Monthly Archives: March 2012

Liberty Mutual ‘Disappointed’ at $450M AIG Workers’ Comp Settlement

Posted: March 14, 2012 at 7:14 pm

Liberty Mutual said it will continue its legal fight even after a federal judge formally approved a $450 million workers compensation class-action settlement between AIG and its rival companies.

The class action alleged that American International Group (AIG) and its subsidiaries had intentionally under-reported workers comp premiums to state regulators for decades, in an attempt to pay smaller premium taxes and residual market charges before 1996.

In the class action, insurers said AIGs scheme hurt them financially because AIG, with its under-reporting, was allowed a smaller share of the high-risk residual market assessments.

According to the settlement, formally approved by U.S. District Court Judge Robert Gettleman on Feb. 28, AIG will pay $450 million, which will be divided up among commercial insurers that were affected by AIGs alleged scheme.

The settlement class was certified in July 2011 by Judge Gettleman and the $450 million settlement was given preliminary approval last December.

But Liberty Mutual, one of the insurers in the class action, argues that the settlement is inadequate. The current settlement assumes that AIG under-reported its workers comp premiums by $2.1 billion, an amount that the opponents of the settlement are calling too small.

Liberty Mutual is disappointed but not surprised with the Judges final written order approving the settlement. Liberty Mutual has filed an appeal, Liberty Mutual spokesman Richard Angevine told Insurance Journal.

We respectfully and vigorously disagree that the settlement is fair, reasonable and adequate. The settlement was negotiated by conflicted parties and it is unfair because it reflects damages of $2.1 billion, far less than the $6.1 billion in actual damages demonstrated by the court-approved statistical model.

Angevine added: Liberty Mutual remains committed to making sure that AIG is held accountable for knowingly under-reporting workers compensation premiums to various insurance pools for more than two decades.

Those in favor of the current settlement include AIG as well as Hartford Financial Services Group, Travelers Indemnity, Technology Insurance, Ace Ina Holdings, Auto-Owners Insurance, Companion Property & Casualty Insurance and Firstcomp Insurance.

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One Liberty Properties, Inc. Reports Fourth Quarter and Full Year 2011 Results

Posted: at 7:14 pm

GREAT NECK, NY--(Marketwire -03/14/12)- One Liberty Properties, Inc. (NYSE: OLP - News), an owner of a geographically diversified portfolio of retail, industrial, office and other properties primarily under long term leases in the United States, today announced operating results for the quarter and year ended December 31, 2011.

Patrick J. Callan, Jr., President and Chief Executive Officer of One Liberty, commented, "During 2011, we continued to build on our 2010 success in growing and improving our portfolio through select acquisitions and dispositions. In 2011, we acquired six properties and sold one, using our network of relationships to secure additional properties that will contribute to our growth in the coming years. We ended the year with occupancy at 97.6% which supports strong cash flow. As we enter 2012, One Liberty is well positioned to balance additional acquisitions and solid occupancy with select divestitures to further enhance cash flow in our efforts to drive increased value for our stockholders."

Operating Results:

Total revenues for the three months ended December 31, 2011 increased 12.5% to $11.7 million, compared to $10.4 million for the three months ended December 31, 2010. Revenues benefited from the contribution of the Company's 2010 and 2011 acquisitions.

Income from continuing operations in the fourth quarter of 2011 increased 107% to $3.1 million, or $0.21 per diluted share, compared to $1.5 million, or $0.12, per diluted share in the fourth quarter of 2010. Contributing to the improvement was the increase in revenues and the $493,000 decrease in interest expense. Interest expense decreased primarily as a result of the decrease in mortgage interest expense and, to a lesser extent, the decrease in the Company's outstanding credit line balance.

The Company generated Funds from Operations ("FFO") of $5.7 million, or $0.39 per diluted share, for the quarter ended December 31, 2011, as compared to $4.1 million or $0.35 per diluted share in the corresponding period of the prior year. A reconciliation of GAAP amounts to non-GAAP amounts is presented with the financial information included later in this release.

The per share results for the three and twelve months ended December 31, 2011 take into account the issuance of shares issued under One Liberty's dividend reinvestment program and 2.7 million shares in the Company's February 2011 public offering. The Company used a portion of the approximately $40.6 million of net proceeds it received from the offering to reduce the outstanding credit line balance and payoff certain mortgages bearing high interest rates.

Full Year 2011 Operating Results:

Total revenues increased 10.2% to $45.2 million compared to $41 million for 2010. Revenues increased due to the impact of acquisitions.

Income from continuing operations increased 52.8% to $12.5 million, or $0.87 per diluted share, compared to $8.2 million, or $0.71 per diluted share, in 2010. Contributing to the improvement were the increased revenues, a $1.2 million gain on settlement of debt and a $899,000 decrease in interest expense. Interest expense decreased due primarily to the reduction in the outstanding credit line balance and to a lesser extent reduced mortgage interest expense.

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One Liberty Properties, Inc. Reports Fourth Quarter and Full Year 2011 Results

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Sparks fly between Bay County attorneys in Court of Appeals stun gun case

Posted: at 7:12 pm

LANSING Bay County attorneys this morning appeared before a state Court of Appeals, debating whether a statewide ban on civilian use of Tasers and stun guns violates the U.S. Constitution.

The debate between Bay County Assistant Prosecutor Sylvia Linton and defense attorney Kenneth W. Malkin was triggered by Bay County Circuit Judge Joseph K. Sheerans decision in April 2011 to dismiss a four-year felony charge of possession of a stun gun against Dean S. Yanna. Sheeran ruled in favor of defense attorney Malkins position that the statewide ban on electrical weapons violates the Second Amendment right to keep and bear arms.

Addressing judges Michael J. Kelly, Douglas B. Shapiro and Kurtis T. Wilder, Linton said the right to bear arms is not a fundamental right, and even if it were, it would not be exempt from scrutiny. She said police who carry Tasers are trained in their use and that electrical weapons are typically used for criminal endeavors, such as in domestic violence situations where a man might torture his wife or girlfriend with a stun gun.

So he can own a gun and shoot her, but he cant own a stun gun and not shoot her? Kelly asked.

Correct, Linton replied. Just because something is non-lethal doesnt mean its non-dangerous. These weapons are tailor-made for rapists and kidnappers.

Linton also said stun guns have no purpose but to incapacitate, while firearms can be used for sport. Kelly asked her if the states ban on electrical weapons for civilian use should be lifted if a stun gun-centered sport were invented.

Linton said, No.

In making his argument, Malkin said the founding fathers intent with the Second Amendment was to ensure citizens have the right to use common weapons to defend themselves. Therefore, he continued, the courts must account for advancements in technology when determining what manner of weapons fall under the Second Amendment.

The stun gun was developed as an advancement of firearms, designed for self-defense on airplanes, Malkin said.

Malkin took issue with Lintons point that stun guns and Tasers are exceptionally prone for use in criminal hands.

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Sparks fly between Bay County attorneys in Court of Appeals stun gun case

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Free speech examined at Dominican University

Posted: at 7:10 pm

A panel of experts will host a State of the First Amendment discussion on Wed., March 14, at noon, in the Garden Room at Dominican Universitys Heritage and Alumni House.

The panel will include First Amendment attorneys David Greene and Peter Scheer, KQED newscaster Joshua Johnson, San Francisco Chronicle reporter Bob Egelko and First Amendment advocates Mickey Huff and Steve ODonoghue.

The free event is part of Dominicans Stand Up. Sit Down. Speak Out campaign during First Amendment Week, March 12-16. The campaign will feature events designed to highlight free expression in public life, including journalism, politics, religion, art, music, film and comedy.

Dominican is one of six colleges nationwide recently awarded a $5,000 grant by the 1 for All program to support efforts to raise awareness of the First Amendment and the fundamental freedoms it protects.

State of banking industry discussed

The Marin Womens Political Action Committee, Progressive Democrats of Marin, DFA Marin, and 10th Assembly District Democrats present a discussion on state banking with attorney Ellen Brown.

The talk takes place Thu., March 15, at 7 p.m., in the San Rafael City Council chambers, 1400 Fifth St., San Rafael. Admission is free, but donations are accepted.

The president of the Public Banking Institute and author of 11 books, Brown will discuss the need for public banking in the state of California and how it can save the housing market and slash state construction project costs.

Call 897-1224 for more details.

The following are comments from the readers. In no way do they represent the view of marinscope.com.

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Free speech examined at Dominican University

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Brothers Sue Lee’s Summit District Over Suspension

Posted: March 13, 2012 at 11:33 pm

LEES SUMMIT, Mo. Is a high school blog free speech? Lees Summit North High School decided no when it suspended twin brothers in December for six months. Now, the boys parents, Brian and Linda Wilson, are suing the Lees Summit School District on behalf of their sons to get the boys reinstated immediately.

In their Federal Lawsuit the Wilson boys admit posting a blog that called a fellow female student a derogatory term. Another unidentified student used racist and vulgar terms in a posting that was made without the twins permission. The two students, both juniors, claim they shouldnt be held responsible for what someone else posted. They also believe what they wrote on a home computer during after-school hours is protected free speech.

In their lawsuit, the Wilson boys claims to receive A and B grades and are both active in the school marching band. Now they say their hopes for College band scholarships are in jeopardy if they arent reinstated immediately.

School officials are able to censor private student speech but if its off-campus its pretty much protected broadly by the First Amendment protections, said Professor Daniel Weddle with the University of Missouri-Kansas City Law School

A Federal Judge will listen to arguments by attorneys for the Wilson family on Monday March 19th. Attorneys for the Lees Summit School District will go before the same judge next Wednesday.

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Obama Makes Free Speech A Felony – Video

Posted: at 8:41 pm

13-03-2012 06:07 RonPaul2012.com Ron Paul Video Playlist http://www.youtube.com FAIR USE NOTICE: This video may contain copyrighted material. Such material is made available for educational purposes only. This constitutes a 'fair use' of any such copyrighted material as provided for in Title 17 USC section 107 of the US Copyright Law. HR 347, judge napolitano, freedom watch, obama, free speech, protest, felony, secret service,

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Limbaugh, Maher Don't Know Free Speech from Slander

Posted: at 8:41 pm

COMMENTARY | If I hear one more reference to "freedom of speech" as a defense for Rush Limbaugh or Bill Maher, I'll paste a copy of the Constitution over that person's mouth. For the past week, Limbaugh has been trying to salvage pride and sponsors over his debacle with Sandra Fluke, the Georgetown University woman who spoke up for mandatory birth control coverage, the Los Angeles Times reports.

Maher used a slur against Sarah Palin and in the spirit of camaraderie, he now defends Limbaugh. Maher says his nemesis is exercising his rights and everyone needs to chill and have a group hug, CBS News reports. Maher says he's glad he lives in a country where people can insult each other and get away with it, The Blaze reports.

I agree it's a "false equivalency" to liken a political pundit's actions to a satirist's. Limbaugh's job is to provide commentary, not verbal beatings. It's a fine line, but it's there. Maher gets paid to trash talk; his job is to play the motley fool. Since they acted foolishly, I'm not clear why Maher resents the comparison.

I'll agree Maher name-calling of Palin shouldn't ally all women to her. Theoretically, I agree. But my knee-jerk response is to come unglued at sex references to women. Too many years of oppression have made it kind of a raw spot for us. I don't like men being referred to as a gender-specific body part either. How tacky is it to take below-the-belt pot shots? Doesn't say much for the person who does it.

Where Maher and I part company is this notion that verbal harassment, character assassination and name-calling constitute freedom of speech. Maher says ad sponsors dropping Limbaugh is intimidation.

No, targeting people with obnoxious jibes is the intimidation. Making general derogatory comments about beliefs or ideals is one thing; it's not very effective but it's acceptable. Insulting people by group isn't even kosher. Calling individuals out is the coup de grace. It's slanderous, libelous bullying. Being protected from this kind of persecution is just as important a constitutional right as the ability to say what you want.

With rights come responsibilities; "can do" doesn't always mean "should do." Limbaugh and Maher need an attitude-of-entitlement adjustment.

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Father and two sons seek seats in upcoming election

Posted: at 6:25 pm

Freedom, liberty and the constitution have always been important to the Roberts family. In fact, when the family gets together, many discussions have taken place over the years about how important these issues are relating to the property of the family. Two of the sons even teach free classes on the "Original Understanding of the Constitution" to educate the public, which they've been doing for the past four years. So it wasn't really a surprise when three members of the Roberts family -- without talking to each other -- decided to run for office.

"We have all had the desire to be a part of our communities and to help preserve and maintain liberties," said Glen Roberts, a Salem resident. "I am concerned about where we are and I feel like I am in a position now that I can contribute and give something back."

Glen is running for state Senate, district 7.

Kyle Roberts, Glen's son and a resident of Spanish Fork, decided to run last year before either his dad or brother, Marc Roberts of Santaquin, had even considered the idea. Kyle is seeking the seat in House District 66, which is currently held by Mike Morley, who is not running for re-election. Marc is running for the District 67 House seat.

"I decided a long time ago that this was something I wanted to do," Kyle said. "I have a soft spot for freedom and I think that before change can take place, people have to be educated. It is not in my personality to seek notoriety. I feel like my background and the opportunities I have had to teach and speak to others about the Constitution have helped me to understand liberty."

Marc chose to run for office after being approached by friends and colleagues and because of his belief in the proper roll of government.

"I am excited for the opportunity to get to know the delegates and to be a servant of the people," Marc said. "I want to see government function properly in its bounds. If people understand and are educated it will allow us to maintain our liberties and freedoms."

Besides their love and knowledge of freedom, each of the Roberts men brings something unique from their own lines of work. Glen is the regional legal counsel for Stewart Title, Marc is the IT and operations director for Platinum Payment Systems, and Kyle is the vice president of operations at Persnickety Clothing.

And while it is pretty unique that all three men are running at the same time, Kyle said it is all incidental and that they didn't make the decision to run together.

"It isn't like we all got together and signed a paper to take over the world together," Kyle said jokingly. "But we all love freedom and we decided to run individually and we are running our own campaigns."

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Father and two sons seek seats in upcoming election

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Freedom Cigarettes Support National No Smoking Day (14th March) for the Second Year Running

Posted: at 6:24 pm

Freedom cigarettes back the British Heart Foundation who are helping to reduce tobacco related death and illness on No Smoking Day 2012

(PRWEB) March 13, 2012

Freedom electronic cigarettes are the UKs favourite electronic cigarette. They offer a more cost effective and healthier option for existing tobacco smokers. Freedoms do not produce tar, carbon monoxide or thousands of chemicals that smoking tobacco creates. They do not produce second hand smoke or a bad odour and are, therefore, a more sociably acceptable alternative. Unlike most other smoking substitutes, they give the user the emotional and psychological feeling of smoking a real cigarette.

Freedom electronic cigarettes are a gateway product for existing tobacco smokers to find a real smoking alternative to tobacco cigarettes. Freedoms are not NRT (nicotine replacement therapy) or a cessation device, which means our products are aimed at existing smokers who want to change their habit, rather than to quit. We donated to Children in Need and other charities last year, and will continue to support them and National No Smoking day, commented Nigel Quine Business development director of Freedom Cigarettes.

Richard Power Freedom Cigarettes 08448009633 Email Information

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Readers' forum: Freedom Works, Hatch

Posted: at 6:24 pm

I for one resent outside groups such as Freedom Works riding into town to tell us how to vote. I get calls almost every week from them, inviting me to meetings with the sole purpose of defeating Sen. Orrin Hatch in November. They don't extol the virtues of the opposing candidate, only blast Hatch.

If they were to sponsor a fair debate between Hatch and their candidate where both sides could present their ideas and defend themselves against the allegations Freedom Works makes, that would be less offensive.

Shouldn't we be able to study the issues and the candidates and make up our own minds without this group and their out-of-state money undermining our natural political process? And for those who think we need new blood in the Senate, you don't understand the system. Experience and seniority count. Orrin Hatch stands to become the chairman of the finance committee, making decisions that could affect all of us in major ways, not the least of which is retaining charitable deductions on our income taxes.

Let's not let these interlopers come to Utah and succeed in deceiving us.

Ruth Ann Smith

Orem

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