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I'm back and overwhelmed by all the messages I have received wishing me good luck on the Disneyland Half Marathon and my first trip to the Disneyland Resort. Some of you were planning your first trip to Anaheim as well and mentioned how you were looking forward to hearing my thoughts and impressions from my first visit. I felt a huge responsibility to take in as much as possible and to also be as honest and thorough as possible so here goes:
Let me start by saying that your messages made me take this trip so seriously that the day before running the Disneyland Half Marathon, I walked a total of 14+ miles through Disneyland and California Adventure to experience and observe as much as possible on that day alone.
I think it would be best to revisit and touch upon those areas I had mentioned on my pre-trip blog:
Footprint Difference
I was pleasantly surprised to find the Disneyland theme park to be bigger than expected. This may have been because of the many people who have told me how small this theme park is in comparison to The Magic Kingdom in Walt Disney World. Well, it IS smaller than Orlando's park but although the park is smaller it seemed to offer more space to many of the classic and popular attractions.
For instance, DL's Pirates of the Caribbean seemed to have at least one-third more space than it's Florida cousin. The attraction "rooms" were on a grander scale and the overall ride experience appeared to be at least five minutes longer, with additional scenes.
More on attractions later.
The park itself seems a bit smaller than The Magic Kingdom, the streets are more narrow and the distances between attractions are far shorter but having said that I was impressed by how well spaces was used in the park.
I must admit that my first view of Sleeping Beauty castle was a bit of a shocker. That icon appeared to me as being smaller than I had expected. I even thought to myself, "Hmmmm, I can throw a baseball over this castle!"
It struck me as being odd that although the Disneyland theme park was not as small as I had expected, the centerpiece for the park, Sleeping Beauty Castle was smaller than I had expected.
When I caught my first glimpse of Sleeping Beauty castle I found myself making an immediate comparison to Cinderella Castle in Florida. I also began to understand how longtime Disneyland visitors must feel when they first walk down Orlando's version of Main Street USA.
The buildings in Orlando are taller than their counterparts in Anaheim, but they really have to be. The buildings along Main Street, USA in Disneyland are the right height. They work well with Sleeping Beauty Castle. The shops and buildings along Main Street USA should not come close to the height of the castle at the end of the street.
Sleeping Beauty Castle is quite quaint and, by the way, you can walk through it.
Quality of the Character Experience
I had been told that the character experience in Disneyland exceeds that of which you will find in Orlando. I don't know if I had a large enough sampling of character experience to really make a sound observation on this point. I will say that from the limited amount of experience I did have that I observed the characters to be at least as good as their counterparts on Florida.
I also noticed that character handlers, unlike in Orlando, were not found to be near the characters at all. Could it be that your average Disneyland guest has adopted such protocol with the characters that handlers are not needed as much as they are in Walt Disney World? Perhaps the WDW guest is more aggressive requiring a character handler to insure proper protocol is exhibited by the guests.
One more interesting observation. The characters popped up in the most unusual places. For instance, I recall seeing Peter Pan appear out of nowhere just outside some restrooms in Fantasyland...again with no handler in sight. There seemed to be quite a few "spontaneous character meet and greets" in Disneyland...or at least it seemed so.
Nighttime Spectaculars
Unfortunately I was not able to catch the fireworks display over Sleeping Beauty, nor was I able to witness DL's version of Fantasmic, and I regret that. The plan was to do so my first night. I think getting up at before 4 A.M. ET (1 A.M. PT), flying out to the west coast, and then kind of running out of gas a little after 9 P.M. PT (Midnight on the East Coast) played a part in my missing these two shows my first night.
The next morning I had a nice chat with a cast member named Scott who mentioned that the big difference between the East coast and West coast Fantasmics is that the show elements for DL are hidden before and after the show and in WDW those elements are always there because it takes place in an amphitheater.
You see the DL Fantasmic show elements, lights and all that jazz, are hidden in the water, and on the first queue they spring into action. The Orlando version has all that infrastructure in place before during and after the show.
It appears that there is a bit more magic to the DL version than the WDW version. However, I have heard some who have seen both that the Orlando venue is more comfortable.
The one show I was most interested in seeing was World of Color at Disney's California Adventure. The only chance I had to see this show was my last night in Anaheim. Unfortunately that morning I had rose around 4 A.M. to run the 2011 Disneyland half marathon. That, plus my crazy schedule that day, left me no time to take a break before the 10:15 P.M. showing.
A few weeks back I had purchased a World of Color Picnic Package which was to secure a spot for me at the World of Color Reserved Viewing section located in Paradise Park. This also came with a box lunch which guests pick up on the day of the show. So are you saying, "Mike is it worth it?" I can tell you that I personally would not do it again. I'm not sure it is worth the cost. Instead I recommend just getting a Fast Pass to the show.
The 10:15 show saw guests lining up almost one hour in advance. There are several color sections in the viewing area. My area was yellow and I stood for almost an hour before heading to my section. When was the last time you spent an hour in Fast Pass status?
I was told the further back from the water you are the more you will see. I agree. If you are too you may not catch all the images during the show.
So what did I think of World of Color? It struck me as sort of another version of Fantasmic. It seemed to have all the elements, including some familiar images and music. The difference was that Fantasmic sort of tells a story or at least has a theme. I guess the theme here is color. The lights and water and colors are quite nice to look at but this is not new technology.
Back in the late 80's I recall watching a lights, water, and music show in Sea World Orlando. The Disney imagineers came along and added the water screens and images. Yes there were a few special effects here and there but there is so much you can do with the technology as it stands today. Although during the show I saw familiar images and heard recognizable music I longed for something fresh and new.
There were portions of the show which contained some new animation and never before heard music. For me it was all too short. I'm sure those who love classic Disney animation and music will enjoy this nighttime spectacular.
If you have the time to go see World of Color on your initial trip to Disneyland you should give it a try, espciallly if you have children. If you want to do more research on the World of Color than I suggest you check out any videos you may find on the internet.
Overall, I think WDW edges DL/DCA for nighttime spectaculars. I think that Illuminations: Reflections of Earth tips the scale in Walt Disney World's favor.
Disney Dining
I expected to find the dining experience at the Disneyland Resort to be quite good...and it was. During my stay I enjoyed several meals in the parks, Downtown Disney, and in the Disneyland Resort hotels. The quality of the food was very good and the service was excellent.
I really missed not being able to use my Tables in Wonderland card. I did find out, however, that in some restaurants a DVC membership will give you a discount on your bill.
Here is a list of the restaurants I was fortunate enough to visit:
Napa Rose
Storytellers Cafe
Lucky Fortune Cookery
Naples Risorante Pizzeria
Tortilla Joe's
Uva Bar
Surfside Lounge
Was there a favorite? They all have their good points. If possible you should try Napa Rose at the Grand Californian Hotel and Spa. Save your pennies.
The one regret is that I did not have time to check out the Tangarora Terrace at the Disneyland Hotel. WDW's Polynesian Resort used to have a restaurant called Tangarora Terrace. It was famous for introducing Tonga Toast. The California edition is a quick-service eatery near the Disneyland Hotel.
In terms of overall dining experience I would say the nod is given to the Disneyland Resort.
So that's some of what I experienced on this trip. There is more to come.
The previous post in this blog was 373 to 0 .
The next post in this blog is Walt Disney World 373 Disneyland 1: Part II.


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Via Artemis Capital, "Volatility of an Impossible Object: Risk, Fear, and Safety in Games of Perception" by Christopher Cole
Why owning a UST bond is mathematically as risky as shorting an equity put option...
We all know shorting volatility is dangerous. We learned our lessons from the financial crisis. We all meticulously read "The Black Swan" and then watched the scary movie adaption of the book starring Natalie Portman. We all know that this method produces a steady stream of smooth returns making people think you are a genius until the inevitable disaster forces you to pawn off your Nobel Prize. We all know that shorting volatility will cause you to go insane with a twisted psycho-sexual obsession to master the art of ballet. It's picking up pennies in front of a convexity steamroller. Don't do it. Ever!! Worst of all... If you ever... ever... short volatility... Nassim Taleb will personally insult you and hurt your feelings.
Knowing these facts I would like to pose a question...
Which is riskier right now?
Shorting a collateralized far out-of-the-money S&P 500 index put or buying a "risk-free" US treasury bond? In the "bull market for fear" and "bubble in safety" the paradox is that these two vastly different investments have shockingly similar risk to return profiles (albeit to different risk factors). This goes against everything you have ever been taught in business school or on a CFA exam. In fact I will attempt to make a semi-compelling argument that the collateralized far-OTM put sale offers… gasp… a better risk to return profile than a long-dated UST. For the record I don't recommend either.
First off measuring the risk to reward of a volatility short position is often a complex endeavor involving greeks like gammas, vegas, volgas, and vanna whites.
Let's just simplify that entire process and "pretend" a put option is an alternative form of a bond. As an investor in this hypothetical "volatility bond" you receive an annualized "volatility yield" represented by the premium of the option divided by the capital commitment required to fund the obligation.
In return for this yield you assume the risk of "default", essentially meaning an obligation to buy the S&P 500 index at a pre-defined discount to current market value (say -25% or -50%). Now you will collateralize that option by setting aside the dollar amount of monies over the specified term needed to cover that purchase commitment. That collateral is equivalent to the "face value" of the bond and the "yield" is the option premium divided by that collateral and annualized. If the default event is a $100 stock falling to the -50% strike price in one year you would set aside $50 for the term of the commitment to cover mark-to-mark losses on the short option position. If you receive $2.5 in premium for selling the put option your yield is 5% (against a face value of $50).
We looked at several different types of hypothetical "volatility bonds". The first requires you to purchase the S&P 500 Index at a -25% discount to the current price for the duration of a year. The second obligates you to buy the S&P 500 index near the March 6, 2009 lows (650 strike price or -55% lower) for the duration of a year. We also obtained bank pricing on a 10-year over-the-counter put option at the 2009 low of 666. We can then compare these "volatility yields" to traditional fixed income yields. No complex greeks required.
(click for larger eligible version)
For the first time in history the volatility bond yield is consistently competitive with the yield on a wide variety of traditional fixed income investments (see above).What does it say when the market will compensate you more in annualized yield for the obligation to buy the S&P 500 index at the 2009 devil's bottom of 666 (1.90% annualized yield for 10-year OTC put) than it will to own a government bond (1.87% yield for 10-year UST) of equivalent maturity? Consider that the 1-year volatility bond with a -25% SPX purchase commitment currently yields 2.69% annually or 82 basis point over the 10-year UST (chart below).
In periods of equity market duress the spread can go much higher hitting 454 basis points over the 10yr UST this past May. I know what you are thinking... what about the risks?
(click for larger eligible version)
The volatility bond and the UST bond have opposite risks factors as the first is exposed to deflation (stocks crashing) and the second inflation (higher interest rates). For the purposes of this analysis we assume a neutral macro-economic view. As a baseline for comparison our stress test uses historical bond and equity prices over multiple decades to match the equivalent probability of each stress event. It may feel as if a 325 basis point increase in rates is extraordinary but it is easy to forget that the historical probability of that occurring is much greater (13%) than that of a 2008 style crash in equities (2%). Of course this is backward looking. Ultimately the true future probability estimate is always left to the best judgment of the investor.
Mark-to-Market Risk: Fair comparison of risk includes analysis of potential unrealized losses for both investments when exposed to adverse market conditions as modeled by the stress tests above. The volatility bond will experience a mark-to-market loss if stocks decline and vol rises, however if the short put option remains out-of-the-money by maturity those losses will not be realized and the investor will keep the full premium. In a similar manner the UST bond will have negative price swings if rates increase but could still make all payments on time. The investor holding either instrument to maturity may be none the wiser if he received his principal back in full and never looked at mark-to-market prices (a retired broker once told me this was how client reporting of fixed income worked at his firm back in the rising rate environment of the 1970s). Important to note that both positions have convex return profiles and prices will not change linearly given shifts in volatility or rates.
Default Risk: I think it is funny when academics claim that the US government will never default because it can just print money to pay off its debt obligations. That is the logical equivalent of saying my house will never be burglarized because if someone tried to break in I could just light it on fire. For the UST bond inflation and currency devaluation are alternative forms of default. For the volatility bond the definition of default is not as complex. If the short put ended in-the-money at maturity the investor would be obligated to own the discounted SPX at the higher strike rate resulting in a loss on posted collateral. This "default" scenario may not be a bad thing if the investor doesn't mind owning stocks at a -50% or -25% discount from today but it still counts for our purposes. Hence the volatility bond has much higher risk here. One unique attribute of the volatility bond is that it is a contractual obligation to ignore behavioral bias and purchase stocks only during periods of deep discounted value.
When the "bull market in fear" meets a "bubble in safety" a collateralized short volatility position and "risk-free' UST bond have shockingly similar risk-to-reward payoffs. Of course you would rather own the UST bond in deflation or the volatility bond in inflation but we are assuming a risk neutral world. To this effect both investments suffer comparable losses to their worst case scenarios. Without endorsing either investment, when evaluated on a pure risk-to-reward framework the volatility bond (with embedded short optionality) is superior to UST bonds at current prices.
What kind of world do we live in where the risk-return pay-off of short selling equity volatility is equal or better to that of a supposedly "risk-free" government bond? The UST bond market is one of the most liquid markets in the world where investors look to first for preservation of capital during periods of crisis. Now the market for safety has an efficient frontier on par with the penny in front of the steamroller trade?
If you don't find that scary then you're not paying attention. It used to be that you would post margin against your tail risk options using risk-free UST bonds. Now those risk-free assets are the source of the tail-risk.
When risk-free is risky maybe it is time to buy volatility on safety itself (see chart above).

subset: commoncrawl


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It is not uncommon for a Bengali communist to say that this or the other opinion, point of view, statement displays a feudal mindset, especially when the opposition is eloquently forceful. However, as would be seen later in the blog, the term is not only fuzzy, but also hazy and imprecise
A term first used in early modern period (~ 17th century), feudalism in its most classic sense refers to a medieval European political system comprising of a set of reciprocal legal obligations among noble and warrior classes. Based on three key concepts of lords, vassals and fiefs, it is oten a component of manorial systems. The root is a Latin word, feodum meaning fief, but the term was never regarded as a formal political system by people living in medieval period. As there is no generally accepted agreement on its meaning, the working definition above is used by many historians. Nevertheless, from 1960 onwards, some medieval historians have included in the meaning broader social aspects, like peasantry, manorial bonds and other features of the so-called feudal society. Some other historians, since the 1970s, have re-examined the evidence and concluded that feudalism is an unworkable term and should be removed entirely from scholarly and educational discussions. If it is to be used at all, precise qualifiers are necessary.
Beyond Europe, the concept of feudalism is generally described by the analogous phrase semi-feudal in discourses on Japan under the shoguns, medieval Ethiopia and places further afield like ancient Egypt, Parthian empire, India to American South of the 19th century. Derogatory and inappropriate uses of the adjective feudal are not uncommon in descriptions of non-Western societies where institutions and attitudes similar to those of medieval Europe are perceived to prevail. Anyway, the indiscriminate manner in which the term feudalism has been used has deprived it of specific meaning, leading many historians and political theorists to reject it as a useful concept for understanding society.
Having regard to the unwillingness of historians to classify other places following European examples, it is now rare to find early medieval Indian period being described as feudal. This is so inspite of Professor R.S. Sharma's work on Indian Feudalism. For instance, Dr. Sima Yadav after examining epigraphic records of land and village grants of Gurjar Pratihars, Pala, Parmara and Chandela dynasties has found that not more than 33 villages were granted by these kings ruling over the whole of Northern India from 700 to 1100 C. E. Among those villages, only two were secular land grants while the rest were educational or religious in nature. Extending the period by 200 more years, i.e., from 1200 to 1400 C. E., the total number of village grants reach a figure of 59, out of which only six villages were granted for secular purposes. As against this, 82% of Mughal revenue went to 1671 mansabdars of Akbar's India, even though Mughal empire was not regarded as feudal. It would be therefore seen that less than 0.001% of land grants in early medieval India was administrative or secular in nature. Dr. Sima argued that in view of this it would not be in order to designate the period as feudal. Moreover, there are other reasons for decline of trade, deurbanization, paucity of coins and emergence of a closed rural economy with a dependant exploited peasantry, regarded generally (in Europe) as necessary conditions for feudalism to emerge. Wherever the term feudal is used, it is generally with a pejorative intent, as also the offices of zamindar, jagirdar, desmukh and chaudhuri associated with it. Most of these systems were abolished after the Indian independence but some remnants exist.
When the term feudal was first used in 1614, the system it attempted to describe was on the wane if not gone entirely.There is no evidence of a writer in the period in which feudalism was supposed to have flourished making use of the word. Apparently, it was used as a pejorative to describe any law or custom that was deemed to be unfair or out-dated. Majority of these laws and customs were related in some way to the medieval institution of the fief, a word which first appears on a Frankish charter dated 884. Its derivative, feudalism, served the purpose of defining the social and economic systems of most of the medieval European societies. Its main ingredient–the granting of land in return for military service–had appeared all over the world in many different kinds of society e.g., Japan under the shogunates in the 16th century.
At the centre of the feudal system in medieval Europe was the king, and a medieval king was, above everything else, a warrior. During the period 9th to 14th century, considered to be the heyday of feudalism, the most important element in war was the armoured knight riding a horse. It was, however, quite expensive to maintain such a contingent, and the trend among the rulers was to hire the knights. The suppliers of such personnel were granted large holdings of land known as "feud" or "fief", and hence the term "feudalism". These suppliers, generally known as barons in England, received their lands directly from the king and, in turn, leased parts of their estates to the knights, who in their turn gave leases to yeomen farmers.
Although the theoretical background is this, there were places where feudalism scarcely gained a hold, and where men held with no obligation to anyone else unfettered ownership of land. This was known as an allod, a system of landholding prevalent in the south of France and Spain.
As a consequence, feudalism, due to its very nature, gave rise to a hierarchy of rank, to a predominantly static social structure in which every man knew his station. This hierarchical order told a man that he is obliged to serve on demand the person from whom he had his land. To maintain the existing relationships for all time to come, rights of succession to land were strictly controlled by various laws, or customs of entail. Among these, the most rigid control was provided by the custom of primogeniture, by which all property of a deceased landholder must pass intact to his eldest son.
With the exception perhaps of the monarch, every man was the vassal or servant of his lord. He had to take an oath of homage to him, and in return the lord promised to give him protection and to see that he received justice. So, from a theoretical point of view, feudalism was the expression of a society in which every man was bound to every other by mutual ties of loyalty and service. Actually, however, feudal society was marked by a vast gulf between the very few, very rich, great landholders and the mass of the poor who worked for the profit of the nobility, including bishops because the Church was one of the biggest landholders in medieval times. This social pyramid had near its base agricultural labourers or villeins and beneath them peasants or serfs.
Till such time powerful monarchies with central bureaucracies emerged, it was the lord of the manor who was the real ruler of society. A peasant cultivated the land for him and owed him a number of feudal dues, more and more of which were commuted to money payments as time went by. In disputes, justice was dispensed to him in the manorial courts. There were variations in customs, but it was common for a peasant to have a small plot, or to share a communal plot, on which to grow food for himself and his family. He was also entitled to gather firewood from forest land for hearth fire and grind corn and bake bread on payment in the lord's mill and oven. Single plots were rarely found. Usually, the custom was to divide lands into strips, with each household's strips scattered about the manor.
It was in turbulent eighth-century France western feudalism evolved, offering aristocratic landowners potential security in the absence of law and order. At that time, major landowners assumed by concession or usurpation substantial legal and governmental power from the central government and proceeded through private arrangements with lesser landowners to create local militias for defensive purposes. By nature particularistic and quite undisciplined at the formative stage, feudalism was a component of the monarchy itself. Developing its own system of law and code of ethics for its members, feudalism spread throughout Europe to assume a dominant role in the political and cultural history of the medieval times. William the Conqueror brought it to England in 1066, and substantially curbing the powers of all feudal vassals retained for himself considerable central authority. Generally, feudalism comprised of three elements – personal, property, and governmental. Its members, including the monarchs who headed the feudal system, enjoyed specific rights but were also bound by feudal law to certain fixed duties.
Three Primary elements comprising feudalism were lords, vassals and fiefs, its structure defined how these three elements were brought together. The land-owning lord granted possession of the land or fief to a vassal, and received military service from the vassal in exchange. Feudalism was based on the obligations and relations between lord, vassal and fief. However, before a lord could grant land (a fief) to someone, he had to make that person a vassal. A formal and symbolic ceremony known as commendation was held for this purpose. It consisted of an act of homage and an oath of fealty. The homage was actually a contract between the two, under which the vassal was required to fight for the lord on demand. The oath of fealty was more or less an extension of homage, reinforcing explicitly the commitments of the vassal made during homage. On completion of the ceremony, lord and vassal were bound in a feudal relationship with agreed-upon mutual obligations to one another.
Principal obligation of lord was to grant a fief, or its revenues, to vassal; the fief was the reason for which the vassal entered into the relationship. There were other obligations as well to the vassal and fief which the lord had to fulfill, such as maintenance of the land. As the lord had not given the land away, only loaned it, it was still the lord's responsibility to maintain the land, while the vassal had the right to collect revenues obtained therefrom. It was also his duty to protect the land and the vassal from harm.
In return, the vassal's principal obligation to the lord was to provide aid or military service. Mobilising whatever arms and personnel the vassal could purchase by the revenues from the fief, he was responsible to answer to calls to military service on behalf of the lord. This promise of military help was the basis of the relationship along with other commitments the vassal had to fulfill sometimes. One such commitment was to provide the lord with counsel, when he had to take a major decision, such as whether or not to go to war against an adversary. In such a situation, he would summon all his vassals and hold a council, and the the vassals would possibly be required to yield a certain amount of their agricultural outputs to help him.
Fief was the pivot, around which the land-holding relationships of feudalism revolved. Such land grants would range in size from a small farm to a much larger area of land depending on the power of the granting lord. Abbots and bishops could also act as lords and were included in the lord-vassal relationships. In this way, different layers of lordship and vassalage prevailed. At the top or near it was the king granting fiefs to aristocrats, who were his vassals. They in turn were lords to their own vassals or the knights. The knights were in their turn lords of the manor to the peasants who worked on the land. Sometimes there was an emperor lording over everyone.
Feudalism as a concept was introduced by English and French lawyers in 16th century to describe certain traditional obligations between members of the warrior aristocracy. It became a popular and widely used word in 1748 after Montesquieu used it in his work, The Spirit of the Laws. At about that time, writers of the Enlightenment wrote about feudalism as a criticism of the antiquated system of the Ancien Regime or French monarchy. Calling the era The Age of Enlightenment, writers stressed on Reason in their works and termed the medieval times as Dark Ages. Contemporary authors (also known as belonging to The Age of Reason) generally mocked and ridiculed anything from the "Dark Ages" including feudalism, projecting its negative characteristics on the current French monarchy as a means of political gain.
In his political analysis, Karl Marx also made use of the term feudalism. He described feudalism in 19th century as the economic situation coming before the inevitable rise of capitalism. To him, the defining characteristic of feudalism was that the power of the ruling class (the aristocracy) rested on their control of arable land, leading to a class-based society based on the exploitation of peasants farming these lands usually as serfs. Looking at feudalism through the lens of economics, Marx said :
"The hand-mill gives you society with the feudal lord; the steam-mill, society with the industrial capitalist."
Discussions on Marxian interpretation of feudalism have been going on for nearly 150 years, a famous example of which is the extensive debate over feudalism and capitalism between the noted Marxian economist Paul Sweezy and his British colleague Maurice Dobb. Dobb attempted to demonstrate that capitalism emerged from contradictions internal to feudalism itself; while Sweezy said that capitalism developed independent of feudalism and overtook it as an external force because of its dynamism in contrast to feudalism's stagnancy. On the exact definition of feudalism, Dobb says that feudalism is essentially defined by the existence of sefdom, while Sweezy is of the view that this definition is inadequate and that it may apply to western European feudalism but shouldn't be generalized beyond that. Another matter of dispute is the classification of the period of the 1500's and 1600's in western Europe, during the transition from feudalism to capitalism. Pre-capitalist commodity production is the name given by Sweezy. According to Dobb, it is feudalism in an advanced state of dissolution.
Among historians of medieval period, the debate on feudalism is still continuing, a notable example of which is the one between John Horace Round and Frederic William Maitland in late 19th and early 20th centuries. They were both historians of medieval Britain but arrived at different conclusions regarding the character of English society before the Norman Conquest in 1066. Round said that the Normans had brought feudalism, while in Maitland's opinion its fundamentals were already in place in Britain.
Francois Louis Ganshof's concept of feudalism is most widely known today and is also easiest to understand. From a narrow legal and military perspective, he stated in 1944 that feudal relationships existed only within the medieval nobility itself and that when a lord granted a fief to a vassal, the vassal provided military service in return.
A contemporary of Ganshof, the French historian Marc Bloch approached feudalism not so much from a legal and military point of view but from a sociological one. Developing his ideas in the work, Feudal Society (1939), Bloch categorized feudalism as a type of society that was not limited solely to the nobility. He proposed (like Ganshof after him) that there was a hierarchal relationship between lords and vassals, but added the rider that there was also a similar relationship obtaining between lords and peasants. This radical notion, that peasants were part of the feudal relationship, sets Bloch apart from his contemporaries. His view is that the vassal performed military service in exchange for the fief, while the peasant performed physical labour in return for protection, and that both were a form of feudal relationship. In his opinion other elements of society can also be seen in feudal terms. "Lordship" was the centre of all aspects of life, and hence, there was a feudal church structure, a feudal courtly (and anti-courtly) literature, and a feudal economy.
Considering the oft stated views of historians that feudalism is a technical term which can only be applied to western European institutions of the middle ages, others including sociologists thought of the phenomenon in a more abstract way, as a general method of political organization, and one which can therefore be identified in other times and places, for instance shogunate Japan. In seventeenth-century England the term began as a way of talking about a mode of landholding that was then rapidly disappearing. It was widely taken up by legal scholars in eighteenth and nineteenth centuries, and in this way entered the vocabularies of the founders of sociology. They took care while using the term to refer to the type of society from whence capitalism had emerged in western Europe, but did not explicitly formulate a fully developed concept of feudalism. Anyway, highly influential beginnings of such a concept can be seen without much difficulty from the historical writings of both Karl Marx and Max Weber. Still, there remain disputes about how the concept of feudalism should be formulated because all the specifically sociological conceptualizations are nomothetic or generalizing in character.
In view of this, the ideographic or individualizing formulation arrived at by French historian Marc Bloch in his Feudal Society assumes importance. Not only it is highly influential in itself, but also the contrast between it and the various sociological alternatives illustrates some of the central disputes about concept formation in the social sciences. His methodological presupposition is that each society is unique and has to be understood in its own terms,.only grudgingly agreeing to include Japan, that something like feudalism may have existed outside of west Europe. A profoundly empiricist and humanist work, consequences of his assumptions are apparent in his formulation of the core relation of feudalism-vassalage. Bloch defines vassalage in a highly detailed study of France during the middle ages, as 'the warrior ideal', or a contract of mutual benefit freely entered into 'by two living men confronting each other'. From this relationship, all other characteristics of feudal societies follow from this relationship, such as, hereditary succession, enfeoffment (the granting of land by lords to their vassals), the fragmentation of authority, and the existence of a confinable and taxable but otherwise self-disciplining peasantry. The inevitable tarnishing of 'the purity of the (original) obligation', and the gradual dissolution of the way of life constructed around it was a result of the institutionalization of vassalage, much to Bloch's regret. It is an axiom that no proper sociological approach to social phenomena can be started from the assumption that each society must be considered separately and as wholly unique, which certainly the literature relating to feudalism in western Europe (if not in Japan) is. This is against the requirement of comparability in most macro-sociological investigations and what differentiates investigations from one another is whether they depend upon comparisons that were made before or after the formulation of the concepts upon which they rest; that is, whether they depend upon empiricist or realist modes of formulation, respectively.
As stated earlier, feudalism and related terms should be used with caution. For instance, a circumspect historian like Fernand Braudel puts feudalism within quotation marks when applying it in wider social and economic contexts. In his book, The Perspective of the World (1984) he writes :
"…the seventeenth century, when much of America was being 'feudalized' as the great haciendas appeared."
The word feudal was never used by medieval people to describe their societies, though in popular parlance the term is used either for all voluntary or customary bonds in medieval society or for a social order in which civil and military power is exercised under private contractual agreements. Anyway, it is best used only to denote voluntary, personal undertakings binding lords to protect free men in return for support which characterized administrative and military orders.
U.S. historian Elizabeth Brown rejected in 1974 the term feudalism because she found it to be an anachronism imparting a false sense of uniformity to the concept. Taking note of the contemporary definitions of feudalism (which are often contradictory), she argued that the word is only a construct with no basis in medieval reality, an invention of modern historians to read back "tyrannically" into historical record. Her supporters have suggested that the term should be expunged from history textbooks and lectures on medieval history entirely. Susan Reynolds in her book, Fiefs and Vassals: The Medieval Evidence Reinterpreted (1994), elaborated on Brown's thesis, even though some historians questioned Reynolds' methodology. Anyway, there are historians supporting Reynolds and her argument.
Reynolds says "…vassalage. . . is a term that no longer matches either the evidence we have available or the conceptual tools we need to use in analyzing it. It is both too diffuse and too narrow — not surprisingly, since it survives from a primitive stage of the study of social relations. . . . Vassalage is too vacuous a concept to be useful." As regards fief, specifically on the rights and obligations thereof, Reynolds observes, "Abstract nouns like feo, fevum, feudum. . . cannot be assumed to have has consistent meanings outside their contexts. Even if one context suggests some content for a word, that content cannot be assumed to be inherent in the word itself in such a way as to be transferred to other contexts and other cases. Contexts, unfortunately, are often unhelpful in this period (900-1100 C. E.). . . . Scribes may have used apparently classificatory nouns to describe pieces of property without being concerned to distinguish anything we might call different and definable categories of property." She goes on to add : "Even if they (the scribes) were interested in distinctions, the words used in records. . . could not have had the technical senses they might acquire in later ages of professional law." In other words, Reynolds asserts that meanings may have varied from monastery to monastery; while at other moments her argument seems to be that they varied from region to region and even in the same community or region may have varied significantly over time.
In her opinion, what words like feudum, beneficium, and alod mean is part of a larger problem, while the source of "feudalism" itself is a historiographical concept. "Fiefs and vassalage are post-medieval constructs, though rather earlier than the construct of feudalism. . . . Even when historians follow the terminology of their documents. . . they tend to fit their findings into a framework of interpretation that was devised in the sixteenth century and elaborated in the seventeenth and eighteenth. . . We cannot understand medieval society and its property relations if we see it through seventeenth- or eighteenth century spectacles." Reynolds goes on to argue that the academic law of fiefs was the creation of the later middle ages and of bureaucratic, professionalized governments and, as "expert law," did not develop out of the customary law of noble property of an earlier age; whatever connections it had to practices of an earlier age, she adds, was to the relations of bishops and abbots to their tenants rather then of great secular lords to theirs.
On her part, Reynolds does not follow this chronology all the time. For instance, at one place she suggests that learned lawyers may have influenced practice in Montpellier at the beginning of the twelfth century; at others she is certain she has found such influences in the later twelfth or early thirteenth centuries, and presents largely hypothetical arguments, sprinkling her sentences liberally with the auxiliary verb may. Apart from the chronological issue, there is the question of what became of the "law(s) of fiefs" in the age of academically trained lawyers related to what existed before? Though it is by implication at the very centre of her enterprise, Reynolds' observations in the matter are somewhat brief.
Reynolds disregards Bloch and Ganshof's arguments on "the joining of fief to vassalage" or "the reification of fidelity." as also the various chronologies given for this linkage.There are indeed eleventh-and twelfth-century documents explicitly bonding fidelity to property. Reynolds discusses one such group at length, as an example of what she takes to be the intrusion of professional law into the relations of secular lords and their subjects at the very beginning of the twelfth century. Generally, these are groups of texts that all follow a pattern – one states that a donor gives his castle and village or other property "ad alodium" to William (V or VI) of Montpellier, usually getting money in return; a second states that William gives the same property to the donor "ad feudum"; a third records an oath of fidelity. (It is not uncommon to find that the first two acts are rolled into one.) In view of this it would appear that the gift "ad alodium" was not a once-for-all-time event; it was not conceived of as permanently transferring a "bundle of rights" from one person to another.
There are also historical examples calling into question the traditional use of the term feudalism:
Historical records reveal that the early Carolingians had vassals, and so did other leading men in the kingdom. During the next two hundred years, this relationship became more and more widespread but there were differences in function and practice in different locations. It was prevalent in the German kingdoms replacing the kingdom of Eastern Francia as also in some Slavic countries. Feudal relationships understandably gave rise to serfdom, a system binding peasants to the land.
In the Holy Roman Empire, the conventional model of feudal relationship, a clear hierarchy from emperor to lesser rulers like kings, dukes, princes, or margraves, was not found. The person supposedly at the top, the Holy Roman Emperor, was elected by a group of seven magnates, three of whom were princes of the church, who in theory could not swear allegiance to any secular lord.
In the French kingdoms also, such hierarchies apparently were not there, as would be seen in the reported incident during a commendation ceremony. It seems when Rollo of Normandy knelt to pay homage to Charles the Simple in return for the Duchy of Normandy, he knocked the king down as he rose, demonstrating his view that the bond was only as strong as the lord (in this instance, not strong at all). Thus it was possible for 'vassals' to openly disparage feudal relationships.
Also, the autonomy with which the Normans ruled their duchy (in France) supports the view that, despite legal feudal relationships, the Normans did as they pleased. When they were on top, the Normans utilized the feudal relationship to bind their followers to them. Actually, it was the influence of the Norman invaders which strengthened and to a great extent institutionalized the feudal relationship in England after the Norman Conquest.
As the medieval term feudalism is used indiscriminately to mean all reciprocal obligations of support and loyalty for unconditional tenure of position, jurisdiction or land and so on, historians generally restrict its application to exchange of specifically voluntary and personal undertakings, and exclude involuntary obligations attached to tenure of unfree land. That is considered to be an aspect of manorialism, an element of feudal society but not of feudalism proper.


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Local News Releases
WILLOW SPRINGS - Route MM in Howell County will be reduced to one lane while Missouri Department of Transportation crews seal the roadway with a mixture of rock and oil.
This section of road is located from US 160 to Route K.
Weather permitting, work will take place Monday, Sept. 16 through Tuesday, Sept. 17 from 7 a.m. to 4:30 p.m. daily.
The work zone will be marked with signs. Motorists are urged to use extreme caution while traveling near the area.
For additional information, contact MoDOT's Customer Service Center toll-free at 1-888-ASK-MODOT (1-888-275-6636) or visit www.modot.org/southeast.


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Product Features
*Available for US Shipment Only.
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Previous Leadership
Sally Fisk
Chief of Staff
As Chief of Staff, Sally Fisk manages the Director's Office. She and her staff assist lab leadership in addressing institutional priorities, including strategic planning, stakeholder relations, lab initiatives, major events and external reviews. Sally provides oversight of Public Affairs which encompasses internal and external communications, media relations, community partnerships and Jefferson Lab's website. She also oversees the Science Education programs for students and teachers, and Staff Services, which plans for and supports scientific conferences and workshops.
In addition to fulfilling her lab commitments, Fisk has worked in support of the National Fusion Program (ITER) and has facilitated strategic planning workshops for the Heavy Ion Fusion collaboration of Lawrence Berkeley National Lab, Lawrence Livermore National Lab, and Princeton Plasma Physics Lab.
Prior to joining Jefferson Lab, Fisk held management positions with the Department of Energy at the Chicago and San Francisco Operations Offices. Her responsibilities included assessment of strategic planning and institutional programs and projects at several national laboratories. She also served as the DOE project manager for the design and construction of solar cogeneration facilities.
Fisk holds a Master's degree in education and college administration from Indiana University.


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I am from Starke, FL and I've been a Club Horse member for 5 years, 11 months and 21 days
Nicknames: Sometimes BuckaRoo! :)
Age: 16 years old
Gender: Gelding
Breed: American Paint Horse
Height: 14.8
Color: My horse is white with dark chocolate spots!
Type of Riding: Westeren, doing mostly barrels
My Horse's Achievements: Running the barrels in 16.8 for him being new into it..
My Horse's Favorite Treat: Apple
My Horse's Favorite Things To Do: Run
Pet Peeves: Backing up.
My Horse's motto: Loving what's inside of you not the outside of it's beauty! :)
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When i saw him he was awesome with aw...and he would trot and not make me bounce! The more i spend time with him the more we click! I had became the onwer because i was wanting a horse so i was looking on craigslist and i saw him and meet with the lady and she said she's selling him because she hasn't rode him in a while and can't aford to take care of him anymore..
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text: Hi. You can check your viral RNA to see how pure it is. I did lots of direct viral RNA sequencing and it was not problem to read. Shulu Zhang On Wed, 7 Dec 1994, Joan Rowe wrote: > > : It's me again. I need help on RNA sequencing. When I sequenced viral RNA, > : the result was so many ladders on all 4 lanes. > > Hi, > > I did a lot of direct virus RNA sequencing a few years back and always > had trouble with bands across all four lanes until I started adding a > terminal transferase chase reaction. It works like a charm (most of the > time). But if your primer is priming several different viruses, you will > not get clean sequence even then. You have to be sure that the primer is > specific ony for the virus of interest. > > If you want the method I can dig it out, but don't have it at hand right now. > > Joan > >


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Become a member
The Ukrainian Canadian Social Services Branch in Hamilton invites you to become a member of our organization, participate in our programs or volunteer your time to help others.
Please make Ukrainian Canadian Social Services the charity of your choice when bequeathing a gift of rememberance for your departed family member and friends.
Our address is:
Ukrainian Canadian Social Services (Hamilton)
1252 Barton St. East Hamilton, On. L8H 2V9
for more information or make your contribution directly at the United Ukrainian Credit Union at the above address.
The Executive of the UCSS
Tamara Dudka
1252 Barton St. East, HAMILTON, ON,
Ongoing Activities of our branch
Support 'soup kitchens' and 'food banks' in Ukraine.
Dispatch many parcels of clothing, shoes, medical supplies, and toys to orphanages and needy people in Ukraine.
Provide scholarships for orphaned university students in Ukraine.
Help financially in the establishment and maintenance of clinics in Ukraine which are accessible to all people of limited resources.
Visit people who are infirm or in homes for the aged or in hospitals.
Donated $1000.00 to the building fund of the Ivan Franko Senior's Home in Mississauga.
Provide financial aid to send needy local children to summer camps.
Organize soup kitchens and 'Soniashnyk' collections in order to receive donations for our charitable causes.
Assist new arrivals to Canada with lodging or other needs.
We wish to thank all of our supporters and donors, since you are the sole sources of our finances and contributing materials which we use to help others who are in need.


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Find The Best Furniture For Open Office Layout
A correctly furnished and planned work area directly impacts around the productivity of the employees. More companies opting for the most recent trends when thinking about a workplace furniture set. They like opting for solely designed models low cost. Don't forget forget that open spaces could be noisy at occasions, lack privacy and concentration space. The current commercial furniture on retail have addressed a number of this grievances without dismantling the whole concept of a wide open office.
May be the modern open business furniture really not the same as that old business furniture? The solution remains debatable. With an area, you've still got to suit more employees in a manner that everybody will get a location to sit down. Here are a few parameters which define what furniture options to choose:
- Desk space: Consider first whether every worker requires the same amount in desk space. This may not be the situation always as differing people have different responsibilities.
- Space on the floor: Think about the complete use of space that is available. Your furniture should meet the amount of workstations needed. When the space accommodates your employees easily you can look at even establishing individual desks. However, when the space is inadequate group seating is going to be far better.
There are many furniture combination setups to select from. They narrow lower to large tables and office desks without any cubicle walls. Office desks promote a wide open workspace. Don't forget forget the desks workspace also needs to hold a mouse, monitor, keyboard, smartphones, and tablets among other devices. The look should minimize on space occupied yet still time accommodate office material.


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Mexico midfielder Gerardo Torrado insists his team will "play to the death" to beat Argentina in Sunday's World Cup last-16 encounter at Soccer City in Johannesburg.
The 31-year-old issued a rallying cry to the rest of the squad after they made it through Group A on goal difference despite losing to Uruguay. Mexico have a score to settle with Argentina as four years ago in Germany they were dumped out of the second round by a Maxi Rodriguez wonder goal in extra-time.
Torrado is wary of the threat Argentina pose but is looking forward to the match. "We have an encounter ahead which we have to enjoy but we will play to the death to win it," he said.
Source: PA


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Charisma - posted on 08/26/2011 ( 4 moms have responded )
I am a single mom of one 3 1/2 year old daughter. Since it's just her and me, we're experiencing the "we must be on equal levels" syndrome. Defiance, and arguing with me on disciplinary issues have become quite troublesome in the past few months. Please send any advice or positive approaches to curb this behavior.


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One of the newest electric multiple units for the Northeast Corridor comes to Train Simulator in Metro-North's familiar bare metal and red livery.Read full description
One of the newest electric multiple units for the Northeast Corridor comes to Train Simulator in Metro-North's familiar bare metal and red livery.
Built by Kawasaki at Lincoln, Nebraska for use on the New Haven Line, the M8 first entered service in March 2011 as a replacement to the current fleet of M2, M4 and M6 multiple units. Similar in body style to the M7, more than 300 units have been delivered to Metro-North so far, and feature multiple power pick-up – third rail and overhead pantograph – which can be changed by the engineer whilst on the move.
The two-car Kawasaki M8 has a top speed of 100mph (161km/h) and the model for Train Simulator features driving cabs and passenger views, switchable power modes and dynamic in-cab display screens showing instrument readouts and power pick-up mode.
The locomotive is also Quick Drive compatible, giving you the freedom to drive the Metro-North Kawasaki M8 on any Quick Drive enabled route for Train Simulator, such as those available through Steam. Also included are scenarios specifically for the NEC: New York-New Haven route (available separately and required to play these scenarios).
Four scenarios for the NEC: New York-New Haven route:
Simple Controls Tutorial: M8 Simple Controls
Expert Controls Tutorial: M8 Expert Controls
Grand Central Bound
Stamford Local
More scenarios are available on Steam Workshop online and in-game. Train Simulator's Steam Workshop scenarios are free and easy to download, adding many more hours of exciting gameplay. With scenarios being added daily, why don't you check it out now!
Key Features:
Kawasaki M8 in Metro-North bare metal and red livery
In-cab signalling
Dynamic in-cab display screens
Switchable dual mode power pick-up
Quick Drive compatible
Scenarios for the NEC: New York-New Haven route
Download size: 128mb
Train Simulator 2015 is required to play this DLC.
The model detail for the M8 is great - couldn't really top it. Disappointingly the sound effects are a bit lacklustre, and other than the two 'tutorial' scenarios, the pack only contains two scenarios for you to play. This loco is a really good addition otherwise - very common place on the line. I recommend it, but it could be improved slightly. This unfortunately seems to be the way with some DTG addons at present.
Simply rate this game out of 5 stars and submit
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Before we get to the Texans, let's wish Double Zero, Kenny Burrough, a fast recovery from triple-bypass surgery. Burrough, who was Dan Pastorini's favorite target during the Luv Ya Blue era, is resting comfortably, I'm told. As many of you know, Burrough was one of the greatest deep threats in NFL history and one of the best players this city has been fortunate enough to watch. Get well, Kenny!
Now, thanks to those of you who contributed to the last blog by answering my question about Julio Jones, Robert Quinn, Prince Amukamara or Cameron Jordan. I appreciate those who actually answered the question and provided insight into why you think they should take Jones or defense. As for those of you who sent the childish insults, I realize you can't help it, but at least you're keeping up, so thank you, too.
I'll have my second mock draft posted on Chron.com late Sunday night. Please let me know what you think about my picks and what your picks are. I always enjoy reading what you think.
I'm planning a Monday story on Wade Phillips. I talked to him this week, and I'm interested to know what's on his mind now that he's been on the job for a while and is preparing for the draft and, hopefully, free agency sooner than later.
In a perfect world, the Texans will fill a cornerback need in free agency and move Glover Quin to free safety. In a not-so-perfect world, the draft will come before free agency, and teams will have to draft for need more than ever.
By the way, it just dawned on me that in my last blog when I asked if you'd take Jones over the three defensive players, many of you said you'd take the best player available. I haven't seen many that rate Jones over Quinn and Amukamara. And Jordan is ranked right behind Jones when it comes to a 3-4 DE who can also move inside in four-man fronts.
So I don't think it would be a reach taking any of those players based on where they're ranked so far. My point is that the Texans' defense was so bad they can't afford to take an offensive player unless they were to fill those needs in free agency before the draft, which is looking more and more unlikely.
There is no offensive statistic — thanks to Homer — that will convince me the Texans need an offensive player more than a defensive player rated just as high or higher. Maybe Homer can provide some defensive statistics that will convince me the Texans' defense wasn't as horrendous as I thought it was after watching every play of every game.
Anyway, I hope everyone has a great weekend. I'll be working on my second mock draft. Stay tuned.


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What is more, whenever a new version of Ubuntu (the flavour of Linux I use) comes out, I can upgrade for free. I don't need to worry about ongoing license costs, because there are none. I will always have the most up to date version of the operating system and will never be in the position that the creators stop supporting my PC. Sorry Windows XP users, but it is true.
Would I say that Linux is right for everyone? No. However, you won't know unless you try.


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BIRMINGHAM, Ala. (AP) - Georgia quarterback Aaron Murray, Alabama linebacker C.J. Mosley and Georgia placekicker Marshall Morgan are the Southeastern Conference players of the week.
The league named Murray offensive player of the week after he passed for 298 yards and four touchdowns in the Bulldogs' 44-41 win over LSU. Murray also ran for a touchdown.
Mosley led Alabama with nine tackles, broke up a pass and had two quarterback hurries against Mississippi. He made a fourth-quarter stop for a safety.
Morgan's three field goals included a career-long 55 yarder for Georgia.
Florida defensive back Vernon Hargreaves III picked off a Kentucky pass in the end zone to earn freshman of the week honors.
Missouri end Michael Sam is defensive lineman of the week and South Carolina guard A.J. Cann received offensive line honors.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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2001 Maritime
Also available on
April 11, 2001
Click here for details of our upcoming
GULF OFFSHORE 2001 event
Biloxi, MS, June 5 & 6
Cammell Laird calls in receivers
After earlier requesting that the London Stock Exchange suspend trading in its shares and in its 12 per cent Senior Notes due 2010, Cammell Laird Holdings PLC today announced that it has asked its principal bankers to appoint Receivers at its intermediate holding company, Cammell Laird Group PLC which is the holding company for all the operating subsidiaries within the group. Cammell Laird's interests include a 49% stake in U.S. West Coast ship repairer Cascade General.
A statement said that the decision to call in receivers follows "a recent series of events that has caused significant damage to the trading and financial position of the group.
In Autumn 2000, continues the statement, the group had a record level of inquiries totalling approximately Euros 750 million which gave the directors high confidence in the future prospects of the Group. The business had grown substantially reporting pre-tax profits to April 2000 of Euros 15.9 million. Investment was made in employees and infrastructure in anticipation of further growth.
The inquiries however did not translate into firm orders. In late October, a six-ship ro-ro contract for the U.K. Ministry of Defense was awarded to the German shipyard, Flensburger, and Harland and Wolff. A further naval order for four large landing craft could not be pursued with any prospect of success due to the Governments bidding process. The work was awarded to BAe Systems and Swan Hunter with the result that the Groups shipyards were the only major facilities in the country not to benefit from Government orders.
Undoubtedly, the biggest impact on the deterioration in the Groups position, says the statement, was the Costa Classica contract dispute. The contract involved a $50 million lengthening of a cruise ship. Signed in late summer of 1999, the work involved building a mid-body section for insertion into the vessel between November 2000 and March 2001.
Given the credit worthiness of Costa Crociere, the groups confidence in its own technical ability, and the desire to further establish ourselves in the important cruise ship market, the group agreed to accept a contract with back end payments.
The Costa Classica was due to arrive for conversion on November 23, 2000. On November 18, the vessel left its homeport of Genoa for Birkenhead, with 30 Cammell Laird staff on board to carry out preparatory work.
On November 21, following a meeting between the parties, Costa Crociere advised Cammell Laird that it required the group to accept an amended contract with "significantly more onerous conditions."
In its letter, Costa gave the Cammell Laird Board until November 27 to respond, continues the statement. In the event Costa recalled the vessel on November 22, with Cammell Laird personnel being put ashore at La Coruna in Northern Spain.
"Urgent explanation was sought from Costa Crociere who subsequently informed the group that they were seeking to appoint arbitrators to assess whether they had the right to 'suspend' or 'terminate' the contract because of alleged delays and technical issues. These allegations were in contrast with an independent report received by both parties from the contract-appointed technical experts. Further, the allegations were not consistent with the despatch of the vessel for Birkenhead," says the statement.
The statement says that the opinion of Cammell Laird's legal counsel is that the group has a very strong case in law. "However, the arbitration process to resolve this issue is likely to exceed two years."
Under the terms of the contract, Costa Crociere provided a Euro 24 million bank guarantee in the event of its failure to meet its obligations. Cammell Laird has called this guarantee but Costas Italian bankers have, to date, refused to pay it.
"The direct and indirect impact of Costas actions have been very damaging," says the statement. "The direct impact has been loss of profit on the contract and significant cash outflow."
"Indirectly, the Group has suffered the additional costs of downsizing the workforce, carrying excess overhead costs and the significant negative impact on employee morale. Furthermore, Costas actions caused the trade and financial markets to have doubts about Cammell Lairds financial viability, which, combined with media speculation, all contributed to damage the companys trading and financial position.
"During the period since November, the group has also been working hard to secure a $500million contract to build two luxury cruise ships for Luxus (UK) Limited. Cammell Laird has made strenuous efforts to improve the Governments offer of support to Luxus. Various assessments were made of Cammell Lairds capability and project plan which all stood up to scrutiny. However, to date, the support package has not been sufficiently improved to enable the project to proceed.
"The impact of all of the above created an environment of lower customer confidence and employee morale leading to less work at tighter margins. The directors had embarked upon a strategy of re-organisation and refocusing of the business which included a possible restructuring of the balance sheet and possible sale of the business as a going concern. However, the group now has insufficient working capital to complete this strategy and accordingly has taken the action announced today.
"The directors of the group will continue to provide whatever assistance they can to the receivers to protect the future prospects of the business and safeguard jobs.


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Financial consultant Chris DeSimio provides weekly updates on the ever-changing financial market.
Steve Watkins, business reporter for the Cincinnati Business Courier, is On the Money with Chris DeSimio to share his thoughts on some of the top local business stories.
Not just because it's St. Patrick's Day weekend, but because he knows his investments, Declan O'Sullivan from the local investment firm of Bahl & Gaynor will be On the Money with Chris DeSimio to discuss the week on Wall Street.
The investment world is juggling a lot these days: sequestration, fiscal cliffs, debt ceilings, jobless claims, inflation, and more. With a look at some of these issues and their impact on your investments and investment options, Louis Navellier is On the Money with Chris DeSimio. He holds an MBA, edits several leading stock advisory newsletters and is a frequent seen on CNBC, Bloomberg or read in The Wall Street Journal, Fortune, Forbes and others.
Jim Rogers is a name every serious investor knows. He's spent years studying the markets, not just here at home, but all around the globe. His books have been must-reads and now he's put pen to paper to write his memoir. Street Smarts: Adventures on the Road and in the Markets details his early years in Alabama, then on Wall Street, to his co-founding of the tremendously successful Quantum Fund. But it's not just a typical memoir. He still makes observations on the state of the markets today and some trends he sees for the future. Jim Rogers is On the Money with Chris DeSimio to share some thoughts about the markets and his book from his current home in Singapore.
Esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, Alan Blinder, has written a fascinating post-mortem of the 2008 financial crisis with a look forward at next steps. The author is On the Money with Chris DeSimio to talk about After the Music Stopped: The Financial CrisiFes, the Response, and the Work Ahead.


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Showing Suppliers 1 - 20 of 41
H.C. Starck Inc. - Fabricated Products Group
Address: 45 Industrial Place, Newton, MA
Business Type: Manufacturer, Service
Description: H.C. Starck ranks as a top leading global supplier with 90 years of experience in refractory metal alloy-based systems and fabricated products produced from its core competencies: Molybdenum Tungsten Tantalum Niobium Industries and critical... (more)
Clean Harbors Environmental Services, Inc.
Address: 42 Longwater Drive PO Box 9149, Norwell, MA
Business Type: Service
Description: Clean Harbors is the leading provider of environmental, energy and industrial services throughout North America. The Company serves over 60,000 customers, including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous federal, state, provincial and local... (more)
Safety-Kleen Systems, Inc.
Business Type: Manufacturer, Distributor, Service
View Service Details
Address: 128 Elm Street, Bridgewater, MA
Address: 224 E. Main St (P.O. Box 750, Route 9), West Brookfield, MA
Address: 90 Rabbit Road PO Box 5432, Salisbury, MA
Address: 50-A Brigham Street, PO Box 36, Marlborough, MA
Acme Metals & Recycling, Inc.
Address: 64 Napier St., Springfield, MA
Business Type: Service
Allied Computer Brokers, Inc.
Address: 23 Noel St., Amesbury, MA
Business Type: Service
B-P Trucking, Inc.
Address: 65 Nickerson Road PO Box 386, Ashland, MA
Business Type: Service
BigBelly Solar
Address: 150 A Street, Suite 103, Needham, MA
Business Type: Manufacturer, Service
Address: 97 Tenney Street, Georgetown, MA
Business Type: Service
Complete Recycling Solutions, LLC
Address: 1075 Airport Rd., Fall River, MA
Business Type: Service
Conigliaro Industries, Inc.
Address: 701 Waverly Street, Framingham, MA
Business Type: Service
Coz Group, LLC
Address: 2355A Providence Road PO Box 609, Northbridge, MA
Business Type: Distributor, Service
CRT Recycling, Inc.
Address: 175 East Ashland Street, Brockton, MA
Business Type: Service
Cyn Environmental Services
Address: 100 Tosca Drive, Stoughton, MA
Business Type: Service
Donadio Environmental Associates, Inc.
Address: 14 Wood Road, Braintree, MA
Business Type: Service
E.L. Harvey & Sons Inc.
Address: 68 Hopkinton Road, Westborough, MA
Business Type: Service
Entegris, Inc.
Address: 129 Concord Road, Billerica, MA
Business Type: Manufacturer, Service
Enviromental Integrity LLC
Address: 3 Valley Mill Road, Holyoke, MA
Business Type: Service


text: tag:blogger.com,1999:blog-21892190.post1245349764162978584..comments2015-04-13T08:23:07.089-04:00Comments on BlueJackets Hockey NHL hockey Columbus Blue Jackets: Columbus Blue JacketsDale Ehttps://email@example.com:blogger.com,1999:blog-21892190.post-51745868264523077472007-07-18T23:35:00.000-04:002007-07-18T23:35:00.000-04:00Hey Iceref, My name is Erich and I am a blogger fo...Hey Iceref, My name is Erich and I am a blogger for the St. Louis Blues. I write for a site called Note Speak, located at mvn.com/nhl-blues. The website, mvn.com is looking for a writer to take over the Blue Jackets page and I thought you might be interested. If you are, e-mail me back at email@example.com and I can tell your more about it... Keep up the good work! Hope to hear from you soon.Erichhttps://email@example.com


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Estpolis Official Site Updated
Our latest look at Square Enix's DS remake.
Square Enix updated the Estpolis official site today with new sections on story, character, and gameplay.
The story section now has a "World View" sub section, which provides a look at the Parcelite Republic. This is one of the world's three kingdoms. It's technologically the most advanced of the three and has also prospered artistically due to its freedom of expression.
The pic to the left shows the president's mansion. Above the mansion is a holy artifact. One of the three primary artifacts of the world, it blesses people with water. Parcelite is known as the City of Water.
By the way, this is the president of Parcelite:
President Miles (you can LOL) looks totally evil with that suit and patch, but he's apparently highly favored by his people.
The character section has a look at heroine Tia. Childhood friend to main character Maxim, the 17-year-old hails from the countryside town of Elcid and in screenshots seems to be a bit overwhelmed in coming to Parcelite.
You know those item shops you visit in RPGs? Tia is the daughter of the owners of one of those shops. Her parents died when she was young.
The system section of the site is newly opened with this update. It includes looks at four areas of gameplay:
Real Time Battle
As previously detailed, Estpolis differs from the original Lufia II in that it's a real time action game. You move your character around on the top screen. You can swap characters instantly by tapping face panels on the bottom screen. Each character has unique capabilities, both for combat and for exploring dungeons.
Two screen Battle
Boss battles take up the top and bottom screens. There are a variety of battle types, but screenshots shown so far suggest that you only stay on the bottom screen (Square Enix hasn't specifically stated this, so I could be wrong).
Towns and Dungeons
Dungeons range from standard types like towers, ruins, and forests, to such areas as shrines and mobile bridges (I'm not sure what a "mobile bridge" is supposed to be). Towns are also varied, including snow, water, and castle types.
Wave Arts
To clear the dungeons, you'll have to make use of character-specific "Wave Arts." The site has a look at Maxim's Cross Dash, Selena's Icicle Blade, and Tia's Hook Shot. These can be used both for clearing gimmicks, and for attacking foes.
Visit the site for movies of a few of these gameplay systems.
Additional Images (Total 13 Images, Use click action to expand)


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Country Style
Brand Hero Images
Magazine Cover
Magazine Page
News Life Media
Country Style
Stylish living from the coast to the country.
Country Style celebrates the diversity of modern Australian living – from the country to the coast. Combining quality journalism and stunning photography, Country Style brings to life the stories of inspirational people and places from around Australia. It visits amazing homes and gardens, travels through Australia's most vibrant regional centres and samples all the good things the country has to offer.
Country Style Media Kit
Ad Specs, deadlines and templates
Brands marketo form
Country Style
Country Style brings readers the beauty and diversity of life outside our cities. It's real, relevant, Australian, warm and uplifting, beautiful and inspiring. The Country Style reader is passionate about their home, family, cooking, travel, nature and craft.
Country Style holds a very special place with its audience, readers constantly in touch with the editor directly to share their personal news, be that of a birth of a child, an inspiring story or their latest decorating creation.
The Country Style brand has evolved to include a tablet edition, strong social media community, reader events, and also Country Style linen range and the most recent launch of Country Style furniture sold exclusively through Domayne.
Key Facts
Source: emmaTM conducted by Ipsos MediaCT, 12 months ending July 2015. ABC, Jun 2015.


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Juventus will reportedly meet once more today with Verona to try to close negotiations on a deal to sign Juan Manuel Iturbe.
The Bianconeri have been seen in recent days as in increasing negotiations with the Gialloblu to close a deal for their highly rated 21-year-old winger.
Yesterday saw sporting director Fabio Paratici apparently meet with one of Iturbe's agents in Milan to close out personal terms on a reportedly agreed five-year, €1.5m-a-season contract.
On from this, Paratici is seen as likely to return to talks with Verona to try to seek agreement with them.
Fabio Quagliarella is reported by Tuttosport as having turned down the chance to move to the Bentegodi as part of the deal, whilst Luca Marrone is seen as part of plans at Juve until at least the end of preseason, so the Old Lady is reported as now negotiating on cash-only terms.
Verona are still believed to be pressing for €30m for the player last month they bought outright for €15m, but it is understood a deal could be closed at around €27m.
However, that would include part of the payment being deferred over a period of time.
See the latest Serie A predictions and betting tips with Eurotips.co.uk


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everytime i try to use the save editor i keep getting an error saying the SAV file is corrupted. i have tried a number of different save files and keep getting the same error message can anyone please help me?
everytime i try to use the save editor i keep getting an error saying the SAV file is corrupted. i have tried a number of different save files and keep getting the same error message can anyone please help me?
- open the file log.txt for a hint
- save a sav in the SG editor without adding or removing an item
sav corrupted anyway? Then could you upload an (unchanged) sav file? (a small one, please. ~ 200..500 kB)
I don`t know about you guys, but for me everytime i`m trying to insert an item, when i load my save game the game`s crashing...
ehm, yes, there seems to be a problem.
added Stewarkian Plate Armour. Game crashes. (reminder for me: 0044.sav)
Editor version 1.2, 2011
ArcaniA.exe 6th October, 2010 (german version)
Version string in exe file
edit: I tested with another save (reminder for me: 0031.sav) and it worked.Code:Offset 0 1 2 3 4 5 6 7 8 9 A B C D E F 0E95990 41 00 72 00 A.r. 0E959A0 63 00 61 00 6E 00 69 00 61 00 00 00 3C 00 0D 00 c.a.n.i.a...<... 0E959B0 00 00 50 00 72 00 6F 00 64 00 75 00 63 00 74 00 ..P.r.o.d.u.c.t. 0E959C0 56 00 65 00 72 00 73 00 69 00 6F 00 6E 00 00 00 V.e.r.s.i.o.n... 0E959D0 30 00 2C 00 20 00 30 00 2C 00 20 0.,. .0.,.
When I loaded the original 0044.sav from my prevoius test and found that there were only 4 of 77
equipment slots left free before adding the plate.
For 0031.sav there were 16 slots left before adding the armor plate.
Also there were only 2 changes between the changed and the unchanged 0044.sav
while for 0031.sav there were 1.583 differences.
So maybe you should leave enough slots free before adding items.
Last edited by shak-otay; 12-05-2014 at 15:29. Reason: update
I know this is probably a bit late but just got this game and editor and have played around with it a bit and am having issues.
Ok, first: When I first added items to my save (before patching my game) it worked flawlessly the first time and added each item (a total of like 8 items) just fine. Then when trying to add items again to that same game at a later point ANY item added causes the game to crash on load. Now, after patching, on ANY save i edit it will only add 1 item (the first item I add) anything else after the first does not show up in my inventory and causes the game to crash when i get an Item that goes into the inventory slot of the other (non existing) items I added. I've noticed that on the first time adding an item it will replace an item in my inventory. When I equip the newly added item it works fine. Until I get another item that is placed in that spot in my inventory and try to equip it, the game crashes. SO it seems to me that its a problem in where the editor is placing the items in the inventory. I have fully patched the game now.
I would post the log file but since I've done this like 500,000 times and re-downloaded the editor like 20 times I'm not sure which one to post.
If your log files don't contain other infos likeI would post the log file but since I've done this like 500,000 times and re-downloaded the editor like 20 times I'm not sure which one to post.
they are rather useless. They only might help if they contained error messages.Code:------------------------------------------ [12/05/14 14:38:58] File Opened: O:\Eigene Dateien\ArcaniA - Gothic 4\0031.sav Item Edited: 427935 : Stewarkian Plate Armour - New Quantity: 1 File Saved File Closed
a working download link please?


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Welcome to our website.
Rotating machines are the hearts of production facilities. Their reliability determines production economics and profit. We are established to improve reliability towards excellence, which manifest in failure elimination, longer operating hours, reduced operating costs and botomline profit.
Reliability improvement is about increasing availability without unplanned shut downs by responding to equipment needs proactively, achieving precision in maintenance activities like rotor balancing, lubrication, shaft alignment, quality condition monitoring data acquisitions, precision fault diagnostics and conducting repairs according to procedures in achieving standards.
Machinery reliability management is more than maintenance. It is rooted in the knowledge of engineering science and root-cause analysis for failure elimination. Management is getting things done efficiently and effectively by team work between maintenance, engineering and production.
We collaborate between equipment manufacturers, maintenance technology developers and end users to facilitate establishment of reliability programs for engineering, procurement and construction projects.
We represent the following original equipment manufacturers: Schenck Rotec GmbH, Darmstadt Germany (www.schenck.net), SDT North America (www.sdtnorthamerica.com), ESCO Products, Inc. (www.escoprodcuts.com), Houstone, Texas, JLM Systems Limited, 23091 Westminster Hwy, Richmond, BC V6V 1B9, Canada (www.oilmiser.com) and Allied Reliability Group, Charleston, South Carolina. (www.alliedreliability.com)
We use the products of Pruftechnik Alignment Systems, GmbH, Pruftechnik Condition Monitoring GmbH, Ismaning, Germany. Others are: Noria Corporation, Oklahoma, Trico Corporation, Knoxville, U. S.A.


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Fibreglass - grp/frp
Glass or fibre re-inforced plastic, often referred to as 'glass fibre construction', is the method preferred by most professionals. Once a mould has been made, it is relatively easy to form hulls from it time and time again.
Unfortunately this is not the scenario for the amateur building his 'one-off'.
Material costs in many countries are high and mistakes can be costly.
Very difficult for the amateur to repair (sometimes impossible).
A temperature and humidity controlled building is often a necessity.
However having said that 'if you still wish to go ahead'......
There are a number of methods the amateur can use.
1/ Use the plans to construct a mould for the hull.
2/ instead of covering the hull in sheet material, lightly batten it
and form the grp hull over it.
3/ batten as in the previous process, and plank and sheath with a
ready manufactured material..ie 'C flex' system.
4/ as in the previous two methods but use 'glass & foam sandwich'.
a Hartley 'Fast Worker'
a Hartley 'Auckland 34'


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To single step a specified number of lines of code, use the dbx commands next or step followed by the number of lines [n] of code you want executed.
(dbx) next n
(dbx) step n
For more information on the commands, see next Command and step Command.
The step_granularity environment variable determines the unit by which the step command and next command step through your code (see Setting dbx Environment Variables). The unit can be either statement or line.
The step_events environment variable controls whether breakpoints are enabled during a step (see Setting dbx Environment Variables).
The step_abflow environment variable controls whether dbx stops when it detects that an abnormal control flow change is about to happen (see Setting dbx Environment Variables). Such a control flow change can be caused by a call to siglongjmp() or longjmp() or an exception throw.


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Justin Adams came to Artificial Turf from the natural grass surface at Folsom Field where he toiled as a tight end for the Colorado Buffaloes. Justin, who also worked at Fox Sports Rocky Mountain, wore uniform number 81, hence the title of this webpage. Justin will share his opinions and thoughts on sports, and whatever else is on his mind, right here...on page # 81.
< Justin's Pal Ralphie.
Who Will Replace Elvis Dumervil??......8-6-10
Now that the dust had settled and the reality has sunk in that last year's NFL sack leader Elvis Dumervil is most likely out for the season, let's look at the options the Broncos has in finding Dumervil's replacement.
Aaron Schobel (32, DE, 9th Season) Last Season Sack Total: 10 Career Sacks: 78
This longtime Buffalo Bills DE was released earlier this week as Schobel mulled over retirement. Schobel's has 78 career sacks with his season best of 14 being in 2006. Schobel still has something left in the tank with 10 sacks last season, but unfortunately he's not a big fan of the 3-4 defense which is what the Broncos run. The Houston Texans are showing strong interest in Schobel's services if he chooses not to retire.
Leonard Little (35, DE, 12th Season) Last Season Sack Total: 6.5 Career Sacks: 87.5
Leonard Little similar to Aaron Schobel as he's also considering retirement. Little's best season came when he racked up 14.5 sacks in 2001. Recently Little had 13 sacks in 2006. The Broncos would use Little as a situational pass rusher similar to last years in-season signing of DE Vonnie Holiday.
Greg Ellis (34, DE, 12th Season) Last Season Sack Total: 7 Career Sacks: 84
Greg Ellis once said last season that the Raiders were the "laughing stock of the NFL." Just a guess, but that's probably why he's no longer in Oakland. Despite the comment, Ellis is a consistent sack gatherer having 7 last season including 2 against the Broncos in the Raiders 20-19 shocker at Invesco. Ellis is familiar with the 3-4 defensive scheme, playing it with the Cowboys under current Head Coach Wade Phillips.
My pick: Greg Ellis. Yes, Ellis cannot replace the top sack leader in Dumervil, but he can give the Broncos the pass rushing threat they sorely need off the edge. I'll be interesting to see what Josh McDaniels chooses to do as Camp Dove Valley continues.
< GM Justin says, "Sign Ellis."
Justin Adam's Presents his 2010 NHL Playoff Predictions!
With 2009-10 regular-season now in the books, it's time for the Stanley Cup Playoffs. You know the deal, first one to 16 wins will have their names etched on the Stanley Cup forever. Here's my take on who will be advancing to the semi-finals.
Eastern Conference:
#1 Washington Capitals vs. #8 Montreal Canadiens (Season Series tied 2-2)
The Capitals won the Presidents Trophy, led the league in scoring with 318 goals, and have Alexander Ovechkin. The tradition laden Canadiens will need goalie Jaroslav Halak to have the series of his life or this will be over quickly.
Capitals in 5
#2 New Jersey Devils vs. #7 Philadelphia Flyers (Season Series 5-1 Flyers)
The Flyers needed a shootout victory over the Rangers to set up this 2 on 7 matchup. This series will be a favorable matchup for the Flyers because they hold a 5-1 regular-season lead on the Devils. But it will be hard to go against the likes of Martin Brodeur and Zach Parise in this best of seven series.
Devils in 6
#3 Buffalo Sabres vs. #6 Boston Bruins (Season Series 4-2 Bruins)
This is one of the most intriguing series. This will be a battle between two of the best goalies in the NHL in Bruins Tuukka Rask (1.97 GAA) and Sabres Ryan Miller (2.22 GAA). With scoring being a premium here, look for Sabres Derek Roy to lead them to the second round.
Sabers in 7
#4 Pittsburgh Penguins vs. #5 Ottawa Senators (Season Series tied 2-2)
The Ottawa Senators look to keep Pittsburgh Penguins centers Sidney Crosby and Evgeni Malkin in check during this first round series. But in a series that looks to go the distance, look for Penguins right-winger Bill Guerin to be the difference.
Penguins in 7
Western Conference
#1 San Jose Sharks vs. #8 Colorado Avalanche (Series tied 2-2)
The young Avs face off against the veteran led Sharks. Other than Phoenix, Colorado has been one of the most surprising teams in the league. Even though San Jose is known for not showing up in the second season, it's hard to pick against them. Mainly because the Avs enter this series with two huge injuries in center Matt Duchene and right-winger Peter Mueller, also they finished the season with dismal 3-7-3 record.
Sharks in 6
#2 Chicago Blackhawks vs. #7 Nashville Predators (Season Series 4-2 Blackhawks)
In this matchup between these Central Division rivals, Chicago looks to use their speed to outskate the Predators. Look for Blackhawks center Jonathan Toews and Right-winger Patrick Kane to have a huge series.
Blackhawks in 5
#3 Vancouver Canucks vs. #6 Los Angeles Kings (Season Series 3-1 Canucks)
Vancouver has a batch of brothers that can flat out score in Henrik Sedin and Daniel Sedin. They face the Kings who haven't seen the postseason since 2002. I don't know why, but something is telling me that LA will advance to the semis.
Kings in 7
#4 Phoenix Coyotes vs. #5 Detroit Red Wings (Season Series tied 2-2)
The Red Wings have become the team no one wants to face in the playoffs going 16-3-2 since coming back from the March 1st the Olympic break. Phoenix is one of the 4 teams to achieve 50 wins this year. But even with that said, I look for Hockeytown to advance to the second round over the Coyotes.
Red Wings in 6
This is what they play for.
One nice summer day, young Justin was taking a stroll, minding his own business when he happened upon...lo and behold, a green and gold football helmet. A Colorado State Rams helmet to be exact. >
So Justin did what any responsible, former Colorado football player would do. He put the helmet in its rightful resting place (below). Once a Buff....always a Buff!


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The Prius is far from environmentally friendly
|Print article
|This entry was posted by Rossputin on 06/16/07 at 02:09:17 am . Follow any responses to this post through RSS 2.0.
have you actually read the report? The Hummer was given a lifetime of 240,000 miles while the Prius was allocated only 100,000 lifetime miles, spreading the costs of a Hummer over a period twice a long. There are many more errors in the report. For a real "dust to dust" analysis, try http://www.cleanairnet.org/transport/1754/articles-69297_resource_1.pdf
Your attitude does you no credit - sneering sarcasm is seldom attractive. Unfortunately, your research skills turn out to be of a similar order. The sources you quote are as accurate and reliable as the mad hatter. Virtually everything you have quoted is arrant rubbish.
The Nickel story in the article is silly. The mine at Sudbury has been providing Nickel to the world for a long time. Toyota buys less than 1% of the yearly output at Sudbury for the Nickel; so the Prius would represent no real impact on the environment, even if the mine were a bad mine. As it turns out, however, there is no environmental impact from the Sudbury mine of note. The environmental damage cited by your article was done way in the past and over the last 20 years the Sudbury mine has turned into a model environmental mine, with trees planted all around it and nearby water quality restored to good levels. The turn around in held-out and rightly recognized as an example of land restoration following environmental damage, as well as how nickel (and copper) mining can be done with minimal impact. The Prius can easily go 200K-300K miles. The batteries need to be replaced every 100K or so. Toyota has a very aggressive recycling program and they pay a bounty for old batteris of something like $300. When you put it together, the Prius is a much more efficient machine, if you care about such things. The information in the article you quoted was generally wrong and, when correct, very misleading. I bring all this up not because I care one iota whether you (or anybody else) buys a Prius. I drive an SUV and like it a lot. The reason I bring it up is that the only way we can be credible against the enviro-wacko lobby is if we point out their stupidity with valid and well researched facts. Intellectual honesty and factual rigor make one unassailable. Given the threat to humanity you correctly identify with the green lobby, it's important to maintain the scientific high ground. By the way, my next car will be a hybrid (although not a Prius). When I return to Virginia I will buy a hybrid approved by the Commonwealth to drive in the HOV lanes. That will save me 20 minutes each way commuting to DC, or 40 minutes a day. At my hourly rate, the payback is about 2 months (not to mention the reduced aggravation by avoiding bumper to bumper traffic). This, in my opinion, is the best reason to buy a hybrid.