boonsiri, 47, had been renting the warehouse for about four months. He was not there. The warehouse is used by Boonsiri Packaging Limited Partnership, a packaging business.
The police went to Mr Sirisak's house in Lam Luk Ka district where only his wife was at home. She denied any knowledge of the cannabis but admitted that her husband had worked for a packaging business for the past two years.
The police said they were trying to track down Mr Sirisak and his gang.
Based on the price negotiated in the sting operation, 4,500 baht a kilo, the total value of the seized cannabis is around 25.6 million baht, but it would be worth a lot more overseas.


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Prostate Cancer Conference 16
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APCC 2016 is the official mobile App for the 17th Asia-Pacific Prostate Cancer Conference 2016.
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- Expand your professional network and have fun!
Features of the App:
- Update - a quick way to share photos, comments, and which session you're attending
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- Users - see who's at the event, and connect with them on the App
- Exhibitors - find exhibitors and sponsors
Enjoy the App and have a great Conference!
What's New
Bug fixes and feature enhancements


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Congress votes to help public lands; National Parks' missing Black visitors; mountain West housing rush; in the southwest, is it "drought," or "aridification?"; and other environmental reads from around the West.
Legislators United Around Sweeping Plans to Help Public Lands as Democrats and Republicans in large numbers voted to approve the measure. It does everything from shoring up the major federal conservation fund to putting billions aside to maintain and improve national parks, which have long been neglected. Two western Republican senators, Cory Gardner of Colorado and Steve Daines of Montana, were seen as major political beneficiaries of the legislation. San Jose Mercury News CNN
Black Americans Account For Just Two Percent of National Park Visitors, and a Black writer who is immersed in America's wild places believes "the great outdoor in the U.S. has never truly been a welcoming place for people of color." Until the end of World War II, Jim Crow laws were in place in most parks; Black tourists once depended on The Negro Motorist Green Book for information on facilities near parks that served Black clientele. Now a digital version of the Green Book is being written, and hope is rising that people who felt excluded from the outdoors will now embrace it. National Geographic
Wave of Real Estate Sales in the Mountain West As City Dwellers seem to be fleeing the crowding in the midst of the pandemic. A surge of out-of-staters are buying homes in Montana, Wyoming and other parts of the Mountain West, according to real estate agents. Boise State Public Radio
Should We Use a New Word for What the Decline in Colorado River Flows Means? Scientists have decided the word drought doesn't cut it anymore. Researchers covering the climate in the river basin argue that a drought is temporary, and a word like "aridification" would describe something permanent. The Revelator
By 2016 Coal Production in Wyoming Was Half Its 2008 Levels. The Pandemic Changed That Trend– For the Worse. Rather than moving away from coal as an economic base on a glidepath to a new economy over a deacde, coal communities could see their economies disappear much faster. "Basically the [Wyoming revenue] trend that's happened here is a vertical-downward; there's no slope, it's just straight down," said University of Wyoming energy economist Robert Godby. Wyofile
Texas Deciding Whether to Ban Flaring Natural Gas or simply to regulate it. The State's Railroad Commission has authority over the oil and gas industry, and can use existing state laws to control flaring – the laws prohibit a "waste of natural resources." But the agency issued 7,000 exceptions last year, up 27percent from the year before. Two new studies support a ban on routine flaring. E&E News
Want to Know Where Fish-ish Meals on Your Plate Will Be Coming From in coming decades? Check out this lab at the University of California Berkeley, which specializes in alt-meat. Hakai
Previously: Articles Worth Reading: June 8, 2020
Western Articles and Media Elsewhere
Compiled by Felicity Barringer, Kate Selig, Francisco L. Nodarse, Devon Burger, and Madison Pobis
While the Jordan Cove Gas Export Terminal Has Received Federal Go-Aheads to Operate, lawsuits, other permitting delays and the unstable economics of natural gas make the export terminal's future uncertain. Even if Pembina Pipeline Corp., developer of the planned terminal, prevails over state officials and environmentalists in court, the project faces a fragile liquid natural gas market — U.S. exports have decreased about 61% from January to July. "It is increasingly difficult to permit and build these types of projects ... whether it's market demand or public outcry," said a Western Environmental Law Center lawyer. E&E News
For a Second Year, a Landmark Plastic Recycling Measure Fails to gain sufficient support in the California legislature. The bill would have made it a state goal to reduce waste from single-use products by 75 percent, and required that single-use products be recyclable or compostable. The final 37-18 vote at the last minutes of the session fell three votes short of the tally it needed. KQED
The Disappearance of Aleutian Island Otters Frays Alaskan Waters' Food Web. Over the past 40 years, more than 90 percent of sea otters have vanished from the Aleutians' delicate seascape. There, otters are more protector than predator, holding the entire ecosystem together by feasting on destructive sea urchins at a rate of up to 1,000 a day. Fewer otters, more urchins. Climate change makes things worse, as reported by a paper in the journal Science. Populations of sea urchins have boomed, carpeting the sea floor in spiny spheres that mow down entire forests of kelp. Now the living, red-algae reefs on which the swirling stands of kelp once stood are in peril. Softened by warming and acidifying waters, the coral-like structures have quickly succumbed to the urchins' tiny teeth. The New York Times
Many Joshua Trees Were Doomed When Lightning Strikes hit the Mojave National Preserve. On August 15, the first day of California's lightning siege, thunderstorms rolled across the Mojave National Preserve. The Cima Dome wildfire turned the preserve into a Joshua tree graveyard. Most of the charred trees remain standing, tangible, eerily beautiful ghosts in place of living trees with their crooked beauty. The ghosts will wither and the 43,273 acres of the Dome fire will be despoiled. Los Angeles Times
Getting California Grapes Off the Vine Before Fire and Smoke Ruin Them means depending on vineyard workers who are largely undocumented, and in terms of COVID-19 risk, poorly protected. The wildfires, which have so far collectively burned more than 1.6 million acres in Northern California, sparked right at the beginning of Sonoma County's grape harvest. And they're adding to the hazards already faced by some of the country's poorest and least visible laborers. Gabriel Machabanski, associate director of a workers' rights organization in Sonoma County, said "Since March, there has been so little work for low-wage workers such as day laborers and seasonal farmworkers; the current situation lends itself, more so than usual, to exploitation by employers." A photo essay: nighttime harvesting near fires. Civil Eats
One of the Worst COVID-19 Hotspots Is Now an Epicenter of Effective Contact Tracing. After infections are identified, a team of 35 people fans out after to rapidly test people, isolate the infected and visit the homes of any who may have been exposed. Both the White Mountain Apache and nearby Navajo Nation experienced some of the country's worst infection rates, yet both began to turn things around, in part with robust contact tracing. "We're seen a significant decline in cases on the reservation at the same time that things were on fire for the rest of the state," said one local epidemiologist. High Country News
Feral Pigs Change Ecosystems and Human Lives, from Texas to Montana to Saskatchewan. There are as many as 9 million feral swine across the U.S.; populations have expanded from about 17 states to 38 over the last three decades. Texas has about 1.5 million and spends upwards of $4 million annually controlling them, with little hope of eradication. Florida, Georgia, and California also have vast populations. "Pig populations are completely out of control," said one expert. "The efforts to deal with them are about one percent of what's currently needed." The province of Saskatchewan may soon have more wild pigs than people. Montana's new education campaign, "Squeal on Pigs," is designed to push residents to report sightings to 24-hour hotline, alerting specialists in pig elimination. Undark
Upending Plans to Mine Precious Metals Near Alaska's Bristol Bay, the Army Corps of Engineers Throws a New Hurdle. The Corps, which a month ago said the Pebble Mine would pose no environmental risk, now says it would mean trouble for the sockeye salmon that thrive in the area. After opposition from presidential son Donald Trump Jr. and Fox News personality Tucker Carlson, who have both been fishing in Bristol Bay, the Corps threw a new hurdle that could thwart federal permitting, finding that "discharge at the mine site would cause unavoidable adverse impacts to aquatic resources." Also, a scientist studying the robustness of the sockeye population reports that an unusual, ancestral breed of salmon would be at risk from the mine. E&E News Hakai Magazine
The Redwoods in California's Oldest State Park Withstood a Wildfire that tore through the area. Reporters found that fears were unrealized that many of the trees, some up to 2,000 years old, had been destroyed. And a relieved scientist pointed out that redwood forests evolved to withstand fire. Associated Press
Colorado's Governor Is Focused on Promoting San Luis Valley Farmers' New Approach to dealing with the increasing aridity of an area that is the epicenter of the state's drought. Quinoa and hemp replace barley and tomatoes, and farmers form local districts to control groundwater use. Denver Post
California Sues to Block New Federal Rules Allowing Farmers Access to So Much Water from the state's largest river systems that extinction for the delta smelt and two different salmon species could be inevitable. Two huge networks of dams and canals — whose construction led directly to the dwindling of fish populations — control water distribution to farms that supply one-third of the country's vegetables and half of its nuts and fruit; scientists have been pressured to speed up their evaluations of the threat. KQED
Three Texas Cities Are Models of Efficient and Innovative Water Use. Austin adopted a 100-year water plan in 2018 calling for such advanced conservation and recycling programs that the city anticipates supplying a healthy share of its future water demand by reengineering its water system as a water collection and recycling loop. El Paso cut its per-capita water consumption from 205 gallons daily 30 years ago to 129 gallons today. Some of its conservation practices: subsidizing the replacement of water-wasting bathroom fixtures and regulating lawn watering. San Antonio subsidizes the distribution of digital water-flow sensors and encourages the use of native plants to replace the thirstier show species in local gardens. Circle of Blue
"Keep Immigrant Bees Out." Environmentalists Want Honey Bees Barred from public lands in Utah. Beekeepers' honey-bee hives sometimes travel to pollinate crops elsewhere — particularly California's almond crop — before returning to Utah's national forests to forage in areas free of pesticides. But honeybees are non-native. Environmentalists are petitioning to ban them from these areas, saying they may spread disease and put unnecessary pressure on native bees. Salt Lake Tribune
Shifting the Balance of Power Between Preserving Birds and Developing Energy. A 1.5-million-acre oil-and-gas development proposed in Wyoming is in the middle of a superhighway for migrating birds, and a court's insistence on retaining federal penalties for accidental bird deaths from power lines and wind turbines. A potential go-ahead from the Interior Department could be coming soon on the project after six years of federal environmental reviews. The decision, which quoted the Harper Lee novel, saying "it's a sin to kill a Mockingbird," could dictate how companies operate in Wyoming for the next decade and what happens when they kill birds. E&E Daily
A Trout With Feathers: Looking At the West's Only Aquatic Songbird. A photo essay on dippers, small gray birds that bob up and down on rocks, dive into streams, and resurface with insects in their beaks. Audubon Magazine
Final Approval to Drill Arctic Wildlife Refuge clears the way for an auction for oil and gas drilling rights on the 1/6 million-acre plain. Four decades of fights over the refuge have paralleled four decades of science showing the burning of fossil fuels is heating the air and the oceans and changing the climate. These changes may make it difficult to sustain the infrastructure needed for drilling. Elsewhere in Alaska, ConocoPhillips is using "chillers" to keep the warming climate from thawing the tundra under its Willow oil drilling platform on the North Slope. Washington Post Bloomberg News
California Heat Sets Records, Creates Rolling Blackouts As Fires Spawn Firenados. The combination of intense heat, dry vegetation and lightning storms has the state struggling on several fronts. The unusual and extreme phenomenon of a fire-generated tornado occurred on August 15 in the Lake Tahoe area as a new fire quickly spun out of control. A few days earlier, the Lake Fire outside Los Angeles spawned its own firenado. Rolling blackouts hit the state while in Death Valley, the temperature hit a record 130 degrees. Los Angeles Times National Public Radio Desert Sun
Arizona's Drought Intensified as Seasonal Monsoons Again Turn Into "Nonsoons." With temperatures in Phoenix exceeding 110 degrees for days on end and the three-month period ending in June was the second hottest and third driest in 125 years. Populous Maricopa County, including Phoenix and Scottsdale, is in a severe drought. The impact on the water levels at Lake Mead, which is now at 40 percent of capacity, will mean that Arizona, Nevada and Mexico will receive less water from the Colorado River. Arizona Water News Arizona Republic
Some Oregon Forest Land Would Be Lost as Spotted Owl Habitat if a federal Fish and Wildlife Service proposal becomes final. The proposal would take 204,653 acres, or 2 percent of the total of 9.6 Million Acres, from the area of ancient forests designated as critical habitat and set aside as habitat for the endangered owl. Oregon Public Broadcasting
With Ice Disappearing, Pacific Walruses Are Moving Sooner and Sooner to Beaches of Alaska's Chukchi Sea. They just gathered at Point Lay at the end of July, earlier than ever before. The walruses had evolved to use floating ice as platforms for foraging and rearing their young. But for the past 13 years, after the first year of a record-low extent of sea ice, they have been moving to the Point Lay site by the tens of thousands every summer. Arctic Today
A Colorado Lab Works to Prepare the National Electric Grid for a Renewable Future. A scientist used this metaphor to describe the challenge of retrofitting the three power grids to let them handle the upcoming changes: It's like updating a reliable 1957 Chevrolet for the complex technologies and climate-related hazards of the 21st century. What was recently unveiled at the National Renewable Energy Laboratory in Golden, Colorado is a proving ground for the high-tech creations and will test the impacts of battery- and hydrogen-powered energy storage systems and large increases of renewable energy. Scientific American
In Reversal, Army Corps Determines Alaska's Pebble Mine Poses No Serious Threat to the region's valuable sockeye salmon population. The Corps' ruling overturned a 2014 finding by the Obama Administration. The proposed mile-square mine, 200 miles southwest of Anchorage, is poised to unearth one of the richest deposits of copper, gold and other valuable metals in the world. It pits two of the state's most important industries, mining and fishing, against each other. Washington Post The New York Times
Land Subsidence Means Chunks of California's Coast Are Vanishing, a new ASU study reveals. The sinking hotspots are found in San Diego, Los Angeles, Santa Cruz, and San Francisco where the population of millions will be at greater flood risk. "We have ushered in a new era of coastal mapping at greater than 1,000 fold higher detail and resolution than ever before," said Manoochehr Shirzaei, a co-author of the study. "The unprecedented detail and sub-millimeter accuracy resolved in our vertical land motion dataset can transform the understanding of natural and anthropogenic changes…." Earth.com
Pairing Landowners and Land Management Agencies and Nonprofits has allowed Montana's Blackfoot Challenge to develop a more resilient landscape and rural community. Its programs include prescribed burns, predator deterrence, and drought-sharing agreements. Bitterroot
California Farmworkers Are Paying High Price as COVID-19 Surges, worrying that as the pandemic surges in agricultural hubs, it could catch and kill them. Or it could kill their jobs. Protections for farmworkers, like masks, hand sanitizer and social distancing, need to be made mandatory, advocates said, and longstanding conditions that farmworkers have endured, such as crowded buses to and from work, or overcrowded housing, need to be addressed. InsideClimate News
Decline in Western Bumblebee Populations Gets More Dramatic, a federal review reveals. In the last two decades, the bee population has dropped by as much as 93% in the last two decades. The U.S. Fish and Wildlife Service is now deciding whether the insects need protection under the Endangered Species Act. The bees are important pollinators and many factors contribute to their decline: pesticides, habitat fragmentation, a warming climate, pathogens and agricultural chemicals. E&E News
The Fight for Clean Water in California's Central Valley Is a Slog, as clean water is unavailable for hundreds of thousands of Californians in the state's agricultural heartland. Tooleville, an unincorporated community of 80 homes at the southern end of the Central Valley, is trying to consolidate with a larger and better-resourced neighboring community.. "It's very, very, very hard," Yolanda Cuevas said of worries about her children and grandchildren's exposure to contaminated water. Yale Environment 360
Murder Hornets: What do We Need to Worry About? The arrival of the Asian Giant Hornet in the western U.S. has researchers anxiously looking for ways to control the insect with the terrifying sting, which can pierce the protective clothing of even professional beekeepers. How many are there and where could they spread? A podcast on those questions by the WGA. Western Governors Association NPR
Santa Fe's Indian Market Goes Virtual This Month, as more than 400 artists must find a new way to sell their work. On Saturday, Aug.1, the first Virtual Santa Fe Indian Market opened for business for the rest of the month. Lovers of Native art can shop for jewelry, dolls, textiles, pottery, clothing, baskets and much more at the SWAIA website, though August 31. Native News Online
Government Throws Curveball at Klamath Dam Removal Efforts. The long-range plan to take down four hydroelectric dams on the Klamath River, which flows between Oregon and California, seemed to be headed for conclusion. Then federal regulators refused to let the dams' owner, PacifiCorp, sever its connections to the project, which it now owns. But energy regulators ruled that while the company can transfer its license, it must remain a co-licensee, potentially leaving it with unexpected liabilities beyond those it has already assumed. The decision throws the idea of recovering Klamath salmon populations further in doubt. Associated Press
Dramatic Increase Coming in California Weather Extremes as climate warming intensifies the cyclical oscillation of air systems, a phenomenon that influences everything from cyclones in the Indian Ocean to drought in the southwest. This finding from a University of California, Davis researcher suggests that the West will experience greater month-to-month fluctuations in extremely dry and wet weather. UC Davis
A Rabbit Plague Is Hitting the Southwest, bringing a mortality rate of up to 70 percent to populations of jackrabbits, hares and related species, including the rare pika. Rabbit hemorrhagic disease causes fevers, bloody noses and lethargy in rabbits, hares and other similar species, who often die of internal bleeding or liver failure. It came from China and Europe and infected domestic rabbits two years ago, but is now spreading in the wild. "The virus is in a pretty vast area, and we don't have any tools to use to mitigate the spread or stop it once it's out in free-ranging populations," said a U.S. Geological Survey expert. The Guardian
Effort to Block the California-Quebec Climate Deal Fails, as a federal court finds the pact on greenhouse-gas emissions doesn't usurp federal foreign-policy prerogatives. The cap-and-trade program at the heart of California's fight against climate change could have been weakened if the Trump administration challenge had been upheld. Bloomberg
In Utah, a Debate Simmers Over Estonian Radioactive Waste, which could be reprocessed at a mill next door to the Ute Mountain Ute reservation, the only operational uranium mill in the United States. State officials must approve an importation license. Tribal officials fear this waste transfer could become the first of many to the White Mesa Mill in San Juan County, in southeastern Utah. The tribe says the mill was designed for a different function and is 20 years past its original planned lifespan. Reuters
Yellowstone's Grizzly Bears Won't Lose Federal Protections, thanks to ruling in a Montana state court that has been upheld by federal appeals judges. A 2017 federal decision stripping the bears of threatened status under the endangered species act could have paved the way for state-planned hunts Bozeman Daily Chronicle
Birds, Like Buildings, Can Have Confederate Names. One is the McCown's longspur, a sparrow-like bird that summers in the Great Plains and winters in the southwest. John Porter McCown, its namesake, helped forcibly relocate Native Americans in the 1840s and served as a Confederate general during the Civil War. "Naming and language have power. The way that you use language tells people whether they belong or not," said Earyn McGee, a University of Arizona doctoral candidate and organizer an online campaign to increase visibility of Black birders. The American Ornithological Society had balked at a name change; it is now rethinking that decision. Undark
Why Is the West Running Out of Water? A crisp and succinct video history of the series of poor decisions that have left the region looking at a parched future. Some 40 million people now depend on the Colorado River, which will be increasingly unable to provide water to those that need it. Cheddar
Four Years After the Standing Rock Sioux Tribe Sued to Block the Dakota Access Pipeline, and about four months after a federal district judge said the environmental assessment used to grant a permit was insufficient, the $3.8 billion pipeline is ordered to shut until a new environmental impact statement is finished. The pipeline had carried up to 570,000 barrels of Bakken Shale oil out of North Dakota daily before the pandemic. The U.S. District Court Judge James Boasberg, who revoked the Army Corps of Engineers' permit allowing the pipeline to operate, is known for writing opinions featuring good humor and cultural savvy. Bismarck Tribune E&E Daily
Energy Department Approves First West Coast Liquefied Natural Gas Terminal at Coos Bay, Oregon. The Jordan Cove terminal, strongly supported by natural gas companies in Colorado and Utah that seek easy access to Asian markets, was first boosted in March when the Federal Energy Regulatory Commission authorized operations. DoE approval means the project can export as much as 1.06 billion cubic feet of LNG daily. A lawsuit seeking reversal of the FERC approval is pending. E&E DAILY
Images of Walls of Dust Headed for Phoenix Have Become a Summer Staple for a reason: researchers determined that these haboobs doubled in number between the 1990s and 2000s. Less often pictured are the likely impact: hospitals report a 4.8 percent increase in intensive care admissions on dust-storm days; the increased in respiratory admissions tops nine percent the next day. Bloomberg
Rio Grande Flow Levels Sink to Historic Lows in Albuquerque as rainless days force the release of water held in reserve. That supply may run out by mid-July, forcing difficult decisions over how existing groundwater supplies will be apportioned. John Fleck/Inkstain
PG&E Exits Bankruptcy With a New Board and a Lot of Work to Do as Wildfire Danger Proliferates PG&E filed for bankruptcy in January 2019, facing liabilities from multiple catastrophic wildfires that killed more than 100 people in northern California after they were sparked by its power lines. The company's $25.5 billion payout to victims, insurance companies, and local governments. Leaving bankruptcy now means PG&E can take part in a $21 billion wildfire insurance fund. Utility Dive
The Border Wall Will Not Cross the Cocopah Reservation in the Colorado River Delta. The original plan had included this seven-mile stretch east of the Colorado, but the money to pay for it was cancelled by Trump Administration lawyers in May after the Sierra Club and other groups sued to block that section of the wall. ASU/Cronkite News
The White-Throated Sparrows' New Song Tops the Charts From British Columbia to Manitoba, avian scientists find. It's taken about two decades for the new song, ending in a doublet of repeated tones, to be picked up other sparrows further East. Now the conversion from the old song -- ending in a triplet -- has become evident across most of Canada, starting in the far West. The scientist who discovered the change reports "White-throated sparrows have this classic song that's supposed to sound like it goes, 'Oh, my sweet Canada, Canada, Canada….And our birds sound like they're going, 'Oh, my sweet Cana– Cana– Cana– Canada.'" National Geographic


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MP3-CD Audiobook
When police find two skeletons locked in a bony embrace deep in the mud off the Manhattan shoreline, Natural History Museum curator Margo Green is called in to aid in the investigation. She soon realizes that the expertise the cops want is the result of her ordeal last year, battling the horrific beast loose in the basement corridors of the Museum. Because the skeletons show signs, not only of foul play, but of abnormalities point to thing: the awakening of a slumbering nightmare. Aided by Lieutenant D'Agosta, the enigmatic FBI agent Pendergast, and the brilliant scientist Dr. Frock, the search for answers will take Margo and her team far beneath the city of Manhattan, into an underworld few know exist - and fewer still would dare to go.
Genre: Horror
Published: Apr 2008
Publisher: Brilliance Corporation
Narrator: Lincoln Child
Discs: 1


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MLA flying in Europe
2 Responses to MLA flying in Europe
Mosquito – XET – Heli flying in Oestreich in Ludesch / LOIG
I want to fly in Austria in Ludesch with my Mosquito XET helicopter.
The French Mosquito approval is with the identification: 01ADB, series: 1060B08
I own the Helicopter Ultra Leger license from France from July 2018, No: 0205005618
and the PPL-H / DE.FCL.38462 license.
My nationality is Swiss citizen.
Can I fly as a foreign pilot in Austria?
Thank you for your efforts and hope for an echo
Yours sincerely
Christian Bordoli
Gäuggelistrasse 50
7000 Chur/GR
0041 79 374 18 36
Please remove Christian Bordoli's entry on 2019-10-09 at 19:20.
Thanks and Greetings


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The anti-briefcase
Prices incl. VAT plus possible shipping costs outside Germany
In stock, delivery time approx. 1-3 workdays
F511 SKIPPER, a lightweight backpack that looks like a sailor's duffle bag. Top and side handles also let you carry it upright or sideways. Stash your cargo in the roomy inner compartment and tuck your valuables into the small zippable side pocket. SKIPPER also has a large padded easy-access hidden outer compartment where you can keep your laptop (up to Macbook Pro 15") and smaller one for your phone or other small essentials you need to get to quickly.


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Well, this is a slightly unusual event write-up for me. I'm so used to being in the audience scribbling away in my little notebook. But this time was different. I had the great privilege of interviewing William Ryan and Susi Holliday about their latest books – A House of Ghosts and The Lingering. West Barnes Library is quite small but we had 30 people in the audience which is fantastic for a first event. I say first, because I'm hoping to do more in conjunction with the Friends of West Barnes Library. The volunteers are great and I simply couldn't have done this without their help. A special thank you to Sarah and Theresa.
I'd love to be able to tell you everything that was said but a few highlights were William and Susi each talking about haunted houses they've lived in. Neither of them saw the ghosts but others had. In particular, a builder who'd been working at Susi's house asked where her daughter was. 'But I don't have a daughter,' was Susi's reply. 'Yes, you do. The little girl who was colouring under the table.' Eek! Susi and her husband moved soon after. As a child, William was the only person in his house who hadn't seen the ghost but the rest of his family had.
The Lingering is set in a commune and Susi lived in one for a week to experience what it's truly like. A House of Ghosts is set in 1917 and William has managed to capture the language by reading lots of books from that period, including Georgette Heyer which influenced the romantic thread in his novel.
If you've read my write-ups of events before you'll know that I'm pretty rubbish at taking photos. So I left this task to my daughter who is much better than me! We deliberately dimmed the main lights and used fairy lights to create an intimate and spooky feel for the event. So she's done her best with low light levels and my phone!
Events coming up – organised by the Friends of West Barnes Library, an afternoon with local author Pippa Beecheno on Saturday 10th November at 2.30pm. £1 entry.
I'm back at the library on Monday 28th January at 7.30pm with Rod Reynolds and Amer Anwar talking about US Noir vs UK Noir. More details in the New Year.
Finally, I want to say thank you to everyone who came, the volunteers, and in particular, William and Susi who made my first experience of interviewing so easy.


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A Purpose Built Sexual Assault Referral Centre Facility in West Yorkshire is Near Completion
Thursday 9 January, 2020
The opening of a fully integrated service for victims of sexual violence and abuse has moved a step closer.
Work on a new specially purpose built Sexual Assault Referral Centre (SARC), facility for West Yorkshire started in late 2018 and will house a number of specialist services.
Latest developments include the work on the self-contained live link suites and the live link recording room as well as waiting rooms.
Once completed, the SARC will house Children and Adult Services under the same roof at the heart of West Yorkshire at the facility within the Leeds District.
The new facility, due to open its doors in Spring of 2020, will incorporate court live-link facilities, vulnerable victims suites for video recorded interviews (VVS/VRI), a hub/base for specialist support services as required and access or referral to Independent Sexual Violence Advisors (ISVA), a service uniquely commissioned by the Police and Crime Commissioner.
These developments are aimed at increasing the number of victims and witnesses giving evidence where appropriate and achieving successful outcomes through the Criminal Justice System wherever possible.
Partners including the Office of the Police and Crime Commissioner (PCC) for West Yorkshire, West Yorkshire Police, the NHS England, Courts Service HMTCS have all been involved in its development.
Mark Burns-Williamson, the Police and Crime Commissioner for West Yorkshire, said: "Work is now really gathering pace to give the best possible service to vulnerable victims and witnesses with this state-of-the-art purpose built facility.
"As a shared vision between the OPCC, West Yorkshire Police, NHS England and the Courts Service, we want to ensure that we transform and improve the experience of vulnerable victims and witnesses by having all dedicated and accessible services under one roof.
"A key role for me as the PCC is to champion the interests of victims and I am proud of the services I have helped put in place in recent years which substantially improve on what was available before these decisions were devolved to me in 2015/16.
"The opening of the new SARC in 2020 will coincide with the launch of my Victim's Strategy that puts victims and witnesses at the heart of all that we do, and I have been determined to help deliver this vision and transform SARC services in West Yorkshire.
"We wanted to involve victims and survivors, children, adults, and young people in the development and improvement of services, and have larger dedicated premises with an increased number of specialist facilities which I believe we have managed to do, making what will be one of the best services of its kind in the country."
West Yorkshire Police, Assistant Chief Constable Catherine Hankinson added: "It is encouraging to see the progress being made toward the development of the new Sexual Assault Referral Centre (SARC) and what that will mean for both victims and survivors.
"It is now taking shape at real pace and 2020 will mark yet another step forward for victim care and support.
"Once complete, this purpose built facility will offer a fully integrated partnership service, that keeps us at the very forefront of service delivery."
Head of Health and Justice for NHS England and NHS Improvement in North Julie Dhuny said: "We are pleased that progress is being made with this facility which will ensure that victims of rape and sexual assault in West Yorkshire are cared for in a dedicated facility which will support them to access further help and support."
A self-contained live link suite showing the newly fitted door leading to the live link recording room
One of the forensic examination rooms
The forensic suite waiting room, each forensic pod contains a waiting room, examination room, shower and toilet along with an aftercare room


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Samsung's Galaxy S10 lineup of smart devices continues to dominate the tech news with new leaks hitting the Web every day. The Galaxy S10 phones, which are set up to be revealed on February 20, have now been accredited in China and identified as a part of a new set of dripped renders. Furthermore, the Galaxy S10+ has appeared in the database of benchmarking website Geekbench with middling ratings. Samsung is rumored to be bringing a total of 4 Galaxy S10-series phones, consisting of the regular Galaxy S10, Galaxy S10+, and a 'Lite' alternative.
According to a report in MySmartPrice, China Certification Centre For Automotive Products Ltd has certified 2 variants of the Samsung Galaxy S10 – SM-G9730 and the SM-G9750. There is no word on certification of other rumoured models like the Galaxy S10 X, which is the 5G version of the Galaxy S10, and Galaxy S10 E (aka Galaxy S10 lite) that is supposed to be a smaller-size version.
The Chinese CCC accreditation's itself do not reveal any details about the upcoming phones, however they do appear to show that Samsung will ship its EP-TA200 Adaptive Fast Chargers with the Galaxy S10 phones. This battery charger has the same power ranking as Quick Charge 2.0 and tops out at 15W. Even though the Chinese smartphone makers have started bundling 40W or 50W battery chargers with their phones, Samsung, it appears, does not wish to follow suit right now.
In addition, the Galaxy S10, Galaxy S10+, and Galaxy S10 E cases and screen protectors have actually been listed by devices maker Azuri on its site. The case renders do not offer any information and have a number of errors.
Lastly, based on a post on Slashleaks, the Galaxy S10+ has been listed in the database of Geekbench. The design benchmarked by Geekbench brings the model number SM-G975U and has been powered by Qualcomm Snapdragon 855. The phone scored 3413 in single core efficiency and 10256 in multi-core efficiency. In comparison, Apple's A12 Bionic in iPhone XS scores around 4797 in single core performance and 11264 in multi-core efficiency on Geekbench. Clearly, Samsung requires to do a lot more optimizations (at least on Snapdragon 855 models) before the last release to make sure the phone is comparable to the most recent iPhone designs in standards. The Geekbench scores of the Exynos 9820 variant – anticipated to be introduced in the majority of areas including India – have not been exposed up until now.
As we mentioned previously, Samsung is hosting a press occasion on February 20 (February 21 in a long time zones) to reveal the brand-new Galaxy S phones. The business is anticipated to announce the new Galaxy S10, Galaxy S10+ and Galaxy S10 E (or lite) designs. There have actually likewise been reports that we might see the introduction of Galaxy S10 X 5G model and Galaxy F collapsible phone at the event.
For the latest tech news follow EPICdigest on Instagram, Facebook, or Apple News.


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025_30 Emerging Manager_6 pages 16/5/05 9:46 am Page 25 Click here for more information or to purchase this book. Emerging managers: how to analyse a first time fund Kelly DePonte, Partner, Probitas Partners Chart One: US venture capital fundraising, new vs. follow-on funds, 2001-2004 Year No. of New Funds No. of Follow-on Funds Total 2001 106 199 305 2002 57 107 164 2003 44 90 134 2004 YTD 33 92 125 Source: Thomson Venture Economics & National Venture Capital Association Over the last several years, institutional investors have grown more interested in investing in private equity funds run by emerging managers. As evidence, a number of large institutions, such as CalPERS, CalSTRS and the Texas Teachers Retirement System, have all developed specific programmes targeted at the sector. Furthermore, a number of fund of funds managers, such as Parish Capital Advisors, have developed vehicles concentrated on such investments. The rationale for this interest varies from seeking access to early stage venture opportunities by targeting new managers who have room to accept allocations, or identifying attractive small middle-market firms active in fragmented markets, to literally 'finding the next Kleiner Perkins or Blackstone'. The maturing of the private equity market has led to this phenomenon in two very different ways. First, a number of established private equity fund managers seeking to maintain a fund size consistent with their investment strategy – especially in the venture capital space – currently fundraise 'by appointment only'. They simply return to their established base of investors to determine appetite, and then go through an allocation process to choose those investors from whom they will accept commitments. The dynamic among buyout funds is somewhat different. As the general mergers and acquisition market has grown apace, the trend among successful buyout managers has been to grow their commitments steadily fund by fund. Most of them start as managers focused on buying middle -market companies and over a cycle of three to five funds become large buyout managers, operating in a very different environment. For investors seeking exposure to the middle-market – one that is more fragmented and more susceptible to tactics that can increase earnings at the company level – maintaining a significant allocation requires an almost constant review of newer and emerging managers to replace those who have outgrown the sector. The maturing of the market has also led to emerging managers becoming a distinctive niche in an odd way: 25 years ago, all private equity managers were 'emerging' simply because there were no established managers. The Darwinian process of natural selection hadn't determined yet which fund manager groups would be successful, and for most fund managers an 'historical track record' did not exist. It is only with the maturity of the market that the concept of an 'Emerging Manager' finally makes sense. And though emerging managers are a niche area of private equity investment, it is not a small area in terms of numbers of opportunities coming to market each year. As noted in Chart One, approximately 30% of the US venture capital funds that have come to market in each of the last four years have been first time funds – though it should be observed that their fundraising success has been chequered and quality has varied widely. Key points in the analysis of emerging managers The techniques of fund manager due diligence are similar across the various sectors or geographies of private equity. What can vary is the emphasis that needs to be placed on various factors in the investment analysis, and to a degree the skill set required of the investor reviewing fund managers. The first criteria: the team As with all areas of private equity, the fund management team is the most important factor in selecting an emerging manager. Most institutional investors are only interested in backing man- THE GUIDE TO PRIVATE EQUITY FUND INVESTMENT DUE DILIGENCE 25 025_30 Emerging Manager_6 pages 16/5/05 9:46 am Page 26 Click here for more information or to purchase this book. agers who have a demonstrated history of success as private equity investors. For fund managers, having individuals with significant attributable private equity track records as part of the team is crucial. Of course, a group that has a combination of private equity, operational, technical and investment banking skills is attractive, but the lack of a successful private equity track record – including realisations – makes an emerging manager much less credible. key in determining whether they still espouse the basic tenets of the team when they are not presenting as part of the group and that the corporate culture of the team is truly engrained in its senior members. • Besides interviews, of course, a review of previous working relationships amongst the team members is important. If the team is assembling for the first time, it is important to determine if they've worked together before – either on individual transactions while at other firms or even in other businesses before becoming involved in private equity. Personal social ties can also be important, though it must be noted that the tenor of those relationships is likely to be different from that in a high-pressure working environment. Last, it needs to be noted that even for team spinouts, drilling down in this area is important, especially if only a part of a group of investment professionals has left another organisation to form an emerging manager. Teams are not just collections of individuals, but rather a social grouping whose members play various roles dynamically interacting with other members of the group. When a subset of a group breaks off, the team dynamic can change dramatically – sometimes for better, sometimes for worse. Even with some sort of track record in place, the most difficult issue to diligence is the team dynamic and its impact on stability. For true first-time funds – where the team is coming together for the first time – this is especially key. Any fund of institutional size – roughly larger than $100 million or €100 million – is difficult to manage with a single person. A team of three or more senior investors is usually preferred. If the team does not work well together – if it in fact is not a cohesive team – it can fracture and put the fund and investors at risk. 26 Evaluating the team dynamic and potential team stability is an art rather than a science. It requires the experience of having performed due diligence on a large number of managers in the past. Key process items and areas of focus include: • Group and individual interviews There is no substitute for meeting with the team extensively in order to develop a feeling for how well they will work together. How they interact with each other while being questioned on their investment strategy, their investment process and their personal relationships is a key check on how well they have considered these issues internally before starting the fund marketing process. Importantly, time needs to be spent both in group meetings and on a one-on-one basis with senior team members. Group sessions are important not only for what is said but also for body language – how they react to what the other is saying. This is important to help determine whether they agree on important issues, respect one another, and like one another – all important factors in weathering difficult times. One-on-one sessions are also RESEARCH GUIDE Previous working relationships within the team • Internal firm economics The internal division of carried interest and ownership shares of the fund management company are always important in determining team stability, whether with an established or an emerging manager. A large disparity in the distribution of carry amongst senior investment professionals often leads to dissension and turnover – and the structure of most private equity funds is not usually geared toward a single individual dominating the investment and company oversight process in a diverse portfolio of investments. Ownership positions in the management company not only drive certain economics, but also affect the ability of individuals to share in the direction of the firm, helping to build commitment to the team. Emerging managers: a definition There is no one definition of an emerging manager. Different investors apply different criteria. However, the four classifications below broadly cover the sector: • First time fund, first time investors In this case, a group of professionals looks to form an investment vehicle with a senior team that does not include a single individual with significant private equity experience. Fundraising for these groups is often very difficult; and often these groups actually fail to raise a fund. • First time fund, experienced investor team In this case, a group of professionals who individually have extensive private equity experience, but have limited experience working together, form a fund. Groups like this would include the first funds of Fox Paine and Shasta Ventures. • Team spinouts In this instance, a team of professionals who have worked together within a fund manager decide to spin out and form a separate firm. Examples include: Triton Partners spinning out from Doughty Hanson; Alta Partners, Alta Communications and Polaris all spinning out of Burr, Egan, Deleage; the recent creation of Diamond Castle by senior professionals from DLJ Merchant Banking; and the founding of Exponent by senior team members from 3i. • First institutional fund Since the process of raising a first time fund is very difficult, many fund managers start the process differently – by raising money on a deal-bydeal basis or creating a fund with significant support from government programs (such as the SBIC program in the US) or financial institution sponsors. These groups then approach the broader institutional market with a follow-on fund, but have at that point had a chance to prove their investment ability, their access to quality deal flow, and their strength as a cohesive team. Fund managers who started in this manner include Littlejohn & Company, W Capital and KRG. 025_30 Emerging Manager_6 pages 16/5/05 9:46 am Page 27 Click here for more information or to purchase this book. • Track record and attribution Even with emerging mangers, few investors are willing to back groups unless they have an attributable track record of successful private equity investing. However, the process of vetting such a track record for an emerging manager can be much more difficult. Gaining access to information and being able to verify it is a greater challenge, and often requires review of such issues as the following: • Attribution letters Emerging managers with a track record have usually gained that experience while working for a more established firm. Since private equity investing is a collaborative effort, it is often difficult to sort out responsibility for individual transactions and the issue can be very contentious. It is becoming more common for private equity professionals to negotiate an 'attribution letter' when leaving a firm that details the roles they played on various investments, as well as the carrying value on those investments at the time of their departure. Ironically, it is often more difficult to identify poorly performing investments that a fund manager leaves off his record than it is to verify successful deals that are included. An attribution letter often levels that playing field. • Company executive reference checks Reference checks are always an important part of any due diligence. For emerging managers, references are critical. Most investors are looking to back fund managers who bring more than money to the table and can add value by providing advice and guidance to company management. The individuals who are in the best position to give crucial feedback in this area are company Chief Executive Officers and Chief Financial Officers. Dialog with such referees is especially important when competing individuals claim key roles in driving the investment performance of the companies that they ran. Attribution letters are most often very detailed, highlighting the specific roles that a professional played in sourcing an investment, undertaking due diligence, negotiating purchase price, overseeing the investment and serving on the company's Board of Directors, or directing the exit of an investment. It may also identify other individuals also active in those roles. An attribution letter is a helpful tool in analysing an individual's track record and can also be helpful to the firm offering the letter, as it usually eliminates a future fund raise problem: that of having a competing vehicle in the market claiming full attribution for investments that are part of its track record as well. In the absence of such a letter or a formal agreement between the parties, the normal process of reference checking can become contentious and mutually harmful. 'Cherry picking,' or what is left out One aspect of attribution letters that is most beneficial to an investor doing due diligence is that it tends to eliminate 'cherry picking'; that is, having a fund manager construct a track record just from his successful transactions while failing to mention investments that faltered. In negotiating an attribution letter, a fund manager's former firm has no reason to hide transactions that haven't gone well, and in fact would be better off if it can clearly identify transactions that underperformed that were the responsibility of someone who is no longer with the firm. • Imputed fund structures A key part of the due diligence process for many investors is benchmarking track record performance. The most common method of doing this is Vintage Year Comparison – comparing the performance of a fund manager to other funds with similar strategies investing over a similar time frame in a similar market environment. For many first time managers, this sort of analysis requires combining investment track records from a number of different individuals in order to create synthetic imputed fund structures. THE GUIDE TO PRIVATE EQUITY FUND INVESTMENT DUE DILIGENCE 27 025_30 Emerging Manager_6 pages 16/5/05 9:46 am Page 28 Click here for more information or to purchase this book. While this is a useful piece of analysis, investors have to be careful when using the data. The selection of which transactions go into which imputed fund can dramatically affect the vintage year comparisons. The inclusion of deals in the track record that are not on strategy for the new fund effort (for example, including venture capital transactions in track record for a new fund focused on buyouts, or vice versa) can also distort the results and dilute the effectiveness of the tool. • Deal flow 28 One of the reasons that fund vehicles were created in the first place was to help professional investors generate and maintain deal flow. Company executives looking to start or sell their company want to know that, once they decide whom they want to work with, that team has cash immediately available to execute a transaction. First time funds or spinouts are in the awkward position of trying to generate deal flow so that they can begin investing as soon as possible, while simultaneously dealing with the fact that, if things move too quickly, they won't have the cash available to make the investment. In addition, it is often difficult to determine whether the individuals or the team spinning out to form an emerging manager were truly responsible for generating deal flow, or whether others in their previous organisations were responsible. Attribution letters and company executive references are helpful in this process, but other areas also need to be reviewed: • Deal pipeline The primary focus of a first time fund manager is fundraising to obtain commitments from investors. Otherwise the fund won't exist. Close behind that priority, however, is striking the delicate balance of generating deal flow for the fund, as investors will want to see money invested soon after the fund closes. Fund managers typically maintain a preliminary deal pipeline report covering opportunities that they are tracking, even in the early steps of fundraising. RESEARCH GUIDE Deal-by-deal funding In certain instances, fund managers make arrangements with other financial institutions to fund transactions that must be completed before they have a fund closing. This can involve either a long period of deal-by-deal activity to prove the ability of a team to work well together – sometimes a GP can operate on such a basis for years. In other instances, this can involve a more interim arrangement that takes place during the fundraising process, sometimes with the investments being targeted for transfer into the fund when a closing occurs. In any case, these transactions go far to prove the deal flow credentials of the fund manager. Critical mass For emerging managers, launching a first time fund involves a major commitment of time, effort, and cash. Without an existing fund in place to cover expenses and salaries, fund managers must be prepared to finance the expenses of running a new business from their personal resources. In order to limit up-front cash requirements, most funds are launched with a core team of senior investment professionals, but very often without junior investment staff, administrative staff, and back office personnel. In reviewing such an opportunity, what constitutes critical mass? • Senior investment professional commitment Before a fund can be launched, a senior team of typically three to five professionals needs to be fully committed to the fund and not working with another party. (The exact number is dependent upon the both the total amount of money targeted to be raised and the fund strategy). This team will be the core group devoted to investing the fund and whose track records will be the drivers of the imputed track record of the fund. A team of this size provides the minimal levels of cross coverage, support, and investment acumen required to oversee an institutional quality private equity fund. In addition, the senior team (unlike more junior staff ) should have more financial resources in place to take the entrepreneurial risk of living without a salary. Sponsored funds: a special case Creating a first-time private equity fund is a difficult process as noted elsewhere in this chapter. Some of the risks that the fund manager runs can be mitigated by finding a sponsor that can provide both working capital and a significant commitment to the fund. The arrangement is usually meant to allow the fund manager to staff up more quickly, to provide an initial pool of cash that can be used to prove deal flow by executing transactions while fundraising, and to provide momentum to the fundraising process itself through an early close. When the sponsor is a financial institution, it is often argued that the sponsor may bring other assets to the arrangement, such as access to deal flow or due diligence insight. Sponsorship, however, is usually a mixed blessing, both for the fund manager and other potential investors, for several reasons: • Sharing of carry Most sponsor relationships, especially in situations where operating capital is provided, require that the fund manager share a portion of the carried interest generated by the fund. Shared carried interest payments often range between 25% and 50% of the total carry available. The basic problem with this is that the higher the amount paid away, the lower the amount available for incentive payments to professional staff at the fund manager responsible for generating returns. Without proper incentives, of course, team stability is an issue, especially for investors who are looking for a strong team that they can back across several potential future funds. In addition, in certain instances portions of the management fee are paid over to the sponsor or, in extreme cases, the entire management fee is paid to the sponsor, who in turn pays fund management personnel a salary. • Control of the fund management company The last example of management fee splits noted above usually occurs when the sponsor has a controlling position in the management company of the fund – which exists as a separate legal entity from the fund itself, but oversees management of the fund. There are various issues raised by control of the management company, but the largest is the 025_30 Emerging Manager_6 pages 16/5/05 9:46 am Page 29 Click here for more information or to purchase this book. From time to time, one or two individuals will try to raise a fund on the basis of promising that they will add unspecified senior individuals to the team once they have had a first close. Most institutional investors decline these opportunities saying 'If these individuals haven't committed to the fund, why should I?' potential ability of the sponsor to fire members of the fund manager. This can be especially troubling when the interests of other investors and the sponsor diverge. • Investment Committee participation In certain instances, sponsors require formal participation in the fund's Investment Committee. Though rarely making up a majority of the Committee, the participation both raises the spectre of potential conflicts of interest between the sponsor and other investors, and requires additional due diligence by investors on the sponsor's role in the decision making process. Summary • Action plan after a first close Though a complete organisation does not need to be in place when a fund is launched, the team needs to have a well-thought plan of action for the hiring steps they will take once they have a first close. They should have identified the type and number of people they will need to add over their first year of operations and should have a number of specific candidates identified for these positions. • Investment size, influence, and potential conflicts of interest Even in situations where the sponsor does not have an economic stake in the fund or the management company, and does not have an active stated role in managing the fund, other investors may perceive the potential for conflicts of interest if the commitment amount of the sponsor is very large. On a de facto basis, a commitment equal to 25% or more of the fund often begins to raise questions in investor's minds. For first time funds and spinouts, there may be legal agreements in place that limit the hiring of junior staff from a previous employer or employers. This may limit their ability to build out an organisation totally with staff that they have worked with most recently. Investors should also review their past ability to build out an organisation from scratch. As the result of all these factors, most sponsorship arrangements raise as many issues as they are meant to address. An investor performing due diligence on a sponsored fund needs to pay particular attention to the agreement between the fund manager and the sponsor and the economic and governance issues that can arise from such an arrangement. previous experience working for a reputable private equity fund is the most sought after choice here. Adding such an individual either as part of the core group or as one of the first hires after the fund's first close demonstrates the importance placed on the area. • Back office staffing and reporting Back office staffing and reporting are worth special mention. Investors today are finding prompt, accurate reporting of substantial information more and more important. For most emerging managers launching a fund, this is the area of least concern as the fund first has to be raised and then the first investments have to be made before reporting to investors takes place. However, setting up the process correctly at the start and installing a culture focused on 'investor friendly' reporting is a differentiating factor in due diligence and offers investors confidence that reporting won't be an issue in the future. Performing due diligence on an emerging manager requires analysis similar to any other private equity due diligence. What is different, however, are several key qualitative factors that are more difficult to judge. Analysing the team dynamic of a group that has not worked together before, for example, requires significant experience in private equity due diligence that is not easy to teach. Pattern recognition is required; an art that is developed in an apprentice-like fashion by participating in many due diligences and seeing how the story presented during the fundraising process plays out in reality, generally over many years. While the task is difficult, it can also be rewarding. Those emerging managers with the combination of the correct skill set, the correct focus, and the correct team dynamic can emerge into sustainable top quartile managers, and their early funds – where they are hungriest to demonstrate their abilities – are often superior performers. Kelly DePonte is the Head of Research and Due Diligence at Probitas Partners. Previously Kelly was a Managing Director at Pacific Corporate Group, and directed the partnership investment program at that private equity consultant. Before that he spent several years with First Interstate Bank where he most recently oversaw its private equity activity and interest rate swap activity. Kelly received an MBA UCLA and a BA from Stanford. Contact [email protected] Probitas Partners is an independent provider of integrated, alternative investment solutions, offering an array of customised services that include placement of private equity funds and investment and liquidity The most significant event in this area is the fund's selection of the Chief Financial Officer. An individual with management. THE GUIDE TO PRIVATE EQUITY FUND INVESTMENT DUE DILIGENCE 29
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on January 20, 2011
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Flash Movie Review: Ricki and the Flash
Ever since it was told to me in a time of need, I have repeated it to many other people. To this day I still use the phrase, "Do what you love and the rest will follow," as a guide before taking on a new undertaking. Now for the most part I do believe it to be true, however I have come to the realization not everyone will agree to follow along with me. Like me I am sure some of you have known someone who was in a relationship where their significant other refused to follow them when they got a job promotion that involved moving out of state or country. The first time I encountered a difference of opinion that caused a split in the relationship was at the beginning of my career as a fitness/yoga instructor. I was trying to get established at a few fitness centers so I was going to different workshops and conventions, besides teaching my regular schedule and periodically subbing for other instructors' classes. It was a hectic time for me; there were times where I could not join in on social functions, they would have to go alone. As you may have guessed already it finally came down to where I was given a choice; either give up some classes and spend more time with them or they were going to end the relationship. It was a rough time for me because I was looking for support in my new venture, but yet I understood their needs as well. This dramatic comedy reminded me of that time. HAVING followed her passion all these years to be a musician Ricki, played by Meryl Streep (The Giver, Into the Woods), had to learn to be a mother again when her daughter Julie, played by real life daughter Mamie Gummer (Side Effects, Cake), was in crisis from a broken marriage. It was not going to be easy to just come back home. The draw to this musical movie was the cast; besides Meryl there was musician/actor Rick Springfield (General Hospital-TV, Loyal Opposition) as Greg and Kevin Kline (Wild Wild West, My Old Lady) as Pete. With a script written by Diablo Cody (Young Adult, Juno), there were times the actors were able to fly with the dialog. Unfortunately, there were other times where they fell flat because the scene was disconnected or predictable. I tried staying away from the buildup by the press about the electric tension Meryl and Mamie had to create between each other; but I have to tell you, I did not find the drama that intense for the situation. It was somewhat bland at times for me. I certainly understand following one's heart but I needed to see some valid reasons with this film.
2 1/4 stars
Posted on August 13, 2015, in Dramedy and tagged 2 1/4 stars, comedy, diablo cody, divorce, drama, dramedy, kevin kline, mamie gummer, meryl streep, music, rick springfield. Bookmark the permalink. 18 Comments.
I think you were generous with your stars…boring, predictable and unbelievable! Bad script and had to believe the kids would just forgive their mom after all the years of neglect. Yuk!


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Raiding and stealing mail is a common problem that identity thieves employ. With just a few documents from your mail, an identity thief can craft a narrative to open financial accounts and credit in your name without you even knowing. Even worse, is that the confirmation of these actions will arrive in your mailbox and stolen without your knowledge. However, with just a few simple steps you can secure your mail, and your life, from identity thieves. Here are some tips from California Mailboxes to do just that:
Locking mailbox
The first (and most obvious) step would be to invest in a locking mailbox. Very few homes look at security mailboxes because they don't think it is necessary. Without a secure mailbox, all someone needs is to come at night and take whatever mail is in the box.
Monitor bills
There are a certain set of bills, like a credit card bill, utility bills, bank statements, etc. that all arrive around the same time every month. Keep a track and record of everything that comes in and contact them if a bill or statement hasn't arrived. If you feel like the bill was taken, contact the fraud department of bank or utility immediately.
Hold mail
One of the problems with extended vacations is that a lot of mail will collect. When someone sees a stuffed mailbox, you are at risk of either robbery or mailbox vandalism and theft. The easy solution to this problem is to talk to your post office and ask them to hold your mail until you return.


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July 27, 2016
Struggling U.S. equipment manufacturer Joy Global will sell its steel plate mill in Longview, TX to Nucor Corp. for $29 million. The announcement came at the same time that Komatsu of Japan released its intent to purchase the Milwaukee-headquartered company for $3.7 billion.
Under Nucor's ownership, the plant at 2400 MacArthur St. will continue supplying Joy Global with the heavy steel plates used to manufacture the company's mining equipment. The sale is expected to close by mid-September.
Joy Global supplies equipment to worldwide mining companies, as well as offering programs including technical support, on-site maintenance and remote health monitoring. However, fluctuating prices or commodities including iron ore, copper and coal, have led to a decline in demand for mining equipment. Komatsu is Japan's largest seller of construction equipment, and the world's largest behind Caterpillar Inc.
For comments, questions or concerns, please contact Amy Sorter
Tags: Industrial, Sale


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Aston Martin subsidiary brand Lagonda will reveal the first glimpse of its next production car at the Geneva Motor Show next month with the All-Terrain Concept.
Teased in a new image, the concept will serve as the basis of Lagonda's first zero-emissions vehicle. It's said to take inspiration from the Vision Concept unveiled at Geneva last year, so expect a sleek, elegant design and a luxurious cabin on this new machine.
The preview picture doesn't give too much away, although a large silhouette is visible with a prominent gold strip heading up the front fascia. Also visible is the Lagonda logo, which compromises mostly of text — with a stylised 'O' standing out.
Based on the All-Terrain name, it's fair to assume this machine will be designed with off-road functionality in mind.
No exact confirmation has been given on powertrain details at this stage, but it has been confirmed as all-electric. This fits firmly with Lagonda's plan to become an entirely zero-emissions brand, starting from 2021 when a production version of the All-Terrain Concept hits the roads.
Lagonda's last production car was the extremely limited-run Taraf, with just 200 examples of that luxury saloon made. Each had a starting price of £685k — although many have since exchanged hands on the used market for over £1m.
As well as the Lagonda production car, Aston Martin is also developing a performance SUV to feature under its own wing. The DBX is set to be revealed later this year, and will be built at a new facility in St Athan, Wales.
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Related areas
Women diagnosed with colorectal cancer who are physically active, don't smoke and aren't overweight or obese have dramatically improved survival rates, according to a new study by the UWA-affiliated Western Australian Institute for Medical Research (WAIMR).
The research by Dr Terry Boyle, who works in the Epidemiology group under Professor Lin Fritschi at WAIMR, looked at 879 colorectal cancer patients diagnosed between 2005 and 2007.
Although both men and women took part in the study, Dr Boyle said the female patients showed the most pronounced results.
"We found that women's lifestyles during the years before they were diagnosed with colorectal cancer had a strong impact on their survival rate afterwards," Dr Boyle said.
"Women who were physically active were around 60% less likely to die during the follow-up period than inactive women," he said. "We also found that women who smoked were three times as likely to die from colorectal cancer compared with patients who had never smoked.
"Our figures also showed that overweight and obese women had almost twice the risk of dying, compared with women of a normal weight."
While the average colorectal cancer patient was diagnosed at around 65 years of age, the questionnaire asked about old and recent habits, including the amount of physical activity performed recently and over the lifetime, smoking history, and height and weight at different ages.
"This study adds to a growing body of evidence indicating that lifestyle factors, particularly physical activity, have an important role in the prognosis of colorectal cancer," Dr Boyle said.
The paper, Lifestyle factors associated with survival after colorectal cancer diagnosis, has been published in the British Journal of Cancer.
Media references
Carolyn Monaghan (Communications Manager, WAIMR) (+61 8) 9224 0377 / (+61 4) 48 021 932
Michael Sinclair-Jones (UWA Public Affairs) (+61 8) 6488 3229 / (+61 4) 00 700 783


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Round wood hair brush with boar bristles 9429
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