(I) Entry of - Motors Liquidation Company

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(I) Entry of - Motors Liquidation Company
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
----------------------------------------------------------------x
In re
:
:
MOTORS LIQUIDATION COMPANY, et al., :
f/k/a General Motors Corp., et al.
:
:
Debtors.
:
----------------------------------------------------------------x
In re
:
:
REMEDIATION AND LIABILITY
:
MANAGEMENT COMPANY, INC.
:
:
Debtor.
:
----------------------------------------------------------------x
In re
:
:
ENVIRONMENTAL CORPORATE
:
REMEDIATION COMPANY, INC.,
:
:
Debtor.
:
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Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
Chapter 11 Case No.
09-50029 (REG)
Chapter 11 Case No
09-50030 (REG)
AFFIDAVIT OF PUBLICATION
STATE OF NEW YORK )
) ss
COUNTY OF SUFFOLK )
I, Barbara Kelley Keane, being duly sworn, depose and state:
1.
I am an Assistant Director with The Garden City Group, Inc., the claims and noticing agent for
the debtors and debtors-in-possession (the “Debtors”) in the above-captioned proceeding. Our business
address is 1985 Marcus Avenue, Lake Success, New York 11042-1013.
2.
On April 28, 2011, at the direction of Weil, Gotshal & Manges LLP, counsel for the Debtors,
Post-Effective Date Debtors, and Motors Liquidation Company GUC Trust, I caused publication of the
Notice of (I) Entry of Order Confirming Debtors’ Second Amended Joint Chapter 11 Plan and (II)
Occurrence of Effective Date [Docket No 10151] in the following publications:
Publication Name
The Financial Times, Worldwide
The Wall Street Journal, Global
The New York Times, National
USA Today, National
Detroit Free Press/Detroit News
Le Journal de Montreal (French)
Montreal Gazette (English)
The National Post
The Globe and Mail, National
3.
I state under penalty of perjury that, to the best of my knowledge, the foregoing is true and correct.
/s/ Barbara Kelley Keane
Sworn to before me this
10th day of May, 2011
/s/ Karen E. Petriano
Notary Public – State of New York
No 01 RE4853193
Qualified in Suffolk County
Commission Expires March 2, 2014
2
FINANCIAL TIMES THURSDAY APRIL 28 2011
15
★
Companies | International
Materials costs squeeze industry J&J seals
$21.3bn deal
for control
of Synthes
COMMODITIES
News analysis
Manufacturers say
that rising prices
are going to weigh
on margins despite
strong earnings,
writes Ed Crooks
Rising prices for commodities such as oil and steel
and inflation in emerging
economies are a threat to
the revival of US manufacturing industry, executives
at some of the leading companies have warned.
Manufacturers such as
United Technologies, Honeywell, Eaton, Ford Motor
and Boeing have been
reporting
stronger-thanexpected earnings for the
first quarter and often raising their forecasts of
growth for the full year.
The industrial sector has
been the second strongest
in the S&P 500 this year,
outperformed
only
by
energy.
While
manufacturers’
confidence in the global
outlook has been growing,
concerns about rising commodity prices, inflation in
emerging economies, and
the policy responses to
those price rises have
become increasingly pressing. This year, oil has risen
by 22 per cent for benchmark Brent crude, while
steel is up 17 per cent,
driven by continuing strong
demand in emerging economies and the recovery in
the developed world.
United
Technologies,
which makes Pratt & Whitney jet engines and Otis
lifts, said it had been surprised by the strength of
demand right across the
business.
But Greg Hayes, chief
financial officer, told the
Financial Times: “Commod-
PHARMACEUTICALS
By Haig Simonian in Zurich
Seeing the bright side: GE is hoping that higher fuel costs will encourage customers to invest in its energy­saving equipment
ity inflation is the one thing
that really concerns us this
year.”
The threat is not so much
the squeeze on margins created by higher costs,
although that is having an
effect. Ford warned that
earnings for the rest of the
year might not be as strong
as in its bumper first quarter, in part because of rising
raw materials costs.
However, the large global
manufacturers
generally
seem able to pass on their
higher costs to their customers, albeit with a lag.
Eaton, which makes industrial equipment and components, reported strong earnings growth that would
have been even stronger
but for a delay in raising its
prices, but said that was
only a temporary problem.
Sandy Cutler, Eaton’s
chief executive, pointed out
that during 2003-07, when
prices for energy and other
commodities were rising
steadily, the company had
still been able to expand its
margins.
3M, the diversified manufacturer, also suffered a
United Technologies seeks emerging market expansion
United Technologies would
“love to do deals” and has
the capacity to make
acquisitions after absorbing
General Electric’s security
business, according to Greg
Hayes, its chief financial
officer, writes Ed Crooks.
In particular, Mr Hayes
told the Financial Times, the
aerospace and building
equipment group would like
to add to its fire and
security business in
emerging markets.
With $4.2bn of cash on
the balance sheet, it has
the capability to pay
considerably more than the
$1.8bn it paid for the GE
business in a deal that
closed last year.
However, Mr Hayes said:
“The bigger the prospect,
the harder it is to do deals.”
Other leading US
industrial groups are
similarly cautious about
larger deals.
Sandy Cutler, chief
executive of Eaton, says the
US industrial conglomerate
has “both the financial and
management capacity to
make acquisitions again.”
But in the company’s
strategic plan, showing
projected sales growth of
12­14 per cent a year out to
2015, only 2­4 per cent
would come from
acquisitions.
General Electric, which
has been on a small
spending spree, has now
put it on hold. Jeff Immelt,
GE’s chief executive, told
analysts last week that after
spending $11bn on building
up the group’s division
serving the energy industry,
especially oil and gas, it was
now “done for 2011”.
One company that was
the subject of takeover
speculation recently, Tyco
International, which owns
the ADT security business,
has been played down as a
target by potential buyers.
Mr Hayes of United
Technologies told Bloomberg
that while he would not
comment on any specific
company, “I will say it’s very
difficult for any US
multinational to acquire a
company based in
Switzerland, where the tax
rate is 15 per cent and our
rate, the US statutory rate,
is 35 per cent.”
squeeze on margins from
raw materials prices in the
first quarter, but David
Meline, its chief financial
officer, told analysts on a
conference call that “for the
full year 2011, selling price
increases are expected to
offset raw material inflation”.
The real threat for these
companies is that the commodity price effect might
hit demand, perhaps as a
result of tighter monetary
or fiscal policy intended to
fight inflation.
David Anderson, chief
financial officer of Honeywell, which makes parts for
aircraft and vehicles as well
as industrial equipment,
said: “The industrial economy is doing very well,
despite the challenging
headlines.”
But he added that the
greatest risk he saw was “if
we
have
significantly
greater commodity inflation
and an oil price shock to
the economy, and geopolitical instability, which could
be interrelated.”
There are winners as well
as losers from higher oil
prices. General Electric has
been rapidly building up its
business serving the oil and
gas industry, buying Wellstream for $1.3bn and the
well support division of
John Wood Group for
$2.8bn, and rising prices
will mean more demand for
its services.
GE also hopes that higher
Barrick Gold stands firm on Equinox bid
MINING
By Bernard Simon in
Toronto and William
MacNamara in London
Barrick Gold has mounted a
vigorous defence of its
C$7.3bn (US$7.6bn) cash bid
for Equinox Minerals amid
concern that the world’s
biggest gold producer is
taking on more risk by buying the Australian-Canadian copper miner.
Peter Munk, Barrick’s
chairman, told its annual
meeting: “We’d be foolish,
suicidal and totally wrong if
we would ever contemplate
letting go of our primacy in
the gold industry”.
But he added: “It would
be equally foolish to fall
into the trap of companies
that were riding high
. . . and [then] disappeared
because they were reluctant
to change”.
Barrick’s shares have
fallen 10 per cent since the
bid
for
Equinox
was
unveiled on Monday. They
lost 36 cents to C$49.83 in
early Wednesday trade.
Minmetals, the Chinese
state-owned miner, abandoned its pursuit of Equinox less than a day after
Barrick unveiled its bid,
saying that the price offered
by Barrick “is above our
most optimistic assessment
of value”.
Barrick’s $7.6bn bid in
part reflects the dwindling
number of targets in the
copper sector. One of the
last independent copper
miner left is Lundin, the target of an Equinox bid before
Barrick’s move on Equinox.
UBS Securities removed
Barrick from its list of toprated shares on the grounds
that Equinox’s flagship
project, the Lumwana mine
in Zambia, would increase
political risk and concern
about Barrick’s diminished
exposure to gold.
The acquisition would
lower gold’s contribution
from 90 per cent of revenues to 82 per cent, based
on current metal prices. In
the longer term, Barrick
estimates that Equinox and
other projects in the pipe-
US industrials
Bloomberg
Oil price
Share price growth since
Jan 1 2010 (%)
Steel price*
Nymex front-month
($ per barrel)
120
$ per tonne
850
Eaton
110
800
Honeywell
100
750
General
Electric
90
700
United
Technologies
80
650
70
600
S&P 500
60
0 20 40
60 80
Jan
Sources: Thomson Reuters Datastream; Bloomberg
fuel costs will encourage
customers to invest in its
energy-saving equipment.
Keith Sherin, GE’s chief
financial officer, said that a
rising oil price “so long as
it’s gradual, is a net positive . . . At the range it’s in,
it’s not a real problem.”
Similarly, Jim McNerney,
the chief executive of Boeing, said on a call to analysts and media on Wednesday that “high-ish” oil
prices could help push airlines towards buying his
company’s fuel-efficient aircraft. However, he added:
“The concern is if oil prices
get to the point where it
has a significant impact on
overall economic activity.”
So far, there has been little sign of that. Worldwide
flight hours, for example – a
key indicator for aerospace
Contracts & Tenders
2010
550
Apr
2011
* Hot rolled coil
companies – rose by 5.8 per
cent in the first quarter, to
exceed their 2008 peak.
Nor are interest rate rises
in emerging economies
such as Brazil and China
yet having much effect on
demand for US manufacturers’ products. Mr Cutler of
Eaton said he remained
“very positive” about those
countries.
While inflation has been
rising in the US and Europe
in
recent
months,
it
remains relatively subdued.
Yet, in a world in which
economic clout has shifted
to Asia and Latin America,
rising prices there could
still be a significant threat.
Additional reporting by
Hal Weitzman in Chicago
See Markets
beyondbrics: www.ft.com/bb
Johnson & Johnson has
agreed a $21.3bn takeover of
Switzerland’s Synthes to
create the world’s leading
orthopaedic devices group.
J&J, which has a diversified healthcare business
including
drugs
and
devices, said on Wednesday
it would pay SFr159 a share
for Synthes, a 8.5 per cent
premium over the Swiss
company’s closing share
price on Tuesday.
Synthes shareholders will
receive SFr55.65 in cash and
the equivalent of SFr103.35
in J&J stock – approximately 1.7-2 shares – for
each share they hold. The
net cost to J&J will be about
$19.3bn, given that Synthes
has about $2bn in cash.
Shares in Synthes, which
is based in the US but
quoted in Switzerland, have
risen sharply in recent
weeks on takeover talk. Synthes confirmed earlier this
month it was discussing a
deal, but gave no assurances
about the outcome.
The deal marks the biggest takeover for J&J,
which has expanded rapidly
through acquisitions in
recent years. Combining the
two businesses will create a
big orthopaedics player,
combining J&J’s existing
activities with Synthes’s
dominant
position
in
trauma surgery.
The sale also marks an
exit for Hansjörg Wyss, the
Swiss entrepreneur who created Synthes and expanded
it through acquisitions.
Sales at Synthes reached
$3.7bn last year on growing
demand for its high-technology precision screws and
plates, used for emergency
surgery around the world.
Demand in the orthopaedics market, worth an estimated $37bn a year, is
expected to grow strongly
because of rising life expectancy.
Mr Wyss, aged 75, owns
about 40 per cent of Synthes, with a further 8 per
cent held through family
trusts. He remains firmly
identified with the company, having only given up
management control three
years ago.
The sale talk this month
came as a surprise, as it
had been widely expected in
Switzerland that Mr Wyss
would seek to maintain
Synthes’s
independence,
possibly through a longterm trust – a model similar
to that at some other Swiss
companies such as travel
group Kuoni.
People close to the situation said Mr Wyss had
examined all the options,
including talks over the
years with all the world’s
leading
pharmaceuticals
and medical equipment
groups.
A
clean
break
had
emerged as the best solution, as this would also
offer the best terms to the
group’s other shareholders.
The latest talks with J&J
began last September, with
the US group having
emerged as the most suitable buyer, being big enough
to afford the takeover and
not so active in trauma
products as to face serious
competition
constraints.
J&J also had the reputation
of leaving subsidiaries on a
relatively long leash.
Credit Suisse advised
Synthes. J&J was advised
by Goldman Sachs.
See Analysis and Lex
Merck buy­back
Merck, the US
pharmaceutical company,
said it would repurchase
$5bn of common stock,
making it the latest drug
company to buy back
shares at a time when
returns on research and
development are shrinking,
Alan Rappeport reports.
The move by Merck
increases its share
buy­back programme to
$6.4bn, following its 2009
approval to repurchase
$1.4bn.
“Merck has a history of
leadership in returning
cash to shareholders,” said
Kenneth Frazier, Merck’s
chief executive. “Together
with our strong dividend,
today’s action reflects our
confidence in Merck’s
strategy.”
Merck’s move follows
the announcement on
Monday by drug company
Hospira that it would
repurchase up to $1bn of
common stock.
In February, Pfizer
authorised a $5bn addition
to its existing $4bn
repurchase scheme. In
January AstraZeneca
doubled the amount of
shares it plans to buy
back to $4bn.
Legal Notices
line will almost quadruple
its copper output to more
than 1bn pounds a year.
Rating agencies have cautioned that they may downgrade Barrick in view of the
extra debt it is taking on to
finance the acquisition, and
the risks posed by its
higher exposure to the copper market.
However, Aaron Regent,
Barrick’s chief executive,
expressed confidence that
“copper fundamentals are
very positive and prices will
continue to be supported
for the foreseeable future”.
Strong gold and copper
prices lifted Barrick’s firstquarter earnings to US$1bn,
or $1 a share, from $820m,
or 82 cents, a year earlier.
Protesters target Walmart in NY
GENERAL RETAILERS
By Barney Jopson
in New York
Walmart’s chief executive
Mike Duke was targeted by
protesters as he gave his
strongest signal yet of the
company’s renewed desire
to open stores in New York,
in spite of stiff political
opposition.
Mr Duke, head of the
world’s largest retailer by
sales, said: “We know there
are millions of customers
here in this great city that
don’t have easy access to a
Walmart store. We would
like to help solve that problem.”
But within minutes of his
comments at a New York
breakfast on Wednesday,
the venue was besieged by
demonstrators.
They accused the retailer
of mistreating its workers
and endangering small businesses, chanting: “Walmart
cheats, Walmart hates, Walmart discriminates.”
Walmart rejects such
charges, but the preplanned
demonstration
underscored the political
challenges in the way of the
retailer’s strategy.
Walmart is seeking to
revive the growth performance of its US business by
moving beyond “big box”
stores to open smaller outlets in large cities. New
York, America’s biggest
urban retail market, stands
out as the final frontier.
The retailer has saturated
suburban and rural areas
with its low-price Supercenter stores, but stores
open at least a year have
produced seven consecutive
quarters of declining sales.
“We are very, very interested in New York,” Mr
Duke said at an event
organised by the Wall
Street Journal. But he
Walmart is seeking to move
beyond ‘big box’ stores
added: “There are lots of
steps in the process here.”
Pointing
to
pent-up
demand for Walmart among
the city’s consumers, he
said the company’s analysis
of credit card transactions
showed that last year New
Yorkers had spent $195m at
Walmart stores they drove
to outside the city.
Four years ago Mr Duke’s
predecessor expressed exasperation over the cost and
difficulty of his attempts to
enter New York and said: “I
don’t care if we are ever
here.” Walmart has warmed
to the city more recently
and launched a campaign of
lobbying and advertising to
promote the benefits of its
low prices, job creation and
sales tax payments.
Businesses for sale
FT BUSINESS
Tuesday, Friday & Saturday: Business for Sale, Business Opportunities,
Business Services, Business Wanted, Franchises
.....................................................................................................................................
Classified Business Advertising
UK: +44 20 7873 4209 | Email: [email protected]
20
THE WALL STREET JOURNAL.
Thursday, April 28, 2011
Thursday, April 28, 2011
THE WALL STREET JOURNAL.
MARKETS
OPINION
BY DEVON MAYLIE
[ Tech Europe ]
BY BEN ROONEY
Agence France-Presse/Getty Images
If you are a
user of Sony’s
PlayStation
Network then the
fact that your
credit-card
information could be in the wrong
hands may be the least of your
worries. Canceling a card isn’t
very hard. Protecting against the
consequences of the loss of rich
personal information is much
trickier. With this in mind, if you
think your data has been
compromised, there are steps you
should be taking now.
Passwords
Soldiers with a U.N. mission manned a post last year in Congo, a source of the semiconductor ingredient tantalum.
erals from the Congo, though punitive measures may be added.
Tantalum is used in parts such as
capacitors, which store electric
charges and help power most smartphones and other electronic devices.
Companies such as Intel and AT&T
Inc. don’t buy directly from the
Congo. They purchase finished products through suppliers that source
from smelters, which in turn buy
from traders on the ground.
While tech products typically
contain only trace quantities of tantalum, companies in the technology
industry are its biggest buyers.
“We’re working to get to a conflictfree space,” says Chuck Mulloy, a
LEGAL NOTICES
spokesman at chip giant Intel, which
uses tantalum in its semiconductors.
Mr. Mulloy says Intel is working
with the Electronic Industry Citizenship Coalition, an industry body, to
review 25 smelters in eight countries that supply minerals that end
up in electronic products.
Intel is also setting up systems
to track the minerals from the
ground all the way through the
doors of its semiconductor plants, a
step the company and the electronics industry had taken before the
law was passed, Mr. Mulloy says.
The law will affect all technology
companies publicly traded in the
U.S. Oregon-based TriQuint Semi-
conductor Inc. is working with its
suppliers to help them track the
four affected minerals they use. Dell
Inc. says it, too, is working with
suppliers as they adjust purchasing
processes. Microsoft Corp. is also
among those scrambling to comply
with the new legislation.
“The purpose is to cut off funding to people who kill people,” says
Rep. Barney Frank (D., Mass.), an
author of the act. Conflict in eastern
Congo is blamed for at least five
million deaths since the late 1990s.
The minerals in question pass
through many hands before reaching manufacturers, making tracing
their origin difficult.
Breach complicates
Sony’s game network
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personal information, including
names, birthdates and possibly
credit-card numbers. Sony said it is
investigating the breach and expects
some services to be back online next
week.
Furious users vented on social
networks such as Twitter asking
why the personal data wasn’t encrypted. Sony said credit card information was encrypted. As of
Wednesday afternoon in Tokyo,
Sony said, there have been no reports that the breach resulted in
user data being exposed on the Internet or fraudulent credit-card
charges. The company didn’t disclose whether it determined that
credit-card information had in fact
been stolen, or how many people
might be affected by such theft.
The
PlayStation
Network,
launched in 2006 to allow PlayStation 3 console users to play games
online free of charge with one another, is at the heart of Sony’s online
content delivery strategy. While online game play is still free, the service has evolved over time to allow
users to pay and download movies,
TV shows and videogames. For example, Sony charges about $2 for
users to download an episode of the
animated TV comedy “Family Guy.”
Last year, Sony relied heavily on
the PlayStation group’s experience
to launch its Qriocity online platform to offer streaming-video and
music services. The company also
tapped into the PlayStation Network’s technological infrastructure—data centers and payment systems—to serve as the backbone for
its latest online services.
While the security problem remains a concern, Sony is aggressively pushing new products to tap
into its growing collection of services. The company said in January
that it plans to launch by year-end a
new hand-held game machine codenamed Next-Generation Portable
that will access the PlayStation Network. Mr. Stringer has also said it
aims to have smartphones from the
company’s mobile-phone joint venture, Sony Ericsson, connect to the
Qriocity platform for streaming
video and music in the future.
On Tuesday, Sony said it will enter the fast-growing tablet-computer segment with two products
later this year. The tablets will also
connect to Qriocity as well as Sony’s
electronic bookstore. Kunimasa Suzuki, a Sony executive overseeing
the development of new networkconnected mobile products, said he
sees the new tablets being the
“hero” of the company’s strategy to
integrate services and hardware.
Graham Cluley, Senior
Technology Consultant at Sophos,
says the most important thing
users should do now is to change
their passwords. Of particular
interest, he said, was that
cybercriminals could use the
information to target companies.
If you use the same password on
your corporate network, tied in
with information from
professional networking sites such
as LinkedIn, then hackers could
attempt to penetrate corporate
networks to plant malware. Valid
corporate information is the most
valuable information on the black
market. Mr. Cluley recommended
using password management tools
that allow you to have a strong,
and unique, password for every
site. Tools include LastPass, the
open-source KeePass and for Mac
users, 1Password.
The Tehran-Damascus Axis
BY AMIR TAHERI
When the Arab uprisings
started in Tunisia this winter,
there were no more enthusiastic
cheerleaders than the Khomeinists in Tehran. Their cheering got
louder when revolution spread to
Egypt, and louder still when Libyans rose in revolt.
But Tehran’s cheering has begun to fade. The reason is that the
revolt has spread to Syria, the
mullahs’ sole Arab ally.
Reports that Iranian
snipers are gunning down
Syrian democracy activists
are credible given the deep
military and intelligence
ties between the regimes.
A sign that Tehran may be getting nervous came last week when
the Islamic Majlis, Iran’s ersatz
parliament, published a report on
“The Arab Revolution.” The authors ask for “urgent action to
protect our strategic interests” in
case the regime of President
Bashar Assad is toppled.
What kind of action? Syrian
opposition sources claim that Tehran has sent snipers to help Mr.
Assad kill demonstrators. The regime used this tactic during the
protests following the disputed
presidential election of Mahmoud
Ahmadinejad in 2009. (Neda
Agha-Soltan, the young woman
who became the symbol of the
pro-democracy uprising in Iran,
was killed by one such sniper.)
President Barack Obama has also
spoken of Iran’s possible involve-
Phishing/Spam attacks
The richness of the data that
may have been leaked leaves users
open to highly-targeted attacks,
known as “spear-phishing.” “With
your name, your email address,
your personal address attacks
could be very convincing indeed.
Imagine if you got an email
purporting to say that someone
had attempted to deliver a parcel
to your address, and it gave your
address, suggesting you click on a
link to ‘track your parcel’, well
that would be highly convincing,”
said Mr. Cluley.
Credit-card information
There is a divergence between
the information from security
consultants, and that from the
card industry. A statement from
the Financial Fraud Action (U.K.)
says: “There is no need for
customers to contact their bank or
card company at this stage.
However, customers should
continue to do what they should
normally be doing—checking their
statement and keeping a close eye
on their account for any unusual
activity—if they spot any they
should then contact their bank or
card company.” However, Mr.
Cluley suggested that simply
waiting and watching wasn’t
sufficient. “If Sony loses your
credit card information, it’s no
different from you losing your
credit card—you should cancel
that card immediately,” he said.
ment in Syria.
Whether or not Tehran has
sent snipers to prop up Mr. Assad,
the Islamic Republic is bound by
treaty to help him fight “any
threats against Syria’s security
and stability.” Tehran and Damascus first signed a military cooperation treaty in 1998. At the
time, Iran’s minister of defense,
Adm. Ali Shamkhani, stated publicly that the treaty would also
cover “intelligence and security issues” with regard to dissident
armed groups. Since then the
treaty has been refined and deepened on several occasions, most
recently under Mr. Ahmadinejad
in 2008.
Syria is the only country with
which the Iranian armed forces
and the Islamic Revolutionary
Guard Corps hold joint staff meetings at least once a year. Iran has
also emerged as a major supplier
of weapons and materiel to Syria,
according to the official Iranian
news agency IRNA.
Iran started using the Assad
regime as a means of dividing the
Arabs in the 1970s, when the shah
wanted to squeeze the Baathist regime in Iraq. To this end, he supplied Syria with cut-price oil and
aid totalling $150 million in 1977.
Under the mullahs, Syria retained its role in preventing the
Arabs from ganging up against the
then-fragile Islamic Republic.
Throughout its eight-year war
against Saddam Hussein, Iran benefited from Syrian support, including vital intelligence on Iraqi
armed forces. As a gesture of
goodwill, Tehran arranged for
some mullahs to issue fatwas declaring the Alawite minority, to
which the Assad family belongs,
to be “part of Islam.” Most Islamic
scholars, on the other hand, have
Associated Press
Tech firms navigate Congo strife
While the aftermath of the Japanese earthquake is causing many
companies to worry about the electronics supply chain, a different pall
is hovering over a rare, blue-gray
metal that is mined in the Democratic Republic of the Congo.
The substance is tantalum, an ingredient in components that are a
mainstay of devices such as smartphones, digital tablets and personal
computers. Big technology companies such as Intel Corp. and Hewlett-Packard Co., which either use
tantalum directly or buy semiconductors made with it, have started a
push to find sources without links
to war-torn regions of Africa.
A new U.S. law requires publicly
traded companies to ensure key
minerals in their products aren’t
coming from the Congo’s rebel-controlled mines. A civil war in the
Congo, the world’s third-largest producer of tantalum, ended in 2003,
but violence in the eastern part of
the country continues.
The Dodd-Frank financial-regulation law, enacted in the U.S. last
year, identifies four minerals—tantalum, tin, tungsten and gold—that
are mined in the Congo and are
blamed for helping to fund violent
conflict there. Under the law, companies that use the four minerals
must inform the U.S. Securities and
Exchange Commission annually
whether any of them in their supply
chains originated in the Congo or
nine neighboring countries. If they
did, the companies must tell the
SEC what efforts have been made to
determine the source and custody
chain of the minerals.
Rules implementing the law haven’t been finalized. As it stands,
The law doesn’t punish companies
that buy any of the four listed min-
13
Brothers in arms: Mahmoud Ahmadinejad and Bashar Assad
long regarded the esoteric Alawi
sect as heretical.
Iran and Syria also share an interest in Lebanon. Syrian despots
have always dreamt of annexing
Lebanon. And under the shah, Iran
regarded itself as the protector of
Lebanon’s Shiite community.
Under the mullahs, Lebanon has
been recast as “our revolution’s
perimeter of defense,” in the
words of Gen. Hassan Firuzabadi,
chief of staff of the Iranian armed
forces. In a speech in Tehran last
month, Gen. Firuzabadi justified
Iran’s support for Hezbollah in
Lebanon and for Hamas in the Palestinian territories by underscoring the role that the two groups
played in fighting “the Zionist enemy.” And because of its geographical proximity, Syria plays a crucial
role in channeling arms from Iran
to both Hezbollah and Hamas.
Iranian-Syrian cooperation in
Lebanon has a long history. In the
words of Iran’s former President
Hashemi Rafsanjani, the countries
worked together “to push the
Americans out” with a suicide attack that killed 241 U.S. servicemen in 1983. In the decades that
followed, Tehran and Damascus
used Hezbollah in hostage-taking
operations and assassinations of
Western diplomats and Arab politicians.
Under Mr. Ahmadinejad, Iran
has expanded its presence in Syria
significantly. At least 14 Iranian
“Islamic Cultural Centres” have
opened across Syria, and hundreds of mullah missionaries have
been sent to introduce Iranianstyle Shiism to Syrians. Similar
tactics in Lebanon have succeeded
in “Iranizing” a large chunk of the
Lebanese Shiite community.
The Assad regime has a larger
strategic importance for the Islamic Republic. “We want to be
present in the Mediterranean,”
Mr. Ahmadinejad said in a speech
last month in Tehran, marking the
arrival in the Syrian port of
Latakia of a flotilla of Iranian war-
ships. This was the first time
since 1975 that Iranian warships
had appeared in the Mediterranean.
Indeed, Iran could build a presence in the Mediterranean
through Syria and Lebanon. The
Islamic Revolutionary Guard
Corps has already developed
mooring facilities in the Syrian
port as a prelude to what may be
a full-scale air and naval base.
Mr. Ahmadinejad, who believes
that the United States is in historic retreat, sees Iran as the successor to the defunct Soviet Union
as the principal global challenger
to what he says is “a world system, imposed by Infidel powers.”
The loss of Syria would puncture
many of Mr. Ahmadinejad’s aspirations.
Over the years, it is possible
that Iran has built a network of
contact and sympathy within the
Syrian military and security services. It may now be using that
network to encourage hard-liners
within the beleaguered Assad regime to fight on.
From the start, Tehran media
have labeled the Syrian uprising
“a Zionist plot,” the term they
used to describe the pro-democracy movement in Iran itself. In
2009, the mullahs claimed that
those killed in the streets of Tehran and Tabriz were not peaceful
demonstrators but “Zionist and
Infidel” agents who deserved to
die. The Assad clan is using the
same vicious vocabulary against
freedom lovers in Syria as snipers
kill them in the streets of Damascus, Deraa and Douma.
Mr. Taheri is the author of “The
Persian Night: Iran Under the
Khomeinist Revolution” (Encounter, 2009).
Spend Better, Not More
BY DERK JAN EPPINK
Brussels seems to be on a different planet. While forcing European Union citizens and their governments to tighten their belts,
the European Commission once
again last week demanded more
of their money, by way of a 4.9%
in next year’s EU budget. And in
June, the Commission is due to
release its proposals for increasing its “own resources”—i.e., more
direct-taxation powers. The fact
that they are unable to spend
even their current budget properly doesn’t perturb the bureaucrats.
Since the European Court of
Auditors was established in the
1970s, it has not once been able to
approve an EU budget because it
can never guarantee that the EU is
accounting for its spending correctly. In particular, the EU’s
structural and cohesion funds are
riddled with financial mistakes,
administrative errors and even
fraud.
In January, Maarten Engwirda,
a recently retired Dutch member
of the Court of Auditors, lashed
out against a “culture of covering
up” in the EU. In an interview
with the Dutch newspaper De
Volkskrant, he said that the
court’s press releases on the EU
budget are drafted in vague and
inaccessible language in order to
fool journalists. “All these failures
never reached the outside world
due to the Kremlin-esque information we provided.” The court responded that Mr. Engwirda’s remarks were totally “unfounded,”
although he had worked in the institution for 15 years and knows it
inside-out.
It’s not just that the commission can’t properly document its
expenditures. It also has problems
spending all the money it gets.
Billions of euros remain unspent
every year because structural and
cohesion-fund projects have to be
co-financed by member states.
Since most European countries
are currently strapped for cash,
the commission is legally obliged
to send billions of euros back to
them. Yet this year, the Cohesion
Fund is getting €4.5 billion more
than it was allotted last year,
when no one knew how to spend
the full pot.
So why should the EU want
even more? The answer is all
about power.
At the moment, 75% of the EU
budget comes from national contributions and 25% are “own resources” from customs and agricultural duties and a percentage
of the value-added taxes collected
by member states and transferred
to Brussels. But the EU would prefer to have a completely EU-based
taxation system, by which Brussels collects the money it thinks it
needs from citizens without having to negotiate with national governments. Commission President
José Manuel Barroso already outlined his vision for the new system last year, with his wish-list
Brussels is demanding more
of Europeans’ money even
as it struggles to document
its spending properly.
including EU taxation of the financial sector, carbon dioxide emissions, air transport, energy and
corporate income; Europeans can
expect to hear more details in
January.
In return for easier access to
more Europeans’ money, Mr.
Barroso promised that the new
funding scheme would allow
member states to reduce their
national contributions to the EU.
He wants to make a deal that
would be palatable to net-contributing members like Germany,
the Netherlands, Great Britain,
Sweden, Finland and Austria.
It sounds enticing, but it is a
trick. What Mr. Barroso really intends to do is to increase the EU
budget and pass on the costs directly to Europe’s taxpayers. He
told the European Parliament last
fall that he thought the EU’s current budget level of 1% of EU GDP
was “too little to meet the growing tasks of the EU.” Those in economically stronger countries—generally net
contributors—would have to pick
up the bill.
The commission and many
members of the European Parliament are dreaming in particular
of a financial-transaction tax,
which would generate hundreds of
billions of euros for the EU budget. A sort of European “Tobin
tax,” it would lead to a European
bureaucracy on steroids. It would
also do nothing to serve or enrich
taxpayers, because the increased
costs in the financial sector would
be passed on to them.
EU-wide taxation would only
lead to even bigger government in
Brussels. But bureaucracies do not
create jobs, except for themselves.
Brussels should focus instead on
its core task of leveling the playing field for entrepreneurial activity in a single market of 500 million people. That would foster the
economic growth and revenue
that Europe so desperately needs.
In an open letter last year, the
leaders of Britain, France, Germany, the Netherlands and Finland told the Commission: “Do not
spend more, spend better.” That’s
still very good advice this year.
Mr. Eppink is an MEP belonging
to the group of European Conservatives and Reformists.
Pepper . . . and Salt
THE WALL STREET JOURNAL
“Your handling of the case,
thus far, can be described as
perverse, twisted, and
completely lacking in any
redeeming value... it is, however,
not without merit.”
10
THE WALL STREET JOURNAL.
Thursday, April 28, 2011
Thursday, April 28, 2011
LIFE STYLE
CORPORATE NEWS
Expect really fine prices for fine antiques
The market for period pieces, including English Regency and Irish Chippendale, is ripe for the picking
Chip firm races to repair
Renesas plant supplying auto industry likely offline until June
[ Free Decorator ]
SARA RUFFIN COSTELLO
Paul Costello (Interior); Kate Burnley/Newel, LLC (Antiques)
FOGEY FURNITURE Left: Unlike
maxed-out midcentury modern, serious pieces like this Regency desk in
architect Gil Schafer’s apartment can
be had for a song. Above: This 1790
Russian desk from Guy Regal Antiques can be had for half what it
cost in 1995. Right: This Russian 18thcentury Breakfront was $180,000,
now $80,000.
Plus, this subgenre is not as gray
granny as you might think—like it
or not, ’80s vapor is thick right
now. Trend followers have been
blogging about old master fluffers
like Mark Hampton and Mario
Buatta with nostalgic longing, hoping for a neo-“Dynasty” revival.
Style setters like Carolina Herrera
Jr. have been layering in the old
lady pieces for years—her laidback house in Spain is a triumph
of festive fabrics, modern upholstery and old-guard furniture.
Fresh off my trip to Mr. Regal’s
showroom, I paid a visit to my favorite purveyor of objets, boyishly
academic James Sansum of his
eponymous gallery on New York’s
Upper East Side. He, too, believes
now is a prime moment to invest
in fine antiques. “There are bargains to be had in most areas of
antique European furniture,” he
said, “with English Georgian and
German Biedermeier offering style
and quality for the buck. Both
were synonymous with the much
maligned aesthetic of the 1980s.
Yet their architectural forms and
beautiful materials make them especially poised for a resurgence.”
Another reason to buy a fine
antique is that one really good
piece can carry a room—when you
have the best materials and authentic craftsmanship, you don’t
need much else to distract. But
still, dropping $20,000 on a highboy (even if it is a good deal) is
scary. I asked Mr. Sansum, who
has art and design degrees from
Parsons, Cooper-Hewitt and Harvard, to illuminate how one might
dip a toe into the market. “My advice to the neophyte collector is
be curious,” he said. “If you see a
piece of furniture that intrigues
you, go online to 1stdibs and look
for similar pieces. Once you have
established a style, period and
country of origin then look for
books by experts in the field.”
You’ll want to do a lot of research before pulling the trigger
on any pricey piece. I have been
training my eye in 18th-century
French decorative arts at the
Wrightsman rooms at the Metropolitan Museum, and at the Coo-
per-Hewitt’s archives. I’ve hit the
shows: the Winter Antiques, the
International and the Avenue—all
at the Park Avenue Armory.
I have also been visiting Sotheby’s and Christie’s online catalogs as if they were museums, as
Sensai Sansum advised. One auction in particular he directed me
to study was the February 2009
Yves Saint Laurent sale of furniture, art and objects. “It was vast
in its range of tastes, but cohesive
in its quality and personal approach,” Mr. Sansum said. “These
types of sales are important to expand one’s aesthetic vision of periods and styles, but more importantly to see curious
juxtapositions of disparate elements. That is the genius of an inspired collector.”
Ms. Ruffin Costello is a design
consultant and style journalist
in New York.
60 SECONDS WITH: PHILIPPE STARCK
Motorcycles, music and the uselessness of design
Design is absolutely useless. There
are two types of jobs: the job that
saves life and the job that does not
save life. I do not save life with
design.
My advice to students is “don’t try
to make design.” It’s so fashionable
now for students—there are now
more designers than there are forks
per person.
My preferred mode of transport is
motorcycle. I have 35 motorcycles. I
drive the motorcycle that I designed
and also ones I have designed
especially for me. I cannot have a
car—it’s heavy, it consumes too much,
it’s a stupid symbol of machismo. I
have a very good plane—which I
designed—where I can put my
motorcycle and when I arrive
somewhere I take the motorcycle and
go to the meeting and then go back to
the plane.
My favorite cheap thing is music. I
listen to everything that’s good. There
is the same quantity of bull in classical
music as there is in popular street
music. There is a sound designer, the
best in the world, called Stephan
Crasneanski ( soundwalk.com ). He
made me a Starck mix, which I listen
to all the time.
I do my clothes myself. I buy some
fabric and send it to Agnès B., who
I read Japanese literature. Kazuo
Ishiguro. I love him. You have to
read “Never Let Me Go.”
F. Martin Ramin/WSJ (Book); Jean-Baptiste Mondino (Portrait)
Though perhaps lacking the
cachet of his redos of boutique
hotels (The Royalton, Delano,
Hudson, Paramount) or collectible
status of his spider-esque juicer for
Alessi (or $300 million yacht built
for Russian billioniare Andrey
Melnichenko), Philippe Starck’s
latest creation, the SensoWash
Starck “shower-toilet” (aka bidettoilet) for Duravit, exhibits the
designer’s trademark ability to
make everyday objects—from
toothbrushes and trains to watches
and chairs—exponentially sleeker
and chic-er. Here, the irrepressible
Frenchman discusses his motorcycle
habit and qualms about his
profession.
I don’t have a favorite architect.
I’m not into all that. I know nothing
about design or architecture. My
daughter says I am a modern
autistic. I live alone, I work alone, I
don’t watch TV or go to cinema or
read magazines—I have simply no
idea of what is happening in the
world.
Philippe Starck, the Starck loo and Starck motorcycle, and ‘Never Let me Go.’
has my patterns, and in 24 hours I
have pants, a jacket and a hat.
My favorite hotel is La Coorniche.
Near my oyster farm there is the
biggest sand dune in Europe called
the Dune du Pyla and on this dune
last year I built a small cabana with
12 rooms and a big kitchen. It’s facing
the sea and the sunset. It’s
astonishing.
What do I love about the new Duravit
SensoWash toilet? A product like that
is really honest—a toilet that washes
and dries. It’s a real, humble service.
I don’t buy art any more because
today art is too cynical, too much
business and I shall buy art when
art will come back to its duty of
politics and honesty and real
creativity and not marketing.
On my tombstone I want it to say,
“He was honest. He was foolish, he
was crazy—no, he was honest.” No,
no, no. Seriously, just, “He is
somewhere else.”
—Edited from an interview
by Deb Schwartz
Mitsubishi stays wary
as strong yen takes toll
BY YOSHIO TAKAHASHI
BY JURO OSAWA
While sexy modern designs,
like midcentury Karl Springer coffee tables and John Vesey steel
chairs, are going for fat sums in
the U.S., prices for period pieces
are down from their ’80s peak.
“Now is the time to buy good antiques,” insisted Guy Regal, the
Manhattan antiques dealer, over
lunch a few weeks ago. According
to Mr. Regal, the market for period pieces, including 18th-century
Louis, authentic English Regency
and Irish Chippendale, is ripe for
the picking. “There’s a glut of important, dowager furniture out
there and not a lot of demand,
thus, a pricing free fall,” he said.
Consider this: A pair of Louis XVI
fauteuils that were $35,000 15
years ago just went for $10,000 at
auction.
It’s all great news for those
with spare cash and an expert’s
knowledge of what to look for. I,
on the other hand, am a touch
short on both. But I am curious,
and I do love a deal.
One trip to Mr. Regal’s space at
the chicly renovated Newel showroom on 53rd Street and I was
ready to (pretend to) invest in Old
World. His inventory is refined
glitz—like if Jackie O were a table.
Walking through the aisles, all that
buffed mahogany reminded me of
Cold War-era Sunny von Bulow décor, in a good way. The scale and
seriousness of the furniture was
inspiring and would offer a nuanced jolt to any room short on
history. For those of us who obsess about living rooms, it’s exciting to bring home a glossy, gilded
antique, like an Italian secretary
desk, and redefine it for the 2010s
against a more subdued backdrop.
23
THE WALL STREET JOURNAL.
HITACHINAKA, Japan—A major
auto-parts supplier said it is scrambling to restart an earthquake-crippled factory by mid-June but that
the plant will run at just 5% of normal capacity at the outset and it is
unclear when full output will resume.
Japan’s Renesas Electronics
Corp., which produces 40% of the
chips used to control operations in
cars, is working around the clock to
restore a plant that was severely
damaged by the March 11 quake.
“This is an extremely important
plant for us, and we must put all
our efforts into getting it back to
work,” Senior Vice President Tetsuya Tsurumaru said Wednesday. He
said the company is making up for
lost output by producing the chips
at its other plants and outsourcing
some orders to other chip makers.
“We are making sure that our clients get the chips they need.”
The Naka plant in Ibaraki prefecture, north of Tokyo, makes 25% of
all of Renesas’s automotive microcontroller chips, the brains that control a variety of functions. Given the
company’s market share, that could
translate to a 10% cut in global supplies of the chips. Renesas sells its
chips to auto-parts makers, who in
turn supply car companies.
The earthquake and subsequent
power-supply problems affected
eight Renesas plants in Japan. Operations at five of Renesas’s 10 factories used in early-stage chip production—where clean rooms require
uninterrupted power—were suspended. Many of those plants shut
down because of disrupted power
supplies, not because of physical
damage.
The company has since resumed
operations at all the affected facto-
ries, except the Naka plant, which
accounts for about 15% of the company’s capacity for early-stage production. Before the earthquake, the
company forecast revenue of ¥1.15
trillion ($14 billion) for the year
that ran through March.
Renesas expects the Naka plant
partly to resume production by June
15. One line at the plant uses 200millimeter wafers and another uses
300-millimeter wafers. Wafers are
the thin slices of silicon that form
the base of semiconductors. Only
the 200-millimeter line will resume
production on June 15, and its initial
Damages to the Naka plant
could mean a 10% cut in
global supplies of car
microcontroller chips,
brains that control a variety
of functions.
output will be about 10% of its full
capacity, or about 5% of what the
plant as a whole produced before
the earthquake.
“We are currently inspecting all
the manufacturing equipment to
make sure it’s safe to resume operations,” Mr. Tsurumaru said.
Since the earthquake, Japanese
manufacturers and their customers
have been struggling with how to
cope with disruption to global supply chains. Some Japanese wafer
suppliers, such as Shin-Etsu Chemical Co., have reported damages, fueling concerns over shortages of
raw materials for chip makers. Mr.
Tsurumaru said Renesas so far has
been able to secure raw materials
for chips until around September.
Even when the Naka factory goes
back online, it will take a while for
its chips to reach customers. Earlystage chip fabrication alone takes
several weeks to a few months. The
chips produced at the Naka plant
will be sent to other plants that specialize in chip assembly and packaging.
Touring the Naka factory with
reporters, Mr. Tsurumaru and plant
manager Takashi Aoyagi gave the
first detailed account of what happened March 11 and how the company has tried to get the plant back
up to speed.
When the earthquake struck, the
company’s Tokyo headquarters immediately received emails from all
the offices and plants in affected areas except the Naka plant.
“When I finally got a call from
Mr. Aoyagi later in the evening, I
was so relieved,” Mr. Tsurumaru
said with tears in his eyes. All the
Naka employees have been accounted for with no one killed. One
employee broke a leg.
Four days after the earthquake,
Mr. Tsurumaru loaded his car with
bottles of drinking water that Mr.
Aoyagi had requested and visited
the plant for the first time. “I
couldn’t go inside yet, but even
from the outside, it was obvious
that the damage was serious,” Mr.
Tsurumaru said.
When Renesas workers could finally enter the clean rooms 10 days
after the earthquake, they saw part
of the ceiling dislocated and some
walls destroyed. “At that point we
couldn’t even think of where to begin,” Mr. Tsurumaru said.
He said that repairs have been
quicker than expected, thanks
largely to support from plant-engineering companies, chip-making
equipment makers and auto makers
and Renesas customers who sent
engineers to Renesas.
Sony’s strategy takes hit from hacking
Continued from page 19
clined to offer an update on how it
is progressing.
The security problems could unnerve new and existing customers
about entrusting personal data with
Sony’s online videogame service and
its other offerings, slowing the
progress of its network strategy
which already lags Apple and Microsoft.
Mr. Stringer has said coupling
Sony products with online services
is essential to creating brand loyalty
and differentiation to break free
from the crippling price competition
plaguing the consumer electronics
industry.
“In an environment where it’s difficult to turn a profit on hardware,
Sony has pushed for the integration
of hardware, software and the network to make money. To have this
happen now is really unfavorable,”
said Nobuo Kurahashi, corporate research analyst at Mizuho Investors
Securities in Tokyo.
Sony said Wednesday it will stick
with the strategy. “This incident
doesn’t change Sony’s fundamental
strategy of networking products and
providing services to our customers,” said spokesman Shiro Kambe.
In a statement on its Web site,
Sony’s PlayStation unit said the network had been offline for a week after an “illegal and unauthorized in-
trusion” that resulted in the loss of
personal information including
names, birthdates and possibly
credit card numbers. Sony said it is
investigating the breach and expects
some services to be back online next
week.
Furious users vented on social
networks such as Twitter asking
why the personal data wasn’t encrypted. Sony said credit card information was encrypted. As of
Wednesday afternoon in Tokyo,
Sony said, there have been no reports that the breach resulted in
user data being exposed on the Internet or fraudulent credit card
charges. The company didn’t disclose whether it determined that
credit-card information had in fact
been stolen, or how many people
might be affected by such theft.
The
PlayStation
Network,
launched in 2006 to allow PlayStation 3 console users to play games
online free of charge with one another, is at the heart of Sony’s online content delivery strategy. While
online game play is still free, the
service has evolved over time to allow users to pay and download
movies, television shows and videogames. For example, Sony charges
about $2 for users to download an
episode of the animated TV comedy
“Family Guy.”
Last year, Sony relied heavily on
the PlayStation group’s experience
to launch its Qriocity online platform to offer streaming video and
music services. The company also
tapped into the PlayStation Network’s technological infrastructure—data centers and payment systems—to serve as the backbone for
its latest online services.
While the security problem remains a concern, Sony is aggressively pushing new products to tap
into its growing collection of services.
The company said in January
that it plans to launch by year-end a
new handheld game machine codenamed Next-Generation Portable
that will access the PlayStation Network. Mr. Stringer has also said it
aims to have smartphones from its
mobile phone joint venture Sony Ericsson connect to the Qriocity platform for streaming video and music
in the future.
On Tuesday, Sony said it will enter the fast-growing tablet computer
segment with two products later
this year. The tablets will also connect to Qriocity as well as Sony’s
electronic bookstore. Kunimasa Suzuki, a Sony executive overseeing
the development of new networkconnected mobile products, said he
sees the new tablets being the
“hero” of the company’s strategy to
integrate services and hardware.
TOKYO—Mitsubishi
Motors
Corp. on Wednesday said its fiscal
fourth-quarter net profit fell 42%
due to the yen’s strength, and became the first major Japanese car
maker to say it is too soon to give
an outlook for the current fiscal
year as the impact of last month’s
natural disaster remains uncertain.
Japan’s sixth-biggest car maker
by volume posted a net profit of
¥17.8 billion ($218 million) in the
January-March quarter, down from
¥30.5 billion in the same quarter a
year earlier. The strong yen and
lower domestic production due to a
parts shortage caused by the March
11 earthquake and tsunami offset
solid overseas vehicle sales. Revenue rose 4.9% to ¥517.6 billion.
The maker of the world’s first
mass-produced electric car, the iMiEV, said it will provide a projection for the current fiscal year
through March as soon as possible.
Mitsubishi said it expects domestic production in the first half
through September to fall about
20% from a year earlier. The company said it expects to start normal
operations in October.
Still, Mitsubishi said it remains
difficult to gauge the impact of production disruptions on earnings.
“There is a risk that our expected
production may not be materialized,” said Osamu Masuko, Mitsubishi Motors president.
Overseas factories haven’t been
affected by disruptions to the partssupply chain for now, Mitsubishi
said. But production abroad may
drop below the planned level in the
July-September quarter and return
to normal during the fiscal second
half, the company said.
Mitsubishi Motors
Net profit/loss, in billions of yen
¥50
0
–50
–100
FY2006 ’07
’08
’09
’10
The magnitude 9 earthquake and
tsunami hit northeastern Japan,
where about 500 auto-parts makers
operate factories, disrupting supply
chains and shutting down the factories of all Japanese car makers.
Makers reopened their plants by
mid-April, but companies continue
to face difficulties in procuring the
parts needed to build vehicles.
A likely power shortage this
summer as a result of the disaster
will make it hard for Japanese car
makers to run domestic factories as
they would like. The Japan Automobile Manufacturers Association suggests each manufacturing sector
take two weekdays off per week in
rotation so peak power consumption
can be cut to avert summer outages.
In the fiscal year ended in
March, Mitsubishi’s net profit more
than tripled to ¥15.62 billion from
¥4.76 billion. Revenue rose 27% to
¥1.828 trillion.
Mitsubishi Motors reports earnings under Japanese accounting
standards.
LEGAL NOTICES
! " #$ %! "$
’11
Note: Fiscal years ending March 31
Source: the company
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. "</ P2JW118000-0-C00900-1--------XA
THE WALL STREET JOURNAL.
LEGAL NOTICES
Thursday, April 28, 2011 C9
EE,MW,SW,WE
GLOBAL, NATIONAL, REGIONAL
TO ADVERTISE CALL 1.800.366.3975
FAX: 214.640.7900
WSJMEDIAKIT.COM
PUBLIC NOTICES
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THE NEW YORK TIMES BUSINESS THURSDAY, APRIL 28, 2011
N
Chrysler Expected to Erase
Its Debt to Government
Goal of Raising $7.5 Billion in a Bond Sale
By BILL VLASIC
FUMINORI SATO FOR THE NEW YORK TIMES
Renesas’s Naka factory in Japan. Renesas supplies 40 percent of the world market with a crucial car computer chip.
Struggling to Produce a Critical Auto Part in Japan
From First Business Page
ing the first plant tour for reporters since the disaster. “We are
aware of this and are doing our
best to restore the supply chain
as soon as possible.”
Mr. Tsurumaru said the company hoped to restart microcontroller production on June 15,
about a month earlier than previously estimated. But output will
initially be only 10 percent of capacity, he said, declining to predict when Renesas would resume
full production.
To help meet demand, the company is shifting some production
from the factory here to another
Renesas factory in Japan not
damaged by the quake. It is also
farming out some manufacturing
of automobile controllers to GlobalFoundries, a contract manufacturer in Singapore that has
produced microcontrollers in the
past. But shortages are expected
to persist for months.
“Let’s show Renesas’s inner
strength and unite our hearts to
restart in June,” read banners
Andrew Pollack reported from
Hitachinaka, Japan, and Steve
Lohr from New York.
hung from the buildings here.
“Customers from all over the
world are waiting.”
Thus exhorted, workers have
repaired the factory’s ceiling, as
well as a crucial air filtering system intended to keep out dust
particles that can ruin the microscopic circuitry of the chips.
Test production has begun.
Workers in white suits with facemasks and hoods worked in the
clean room to repair and realign
sophisticated machines that must
be precise to billionths of a meter.
But red lights next to most pieces
of equipment indicated they were
not in operation.
To be sure, Renesas is not the
only parts supplier knocked out
by the earthquake and, in some
cases, by the tsunami that followed.
Toyota said recently that it
faced shortages of 150 critical
parts, not only electronic controllers but also rubber parts and
paint additives. The company, Japan’s biggest automobile manufacturer, said it would not be able
to resume full production until
the end of this year.
Still, as a sign of how crucial
this plant is, Japanese automakers, auto parts companies and
other customers have sent as
many as 2,500 workers to help repair the factory, called the Naka
plant.
Automobile companies are not
the only ones dependent on
Renesas. For instance, Ricoh,
maker of copiers and office
equipment, gets some customized chips from Renesas. Ricoh
executives say the Naka factory
is their biggest concern among
parts suppliers.
But microcontrollers, which
are called mi-con in Japan (pronounced my-kone), are extremely important in automobiles because they act as the brains of
electronic control systems.
A reason for the industry’s
heavy reliance on Renesas is that
it is the product of mergers involving three Japanese semiconductor companies. Hitachi and
Mitsubishi Electric merged their
semiconductor operations in 2003
to form Renesas Technology.
Then, last April, Renesas Technology merged with NEC Electronics, the former semiconductor division of NEC, to form the
current company, Renesas Electronics.
While different automakers
once had their preferred electronics suppliers, after the merger everyone ended up buying
chips from the same company,
said Koji Endo, an automobile analyst at Advanced Research Japan, an equity research firm.
Renesas has emerged as one of
the largest semiconductor companies in the world, with net
sales of 1.06 trillion yen (about
$13 billion), in the fiscal year that
ended March 2010. (Partly because of the weak economy, its
net loss that year was 137.8 billion
yen, or $1.69 billion.)
While publicly traded, the company, which is based in Tokyo, is
90 percent owned by NEC, Hitachi and Mitsubishi Electric.
The Naka factory once belonged to Hitachi and is in a region where the electronics giant
was founded as a motor manufacturer in 1910.
In automobile microcontrollers, Renesas’s main competitors
include Freescale Semiconductor
and STMicroelectronics.
Automotive microcontrollers
are mainly bespoke chips, with
many different hardware designs
and different types of software
tailored for each design. That is
partly a legacy of the auto industry tradition of each company
designing and building vehicles
to its own specifications. The
automotive electronics industry
is much the same, with many
competing designs.
“These microcontrollers are
different in small but important
ways,” said Tom Starnes, an analyst at Objective Analysis, a technology research firm. “That
makes it very difficult to switch
to alternate suppliers, at least not
quickly.” Switching could take six
months or more, analysts say.
A particular challenge is the
highly customized software that
provides instructions for the various chips. From automaker to
automaker, “there’s no software
compatibility at all,” said Tomoaki Nakamura, who once oversaw
automotive electronics for Hitachi and is now vice president for
research at IDC Japan, a market
research firm.
The lack of technical standards
is in marked contrast to the way
the personal computer industry
evolved — with its standard formats for disk storage, memory
chips, microprocessors and a
dominant operating system in
Microsoft’s Windows, although
Apple’s Macintosh operating system is gaining a bit of ground
lately.
In recent years big automakers
in the United States, Europe and
Japan have formed consortiums
to try standardizing some of their
technology. The two main
groups, AutoSAR and the Genivi
Alliance, focus on software and
electronics standards for drive
train, information and entertainment systems.
Analysts say the crisis in Japan
could accelerate progress on
these standards-setting efforts,
while prompting some automakers to reduce their dependence
on Renesas.
“In the long term, automakers
will probably spread their bets
more to other major suppliers,”
said Egil Juliussen, an auto electronics analyst at IHS iSuppli, a
research firm. “And there will be
more reason to push the industry
standardization efforts, now that
automakers have seen what can
happen when a key supplier goes
down.”
DETROIT — Of the three Detroit carmakers, Chrysler was in
the worst condition when the recession hit. And even with a taxpayer bailout, it has been slower
to recover than its rivals.
But on Thursday, the company
will announce a milestone in its
comeback effort, declaring its intention to repay its $7.5 billion in
high-interest loans — $5.8 billion
to the United States government
and $1.7 billion to Canada’s — as
soon as next month by selling
new bonds to investors.
Once it pays back the loans,
Chrysler can strengthen its ties
to Fiat, its Italian partner, and begin adding more fuel-efficient
cars to its truck-heavy lineup.
Sergio Marchionne, the chief
executive of both Chrysler and
Fiat, is expected to announce the
debt plan Thursday when he welcomes the Treasury secretary,
Timothy F. Geithner, for a tour of
the company’s Jeep plant on Detroit’s east side.
Although details of the debt offering, to be led by Goldman
Sachs, are still being negotiated,
Chrysler intends to use the proceeds of the sale to help it pay off
all of the government loans, according to people familiar with
Chrysler’s plans.
Both Chrysler and the Treasury Department declined to comment on the announcement.
The loans have been a psychological and financial drag on
Chrysler’s efforts to revamp its
operations and gain market
share since emerging from its
government-sponsored
bankruptcy in 2009.
“They started in a very deep
hole after the bankruptcy,” said
Dennis Virag, president of the
Automotive Consulting Group in
Ann Arbor, Mich. “Now they are
making progress both in the
product area and the financial
area.”
Mr. Marchionne has said that
interest payments on its government loans were the only obstacle keeping Chrysler from being
profitable in 2010, when the company lost $652 million.
Paying off the loans would also
free Fiat to raise its ownership
stake in Chrysler.
Fiat currently owns 30 percent
of Chrysler, a stake it received in
stages as part in the United
States government’s rescue of
the smallest of Detroit’s Big
Three. In exchange for the ownership interest, Fiat agreed to
provide engines and technology
to make Chrysler’s lineup more
diverse and fuel-efficient.
Once the government loans are
retired, Fiat plans to pay $1.3 billion for newly issued Chrysler
shares, raising its ownership
stake to 46 percent.
That deal will most likely accelerate the integration of Fiat and
Chrysler and speed the arrival of
new Fiat-based models for
Chrysler to sell in the American
market.
The refinancing is also expected to save money overall for
Chrysler, which is paying high interest rates on the $5.8 billion it
owes to the American government and the $1.7 billion it owes
the Canadians.
“It’s great they are tuning up
their balance sheet by reducing
debt,” said Rebecca Lindland, an
analyst with the research firm
IHS Global Insight. “That will
Nick Bunkley contributed reporting.
help them direct more money towards product development.”
Under Mr. Marchionne’s leadership, Chrysler has methodically improved its core products
since coming out of Chapter 11. In
the last year, Chrysler has introduced new, well-received versions of its Jeep Grand Cherokee
sport utility vehicle and the
Chrysler 300 flagship sedan.
The company has also benefited from positive reaction to its
“Imported from Detroit” ad campaign that promotes its corporate
resilience and improved product
quality.
So far this year, Chrysler’s
sales are up 22 percent — slightly
higher than the 20 percent increase in sales for the overall industry. The increase, however, is
almost entirely attributable to
improved sales of its Jeep models
and Dodge trucks. The company’s domestic market share has
remained flat at 9 percent.
But the Fiat influence will be
felt soon. Chrysler has just started to sell the Fiat 500 minicar in
its American dealerships, and
more new passenger-car models
are in the pipeline.
Chrysler needs a more balanced portfolio to take advantage
of the steady rise in popularity of
smaller cars. The Ford Motor
Company reported a sparkling
An opportunity for the
automaker to focus on
adding Fiat cars to a
truck-heavy lineup.
$2.5 billion first-quarter profit on
Tuesday, largely because of the
success of its new Fiesta and Focus cars.
“Chrysler is in a better position
now than a year ago, but they are
still reliant on trucks versus
cars,” said Ms. Lindland.
Paying back the government
loans will leave the federal government’s ownership stake in
Chrysler unchanged at 8 percent.
But the new debt structure is
considered a vital step toward a
public stock offering by the company this year or in early 2012.
The majority owner of Chrysler is the health care trust for retired members of the United Auto
Workers union, which has a 55
percent stake.
Chrysler has not suffered the
same consumer disapproval that
General Motors experienced
from its government bailout.
That was mostly because of G.M.
came out of bankruptcy with the
American taxpayer as its majority owner.
But G.M. has mostly shed its
dreaded image as “Government
Motors” since the federal government cut its stake to 26 percent
from 60 percent in G.M.’s stock
offering last November.
In Chrysler’s case, its biggest
problem was a weak lineup of vehicles and tight constraints on
product spending. But it now appears to be gaining momentum
with new Fiat models.
Analysts who had written off
Chrysler after bankruptcy are
now applauding Mr. Marchionne’s slow, steady rebuilding
of its product portfolio.
“It’s sort of like the cat with 17
lives,” said Mr. Virag. “They used
up their nine, and they apparently still have more.”
Boeing Chief Says Rivet Flaws Appear Limited to One Jet
By CHRISTOPHER DREW
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sections of the roof found that rivet holes on one layer of the
plane’s skin did not line up properly with an underlying layer.
A five-foot hole suddenly
ripped open in the cabin roof on
April 1, forcing the Southwest jet
to make an emergency landing in
Arizona.
The safety board did not draw
any conclusions about the cause
of the rupture, which occurred at
34,000 feet. Independent experts
said they were surprised that
Boeing’s inspectors had not
caught such a basic mistake
when the plane was built in the
mid-1990s.
Mr. McNerney said federal investigators were still sorting out
what happened.
His comments came as Boeing
announced that its first-quarter
earnings rose 13 percent to $586
million, or 78 cents a share, from
$519 million, or 70 cents a share, a
year earlier. Revenue slipped 2
percent to $14.9 billion, from $15.2
billion, on weaker revenue in the
commercial airplane business.
The company, which also has a
large military business, reaffirmed its guidance for the
year, with revenue expected to be
$68 billion to $71 billion and earnings to be $3.80 to $4 a share.
Mr. McNerney said that Boeing remained on track to make
the first deliveries of its new 747-8
STEPHEN BRASHEAR/GETTY IMAGES
Boeing says it plans to deliver some 787 Dreamliners in 2011,
after years of problems with suppliers and production.
freighter and its long-delayed 787
Dreamliner passenger plane, and
that it still expected to deliver 25
to 40 of these two models this
year.
He said the 787 deliveries
would include a mix of the first
planes it has built, which have
needed extensive reworking to
fix poorly made parts from suppliers, and the latest jets, which
are coming off the production line
in much better shape.
The 787, built with lightweight
composite materials to lower fuel
costs, has attracted more sales —
about 850 — than any commer-
cial plane in history. But the production problems have added billions of dollars in costs, and Mr.
McNerney said the project’s profitability would eventually be decided by how well longer-range
versions of the plane sell.
Mr. McNerney also said that
Airbus’s plan to update its A320
series with new engines was taking sales from smaller competitors, like Canada’s Bombardier,
rather than from Boeing. He said
Boeing was still likely to forgo
changing the engines on its 737
models and seek to introduce a
new plane by 2019 or 2020.
8D
THURSDAY, APRIL 28, 2011
USA TODAY
Stage
Two dramas, several dysfunctional souls
Compellingly
deluded dreams
fill ‘Blue Leaves,’
‘Jerusalem’
NEW YORK — Were Artie and
Bunny, the sad, selfish, adulterous
couple who dream of showbiz
glory in The House of Blue Leaves,
to exist today, they’d be prime
candidates for reality TV.
Of course, when John Guare
wrote this darkly farcical play,
first staged in 1966, the notion
that utterly unexceptional losers
Review
By Elysa Gardner
would not only seek fame and
fortune but also feel entitled to it
seemed a lot more ludicrous than
it does now. And, one could argue, our general obsession with
celebrity hadn’t yet metastasized
into the pervasive sickness it is at
the moment.
All of which makes the pairing
of this Guare classic and David
Cromer, who directs the new
Broadway production of Blue
Leaves (eee½ out of four),
cause for excitement.
Having brought a raw naturalism and fresh topicality to
works as diverse as Our Town and
Brighton Beach Memoirs, Cromer
seems just the man to revisit
Guare’s quirky, probing satire.
And in this haunting, bleakly funny revival, which opened Monday at the Walter Kerr Theatre,
the director and his starry cast
deliver.
Ben Stiller funnels the perfect
mix of delusion and dejection
into Artie, a middle-aged zookeeper and aspiring songwriter
sharing a squalid apartment with
his schizophrenic wife, known to
everyone as Bananas and played
By Simon Annand
Jerusalem: Mark Rylance’s
“Rooster” Byron is unforgettable.
By Joan Marcus
House of Blue Leaves: Ben Stiller, with Alison Pill, plays Artie, a songwriter who harbors fantasies of stardom in Hollywood.
by Edie Falco. As the play unfolds,
the pope is coming to town, and a
breathless Bunny (Jennifer Jason
Leigh) pops by early to rouse
Artie, recovering from one of
his increasingly fruitless gigs at a
local bar.
Bunny sees the pope’s presence as a sort of spiritual harbinger for her and Artie, who plan to
deposit Bananas in a loony bin
and run off to California, where
Artie’s childhood friend, Billy, is
now a successful filmmaker. But
their plot is threatened as other,
unexpected visitors arrive: a
posse of lost nuns, Billy’s glamorous but troubled girlfriend and
Artie and Bananas’ 18-year-old
son, a Vietnam-bound soldier
with his own twisted scheme to
earn the world’s attention.
In the end, Bananas emerges as
the most pure-hearted and, in
her own way, reasonable character, and the superb Falco plays
as irresponsible and delusional as
Artie, but a better entertainer.
Mind you, Rooster has no Hollywood aspirations; he’s content to
live in hedonistic squalor in a
trailer parked in the English
countryside, partying with and
selling drugs to shiftless teenagers.
‘Jerusalem’: Wholly excellent
The neighbors, not surprisingJohnny “Rooster” Byron, the ly, aren’t quite so pleased with
anti-hero at the center of Jez But- this arrangement. The Londonterworth’s Jerusalem (eee½), is based play, now at the Music Box
her with a searing but tender authenticity. Leigh’s vain, nattering
Bunny is an ideal foil, at once hilarious and disturbing in her ignorant conviction that she and
Artie and their fantasies will
prevail.
Theatre, devotes three hours to
Johnny’s last stand against the
conformists demanding his eviction. Butterworth infuses his
hero/fool’s tale with a sweeping
lyricism that nods to Saint
George and William Blake
(whose poem inspired the titular
English hymn).
Mitigating, bawdy humor
serves this unlikely process well,
as does an impeccable cast directed by Ian Rickson. Jerusalem
succeeds, above all else, as a vehicle for the talents of Mark Rylance, who invests Johnny with a
blazing, barreling intensity and a
sort of sordid charisma.
It’s a performance that has
surely just made the already
competitive contest for this
year’s best-leading-actor Tony
Award a little tighter.
People
D’Onofrio back on duty in more relaxed ‘Law’
After break, he has renewed
confidence, easier schedule
By Nancy Mills
Special for USA TODAY
How difficult was it to persuade Vincent D’Onofrio to return to Law & Order: Criminal Intent after leaving the show more
than a year ago? Not very.
“All it took was (creator) Dick
Wolf asking,” D’Onofrio says between setups at the Chelsea Pier
Soundstage in Manhattan. He is
finishing up Episode 3 of Season
10, which begins Sunday (9 p.m.
ET/PT) on USA Network.
After handing off his detective
work to Jeff Goldblum, D’Onofrio
left the series early in Season 9.
He had been hospitalized briefly
for nervous exhaustion in the
fourth season but soldiered on for
another five years.
“I liked doing the show,”
D’Onofrio says, “but after working on it for so many years, I did
need a break. I tried for a long
time to get off it, but I didn’t want
to leave anybody in the lurch.”
But finally, there was an opportunity. “Dick eventually figured
out a way to segue me out,” says
the actor, 51. “I have so much
respect for Jeff Goldblum
that I thought it
was going to
fly.
But it didn’t work out as great as
they thought it would.”
Now D’Onofrio’s Detective
Bobby Goren is back to figuring
out the way criminals think. “But
things have changed here,” he
explains. “We’re not doing as
many episodes (just eight) or
working as many hours. They
found a way to do it so it’s more
comfortable for Kate (Kathyrn
Erbe, who plays his partner Alex-
andra Eames) and me.”
He adds: “Mainly we’re making shows like we did during the
early seasons. They’re straightout crime dramas, with Goren
being very quirky and doing
things that surprise people. We
got away from that a little bit in
the later years.”
Reports suggest that Criminal
Intent will end after this season,
but D’Onofrio says the final decision is yet to be made.
“Some people say it’s the last
season,” he acknowledges.
“Some people say it’s not.
“If they have to end it, it will
end,” he says. “We have no control. But if they can figure out a
“Everything
changed when
I met my wife.
She allowed me
to be me, with
all my flaws.
. . . When you
have that, you
can focus more
on the artistic
things.”
way to make money off it, it’ll
stay on the air.” And if it continues? “I’d stay with it.”
D’Onofrio insists he shares
only one quality with his character, Goren. “I have good intuition
about people,” he says. “I’m pretty good at it in my personal life.”
Age brings confidence
D’Onofrio admires Goren’s unpredictability. “But he’s a little too
dark for me at my age.” The
Brooklyn-born actor adds: “Maybe when I was young, it was OK
to be like that. Now it’s a bit too
much. I’ve learned to let everything go and leave it at work.”
He elaborates. “When you’re a
young artist, you’re struggling to
achieve all these things, and you
wrap yourself into it and you’re in
this bubble. When you get older,
your confidence is much greater,
and your ability is much greater,
and you’re able to rely on the fact
that (your acting ability) is going
to be there when you pick it back
up. So you can lay it down and go
home and not think about it.”
He credits his wife, Dutch
model Carin van der Donk, with
helping him reach this point. “I
was kind of a loner, very introverted and pretty socially inept
for a long period,” he says. “Everything changed when I met my
wife. She allowed me to be me,
with all my flaws. To know someone truly loved me for who I was
. . . that relationship has been
going on and on, and it’s great.
When you have that, you can focus more on the artistic things.”
They have two sons, Elias, 11,
and Luka, 3. D’Onofrio also has a
daughter, Leila, 19, with Australian actress Greta Scacchi.
“She’s making films at the Sydney Film School,” he says.
“She’s interested in directing
and writing.”
Finding his niche
By Marco Grob, USA Network
When D’Onofrio was
that age, he had no specific ambition. “I used to
put on shows for the
neighborhood with my
three sisters,” he says,
recalling his early years
in Florida with his divorced mother. “We collected canned food for
families in Vietnam. In order to see the show, people
would have to bring cans. But I
never took performing seriously.”
After graduating from high
school, D’Onofrio went on a road
trip with his best friend. “We
drove from Florida to California,”
he says. “I ended up in Colorado,
working construction and labor-
ing jobs.”
Eventually he went to New
York. “I didn’t know what I wanted to do,” he says, “but deep
down, I knew it would be something artistic. In New York, I
learned to respect the arts more.
I started to go to (acting) classes, I
studied, and I took it seriously.”
Theater work led to a starring
role in Stanley Kubrick’s 1987
film Full Metal Jacket. Since then,
D’Onofrio has appeared in nearly
70 films, including Mystic Pizza,
JFK, Men in Black and the recent
crime drama Kill the Irishman.
In the upcoming comedic drama Chlorine, he and Kyra Sedgwick play “a husband and wife
trying to keep up with the Joneses,” he says. “It’s about the stress
of what’s going on these days
with the recession and how families are trying to survive.”
Don’t Go in the Woods, a horror
musical that he directed and
helped write, is due later this
year. He is producing Mall, a film
version of Eric Bogosian’s 2001
same-titled novel. “Eric used to
be on the show, and he asked me
to read it,” D’Onofrio says. “He
thought it might be a good idea
to make a film of it. So I developed it with some friends, and
we’re casting it now.”
He also wants to direct and star
in Johnny and Me, about a father/
daughter relationship. “It’s not so
much that I like being in charge. I
just like being involved in the
whole process.”
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NOTICES
LEGAL NOTICE
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
MOTORS LIqUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
TO ALL CREDITORS, EqUITY INTEREST HOLDERS, AND OTHER PARTIES
IN INTEREST:
PLEASE TAKE NOTICE that an order (the “Confirmation Order”)
(ECF No. 9941) confirming the Debtors’ Second Amended Joint Chapter
11 Plan, dated March 18, 2011 (ECF No. 9836) (the “Plan”), of Motors
Liquidation Company and its affiliated debtors (collectively, the “Debtors”),
was signed by the Honorable Robert E. Gerber, United States Bankruptcy
Judge, and entered by the Clerk of the United States Bankruptcy Court for
the Southern District of New York (the “Bankruptcy Court”) on March 29,
2011. Capitalized terms used herein but not otherwise defined have the
meanings ascribed to such terms in the Plan.
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is
available for inspection during regular business hours in the office of the
Clerk of the Bankruptcy Court, Alexander Hamilton Custom House, One
Bowling Green, New York, New York 10004. The Confirmation Order is also
available for registered users of the Bankruptcy Court’s filing system by
accessing the Bankruptcy Court’s website (www.nysb.uscourts.gov) and for
all parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions
are binding on the Debtors, the Post-Effective Date Debtors, the GUC Trust
Administrator, the Asbestos Trust Administrator, the Environmental Response
Trust Administrative Trustee, the Avoidance Action Trust Administrator, any
entity acquiring or receiving property or a distribution under the Plan, and
any holder of a claim against or equity interest in the Debtors, including all
governmental entities, whether or not the claim or equity interest of such
holder is impaired under the Plan and whether or not such holder or entity
has accepted the Plan.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan
(as defined in the Plan) occurred on March 31, 2011 and, as a result, the
Plan has been substantially consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising
from the rejection of executory contracts or unexpired leases pursuant
to the Plan must be filed with the Bankruptcy Court and served upon the
Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the
Environmental Response Trust Administrative Trustee, and the Avoidance
Action Trust Administrator, at the addresses set forth in the Confirmation
Order, on or before May 30, 2011. Any claims arising from the rejection
of an executory contract or unexpired lease for which a proof of claim
has not been filed by such date shall be forever barred and shall not be
enforceable against the Debtors, the GUC Trust Administrator, the Asbestos
Trust Administrator, the Environmental Response Trust Administrative
Trustee, and the Avoidance Action Trust Administrator, or any property
to be distributed under the Plan, the GUC Trust, the Asbestos Trust, the
Environmental Response Trust, and the Avoidance Action Trust.
Dated: New York, New York
April 18, 2011
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Attorneys for Debtors and
Post-Effective Date Debtors
4A
COVER STORY ◆
WWW.FREEP.COM
THURSDAY, APRIL 28, 2011
◆
What’s the best way to get moving?
Cass
Joh
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higa
Joe
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Congress
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a
S q u dillac
are
tio
t
Greektown
Casino
JeffersonJefferson
Cobo
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Arena
Arena
Glendale
Calvert
Compuware
Bldg.
Campus
Martius
C Park
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options
Cobo
Hall
Joe Louis
Arena
te
ri
Woodbrid
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Hart
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Hazelwood/
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Piquette/
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Warren Ave./
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Inset
Source: Detroit Transit Options for Growth Study
ter Rogoff said in a statement
to the Free Press. “As the federal partner, FTA is committed to working with all the
stakeholders to ensure the
project’s success.”
More issues to work out
But key differences remain.
The business leaders behind M-1 had in mind a slowermoving rail line with lots of
stops. But many transit advocates say it would be a mistake
to not make the system a more
traditional rail line that pro-
vides speedy trips between
fewer stations.
There also is an important
dispute over whether the line
should run down the center of
Woodward or closer to its
curbs in the first lane on each
side out from the parking lane.
Each position has merits.
Which is best depends on goals
the line is supposed to meet.
A center-running line would
run on its own dedicated track,
not sharing a lane with auto
traffic. That would be faster
and more reliable. Critics say
PLEASE TAKE NOTICE that an order (the “Confirmation Order”) (ECF No. 9941) confirming the
Debtors’ Second Amended Joint Chapter 11 Plan, dated March 18, 2011 (ECF No. 9836) (the “Plan”),
of Motors Liquidation Company and its affiliated debtors (collectively, the “Debtors”), was signed by the
Honorable Robert E. Gerber, United States Bankruptcy Judge, and entered by the Clerk of the United
States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on March 29,
2011. Capitalized terms used herein but not otherwise defined have the meanings ascribed to such terms
in the Plan.
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is available for inspection during regular
business hours in the office of the Clerk of the Bankruptcy Court, Alexander Hamilton Custom House, One
Bowling Green, New York, New York 10004. The Confirmation Order is also available for registered users of
the Bankruptcy Court’s filing system by accessing the Bankruptcy Court’s website (www.nysb.uscourts.gov)
and for all parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions are binding on the Debtors, the PostEffective Date Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental
Response Trust Administrative Trustee, the Avoidance Action Trust Administrator, any entity acquiring or
receiving property or a distribution under the Plan, and any holder of a claim against or equity interest in
the Debtors, including all governmental entities, whether or not the claim or equity interest of such holder is
impaired under the Plan and whether or not such holder or entity has accepted the Plan.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan (as defined in the Plan) occurred
on March 31, 2011 and, as a result, the Plan has been substantially consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising from the rejection of executory
contracts or unexpired leases pursuant to the Plan must be filed with the Bankruptcy Court and served upon
the Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental Response
Trust Administrative Trustee, and the Avoidance Action Trust Administrator, at the addresses set forth in the
Confirmation Order, on or before May 30, 2011. Any claims arising from the rejection of an executory contract
or unexpired lease for which a proof of claim has not been filed by such date shall be forever barred and shall
not be enforceable against the Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the
Environmental Response Trust Administrative Trustee, and the Avoidance Action Trust Administrator, or any
property to be distributed under the Plan, the GUC Trust, the Asbestos Trust, the Environmental Response
Trust, and the Avoidance Action Trust.
Dated: New York, New York
April 18, 2011
Attorneys for Debtors and
Post-Effective Date Debtors
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44324pdf
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
❚ CONTACT MATT HELMS: 313-222-1450
OR [email protected]
After
Before
Sale Site: Suburban (Fmr Rock Financial) Showplace
46100 Grand River, Novi, MI 48374
TO ALL CREDITORS, EQUITY INTEREST HOLDERS, AND OTHER PARTIES IN INTEREST:
center-running lines are prone
to pedestrian accidents, since
riders must cross traffic lanes
to get to the stations. Some
center-running lines have suffered train-car accidents as
motorists make left turns in
front of trains.
Side-running lines tend to
be slower because trains have
to stop for cars that are parallel parking or stopped to make
a right turn.
But advocates of side-running lines say they are better at
promoting local businesses
since passengers get off the
trains right at the curb in front
of nearby retailers.
Bing’s spokesman declined
interviews. He said recently
that a well-designed centerrunning line would not hurt
businesses or development
along Woodward and could be
safe for pedestrians.
Matt Cullen, the chief executive of the M-1 group of private investors, expressed optimism.
“I feel like we’re encouraged
by our opportunity to better
understand what’s going on,
and we’re having a good dialogue with folks,” he said
Wednesday. “Ultimately, it’s
Mayor Bing’s call as to the design, and assuming that all of
our folks are comfortable with
the design and budget and operational sustainability of it,
then we’re in.”
DONATE YOUR CAR
“Had It With Dentures?”
Friday, May 13, 2:00 P.M. &
Saturday, May 14, 11:00 A.M.
Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
DAVID PIERCE/Detroit Free Press
What it is: A light-rail system running along Woodward
from downtown Detroit to
8 Mile.
Cost: $450 million to
$500 million, depending on the
final route configuration and
other details.
Who’s paying for it: A combination of city bonds and federal
money, and money from nonprofits and wealthy individuals.
Passenger fares and government subsidies would pay to
operate it.
Projected opening date: 2016.
Owner: Detroit Department
of Transportation, although it
may become part of a regional
transportation authority.
40795
man Dan Gilbert pledged millions for the project, believing a
privately funded and operated
line could be built more quickly
than a city-run project that
might get lost in red tape.
But the project ultimately
required cooperation between
public and private interests,
said Megan Owens, executive
director of Transportation
Riders United, a group that advocates for public transit.
“That’s really where M-1
came from,” she said, “this desire to get it done faster and to
make sure it got done. But you
can’t really do a transportation
project of this magnitude without working with the government. That’s the reality.”
The federal government
has provided $25 million for
the project, and it and the City
of Detroit see the Woodward
line as the first leg of a regional
system.
David Goldberg, spokesman for Transportation for
America, an advocacy group,
said cities are building or expanding rail as a component of
economic growth and redevelopment as more people opt to
live and work in cities with reliable transit.
About 28 U.S. cities operate
light rail or trolley systems,
and at least a dozen more systems are in the works or under
study, Schroeder said.
The Federal Transit Administration (FTA) acknowledged the project’s high stakes
for Detroit’s future but would
not discuss the project in detail.
“It will stimulate long-term
economic growth by attracting
investment to downtown Detroit and the New Center
area,” FTA Administrator Pe-
N44034
Description:
0
Color Type:
Section-Page-Zone(s): A-4-All
Siderunning
line
Sta
Gra
Manchester
PHASE 1
2X5 MODULAR M10
Fort
iver
40556
Size:
People
Mover
nd R
Mic
Howard
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
Thursday, April 28, 2011
GCG Communications
Rosa
Parks
Transit
Center
C
O
WOODWARD AVE.
Agency:
Gra
7 Mile
McNichols
Beacon
Randolph
Insertion Number: N/A
Grand
Circus Park
Proposed
routes and
stops
PHASE 2
Centerrunning
line
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
MOTORS LIQUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
State
fairgrounds
Key decisions are yet to be made about
the route the rail line would take
downtown — either straight up and
down Woodward, or looping around
lower downtown to connect with the
Rosa Parks Transit Center.
er
rm
Fa
It’s been a delicate dance
from the beginning a few years
ago, when some of metro Detroit’s
wealthiest
people
pledged tens of millions of dollars to get the M-1 project going
after previous city efforts
stalled.
Civic and business leaders
including Roger Penske, Compuware Chairman and CEO
Peter Karmanos Jr. and Quicken Loans founder and Chair-
Center-running lines tend to be faster, keep a more reliable
schedule and stop at fewer stops. Side-running lines tend to be
slower, stop more often, but, proponents say, may contribute
more to tourism and economic development
in areas they serve.
ay
adw
In the beginning
2. Getting around downtown
Bro
Fundamental issues dividing city officials from business
leaders and others staking millions of private dollars in building new light rail in Detroit
must be ironed out soon if work
is to begin next year, as Mayor
Dave Bing hopes.
Among the questions:
❚ Whether the rail line will run
down the middle of Woodward
— a design transit advocates
say would be safer, faster,
cheaper and more efficient —
or be built on the avenue’s curb
lanes, as the private backers of
the proposed M-1 rail first envisioned to boost tourism and redevelopment.
❚ What route the line would
travel through downtown. Private backers initially envisioned a line running straight
up and down Woodward from
Jefferson. But the Detroit Department of Transportation,
which will operate the line,
prefers a route that bypasses
lower Woodward in favor of a
loop around lower downtown
to connect with the Rosa Parks
Transit Center west of Woodward.
❚ How to pay for the long-term
operation of the project. Ultimately, supporters say, a region-wide rail system, for
which the Woodward line is
seen as a first step, will require
a regional tax.
Operating the line, as is the
case with virtually all such
lines elsewhere, would require
a public subsidy.
And getting a state subsidy
for the Detroit light-rail line
would, in all likelihood, require
putting control of the system
into a regional transportation
authority. That could spark resistance in Detroit to giving up
control of a key piece of city infrastructure. At the same time,
suburban voters may balk at
approving a tax seen as largely
benefitting the city.
Leaders must resolve those
issues now, said Martin
Schroeder, chief engineer for
the American Public Transportation Association.
“If you’re going to spend
money to put a rail system in,
you’ve got to do your homework. You want to be right the
first time,” Schroeder said.
1. Down the center or to the side?
Woodward
Advertiser:
FREE PRESS STAFF WRITERS
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Woodward light rail
Griswold
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By MATT HELMS
and JOHN GALLAGHER
Light-rail problems to be resolved
Washington
Ad Number:
Engineer: Getting
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Garden City Group Inc
x
IF PURCHASED SEPARATELY PRICES ARE BASED ON REG. PRICES. SALE PRICES IN EFFECT
THROUGH 6/30/11. Cleaning prices are higher on leather, shearling and cashmere. †Trade-in offer
not valid on clearance merchandise and accessories. Offer subject to the condition of your fur. See fur
storage contract for protection coverage details. No adjustments to prior purchases. N1030805. 44029
METRO
•
Paramedic testifies of
finding chaotic scene,
unconscious toddler
New Baltimore — A paramedic broke down in tears Wednesday as she recalled an afternoon
last year when she entered a New
Haven home and found an unclothed and unconscious 2-yearold girl lying in the middle of the
living room floor.
“She was unresponsive, not
breathing and she didn’t have a
pulse,” Richmond-Lenox EMS
paramedic Katie Eisen said.
Eisen testified about the
chaotic scene during the preliminary examination Wednesday of
Renee Marie King in 42nd District Court in New Baltimore. The
29-year-old is charged with felony murder, first-degree child
abuse and first-degree criminal
sexual conduct on allegations she
sexually assaulted and killed her
stepdaughter, Lily Lynette Furneaux-Wolfenbarger. The hearing resumes today.
Prosecutors say King and Lily
were alone Nov. 20 at the home in
the Meadow Creek Mobile Home
Color Type:
Renee Marie King, 29, is accused
of sexually assaulting and killing
her stepdaughter.
Community that King shared
with Lily’s father, Jeff Wolfenbarger.
Eisen said while working on
the child following a 911 call
shortly after 2 p.m., King told her
she wasn’t sure what happened.
“She said she was in the shower
and came out and found her,” Eisen said. After the comment,
King’s attorney, Michael Dennis,
pointed out that his client made
several inconsistent comments
to Eisen that day about what happened. She also told the para-
[email protected]
Romulus top cop to resume post
BY STEVE PARDO
The Detroit News
Romulus — Police Chief Michael St. Andre is set to return
Monday from a leave of absence
that began March 16 in the wake
of a Michigan State Police investigation.
“We need him to come back to
work,” Romulus Mayor Alan
Lambert said Wednesday. “I just
think it’s time for him to come
back to work and do his job with
this department.”
State Police raided the police
station, St. Andre’s home, his
wife’s Westland tanning salon
and other locations March15. The
chief said those raids stemmed
from an investigation that began
nearly three years ago.
At that time, Romulus police
officials received information
that the department’s narcotics
unit wasn’t paying informants
correctly, said St. Andre, who was
then deputy police chief.
An internal investigation
found no evidence of wrongdoing, but police went to Lambert
and brought it up with the State
Police anyway, St. Andre said.
Lambert and St. Andre said
they’ve been cooperating with
the investigators since then.
Lambert said in March he
thought the raids were “overkill.”
Detective Sgt. Derran Shelby,
who has served as acting chief,
will resume his former position.
Lambert said the department
will continue to cooperate in the
investigation.
Lambert said Shelby “did an
outstanding job as acting police
chief …”
State Police officials confirmed the investigation is con-
In re
MOTORS LIQUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
tinuing.
Maria Miller, spokeswoman
for the Wayne County Prosecutor’s Office, declined to comment
on the case.
St. Andre said he is ready to resume his post.
Lambert said he respects St.
Andre and believes he will be
cleared of any wrongdoing.
[email protected]
(313) 222-2112
Southgate Schools sends
56 teachers layoff notices
Southgate Community
Schools sent layoff notices to
56 teachers Wednesday as it
works to ease a $1.7 million
deficit. The school board
voted for the job cuts Tuesday
night, said Nancy Nagle,
associate superintendent.
About half of the laid-off
teachers may be called back
before the start of the school
year.
Under the teachers’ contract, the district had to send
layoff notices before April 30.
The school district also is
considering privatizing some
noninstructional services and
putting a spending freeze on
nonessential supplies and
textbook purchases, Nagle
said.
NORTHVILLE
Residents invited to help
with Park Clean Up
Wayne County Commissioner Laura Cox, R-Livonia,
has invited residents of western Wayne County to participate in the seventh annual
Park Clean Up from 9 a.m. to
noon May 7 at Bennett Arboretum in Northville. Registration will be at 8:30 a.m. at
Cass Benton Pavilion.
Volunteers will collect
debris and remove invasive
species. The first 50 volunteers to register will receive a
free pair of Detroit Tigers
tickets. To register, call Cox’s
office at (313) 224-0946.
OAKLAND
CLAWSON
Woman, 40, in critical
condition after house fire
A 40-year-old woman was
listed in critical condition
Wednesday following a fire in
her home on the 600 block of
Goodale. She was taken to
Beaumont Hospital before
being transferred to Detroit
Receiving Hospital, Oakland
County Sheriff’s officials said.
The fire was reported about
10:15 p.m. Tuesday in the
home near Rochester Road
and 15 Mile. A cause remains
under investigation. Officials
didn’t release the victim’s
name.
FARMINGTON HILLS
Neighbor calls police after
spat about pliers on fence
A recent assault and battery report on Silver Lake
Road tests the proverbial
premise that “good fences
make good neighbors.” Police
AUCTION
70+
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
TO ALL CREDITORS, EQUITY INTEREST HOLDERS, AND OTHER PARTIES IN INTEREST:
PLEASE TAKE NOTICE that an order (the “Confirmation Order”) (ECF No. 9941) confirming the
Debtors’ Second Amended Joint Chapter 11 Plan, dated March 18, 2011 (ECF No. 9836) (the “Plan”),
of Motors Liquidation Company and its affiliated debtors (collectively, the “Debtors”), was signed by the
Honorable Robert E. Gerber, United States Bankruptcy Judge, and entered by the Clerk of the United
States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on March 29,
2011. Capitalized terms used herein but not otherwise defined have the meanings ascribed to such terms
in the Plan.
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is available for inspection during regular
business hours in the office of the Clerk of the Bankruptcy Court, Alexander Hamilton Custom House, One
Bowling Green, New York, New York 10004. The Confirmation Order is also available for registered users of
the Bankruptcy Court’s filing system by accessing the Bankruptcy Court’s website (www.nysb.uscourts.gov)
and for all parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions are binding on the Debtors, the PostEffective Date Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental
Response Trust Administrative Trustee, the Avoidance Action Trust Administrator, any entity acquiring or
receiving property or a distribution under the Plan, and any holder of a claim against or equity interest in
the Debtors, including all governmental entities, whether or not the claim or equity interest of such holder is
impaired under the Plan and whether or not such holder or entity has accepted the Plan.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan (as defined in the Plan) occurred
on March 31, 2011 and, as a result, the Plan has been substantially consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising from the rejection of executory
contracts or unexpired leases pursuant to the Plan must be filed with the Bankruptcy Court and served upon
the Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental Response
Trust Administrative Trustee, and the Avoidance Action Trust Administrator, at the addresses set forth in the
Confirmation Order, on or before May 30, 2011. Any claims arising from the rejection of an executory contract
or unexpired lease for which a proof of claim has not been filed by such date shall be forever barred and shall
not be enforceable against the Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the
Environmental Response Trust Administrative Trustee, and the Avoidance Action Trust Administrator, or any
property to be distributed under the Plan, the GUC Trust, the Asbestos Trust, the Environmental Response
Trust, and the Avoidance Action Trust.
Dated: New York, New York
April 18, 2011
Attorneys for Debtors and
Post-Effective Date Debtors
Mayor going to Germany
for climate program
Mayor Bryan Barnett will
join nine other elected officials from across the United
States for a trip to Germany
in June to participate in the
Transatlantic Climate Bridge,
an international exchange
program established in 2009
by the governments of both
countries. The program is
intended to examine policies
related to sustainable energy
and global climate change.
All travel expenses will be
covered by the German government, according to a
statement released by the
city.
MACOMB
ROSEVILLE
3 charged with stealing 1
car, trying for another
Three people have been
charged with stealing a car
and attempting to take another one Tuesday from parking
lots in Roseville.
Brandy Marie Stribling, 19,
and Timothy Dewayne Hobson, 20, both of Detroit, were
arraigned in 39th District
Court on felony charges including unlawful driving
away and breaking into a
vehicle, said Roseville Deputy
Police Chief Anthony Cona.
The third suspect is a minor,
and police are not releasing
his name. A judge set a $7,500
bond for Stribling and a
$3,000 bond for Hobson,
officials said.
MOUNT CLEMENS
Man pleads guilty to
manslaughter in fight
A Warren man accused in
a fatal fight with his friend
and neighbor pleaded guilty
to manslaughter Wednesday
in Macomb County Circuit,
the same day a trial was to
begin.
Prosecutors allege James
Jaynes, 46, struck James
Hilla, 52, in the abdomen
with a wood plank on June 8,
2010, during a night of drink-
CLINTON TOWNSHIP
Macomb CC raises
tuition, appoints trustee
Macomb Community
College raised tuition 5 percent and appointed a new
trustee this week. The college’s Board of Trustees on Tuesday authorized the increase,
which raises resident tuition
by $4 to $84 per credit hour.
The increase goes into effect
with the fall semester. The
move is designed to help
address a projected budget
deficit of $9 million to $12
million. Also Tuesday, the
board named Charley G.
Jackson Jr. a trustee. Jackson
succeeds Frank DeSantis,
who resigned in March for
personal reasons. Jackson, a
law school student, works for
the Army Contracting Command in Warren.
LIVINGSTON
COUNTYWIDE
Residents can drop off
hazardous waste May 14
The Livingston County
Drain Commissioner’s Office
will hold three household
hazardous waste collections
this year. The first collection
is 9 a.m. to noon May 14 next
to the Livingston County
Animal Shelter on South
Highlander Way.
The program is open to
Livingston County residents
and proof of residency is
required.
BRIGHTON
City starts schedule for
street-sweeping operation
The city of Brighton recently began its warm-weather street sweeping operation.
Residential streets are being
cleaned between 3 a.m. and
10 a.m. on Monday, Tuesday,
Wednesday and Friday. The
downtown streets will be
swept on Mondays and
Thursdays.
The public parking lots
will be swept on a regular
basis throughout the warmer
months.
Residents are asked to call
the Department of Public
Services at (810) 225-8001 to
report areas of the city that
need attention.
Contact us
Suburban editor Kelley Root,
[email protected]
Phone: (313) 222-2522
Fur storage and
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ROCHESTER HILLS
ing outside Hilla’s home on
Eight Mile. An autopsy ruled
Hilla died of internal bleeding from a lacerated spleen.
Sentencing is set for May 25.
If convicted, Jaynes faces up
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were called to an address at 8
p.m. Tuesday by a 47-year-old
man who said his 46-year-old
neighbor was out working in
the yard and placed a pair of
pliers on top of a wooden
fence post that separated
their properties. When the
alleged victim, who owns the
fence, went to remove the
pliers, he said the suspect hit
him in the arm. He said he
now wants to prosecute
because he believes his
neighbor intentionally left
the pliers on the fence to
upset him.
Thursday, April 28, 2011 | 5A
IT’S TIME
TO STORE
YOUR FUR
Friday, May 13, 2:00 P.M. &
Saturday, May 14, 11:00 A.M.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
Thursday, April 28, 2011
medic that she had attempted to
resuscitate Lily, he said.
There was evidence of a sexual
assault, said Macomb County
Medical Examiner Daniel Spitz.
Lily’s mother, Lauren Furneaux, testified Wednesday that
she and Wolfenbarger shared
custody of the child. Wolfenbarger cared for Lily weekly from 6
p.m. Monday to 6 p.m. Thursday
and every third weekend.
Furneaux said her daughter
was in good health when they left
her home in Lapeer at 8:30 a.m.
that day to meet Wolfenbarger at
a gas station to exchange Lily for
the weekend. The 24-year-old
said she handed her to Wolfenbarger and it was the last time she
saw her alive.
Furneaux said Lily “didn’t
want to go” and was often troubled when she returned from visits at his home.
“She was very upset when she
came back and very clingy,” Furneaux said, adding she had on occasion noticed cuts, bumps and
bruises on her daughter.
Furneaux confirmed for Dennis that she never alleged abuse
or contacted Child Protective
Services.
SOUTHGATE
N44034
Description:
BY CHRISTINE FERRETTI
The Detroit News
0
Section-Page-Zone(s): A-5-All
2X5 MODULAR M10
Photos by Todd McInturf / The Detroit News
Frederick, left, and Lynette Furneaux, grandparents of Lily Lynette Furneaux-Wolfenbarger, 2, who died last
year, listen to testimony in a preliminary examination Wednesday in New Baltimore.
State Police probe to
continue, but mayor
says ‘we need him’
Size:
GCG Communications
Agency:
Insertion Number: N/A
Ad Number:
0000044324
Advertiser:
Garden City Group Inc
‘She didn’t have a pulse’
WAYNE
The Detroit News |
IF PURCHASED SEPARATELY PRICES ARE BASED ON REG. PRICES. SALE PRICES IN EFFECT
THROUGH 6/30/11. Cleaning prices are higher on leather, shearling and cashmere. †Trade-in offer
not valid on clearance merchandise and accessories. Offer subject to the condition of your fur. See fur
storage contract for protection coverage details. No adjustments to prior purchases. N1030805. 44029
279
RENCONTRES
294
300
ARGENT
À PRÊTER
À BOUT
DE SOUFFLE
LES VOIX DU PLAISIR
UNIQUE à Montréal
Dialogues et rencontres directs
Abonnés Rogers, Bell ou Fido
faites le # (carré) 6969
Sinon appelez GRATUITEMENT le
514 524-4444
GAY
Rencontres discrètes et immédiates
514 524-6161
GRATUIT
pour quelque chose de différent...
1-866-871-4822 "depuis 2004"
AVANCES SUR SALAIRES
BESOIN $$$$ ?
Aucune vérification de crédit
Aucun frais déboursé à l'avance
Aucun déplacement requis !
Dépôts et paiements pré-autorisés !
1 (866) 499-5629
CRÉDIT RAPIDE MP
Besoin rapide de 300$ à 1000$. Aucun
crédit refusé. Dépôt direct. Emploi
stable 4 mois. Aucun déplacement
requis. Réponse dans 1 heure.
514-336-0055 ou 1-855-372-7433
www.creditrapidemp.com
BESOIN D’ARGENT?
Prêts Personnels
Mauvais Crédit?
PAS DE PROBLÈME!
Consultation Gratuite
re
1 & 2e Hypothèques
1-877-701-7677
ArgentRapide.COM
Services
de santé
285
Prêt de 500$,
aucun crédit refusé,
Facile et 100% sécuritaire
1- 866-776-2291.
ARGENT RAPIDE ! Dépôt Direct, réponse 1 heure, aucun crédit refusé, remboursez 5 6 , 6 8 $ /semaine, condition:
emploi +6 mois , MBO, 1-877-500-3132
MASSOTHÉRAPIE
NOUVEAU. Atwater. Massage suédois,
sportif, relaxation. 514-641-4995
PRÊT DE 500$
sans enquête de crédit. Crédit Courtage
1 -866 482-0454.
AUCUN CAS REFUSÉ 5.000 ET PLUS
PRÊT hypothécaire, personnel, ou
auto, moto, bateau, 514-385-5889
FINANCEMENT MDM.COM
Prêt de 500$, permis de l'OPC
Sans frais. 1-877-904-9888
PRÊT 5 000$ max.($1000 = 20 X $53 )
Permis OPC. wwwgroupeduforge.com
450-420-0101
PRÊT ARGENT Les plans personnels à
Patrick - 2500 $ - 57 $ x 52 sem.,
1000$ jusqu'à 40,000$ (514)781-1909
295
ARGENT SUR
HYPOTHÈQUE
•
SERVICES
FINANCIERS
•
•
•
•
•
Noyé par vos dettes.
Harcelé par vos créanciers.
Un seul versement 0% int.
Consultation gratuite.
8h à 20h, 7 jours par semaine!
Un seul appel suffit.
24 centres pour vous servir !
Appel & Cie Inc.
Syndic de Faillite
514 839-8004
Prêteurs privés direct ou autres
acceptation immédiate 1re -2e hyp.
2,54% et +, PRÊT sur équité, achat.
Refinancement. Avis 60 jrs. Prêt construction.Trans Unis ctr, 514 274-2576
286
NOTAIRE : 1re, 2e hyp. Mtl. et environs
AVOCATS
NOTAIRES
--- AVOCATS ---
507 PLACE D'ARMES
514-927-1396
290
TENUE DE LIVRES
IMPÔTS
EXPERT COMPTABLE - FISCALITÉ
Ex-travaillant Min. Rev. 43 ans d'exp.,
impôt partic., autonome, corporatif.
Problèmes d'impôts 514 352-9603
Bureau de comptable.
294
Me Abrahams (514) 878-9133
300
SERVICES
FINANCIERS
TROP DE DETTES?
Il y a toujours une solution!
1 SEUL VERSEMENT PAR MOIS!
Consultation gratuite
et confidentielle
lundi au samedi 8h à 20h
Les Consultants H. Bell
ARGENT
À PRÊTER
(514) 285-0066
ENDETTÉ!
302
OCCASIONS
D’AFFAIRES
ASSOCIÉ(E)S
DEMANDÉ(E)S
IMPORTATIONS de Chine, plan de
marketing établi, excellent rendement,
mise de fonds 10000$et+ 514 917-2445
Besoin d'argent ?
Bon ou mauvais crédit accepté
Aucun frais déboursé à l'avance
réponse immédiate
312
IMPRIMERIE
LETTRAGE
1000 Cartes d'affaires noir et blanc
(19.95 $), couleurs (39.95 $)
514 738-2500 Copie Rapide ! Mtl
C'EST GARANTIE !
$$$ CASH DÉPÔT $$$
(514) 344-1499
www.northstarbrokers.ca
316
CAMIONNAGE
TRANSPORT
DÉMÉNAGEMENTS PERFECTO
514 266-7813, local/long.dist.
514-898-7557
déménagement N. Gauvin, qualifié,
10 ans d'exp., entreposage, assurances
1-855-748-7522
LABELLE MARQUIS INC.
DEPUIS 30 ANS syndic de faillite
DE 8H30. À 20H.
514 944-9545
336
ASTROLOGIE
CARTOMANCIE
MÉDIUM QUÉBEC
Les meilleures voyantes du
Québec vous parlent au
514 524-6000
GRATUIT
www.mediumquebec.com
Abonnés Rogers, Bell, ou Fido
faites le # (carré) 4676
GABY Grand Medium. résoud tous vos
problèmes, retour de l'être aimé, sens
en affaire, efficace, 514-667-7142
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AIDEZ-NOUS À SORTIR
LA RUE DES SANS-ABRI
ESCORTES
MARTINE Enr. Jolie brunette, douce,
chaleureuse, gros buste sexy reçoit
déplace, chic loft 514 507-6866
514 220-0222
TRANSZEN.CA Massages donnés par
jolies TRANSEXUELLES. féminines
867 Ontario Est. 514-507-6503
SENSATION-ELLE enr. Toutes nationalités reçoivent à Laval 514 463- 3474.
7/7 Bienvenue nouvelles venues
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FILLES 18-25, GFE 514 991-4272
TRAVESTIE enr. Mélanie super "hot',
blonde super sympa 514 528-7431
342
STUDIOS
DE MASSAGE
450-651-3030
80 Ste-Foy, Longueuil
FUGACE
WWW.LEFUGACE.COM
enr. Jolies demoiselles 18-35, R.Sud 7jrs
Salon de massage et spa
(514) 916-6619
(514) 895-8236
2148 boul. Lapinière Brossard
www.lesseductrices.com
ATTRAXXXIONS enr.
le plus gros, le plus luxueux et
les plus belle filles depuis 1994
450-443-1122
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FANTAISIES
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7/7- Mer. au sam. de 11h am à 5h am
enr. 3 SPAS 4 hôtesses tous les jours
couples 4 mains, Salon V.I.P
438-877-1111
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514 727-2195 www.aaba.fr.tc
AGENCE LES DÉ-S enr. Beautés 20 ans
et plus - vous reçoivent de 09h à 18h
à Laval, discret, respect, 514 970-0080
AMAZING GIRLS enr. 2 copines,
corps de rêve, jeune, sexy, lingerie GFE, St-Lambert 450-671-3804
AMBIANCE MAGIQUE enr.
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bienvenue aux nouvelles venues
ANGE xxx enr. Karine fin vingtaine
reçoit à Mtl
SPÉCIAL 70$ 514 569-8396
BEAU P'tit Bébé Mature enr. Eurasienne, Style poupée GFE, Fétiches, Décor,
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BELLE Catherine enr. Très jolie et
charmante, fesses d'enfer - te reçoit à
Laval, du lundi au jeudi. 450 668-2045
BELLE et douce transsexuelle enr.
26 ans, reçoit, déplace,
**(514) 528-5656**
DEBBIE - TRANSSEXUELLE enr.
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tout genre, 24h 7/7, 514 506-8194
NOUVEAU dîner gang bang à Laval dès
midi pour couples, femmes et hommes
seuls, venez relaxer. 514-515-4830
346
450-923-7773
2944 Taschereau, Rive Sud
www.salonfantaisies.com
ABANDON SPAS
514-270-9494
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10 am à 6 am NOUVELLES VENUES
6698 Christophe-Colomb. Guichets
www.abandonspas.com
ADAGIO SPA
514-526-2345
massageadagio.com
3411 STE-CATHERINE EST
AAA EXOTICA ENR-SPA
912 Michelin, Parc Industriel, Laval
www.massageexotica.com
(450) 663-8472
ALTEZA INC.
514-374-4040 Ouv. 7/7, Merc.
au dim. 24 h., 2017 Rosemont, Mtl
WWW.MASSAGEALTEZA.CA
100% ZZOLY enr. Wow, super gros
buste naturel, blonde, 38 ans, 128 lbs,
dimanche au samedi (450) 967-9294.
DÉESSE NOIRE enr. Sensuelle
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*** 514 961-6474 ***
ALGO-SIGNATURE enr.
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35$ pour 45 minutes. (514)356-2084
DOUCE Amy enr. sensuelle, aux belles
fesses. Te reçoit à Laval, Pont-Viau,
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Avis légaux
COUR SUPÉRIEURE DES ÉTATS-UNIS
DIVISION DES FAILLITES DISTRICT SUD DE NEW YORK
En réponse
MOTORS LIqUIDATION COMPANY, et consorts,
a/c/s General Motors Corp., et consorts
Débiteurs.
Chapitre 11, Dossier no.
09-50026 (REG)
(Administré conjointement)
AVIS DE (I) L’INSCRIPTION DE L’ORDONNANCE CONFIRMANT LE
SECOND AMENDEMENT DU DÉBITEUR POUR LE PLAN COMMUN DE
LIqUIDATION DU CHAPITRE 11 ET (II) DATE D’ENTRÉE EN VIGUEUR
À TOUS LES CRÉDITEURS, DÉTENTEURS DE TITRES PARTICIPATIFS ET AUTRES PARTIES CONCERNÉES :
VEUILLEZ PRENDRE NOTE qu’une ordonnance de la Cour (l’ « Ordonnance de confirmation ») (ECF
N°. 9941) confirme le deuxième amendement du débiteur pour le plan de liquidation commun du chapitre
11, entrée en vigueur le 18 mars 2011 (ECF N°. 9836) (le « Plan »), de Motors Liquidation Company et ses
débiteurs affiliés (collectivement, les « Débiteurs »), a été signée par l’Honorable Robert E. Gerber, juge
de la Cour supérieure des États-Unis, division des faillites, et a été enregistrée par le greffier de la Cour
suprême des États-Unis, division des faillites, pour le district Sud de New York (la « Division des faillites »)
le 29 mars 2011. Les termes commençant par une majuscule, n’étant pas définis et étant utilisés dans le
présent document, se sont vus attribuer la définition appropriée au sein du présent Plan.
VEUILLEZ ÉGALEMENT PRENDRE NOTE que l’Ordonnance de confirmation peut être consultée
durant les heures normales de bureau, et ce, au bureau du greffier de la Division des faillites, Alexander
Hamilton Custom House, One Bowling Green, New York, New York 10004. L’Ordonnance de confirmation
est également accessible aux utilisateurs inscrits au système d’archives de la Division des faillites,
sur le site Web de la Division des faillites (www.nysb.uscourts.gov), ainsi qu’à toutes les parties au
www.motorsliquidationdocket.com.
VEUILLEZ ÉGALEMENT PRENDRE NOTE que le Plan et ses clauses lient les Débiteurs, les Débiteurs
subséquents à la date d’entrée en vigueur, le gestionnaire fiduciaire du trust des créanciers chirographaires
généraux, le gestionnaire fiduciaire de l’amiante (Asbestos Trust Administrator), (l’Environmental Response
Trust Administrative Trustee), le gestionnaire fiduciaire (Avoidance Action), toute entité acquérant ou
recevant la propriété ou la répartition sous le Plan, et tout détenteur d’une réclamation contre ou détenant
des titres participatifs du Débiteur, incluant toutes les entités gouvernementales, que cette réclamation ou
détention ait été dépréciée ou pas sous ce Plan et que ce détenteur ou entité ait accepté ou pas le Plan.
VEUILLEZ ÉGALEMENT PRENDRE NOTE que la date d’entrée en vigueur du Plan (telle que définie
dans le Plan) est le 31 mars 2011, ce qui signifie que le Plan a substantiellement été entrepris.
VEUILLEZ ÉGALEMENT PRENDRE NOTE que toutes les preuves de réclamation découlant du rejet
de contrats à exécuter ou de baux arrivés à échéance, conformément au Plan, doivent être déposées au
bureau la Division des faillites et exécutées devant les Débiteurs, le gestionnaire fiduciaire du trust des
créanciers chirographaires généraux, le gestionnaire fiduciaire de l’amiante (Asbestos Trust Administrator),
(l’Environmental Response Trust Administrative Trustee) et le gestionnaire fiduciaire (Avoidance Action),
aux adresses mentionnées dans l’Ordonnance de confirmation, le ou avant le 30 mai 2011. Toute
réclamation découlant du rejet de contrats à exécuter ou de baux arrivés à échéance pour laquelle une
preuve de réclamation n’a pas été déposée avant la date d’échéance sera exclue à jamais et ne pourra
pas être opposable aux Débiteurs, gestionnaire fiduciaire du trust des créanciers chirographaires généraux,
gestionnaire fiduciaire de l’amiante (Asbestos Trust Administrator), (l’Environmental Response Trust
Administrative Trustee), gestionnaire fiduciaire (Avoidance Action), ou toute autre propriété à être répartie
sous le Plan, le fiduciaire du trust des créanciers chirographaires généraux, le fiduciaire de l’amiante
(Asbestos Trust Administrator), (l’Environmental Response Trust), le fiduciaire (Avoidance Action).
Date : New York, New York
18 avril 2011
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Téléphone : (212) 310-8000
Télécopieur : (212) 310-8007
Avocats pour les Débiteurs
et les Débiteurs subséquents
D000134979
LE JOURNAL DE MONTRÉAL |
busi ne s s
B2
the gazette
· montrealgazette.com · T h u r s d ay, April 28, 2011
Defendant vindicated,
is awarded $130,000
Every month, Quebec judges issue
dozens of judgments that, without
making headlines, set the ground
rules for business in Quebec. Here
are a few of the offbeat and/or consequential rulings rendered this
month.
A 63-year-old woman – we’ll
call her A.B. – who sued to have an
N.D.G. property confirmed as her
own got exactly the opposite result
in Superior Court.
She was done in by a document
she’d prepared in 1998 to make it
look like she had no assets in order
to collect welfare.
A.B. and a woman she met
through a newspaper ad for a roommate – let’s call her C.D. – bought the
house together in 1988 for $289,000,
and A.B. subsequently ceded her
half to C.D. in a notarized document.
She confirmed as much to social
agencies while collecting welfare
from 1998 to 2007, saying she was
simply a tenant paying rent of $425
to $485 a month (although actual
rent was never paid).
In 2007, C.D. was hospitalized
for several months, and when she
attempted to return to the house
where she’d paid virtually all expenses since 1993, she was intercepted and turned away by police.
A.B., then living alone in the
home, had reported receiving
death threats from her, a frivolous
claim intended only to force C.D. to
live elsewhere for several months,
Judge Jean-Pierre Chrétien said in
his judgment.
(Charges were dismissed when
A.B. didn’t show up to testify when
the matter came to court later that
year).
In her suit for the property, A.B.
produced a document showing C.D.
had in fact ceded her 100 per cent of
the house in 1990, but the judge said
it was overridden by the private
agreement they concluded in 1998
(when A.B. started receiving welfare) which said C.D. was the sole
proprietor.
Chrétien acknowledged A.B. paid
half of the house initially, but her
failure to pay anything (including
rent) since 1993 effectively cancelled
out her entitlement to reimbursement.
He awarded C.D. a further $30,000
for lost property and $100,000 in
damages for the trouble and inconvenience caused her by A.B.
over the years.
Selling your house doesn’t neces-
sarily terminate your responsibility for it, as a couple from St. Sauveur discovered.
Four years after the $265,000 sale
in 2004, the new buyers got significant water infiltration in the basement. An inspection showed the
French drain was not only blocked,
but badly installed.
They sued for $35,277 in repair
and renovation costs, arguing it had
been a vice not visible when they
first had the home inspected.
Quebec Court Judge André
Renaud this month awarded them
$18,427, with interest, for drain
repairs and professional fees, but
rejected the $13,432 sought for basement renovations.
The defendants had argued that,
because the home was 30 years old,
the French drain simply reached
the end of its working life, but an
engineer who testified for the plaintiffs said the key was the faulty installation, not its age.
Judge Renaud nonetheless reduced the amount sought for drain
repairs by 25 per cent as a concession to age depreciation.
Canam sees
recovery
accelerating
A woman who sued an off-island
daycare centre for $7,000 after it
fired her got a rude awakening in
small-claims court.
Not only did Quebec Judge Alain
Breault accord her just $25, he ordered her to pay $550 to the daycare
centre for group health-plan coverage maintained when she stopped
showing up for work.
The woman, hired in 2003, began
to miss work repeatedly after a car
accident in 2005.
At one point, the woman spent
two months in Peru without even
advising the daycare centre, court
was told.
After getting fired in 2008, she
sued on the grounds it was abusive
and in bad faith and that she was not
given due notice.
After weighing the evidence,
Breault ruled the employee was
terminated in all legality, and with
cause.
[email protected]
EXPRESS Jazz tuned out
after a decade
Continued from B1
Robert Gibbens
Special to THE GAZETTE
tories firm on budget
OTTAWA – The Tories will not
TUNGLE Company says being acquired
should help it improve product and service
Continued from B1
Gingras said it takes a lot of work
to grow naturally, and the process
involved user surveys, research and
interface redesigns.
“What we’ve seen is that 40 per
cent of the people who get exposed
to it become Tungle users,” he
said.
In November, the company
launched its first premium feature,
which for a monthly fee of $4.99
(or $49.99 annually) allows users to
personalize their Tungle sites with
their corporate logos or other designs.
Last May, Gingras was named
entrepreneur of the year by a jury
of members of Montreal’s tech community, responsible for organizing
the annual Startup Camp.
lately.
Last month, the company announced a deal to purchase Ontariobased startup tinyHippos Inc.,
creator of Ripple, a cross-platform
mobile application development
and testing tool.
In February, RIM revealed it had
struck a deal to acquire Seattlebased contact management software firm Gist Inc.
That move came just three
months after RIM acquired The Astonishing Tribe (TAT), a Swedish
user interface design firm.
Matt Hartley of Financial Post
contributed to this report
[email protected]
Twitter.com/jasonmagder
The rebranding will effectively
put an end to the Jazz brand after a
decade at Air Canada.
Jazz itself was created in a similar manner in 2001 as an umbrella
brand for Air Canada’s various
regional subsidiaries, including
Air BC, Air Nova, Air Ontario and
Canadian Regional Airlines.
But the regional division was
eventually spun off as a separate
company, Jazz Air Income Fund,
in 2004 as part of Air Canada’s restructuring under bankruptcy protection.
Jazz Air Income Fund then converted to a corporation at the end of
2010, creating a holding company,
Chorus Aviation Inc., and a subsidiary airline, Jazz Aviation LP.
While Jazz Aviation still provides
the bulk of Air Canada’s regional
flying, both Chorus and Air Canada
have increasingly been looking to
diversify their business.
Chorus announced last year it
would begin operating a fleet of 757s
on behalf of Thomas Cook Canada
Inc. this past winter, in direct competition with Air Canada Vacations.
Air Canada, in turn, chose to
award its contract from Toronto Island to Sky Regional, which could
operate at a lower cost than Jazz.
Air Canada intends to put additional regional service above the
threshold guaranteed to Chorus
to competitive bidding, the source
said.
Air Canada does, however, still
have a commercial agreement in
place with Chorus extending to
2020.
The so-called capacity purchase
agreement sees Air Canada purchase effectively all of Chorus’s
regional capacity at a fixed rate before selling it back into the market,
determining where the planes fly as
well.
Postmedia News
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
Tell us your story
Now in its 7th year, the
Montreal’s Top Employers competition is
a unique editorial
project that recognizes the employers that lead
Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
éal
PLEASE TAKE NOTICE that an order (the “Confirmation Order”) (ECF No. 9941)
confirming the Debtors’ Second Amended Joint Chapter 11 Plan, dated March 18, 2011
(ECF No. 9836) (the “Plan”), of Motors Liquidation Company and its affiliated debtors
(collectively, the “Debtors”), was signed by the Honorable Robert E. Gerber, United
States Bankruptcy Judge, and entered by the Clerk of the United States Bankruptcy Court
for the Southern District of New York (the “Bankruptcy Court”) on March 29, 2011.
Capitalized terms used herein but not otherwise defined have the meanings ascribed
to such terms in the Plan.
’s Top E m
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is available
for inspection during regular business hours in the office of the Clerk of the
Bankruptcy Court, Alexander Hamilton Custom House, One Bowling Green, New
York, New York 10004. The Confirmation Order is also available for registered users
of the Bankruptcy Court’s filing system by accessing the Bankruptcy Court’s website
(www.nysb.uscourts.gov) and for all parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions are binding
on the Debtors, the Post-Effective Date Debtors, the GUC Trust Administrator, the
Asbestos Trust Administrator, the Environmental Response Trust Administrative Trustee,
the Avoidance Action Trust Administrator, any entity acquiring or receiving property or a
distribution under the Plan, and any holder of a claim against or equity interest in the
Debtors, including all governmental entities, whether or not the claim or equity interest
of such holder is impaired under the Plan and whether or not such holder or entity has
accepted the Plan.
12
Employers complete a single application to be considered for the
Montreal competition, the Défi
Meilleurs Employeurs and our
Canada’s Top 100 Employers project, which includes eight specialinterest competitions that we
manage with a variety of partners
across Canada.
In re
MOTORS LIQUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
TO ALL CREDITORS, EQUITY INTEREST HOLDERS, AND OTHER PARTIES IN
INTEREST:
tr
Applications are now available for
the 2012 Montreal’s Top Employers competition. This year’s winning
employers will be announced in
a special newspaper supplement
to be published in The Gazette in
January 2012.
change the broad outlines of
their budget to appease the opposition if they win another
minority government on May 2,
Finance Minister Jim Flaherty
said Wednesday. Flaherty said
the budget presented on March
22 had already made concessions
to the NDP.
reuters
As a prize, he was flown to San
Francisco, and then joined the
Geeks on a Plane program – a trip
with other startup founders to East
Asia, with stops in Shanghai, Beijing, Seoul and Singapore to meet
other entrepreneurs and potential
investors.
On Tungle’s website Wednesday
morning, Gingras said the company
was excited about being acquired.
“We expect the Tungle service to
only get better,” he wrote.
“Our plan today is what it has always been – for Tungle to become
integrated with your daily activities
and be ubiquitous within the applications you’re already using.
“When you think scheduling,
Tungle should be at your fingertips.”
RIM has been on a buying spree
ye r s
❚ in the news
John Mahoney GAZETTE file photo
Marc Gingras, CEO of Tungle, says the acquisition of his company by Research in Motion will help it achieve its
goal of becoming integrated in daily corporate activities when it comes to scheduling.
p lo
Quebec’s biggest steel fabricator,
Canam Group Inc., said Wednesday its order backlog at March 31
was $519 million, up seven per cent
from Dec. 31, as its U.S. business
recovers slowly from the 2008-2009
slump in commercial and industrial
construction.
But chief operating officer Marc
Dutil cautioned it will be a volumeled recovery at first with price
improvements coming some time
later, with most of Canam’s business in the U.S. It has been giving
up margins to preserve its job count
over the past year.
Marc will step up from president
and COO to CEO on Jan. 1, taking
over from his father, Marcel Dutil,
the company’s founder and chief
architect, who will remain chairman of the board.
“You can be sure business will be
a lot better when he moves into the
top spot next year,” Marcel Dutil
told analysts.
Canam posted a first-quarter loss
of $39.7 million, or 88 cents a share,
after making a special $25-million
after-tax provision to cover cost
overruns for the steel cables it is
installing for the new BC Place retractable roof in Vancouver.
Another factor was settlement
of a five-year-old U.S. lawsuit – the
terms of which were not disclosed.
Sales in the latest quarter were
$150.6 million, up 48 per cent from
a year earlier. In the first quarter of
2010, Canam posted a $600,000 loss,
or one cent a share.
Canam won the $100-million contract for the steelwork for BC Place’s
cable-supported retractable roof in
2009. It replaces a trouble-plagued
air-supported dome roof.
Marc Dutil said the expected impact of the BC Place project as a
whole will be limited to the special
charge. Canam lacked experience in
cable erection technology, he said,
and relied on outside cost estimates,
leading to delays. “We hope to recover part of the $25 million later,”
he added.
The FabSouth unit in Florida was
a solid revenue generator in the
March quarter, international business improved and Canadian operations were on the uptrack despite
the surging loonie. Capital spending was $6.5 million, down from $7.5
million.
Canam, best known for its steelwork for sports stadiums, office towers and bridges, has 3,000 employees
and 25 plants and engineering offices in North America, Romania,
India and China and has partnerships in the Mid-East.
Mon
LEGAL NOTICE
Description:
N/A
Color Type:
Size:
3 Col x 77 ag
Section-Page-Zone(s): B-2-All
Paul Delean
THE GAZETTE
Thursday, April 28, 2011
Agency:
GCG Communications
N.D.G co-proprietors end up in court
Insertion Number: N/A
Ad Number:
SAD44467
Advertiser:
Motors Liquidation Company
wheels of justice
20
their industries in creating progressive workplaces and forward-thinking human resource policies. Our
editors release detailed “Reasons
for Selection” explaining why the
winning employers are selected.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan (as defined in
the Plan) occurred on March 31, 2011 and, as a result, the Plan has been substantially
consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising from the
rejection of executory contracts or unexpired leases pursuant to the Plan must be filed
with the Bankruptcy Court and served upon the Debtors, the GUC Trust Administrator,
the Asbestos Trust Administrator, the Environmental Response Trust Administrative
Trustee, and the Avoidance Action Trust Administrator, at the addresses set forth in the
Confirmation Order, on or before May 30, 2011. Any claims arising from the rejection of
an executory contract or unexpired lease for which a proof of claim has not been filed
by such date shall be forever barred and shall not be enforceable against the Debtors,
the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental
Response Trust Administrative Trustee, and the Avoidance Action Trust Administrator,
or any property to be distributed under the Plan, the GUC Trust, the Asbestos Trust, the
Environmental Response Trust, and the Avoidance Action Trust.
This year’s application deadline is
May 17, 2011. To obtain an application for your organization or learn
more about this year’s competition,
please visit us online at:
Dated: New York, New York
April 18, 2011
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
CanadasTop100.com/montreal
Attorneys for Debtors and
Post-Effective Date Debtors
2012
MONSAD42258_1_1
MONSAD44467_1_1
B10
G
T H E G LO B E A N D M A I L
•
T H U R S D AY , A P R I L 2 8 , 2 0 1 1
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DIVIDENDS
Don Goundry*
[email protected]
416 495 6249
www.cbre.ca
*Sales Representative
CB Richard Ellis Limited, Real Estate Brokerage
DIVIDENDS
DIVIDEND NOTICE
NOTICE is hereby given that the
Board of Directors has declared the
following quarterly dividends payable
June 1, 2011 to shareholders of
record on May 10, 2011:
DIVIDEND NOTICE
The Board of Directors of Toromont Industries Ltd., at a meeting held on April
21st, 2011, announced the regular quarterly dividend of 16 cents (Cdn) per
share on outstanding common shares, payable July 1, 2011 to shareholders
of record at the close of business on June 10, 2011.
If the previously announced spinoff of Enerflex Ltd., Toromont's natural gas
compression and processing equipment business, is effected prior to the June
10, 2011 record date for the quarterly dividend, Toromont will instead pay
this quarterly dividend in an amount of 10 cents per share on its outstanding
common shares. In this event, Enerflex will separately announce its dividend
payable contemporaneously with Toromont’s dividend. For expectations
related to Enerflex’s dividend, and for full details on Toromont’s dividend, see
Toromont’s press release dated April 25, 2011.
Further details in respect of the proposed spinoff, including the dividend
policies of Toromont and Enerflex following the spinoff, are included in
Toromont's management information circular dated April 11, 2011, copies
of which are available at www.sedar.com and www.toromont.com/spinoff.
In respect of shareholders whose address as of the record date is in the
United States, Toromont will pay cash dividends in equivalent U.S. funds by
translating the total amount of each said shareholder's dividend, net of
Canadian withholding taxes, at the noon day exchange rate for Canadian
and U.S. funds on June 10, 2011.
- Series 1 Preferred shares,
$0.28750 per share
- Series 2 Preferred shares,
$0.41875 per share
- Series 4 Preferred shares,
$0.23750 per share
These dividends are eligible dividends
for Canadian income tax purposes.
By Order of the Board
P. Spruin
Corporate Secretary
Calgary, Alberta
April 13, 2011
ECONOMICAL MUTUAL INSURANCE COMPANY
NOTICE OF ANNUAL AND SPECIAL MEETING OF THE MEMBERS
Notice is hereby given that the 139th annual and special meeting of the members of Economical Mutual Insurance Company will be held on Thursday, May
26, 2011 at 1:00 p.m. at Bingemans – Marshall Hall, 425 Bingemans Centre
Drive, Kitchener, Ontario, for the following purposes:
To receive the financial statements of the Company for the year ended
December 31, 2010, and the reports of the actuary and the auditors thereon;
To appoint auditors;
To consider a Dissident Proposal from a group of members;
To elect directors; and
To transact such other business as may properly be brought before the
meeting and any adjournments thereof.
By Order of the Board
Waterloo, Ontario
April 11, 2011
Ian C. Wismer
Secretary
DIVIDEND NOTICE
- Class A non-voting shares,
$0.4025 per share
- Class B common shares,
$0.4025 per share
- Series W Preferred shares,
$0.3625 per share
- Series X Preferred shares,
$0.3750 per share
These dividends are eligible dividends
for Canadian income tax purposes.
By Order of the Board
P. Spruin
Vice President, Administration &
Corporate Secretary
Calgary, Alberta
April 13, 2011
LEGALS
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
MOTORS LIQUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
10,273 SF facility
0.53 acres
Potential redevelopment site
Proposed zoning - CR 2.2
(commercial/residential)
• Across from Leaside Arena
• West side of Laird Drive
For further information, please contact:
Carol Trattner**
[email protected]
416.495.6253
Wally Pollock*
[email protected]
Ross Pollock**
[email protected]
*Sales Representative
** Broker
www.cbre.ca
CB Richard Ellis Limited, Real Estate Brokerage
Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
TO ALL CREDITORS, EQUITY INTEREST HOLDERS, AND OTHER PARTIES IN INTEREST:
PLEASE TAKE NOTICE that an order (the “Confirmation Order”) (ECF No. 9941) confirming
the Debtors’ Second Amended Joint Chapter 11 Plan, dated March 18, 2011 (ECF No. 9836) (the
“Plan”), of Motors Liquidation Company and its affiliated debtors (collectively, the “Debtors”), was
signed by the Honorable Robert E. Gerber, United States Bankruptcy Judge, and entered by the Clerk
of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”)
on March 29, 2011. Capitalized terms used herein but not otherwise defined have the meanings
ascribed to such terms in the Plan.
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is available for inspection during
regular business hours in the office of the Clerk of the Bankruptcy Court, Alexander Hamilton Custom
House, One Bowling Green, New York, New York 10004. The Confirmation Order is also available for
registered users of the Bankruptcy Court’s filing system by accessing the Bankruptcy Court’s website
(www.nysb.uscourts.gov) and for all parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions are binding on the Debtors,
the Post-Effective Date Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the
Environmental Response Trust Administrative Trustee, the Avoidance Action Trust Administrator, any
entity acquiring or receiving property or a distribution under the Plan, and any holder of a claim
against or equity interest in the Debtors, including all governmental entities, whether or not the claim
or equity interest of such holder is impaired under the Plan and whether or not such holder or entity
has accepted the Plan.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan (as defined in the Plan)
occurred on March 31, 2011 and, as a result, the Plan has been substantially consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising from the rejection of
executory contracts or unexpired leases pursuant to the Plan must be filed with the Bankruptcy Court
and served upon the Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the
Environmental Response Trust Administrative Trustee, and the Avoidance Action Trust Administrator,
at the addresses set forth in the Confirmation Order, on or before May 30, 2011. Any claims
arising from the rejection of an executory contract or unexpired lease for which a proof of claim
has not been filed by such date shall be forever barred and shall not be enforceable against the
Debtors, the GUC Trust Administrator, the Asbestos Trust Administrator, the Environmental Response
Trust Administrative Trustee, and the Avoidance Action Trust Administrator, or any property to be
distributed under the Plan, the GUC Trust, the Asbestos Trust, the Environmental Response Trust,
and the Avoidance Action Trust.
Dated: New York, New York
April 18, 2011
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Attorneys for Debtors and
Post-Effective Date Debtors
MEETING NOTICES
Manulife Canada Ltd.
A subsidiary of The Manufacturers Life Insurance Company (Manulife Financial)
Notice of Annual Meeting
NOTICE IS HEREBY GIVEN THAT the Annual Meeting of the Sole
Shareholder and Policyholders of Manulife Canada Ltd. will be held in The Syd
Jackson Theatre, Manulife Financial, 200 Bloor Street East, Toronto, Ontario at
11:00 a.m. (Toronto time) on Thursday, May 19, 2011.
Participating Policyholders who wish to receive additional information relating
to the business to be transacted at the meeting may write to the Corporate
Secretary at the address given below.
Dated at Waterloo this 21st day of April, 2011.
Blair Groff
Corporate Secretary
Manulife Canada Ltd.
25 Water Street South (KC-1)
P.O. Box 800, Station “C”
Kitchener, Ontario, N2G 4Y5
TRANSAMERICA LIFE
CANADA
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that an
Annual General Meeting of the
holders of participating policies
issued by Transamerica Life
Canada will be held at the head
office of Transamerica Life Canada
at 5000 Yonge Street, Toronto,
Ontario on May 19, 2011 at 8:45
a.m. local time for the purposes of
presenting the financial statements for the year ended
December 31, 2010 and the
reports of the auditor and appointed actuary; electing directors;
appointing the auditor; and to
transact such other business as
may be properly brought before
the meeting or any adjournment
or postponement thereof.
Transamerica Life Canada
NOTICE is hereby given that the
Board of Directors has declared the
following quarterly dividends payable
June 1, 2011 to shareholders of
record on May 10, 2011:
David Wetherald
Vice President, HR & Legal
April 25, 2011
2.
3.
4.
5.
$'% . 7 86
#%%9 #$%% ./:;6
$4,300,000
•
•
•
•
CB Richard Ellis Limited, Real Estate Brokerage
1-5 Bedroom Homes from the
1.
For further information, please call:
Frank Protomanni** Pat Viele*
416 495 6248
416 495 6258
Fraser McKenna*
416 495 6200
FOR SALE
PRIME LEASIDE
INDUSTRIAL/COMMERCIAL SITE
IN THE MATTER OF THE
BANKRUPTCY OF
AQUILON POWER CORP.
OF THE CITY OF TORONTO, IN
THE PROVINCE OF ONTARIO
Notice is hereby given that the
bankruptcy of Aquilon Power
Corp., of 280 King Street East, 4th
Floor, Toronto, Ontario, occurred
on the 21st day of April, 2011;
and that the first meeting of creditors will be held on the 6th day of
May, 2011 at 9:00 AM, at the
office of the Trustee below.
SCHONFELD INC.
Receivers + Trustees
438 University Avenue, 21st Floor
Toronto ON M5G 2K8
Tel: (416) 862-7785
Fax: (416) 862-2136
BUSINESS TO
BUSINESS
BUSINESS TO BUSINESS
GOLF MEMBERSHIP for sale at
exclusive, private club in Aurora, Ont. A
nationally respected and award winning
course featuring a state-of-the art/
luxurious clubhouse Experience the best
on and off the course. For more info
please contact Diana @ 416-361-2009.
DIVIDENDS
ATCO LTD.
DIVIDEND NOTICE
NOTICE is hereby given that the
Board of Directors has declared the
following quarterly dividends payable
June 30, 2011 to shareholders of
record on June 9, 2011:
- Class I Non-Voting shares,
$0.285 per share
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- Class II Voting shares,
$0.285 per share
These dividends are eligible dividends
for Canadian income tax purposes.
By Order of the Board
P. Spruin
Vice President, Administration &
Corporate Secretary
Calgary, Alberta
April 13, 2011
BUSINESS TO
BUSINESS
AIRCRAFT
The Equitable Life
Insurance Company
of Canada
NOTICE OF ANNUAL MEETING
NOTICE IS HEREBY GIVEN that the
Annual Meeting of the Participating
Policyholders of The Equitable Life
Insurance Company of Canada (the
“Company”) will be held at the
Company's Head Office at One
Westmount Road North, Waterloo,
Ontario on Tuesday, May 3rd,
2011, at 9:30 a.m. (local time)
Corporate Aircraft Priced to Sell:
Pristine Toronto Based Twin Engine
Cheyenne II Jet Prop, commercially
registered and maintained. If desired,
an existing Turn Key Corporate
Program is available for revenue
ge ne ra tion. O wn e r Up g r adi n g .
[email protected], 905-673- 0287.
Participating policyholders may
receive Notice of Meeting and
other materials containing more
details of the business to be transacted at the Meeting by written
request to the Corporate Secretary
addressed to the Company at One
Westmount Road North, Waterloo,
Ontario N2J 4C7.
BUSINESS OPPORTUNITIES
Waterloo, Ontario, April 7, 2011.
AUTO WRECKING & recycling yard for
sale. 2.4 acs. SW Ont. Financing avail.
$799K. 519-588-6425, [email protected]
Randy Howell
Corporate Secretary
®
Group Tour Travel Company based in
Calgary – Ideal for owner operator with
Travel Ind Exp, est for 5 years, still growing. Asking $255kEmail enquiries
[email protected]
PREMIUM SNACK FOOD Industry!
Accounts provided! Areas available!
Best Profits! www.PinkRibb.com
Serious buyers for large rental
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[email protected] Brokerage.
®
BUSINESS TO
BUSINESS
INVESTMENT OPPORTUNITIES
DOES REAL PROPERTY = Real Wealth?
Answers at www.ThePropertyShow.ca
Sat. Apr. 30 - Hilton, 145 Richmond St. W.
USED CAR DEALERSHIP, tire & auto
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CAPITAL WANTED/AVAILABLE
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NATIONAL POST, THURSDAY, APRIL 28, 2011
FINANCIAL POST
financialpost.com
FP5
ExxonMobil unveils development plan for N.L.’s fourth offshore oil field
ExxonMobil has formally submitted its application to de-
velop Newfoundland’s Hebron oilfield — outlining heftier
production platform costs, and first oil by late 2017. The cost
of building the Hebron platform and drilling development
wells is now estimated at more than $8.3-billion, according
to the application for the province’s fourth offshore oilfield
that was filed on April 15 with the Canada-Newfoundland
ENERGY
and Labrador Offshore Petroleum Board. Earlier, Hebron
development costs were pegged around $5-billion, though
that estimate was several years old. ExxonMobil estimates
production operations will cost more than $5.8-billion over
the life of the oilfield until 2046. The application anticipates
a $3.5-billion price tag for a portion of Hebron known as Pool 3, but it could go as high
as $5-billion if it’s fully developed. Discovered in 1981, the Hebron oilfield consists
of three main fields — Hebron, West Ben
Nevis and Ben Nevis — containing a combined 700 million barrels of oil. Postmedia News
Rising
costs the
next big
headache
MIKE CASSESE / REUTERS
Barrick chairman Peter Munk says the chance to buy copper miner Equinox Minerals was too good to pass up.
EARNINGS
REPORT
CENOVUS PROFIT FALLS 91% ON GAS SLUMP
Cenovus Energy Inc. reported Wednesday that first-quarter
profit dropped 91% to $47-million, hurt by lower natural gas
production and lower prices. The Calgary-based company said
that earnings per share plunged to 6¢ for the three months ending March 31. Cenovus earned $209-million in operating income, or 28¢ per share, down from $353-million, or 47¢, a year
ago. Analysts on average were expecting the company to earn
36¢, based on Thomson Reuters consensus. Last year, Cenovus
posted a profit of $525-million, or 70¢ a share. The oil sands producer pinned the lower profit on decreased natural gas production and lower prices, as well as higher income taxes and royalties. John Shmuel, Financial Post
CENOVUS ENERGY INC. CVE/TSX, $36.12, down 11¢
Continued from Page FP1
No plans to
shift awayfrom
gold: Munk
Cenovus’s operating and
net earnings were significantly
depressed by its exposure to
natural gas. Meanwhile, Nexen,
a top and growing North Sea
producer, cashed in from Brent
prices, which averaged US$105
a barrel for the company, a premium of US$11 over WTI.
❚ Politics: Unrest in the Middle
East joined the U.S. administration’s ambivalence about fossil fuels — particularly the oil
sands — as major political wild
cards for Canadian oil producers. Middle East turmoil lifted
Brent prices in the quarter, but
also meant lost production for
some Canadian producers such
as Suncor, which has operations in Libya. Meanwhile,
Nexen is trying to renegotiate
an extension of its agreement
with the government of Yemen
that is expiring at the end of
the year, but talks have not progressed.
❚ Execution: Today’s projects
are increasingly complex and
often involve new technology.
That’s why getting a project
to perform as planned is not a
given. Nexen’s $6-billion Long
Lake oil sands project stands
out for its difficulties in ramping up production. The company said it’s now looking at
deploying 10% to 15% in additional capital to improve operational performance.
❚ Resource quality: Not all oil
resources are created equal. In
the oil sands, for example, there
BARRICK AGM
BY PETER KOVEN
HUSKY HAS STRONG Q1 ON HIGHER PRICES
Husky Energy Inc., Canada’s
No.3 integrated oil company
and controlled by Hong Kong
billionaire Li Ka-shing, said
its first-quarter profit rose
70%, fuelled by
increased output and higher
crude oil prices.
January-March
earnings jumped
to $626-million,
or 70¢ a share,
from $368-million (41¢) a year
ago. Adjusted
earnings rose to
$637-million, or 71¢ a share,
from $358-million (42¢), topping analysts’ average estimate
for 52¢ a share, according to
Thomson Reuters. Oil produ-
cers benefited from a big jump
in crude prices during the quarter, spurred by rising demand
in emerging economies and unrest across parts of the Middle
East and North
Africa. Husky’s
cash flow — an
indicator of the
company’sability
to fund growth
plans — rose
36% to $1.16-billion, or $1.30 a
share from $854million, or $1 a
share, a year earlier. Quarterly production rose
about 5% to 310,400 barrels of
oil equivalent per day. Reuters
HUSKY ENERGY HSE/TSX ,
$28.71, up 22¢
NEXEN CONTINUES HUNT FOR SHALE PARTNER
Nexen Inc., Canada’s No. 6 independent oil producer, which
reported a 43% jump in quarterly profit on Wednesday, said it
is still on the hunt for a partner for its massive shale gas holdings in northeastern British Columbia, but the Japanese earthquake has delayed the process. Nexen has opened a data room
where would-be investors can review the company’s confidential
information on its shale gas resources in the region, and says a
half-dozen potential buyers have shown interest. Nexen earned
$202-million, or 38¢ a share, in its first quarter, up from $141million (26¢) a year ago. But it said it is less likely to meet the upper end of its full-year production target range due to problems
at its Buzzard and Long Lake projects. Reuters
NEXEN INC. NXY/TSX, $23.97, up 42¢
TEMBEC Q1 LAGS AS FORESTRY DEMAND FALLS
Tembec Inc.’s quarterly profit lagged estimates, as lower demand for construction lumber and a fall in newsprint shipments
dragged results, sending the Canadian forest products-maker’s
shares down 5%. Quebec-based Tembec, which supplies the
North American housing space with Spruce-Pine-Fir lumber, expects its forest products segment — 27% of total sales — to post
disappointing results until U.S. housing starts recover. Revenue
at the company’s fast-growing dissolving pulp segment rose 20%
on increased shipments and higher pulp prices. January-March
profit was $7-million, or 7¢ a share, versus analysts’ forecast of
22¢ a share, according to Thomson Reuters. Reuters
TEMBEC INC. TMB/TSX, $5.68, up 35¢
CATTANEO
MINING
T O R O N T O • For investors
questioning Barrick Gold
Corp.’s $7.3-billion offer for
copper miner Equinox Minerals Ltd., chairman Peter
Munk has a simple message:
The opportunity was far too
good to pass up.
“You’d have to be counterintuitive not taking advantage
of the potential billion-dollar annual cash flow that you
can get,” he told shareholders
at Barrick’s annual meeting in
Toronto.
“And that’s the kind of free
cash flow... that provides the
lifeblood of any corporation
that’s aggressively determined
to grow.”
Mr. Munk assured investors Barrick has no plans to
shift its focus away from gold,
saying it would be “idiotic to
kill the goose that laid the
golden egg.”
But he also stated it would
be “equally foolish” to refuse
to change. Without naming
names, he referred to companies that disappeared because they were reluctant to
do anything but their core
business. He said copper is a
natural business for Barrick to
be in given that it requires the
same skills and people as gold
mining.
The comments came after a
flurry of analysts and investors
raised concerns that Barrick’s
valuation multiples could contract if it increases its copper
revenues, since gold miners
trade at higher multiples than
base metal miners. The Equinox deal effectively doubles
Barrick’s non-gold revenue to
20% of the total.
Chief executive Aaron Regent repeated his comments
from earlier this week that
Barrick’s mix of gold and nongold revenues are in line with
peers, even after the Equinox
acquisition. He also pointed
out that about 80% of Barrick’s
reserves are gold, which compares favourably with rivals.
“We have a lot of opportunities on the gold side, and the
copper side will complement
what we do on the gold side,”
he said.
Mr. Munk’s comments
about the importance of free
cash flow were timely, because Barrick demonstrated
on Wednesday that it is simply
swimming in cash.
The company reported a
record first-quarter profit of
US$1-billion, with operating
cash flow reaching US$1.44billion. Earnings like that
were unimaginable a few
years ago — by comparison,
Barrick had a profit of US$51million in the first quarter of
2005. And assuming gold and
copper prices remain strong,
Barrick’s cash flow is set to rise
even more as the giant Pueblo
Viejo mine in the Dominican
Republic starts commissioning late this year.
The earnings appeared to
calm investors, who wiped
out more than US$5-billion
of Barrick’s market value on
Monday and Tuesday after the
Equinox deal was announced.
The stock rose more than 1%
on Wednesday.
“[The first quarter’s] robust
cash flow, following on from
previous quarters of good results, should help stabilize the
company’s share price and allow a recovery,” Stifel Nicolaus
analyst George Topping wrote
in a note.
Barrick produced 1. 96
million ounces of gold in
the quarter and said it is on
track to meet its full-year
guidance of 7.6 to eight million ounces. Cash costs in
the quarter were US$437 an
ounce, which is well below
most competitors.
Financial Post
[email protected]
BARRICK GOLD CORP.
Ticker ABX/TSX
Close $48.34, up 59¢
Total volume 11,403,703
Avg. 6-month vol. 4,669,122
Rank in FP500 41
is a big disparity between leases. Some have great continuous reservoirs, making them
great producers, and others
don’t. This is reflected in the
difference in performance of
steam-assisted gravity drainage
projects. Typically, companies
chase their best-looking prospects first, which means the
quality of their next prospects
could decrease.
❚ Accidents: They happen
and can wreak havoc on a company’s performance, reputation
and future prospects. BP PLC’s
Macondo well disaster last year
impacted the whole industry,
including Nexen, which was affected by a drilling moratorium
in the Gulf of Mexico. Husky’s
downstream results were hurt
by a fire at its upgrader in
Lloydminster, which reduced
its run rate from February to
April. Canadian Natural Resources Ltd.’s results, due next
week, will reveal the financial
hit from its fire in January at
the Horizon oil sands project.
❚ Hedging: Oil companies enter into hedging contracts for
their production to ensure they
have cash flow to fund their
programs. But making the right
calls is difficult and can lead to
big bottom line hits. Cenovus’s
profit was eroded by an unrealized after-tax hedging loss of
$201-million.
❚ Market access: Producing
oil and gas is a major part of
the business, but reaching markets is also important. Pipeline
constraints kept Canadian production from getting to U.S.
markets in the first quarter,
resulting in a discount between
WTI and Brent of an estimated
US$22.86 a barrel, according to
Cenovus. Meanwhile, an extension of the Keystone oil pipeline proposed by TransCanada
Corp. is waiting for long-delayed approval by the U.S. government, which is stalling amid
green movement opposition.
The more oil prices rise, the
more interesting the business
could get. Watch for rising costs
to be the next big headache.
The political landscape could
also get more hostile if the NDP
secures a bigger role in the federal election, leading to higher
taxes, less federal support for
the oil sands and a heftier green
agenda.
Financial Post
[email protected]
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
MOTORS LIqUIDATION COMPANY, et al.,
f/k/a General Motors Corp., et al.
Debtors.
Chapter 11 Case No.
09-50026 (REG)
(Jointly Administered)
NOTICE OF (I) ENTRY OF ORDER CONFIRMING
DEBTORS’ SECOND AMENDED JOINT CHAPTER 11
PLAN AND (II) OCCURRENCE OF EFFECTIVE DATE
TO ALL CREDITORS, EqUITY INTEREST HOLDERS, AND OTHER PARTIES IN INTEREST:
PLEASE TAKE NOTICE that an order (the “Confirmation Order”) (ECF No. 9941)
confirming the Debtors’ Second Amended Joint Chapter 11 Plan, dated March 18, 2011
(ECF No. 9836) (the “Plan”), of Motors Liquidation Company and its affiliated debtors
(collectively, the “Debtors”), was signed by the Honorable Robert E. Gerber, United States
Bankruptcy Judge, and entered by the Clerk of the United States Bankruptcy Court for the
Southern District of New York (the “Bankruptcy Court”) on March 29, 2011. Capitalized
terms used herein but not otherwise defined have the meanings ascribed to such terms
in the Plan.
PLEASE TAKE FURTHER NOTICE that the Confirmation Order is available for
inspection during regular business hours in the office of the Clerk of the Bankruptcy Court,
Alexander Hamilton Custom House, One Bowling Green, New York, New York 10004. The
Confirmation Order is also available for registered users of the Bankruptcy Court’s filing
system by accessing the Bankruptcy Court’s website (www.nysb.uscourts.gov) and for all
parties at www.motorsliquidationdocket.com.
PLEASE TAKE FURTHER NOTICE that the Plan and its provisions are binding on the
Debtors, the Post-Effective Date Debtors, the GUC Trust Administrator, the Asbestos Trust
Administrator, the Environmental Response Trust Administrative Trustee, the Avoidance
Action Trust Administrator, any entity acquiring or receiving property or a distribution under
the Plan, and any holder of a claim against or equity interest in the Debtors, including
all governmental entities, whether or not the claim or equity interest of such holder is
impaired under the Plan and whether or not such holder or entity has accepted the Plan.
PLEASE TAKE FURTHER NOTICE that the Effective Date of the Plan (as
defined in the Plan) occurred on March 31, 2011 and, as a result, the Plan has been
substantially consummated.
PLEASE TAKE FURTHER NOTICE that all proofs of claim arising from the rejection
of executory contracts or unexpired leases pursuant to the Plan must be filed with the
Bankruptcy Court and served upon the Debtors, the GUC Trust Administrator, the Asbestos
Trust Administrator, the Environmental Response Trust Administrative Trustee, and the
Avoidance Action Trust Administrator, at the addresses set forth in the Confirmation
Order, on or before May 30, 2011. Any claims arising from the rejection of an executory
contract or unexpired lease for which a proof of claim has not been filed by such date
shall be forever barred and shall not be enforceable against the Debtors, the GUC Trust
Administrator, the Asbestos Trust Administrator, the Environmental Response Trust
Administrative Trustee, and the Avoidance Action Trust Administrator, or any property to be
distributed under the Plan, the GUC Trust, the Asbestos Trust, the Environmental Response
Trust, and the Avoidance Action Trust.
Dated: New York, New York
April 18, 2011
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Attorneys for Debtors and
Post-Effective Date Debtors

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