Daily Archives: April 26, 2012

Freedom Festival saved in Randolph Township

Posted: April 26, 2012 at 1:14 am

RANDOLPH TWP. Fireworks of a different kind have been going off in town lately, endangering the beloved tradition of a glorious pyrotechnic display against the night sky during the annual Freedom Festival, as well as the rural atmosphere along Millbrook Avenue.

Even the festival itself was in danger all for the sake of going green with the construction of solar panel canopies over parking lots at the County College of Morris (CCM), Randolph High School, and Randolph Middle School.

Fortunately cooler heads have prevailed and an agreement has been reached that insures the continuance of the festival, fireworks, and the bucolic environment valued by local residents.

It was feared this years annual event, the plans of which have been in development for months, could not be held on the County College of Morris (CCM) campus because of the construction of the solar panel canopies.

The work is expected to begin immediately after commencement exercises in mid-May and has to be completed by late August before the new school year begins.

Township officials had thought the solar panel project, spearheaded by the Morris County Improvement Authority, (MCIA), would be restricted to the rooftops of the high school and middle school. Upon learning of the canopies and how they would not only look but also affect the annual Freedom Festival held in one of CCMs parking lots, there was a lot of scrambling to find a new location.

That effort resulted in the very real possibility the annual event would have to be cancelled maybe permanently not because the township lacks parkland and open space that might accommodate the festival but because no location could be found that would safely accommodate the number of cars and effect of traffic.

Were still brainstorming, said John Lovell at the March 29 meeting of the Township Council. We hope not to lose 2012, but if 2012 is lost we hope to bring it back next year.

Lovell said a decision had to be reached quickly because the carnival company that supplies all the childrens rides and other entertainment was looking to be released from their contract in enough time to obtain a new contract elsewhere.

Another question that had to be answered was whether or not fireworks displays could be harmful to solar panels, and not having fireworks in conjunction with the festival could be a killer.

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Freedom Bank Celebrates 12th Consecutive Quarterly Profit

Posted: at 1:14 am

FAIRFAX, Va.--(BUSINESS WIRE)--

The Freedom Bank of Virginia (Bank) (Bulletin Board:FDVA.OB) earned a Net Profit Before Taxes of $309,000 for the quarter ending March 31, 2012, its twelfth consecutive quarterly profit. Net Profit at March 31, 2011 was $416,000, with the reduction principally due to increased salary expense from a larger lending staff and an increase in the provision for loan losses. According to CEO Craig S. Underhill, The Bank made a decision to accelerate growth last year and increased lending staff by 50% during the year. Loan production has increased and the Bank expects to realize a return on the investment made in new staff over time.

Total Assets increased 20% to $217,266,000, up from $181,075,000 at March 31, 2011. Loans Receivable increased $9,941,000 (6.9%) to $154,649,000 and Investment Securities increased $16,719,000 (194.1%) to $26,331,000 during the same period. The growth in assets was funded by $34,155,000 growth in deposits (21.6%). Non Interest Checking increased $1,123,000 (3.6%) to $32,769,000. Interest Checking balances increased $4,043,000 (12.7%) and Certificates of Deposit growth was $28,668,000 (30.5%).

Capital continues to be strong, growing $2,001,000 (9.1%) over the same period in the prior year to $23,996,000. Regulatory Capital minimums for Tier 1 Leverage Ratio, Risk Based Capital Tier 1, and Risk Based Capital Tier 2 were 5.0%, 6.0% and 10.0% respectively to be considered well capitalized. At 3/31/2012 the ratios for the Bank were 11.19%, 14.32% and 15.57% respectively, all in the well capitalized category. The Bank continues its tradition of maintaining a strong capital base to serve the needs of its customers and stockholders.

Freedom Bank is a community-oriented, locally-owned bank with locations in Fairfax and Vienna, Virginia. For information about Freedom Banks deposit and loan services, visit the Banks website at http://www.freedombankva.com.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our quarterly and annual reports filed with the Board of Governors of the Federal Reserve System. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

Common stock, $4.17 par value. (5,000,000 shares authorized: issued and outstanding 2,836,404 shares for March 31, 2012 and 2,828,833 shares for March 31, 2011)

The Freedom Bank of Virginia

Net Interest Income after Provision for Possible Loan Losses

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Freedom Bank Celebrates 12th Consecutive Quarterly Profit

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Liberty Energy Announces Creation of Advisory Board and Appointment of Its First Member

Posted: at 1:13 am

HOUSTON, April 24, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE.OB - News) ("Liberty" or "the Company") announces the appointment of Mr. Pete Gawith to the Company's newly created Advisory Board.

Mr. Gawith has worked as a financial analyst and auditor for over 7 years. During this time he has held positions at Barclays Capital (BARC-30B Market Cap) working as an financial analyst within the equity derivatives and fixed Income finance teams and at KPMG. At KMPG he worked as an Assistant Manager where he was given the responsibility of 'in-charging' the audit of HBOS (HBoS) (LLOY-24B Market Cap) Retail during the Lloyds Banking Group takeover and performing the fair value work surrounding the takeover.

His responsibilities have included calculating, analyzing and reporting P&L across a wide range of financial instruments, including management information and account preparation in addition to drafting commentary build outs, P&L platform integration and liaising with sales and traders over trade bookings and cash-flow generation balance sheet and competitor analysis commentary for strategic planning & financial compliance reports.

Mr. Gawith is a qualified accountant and a member of the Institute of Chartered Accountants of England and Wales. His significant exposure to senior management, financial models, valuations and development of technical knowledge coupled with strong mathematics will no doubt prove to be an invaluable resource to the Company.

The Company is currently reviewing additional candidates for positions on the Advisory Board.

"Mr. Gawith's experience in the financial services industry and transaction advisory sector will no doubt prove to be an invaluable resource to the company as we evaluate and develop our current assets whilst appraise potential new oil and gas projects," commented Ian Spowart, CEO of Liberty Energy Corp.

ABOUT LIBERTY: Liberty Energy Corp (LBYE.OB - News) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, Liberty owns twelve leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low-sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of US fuel reserves while seeking out further opportunities for the global energy markets.

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

ON BEHALF OF THE BOARD OF DIRECTORS,

Liberty Energy Corp

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Liberty scraps offshore liquid gas terminal plan

Posted: at 1:13 am

ATLANTIC CITY, N.J. (AP) -- A company that proposed building a liquefied natural gas terminal off the central New Jersey coast has withdrawn its application, saying it will start over on a new plan in the future.

Liberty Natural Gas LLC had applied to the federal Maritime Administration and the Coast Guard to build a facility 16 miles off Asbury Park.

But Gov. Chris Christie vetoed the plan in February 2011, saying it was too risky to the state's crucial tourism and fishing industries.

The company kept pressing forward with the plan. But in an April 10 letter to regulators, it noted it had made so many changes to the proposal that a new application would be needed.

"This is a victory for the ocean and for the thousands of citizens and scores of organizations that fought for five years against this wrongful proposal," said Cindy Zipf, executive director of the Clean Ocean Action environmental group. "With Governor Christie's firm opposition, this project was dead in the water. It is about time they faced reality and withdrew (or) terminated the project. It's over for now, but they are lurking and may be back."

Indeed, the company made clear it still plans to move forward with a new version of the proposal at some point.

"Liberty completely redesigned its project, including by scaling down its size from four buoys to two, eliminating the onshore pipeline, changing the project location and configuration to site the project exclusively offshore, and redesigning its construction and techniques to substantially reduce seabed impacts," the company wrote in its letter to regulators.

Because it had made so many changes to its initial application, Liberty withdrew it and intends to submit a new one once surveys and plans are completed.

Liberty's plan was the last of three proposed offshore gas projects in New Jersey waters to remain under consideration. ExxonMobil had proposed a floating gas terminal called BlueOcean Energy about 20 miles off the coast of Manasquan, and The Atlantic Sea Island Group wanted to build a 63-acre artificial island nearly 20 miles off Sandy Hook for a liquefied natural gas port called "Safe Harbor Energy."

Liberty said its facility would rest on the ocean floor when it's not being used, and would be far enough offshore so that it would not be visible to beachgoers, even when it was being utilized. It had hoped to have the project up and running by 2014.

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Liberty Property Beats Estimates – Analyst Blog

Posted: at 1:13 am

Referenced Stocks: DRE, LRY

Liberty Property Trust ( LRY ), a real estate investment trust (REIT), reported first quarter 2012 FFO (fund from operations) of 68 cents per share compared with 65 cents in the year-earlier quarter. Reported FFO beat the Zacks Consensus Estimate by 5 cents. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

Total revenue for first quarter 2012 stood at $169.9 million compared with $166.1 million in the year-ago quarter. Total revenue in the reported quarter fell short of the Zacks Consensus Estimate of $173 million.

At the end of the reported quarter, the in-service portfolio of Liberty Property, spanning 79.3 million square feet, had occupancy of 90.5% compared with 91.3% in the previous quarter. During the reported quarter, Liberty Property witnessed strong leasing activities with about 4.3 million square feet of leased space. Operating income from same-store properties inched up 0.5% on a cash basis but slipped 0.4% on a straight line basis year over year.

The company continues to reposition its portfolio by sellingsuburban office and high-finish flex properties. During the reported quarter, Liberty Property sold 2 properties (76.6% leased) spanning 105,000 square feet for $6.5 million. There were no acquisitions during the first quarter 2012.

Also during first quarter 2012, Liberty Property began development of a distribution building in Suffolk, Virginia spanning 126,000 square feet for an estimated investment of $7.8 million.

Subsequent to the quarter-end, Liberty Property completed the sale of 49 properties spanning 2.5 million square feet of leasable space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. At the time of sale, the properties were 83% leased.

During the reported quarter, Liberty property redeemed $32.5 million of its outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million and redeemed the entire $95.0 million of 7.45% Series B Cumulative Redeemable Preferred Units at par. At the end of first quarter 2012, the company had $27.6 million in cash and cash equivalents.

For fiscal 2012, Liberty Property revised its FFO guidance from the earlier range of $2.45 - $2.60 per share to $2.50 -$2.65 per share.

We currently have a 'Neutral' recommendation on Liberty Property, which presently has a Zacks #3 Rank that translates into a short-term Hold rating. One of its competitors, Duke Realty Corp. ( DRE ) currently retains a Zacks #3 Rank

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Liberty Property Trust Announces First Quarter 2012 Results

Posted: at 1:13 am

MALVERN, Pa., April 24, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY - News) reported that funds from operations available to common shareholders (diluted) ("FFO") for the first quarter of 2012 was $0.68 per share, compared to $0.65 per share for the first quarter of 2011. Funds from operations for the first quarter of 2012 include termination fees of $2.2 million, a $3.7 million net discount realized on the redemption of certain preferred units, and $3.2 million of additional compensation expense due to the accelerated vesting of long-term incentive compensation due to the years of service and ages of certain employees.

Net income per common share (diluted) was $0.32 per share for the quarter ended March 31, 2012, compared to $0.25 per share (diluted) for the quarter ended March 31, 2011.

"Liberty has done very well so far in 2012," commented Bill Hankowsky, chief executive officer. "We had strong first quarter, leasing 4.3 million square feet and redeeming high-dividend preferred securities, and we have subsequently advanced our repositioning strategy with the execution of a significant sale of suburban office and high-finish flex properties. All of this was accomplished in an environment of slow recovery in the real estate markets."

Portfolio Performance

Leasing: At March 31, 2012, Liberty's in-service portfolio of 79.3 million square feet was 90.5% occupied, compared to 91.3% at the end of the fourth quarter, an anticipated decrease. During the quarter, Liberty completed lease transactions totaling 4.3 million square feet of space.

Same Store Performance: Property level operating income for same store properties increased by 0.5% on a cash basis and decreased by 0.4% on a straight line basis for the first quarter of 2012 compared to the same quarter in 2011.

Capital Activities and Balance Sheet Management

Preferred Unit Redemptions: During the first quarter, Liberty redeemed $32.5 million of its outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million, and redeemed the entire $95.0 million of 7.45% Series B Cumulative Redeemable Preferred Units at par. The $6.5 million discount net of the write off of $2.8 million of origination costs is included in FFO.

Property Sales: During the first quarter, Liberty sold two operating properties, which contained 105,000 square feet of leasable space for $6.5 million. The properties were 76.6% leased at the time of the sale.

Real Estate Investments

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Ovies: College playoff coming, but will format make sense?

Posted: at 1:13 am

College playoff coming, but will format make sense?

By Joe Ovies Posted at 12:31 p.m.

The good news? The BCS as we know it is withering on the vine and the serious possibility of a Division I-A college football playoff is on the horizon.

The bad news? The Rose, Sugar, Orange and Fiesta Bowls have such an incredible grip on university presidents and athletic directors that sensible thinking will give way to continued fleecing. Conference commissioners like Jim Delaney are ultimately interested in preserving their own brands rather than doing the sensible thing that would take college football beyond regional dominance and profits to new heights.

...but hey, at least we're getting something. Right?

Some form of college playoff is coming to a television set near you. It just makes sense and networks would be willing to dump plenty of cash to obtain the rights. However, it won't be anything like the FCS format. For starters, the football Illuminati are currently discussing the various ways they can avoid calling it an actual playoff. According to documents obtained by USA Today, it's actually called a "Four Team Event."

The convoluted nature of the upcoming BCS format switch has everything to do with competing entities trying to hold on to their piece of the financial pie and politics. The major bowls, exposed for the boondoggles they are thanks to Dan Wetzel, are lobbying hard for their continued inclusion. Competing conference interests also get in the way, since the Big Ten doesn't necessarily want what he SEC wants and vice versa.

This is why the new system won't go beyond four teams and won't be played on the fields of higher-seeded teams. The Big Ten and PAC 12 want to keep the Rose Bowl. All the commissioners want to prevent "playoff creep." Most importantly, there is more money to be made in doing it all on neutral sites, including the brave new world of a Super Bowl-like college championship played in a non-traditional location such as Dallas.

All of it does and doesn't make sense at the same time. Going to a playoff format was inevitable because conferences were leaving money on the table in the old format, but trying to maintain an antiquated bowl system hands too much of that cash to the wrong people.

Marinate on this thought -- the college presidents and athletic directors have always argued against the playoff because it would require too much time and travel for the "student athletes," but what they are getting ready to implement would actually increase travel for everyone. There would be a neutral site conference championship, followed by a neutral site semifinal "event," which would then be followed by another neutral site national title game. That's 3 different cities in just over a month.

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Free speech also applies to musicians, including Nugent

Posted: at 1:10 am

The only thing the late Dick Clark wanted to know about music was this: "Does it have a nice beat and can you dance to it?"

These days, popular recording artists seem to have a lot more on their minds, including politics.

That's why it was interesting to see the recent announcement that rapper Common will be a headliner July 7 at one of the Summerfest stages this year.

Common - a Chicago native who's real name is Lonnie Rashid Lynn Jr. - is known by his fans as a "conscious" rapper and author who touches on a variety of social issues in his rap lyrics.

Not being a huge rap fan, I know Common mainly for his recent acting career. But many of his fans still view him mainly as a Grammy winning rap artist.

The news about Common coming to Milwaukee's popular musical festival reminded me of last May when some conservative politicians and media types were in an uproar after the rapper was invited by Michelle Obama to perform at a White House poetry event.

After Republicans began to scrutinize Common's lyrics - never a smart move for non-hip hop fans - they responded with the usual over-the-top rhetoric suggesting he was an inappropriate choice, a vile and controversial performer and perhaps even a threat to national security.

The Common lyric that brought most scrutiny denigrated former President Bush.

"Burn a Bush 'cause for peace he no push no button."

(OK, I think it probably makes sense if he does it.)

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Anti-abortion group sparks free-speech discussion

Posted: at 1:10 am

An anti-abortion group's display of graphic posters at Moorpark College has raised issues of free speech and appropriateness, particularly because children on campus for a multicultural day could have seen the posters.

The group Survivors of the Abortion Holocaust was on campus this month when Moorpark College celebrated its annual Multicultural Day, said college President Pam Eddinger. The display was not part of the event, which features food and music from around the world.

The Christian group's posters, which are roughly 4 feet high, show aborted fetuses. They were displayed along a major campus walkway.

Students from Campus Canyon School in Moorpark, who came to campus for Multicultural Day, were diverted away from the posters and did not see them, said Principal Stephanie Brazell. The school will meet with college officials about having students at the event next year, Brazell said.

Even if children weren't on campus, some Moorpark professors and students questioned whether the posters were appropriate because they were so disturbing.

"I personally did not feel well walking that stretch of campus," student Arshia Malekzadeh said. "I understand they have a constitutional right to be there, but I don't think it's appropriate."

The group has the right to be on campus even if its tactics are upsetting, Eddinger said. Like other public colleges, Moorpark is an open campus and can't bar certain groups, she said.

"It's important we don't infringe on free speech," Eddinger said. "But it's also important that we don't disrupt the educational process of our students. That's the balance we have to strike."

The anti-abortion group had told the college it planned to be on campus that week and had been told there would be another event on campus that day. But members did not know it was Multicultural Day and that children might be on campus, said Kristina Garza, the group's campus outreach director. If they had known, they might have chosen another day.

"If we had been given a full explanation, we probably would have been willing to change it. We would have considered it," Garza said.

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Jordan 'suppressing free speech'

Posted: at 1:10 am

25 April 2012 Last updated at 07:30 ET

The Jordanian authorities are violating people's right to free speech and undermining the credibility of reform efforts, a human rights group has said.

Human Rights Watch said a journalist and the publisher of the Gerasa News website had been charged with "subverting the system of government".

The charges related to an article about King Abdullah's alleged intervention in a corruption investigation, it added.

HRW said the case was the fifth such incident in Arab kingdom this year.

Sahar al-Muhtasab and her brother Jamal al-Muhtasab, who both worked for Gerasa News, had been charged on 23 April, a statement said.

They had both worked on an article that quoted a member of parliament as saying King Abdullah had issued instructions to members of a parliamentary committee not to refer a former minister to court on corruption charges.

Ms Muhtasab told HRW that a military prosecutor at the State Security Court had insisted King Abdullah was at the forefront of the fight against corruption, and that it was forbidden to imply otherwise.

Jordan cannot claim to be making democratic reforms while prosecutors hunt down journalists doing their job

The prosecutor charged them both with "subverting the system of government in the kingdom", a crime that article 149 of Jordan's penal code punishes with hard labour.

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