Daily Archives: June 27, 2012

Nassau Freedom Revealed in Buffalo Losing Oversight: Muni Credit

Posted: June 27, 2012 at 4:19 pm

By Freeman Klopott and Brian Chappatta - 2012-06-27T04:01:00Z

Nassau, New Yorks wealthiest county, can take lessons from Buffalo, its poorest city, on how to win back financial independence from a state oversight board.

Eighteen months after Nassaus fiscal affairs were taken over, County Executive Edward Mangano failed last week to get permission from lawmakers to sidestep the state panel and borrow $40 million to pay tax refunds. Instead, the Long Island suburb of 1.3 million, which has seen its relative borrowing costs climb in the past month, will tap reserves.

Buffalo, in contrast, is set to end nine years of New York oversight July 1, when its control board will shift to an advisory role. The city of 261,000 on the Canadian border achieved the goal by cooperating with the authority to balance its budget for three straight years while shrinking its debt by more than 25 percent.

A control board takes away some political authority, but permits unpleasant decisions, said Howard Cure, head of research at New York-based Evercore Wealth Management LLC, which manages $3.5 billion. To get out from under its yoke, you need to maintain a structural balance. Nassau has a way to go to get there. Buffalo cooperated with its board to achieve one.

Nassau has joined nearby counties Suffolk, home of the Hamptons beach towns, and Rockland in facing fiscal strains caused in part by flagging sales-tax revenue. The Nassau County Interim Finance Authority took control in January 2011 after ruling the countys budget had a gap of more than 1 percent of projected spending.

NIFA wants Nassau to bolster reserves, end the use of one- shot revenue, reduce labor costs and avoid borrowing to cover property-tax refunds, the authority said when it took control.

Nassau, whose $93,613 median household income is triple Buffalos, must get the authoritys approval to borrow and on contracts it negotiates with unions. About 30 percent of Buffalo residents live under the poverty level, and its median household income is the lowest of the states cities.

The two municipalities have the same credit rating, at A1 from Moodys Investors Service, fifth highest. Buffalos has risen from Baa3, one step above speculative, when the control board took over in 2003. Its now the best in the citys history, according to Mayor Byron Brown. Nassaus rating was cut one step by Moodys in November 2010.

As Nassau attempted this month to persuade state lawmakers to agree to a bill allowing it to issue bonds without NIFAs approval, demand for some of its debt weakened. The yield on an 18-year bond issued by Nassau County in April rose to 1.18 percentage points above top-rated debt on June 15, data compiled by Bloomberg show. Thats the widest since it was issued and up from 0.97 percentage point a month earlier.

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Nassau Freedom Revealed in Buffalo Losing Oversight: Muni Credit

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QuickPay and Liberty PlugIns Team to Offer Mobile Payments and Search for Electric Vehicle Charging Stations

Posted: at 4:19 pm

SAN FRANCISCO, June 26, 2012 /PRNewswire/ -- Liberty PlugIns (LPI) has partnered with QuickPay Corp., a premier mobile payment platform provider, to make mobile payments available for electric vehicle (EV) charging stations. The combined solution will allow drivers to pay for a charging session by mobile phone, via text message or smartphone app, using the QP QuickPay (QP) mobile payment service and receive a charging authorization code from LPI. QP QuickPay users will also be able to locate QP-enabled charging stations when searching for parking. This will help EV drivers easily find parking facilities where they can charge, saving time and adding convenience. Parking providers and facilities managers will gain increased visibility and revenue from their investments in charging stations and have an easy, low-cost way to manage EV charging payments.

"The adoption of EVs is rapidly accelerating in the U.S., and parking operators need to be ready to meet the demand for parking spaces with EV charging capability," said Chris Outwater, CEO, Liberty Plugins. "Mobile payments make adding this feature simple and cost-effective for drivers and providers alike."

The unique charging authorization code generated by LPI's Synchronous Code Generation system unlocks the EV charging station and sets the charging time. This approach eliminates the need for billing or networking hardware in the EV charger itself making it less expensive, more reliable, and easier to install. The QP QuickPay mobile payment platform enables parking facility owners to generate new revenue streams by offering the EV charging service as a complement to parking without having to install additional pay stations or deal with third-party billing systems.

"EVs are here today and their numbers are growing fast," said Barney Pell, Co-founder and Executive Chairman, QuickPay Corp. "With Liberty PlugIns and QuickPay, parking providers can quickly and easily offer a value-added service to their parking customers, further encouraging the adoption of low-emission vehicles by building the EV charging infrastructure."

More information about QuickPay is available at http://www.qpme.com.

About QuickPay Corp.Founded in 2010 and headquarted in San Francisco, privately-held QuickPay Corp. is a leading provider of unified mobile parking technology. QuickPay provides a cloud-based mobile parking access and revenue control system that integrates with any legacy parking infrastructure, enabling parking and transit owners and operators to unify their assets under a single low-cost, fast-deploy mobile payment platform. QuickPay's experienced management team has proven success in building and managing businesses in both the parking and technology fields. The company is backed by successful investors and technology leaders, including Fontinalis Partners, co-founded by Ford Motor Company executive chairman Bill Ford. For more information please visit http://www.qpme.com.

About Liberty PlugIns Inc.Liberty PlugIns specializes in electric vehicle charging solutions for the professional parking industry, fleets, and multiple unit dwellings. LPI's Synchronous Code Generation technology enables secure charging without expensive networks, and the Interactive Voice Recognition system delivers charging authorization codes over the cellular network. For more information, visit the Liberty PlugIns website at http://www.libertyplugins.com.

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Fast and Furious Vehicle Combat With Outrider

Posted: at 4:18 pm

My early gaming years consisted of a number of well-known titles from a wide variety of publishers, but a good majority of them came from one source Steve Jackson Games. I still have a large collection of those small black plastic boxes that were so inexpensive and easy to carry in a backpack Illuminati (and two expansions) was always fun to play, but I dont think I played any game more during my 9th and 10th grade years than Car Wars. I had a small group of friends who enjoyed it just as much as I did, and while I cant speak to their dedication I can say that I probably spent way too much time ignoring my teachers lectures as I tinkered with various weight and prices to find the right balance of firepower, armor, and speed. That first edition of Car Wars was so simple to play, too. At first, there were no expansions (no 18-wheelers or arena style scenarios) it was just strips of road with oil slicks and debris presenting hazards to your vehicle as you raced down the road, chasing and sometimes being chased, trying to keep your car and driver alive while trying to eliminate the other players.

Recently Steve Jackson Games had an amazing Kickstarter project that raised almost a million dollars to fund a special edition of one of their classic games, OGRE. It was during the fundraising for this game that SJG announced that if funding reached a certain level they would do a similar special edition release of Car Wars. This was a huge announcement that fans of Car Wars loved to hear, but there was only one problem the Car Wars Designer Edition wouldnt happen until 2013. Late 2013 if memory serves. Im a patient guy, but I want some vehicle combat now!

I dont have a reliable gaming group these days as I did in high school, and I certainly dont have anyone nearby who is familiar with the rules of Car Wars. After numerous expansions, a number of Uncle Albert weapons catalog resources, and a few revisions to the rules, Car Wars is most definitely in need of (and deserving) of a special edition. Theres already been some discussion about what the special edition might contain, and not everyone seems to agree. For me, Id like to see it re-released in a simpler format, without all the extra stuff such as boats and helicopters and gasoline-powered vehicles that made the game a bit bloated for my tastes. I just want a return to what made the original Car Wars so fun configure your vehicle, line up some road strips, sprinkle it with some hazards and burned-out vehicles, and let the combat begin. It remains to be seen how the Car Wars Designer Edition will develop, but in the meantime Ive found something thats got just the right amount of vehicle combat mixed with some simplified game mechanics. Its called Outrider, and its pretty darn cool.

Outrider is from Dice Fest Games, and its a digital game that you buy and print yourself. All the game components come in PDF files that can be printed out in black and white, but the components look best printed in full color. For my test of the games I printed them on standard printer paper, but after a few games I realized that card stock is definitely the way to go itll last longer and wont slide off the table so easily. I will probably have some of the components laminated soon, but I do expect to reprint some of the components on card stock just for durability purposes. That said, the game is for 2 to 6 players, but the more players you expect to play will increase the printing costs. Expect to drop between $20 and $30 on color printing for just 2 players. Each additional player (who will require a number of game components that arent shared) will probably add between $5 and $10 to the cost. Finally, the game comes with a number of large scenarios that will require a number of road and building board pieces, so expect to drop between $5 and $20 for a good variety of four-way, three-way, straight, and curved road board pieces. There are elements on many of the pieces that are color-coded, but a few components can be printed in black and white but not many. Still, for about $40 worth of card stock printing (this price includes the 20 page manual), youll end up with a nice little game that can give up to 4 players a good 45-60 minute game.

And speaking of the game the game does incorporate a mix of luck and skill. Each player will need four dice one 6d, one 8d, one 10d, and one 12d. The game has a very interesting way of providing balance to gameplay by having each player assign one of each type of die to four different Vehicle Cards. These four cards make up the Dashboard of your vehicle they track things like armor, skill points, and damage. But they also are used for customizing your vehicle. Want the fastest car on the table? Assign the 12d to the Engine category and get 600HP and the maximum number of Action Points for each turn. But youve still got to configure the Driver, Armor, and Weapons for your car. Put some major damage-dealing weapons on your vehicle by assigning Weapons the 10d. Now its a tough decision for the 6d and 8d allocation do you assign the 6d to the Driver slot and give your driver only 6 Skill Points that can be used to tweak the maneuvers you can perform or give it to the Armor and have the lowest amount of coverage in the game? Its a fast and fair way to provide variation in the game while not giving any one player the fastest, most dangerous, and best armored vehicle on the road.

Game turns are broken into three sequences Initiative, Action, and End. The Initiative and End phases are fast and easy to deal with, leaving the Action stage where the, uh action happens. This is where you, as the driver, make decisions about your cars maneuvers, where its firing, and what it might be ramming or impacting. Once again, the system of four dice is used to control various aspects of each players turn. Each player has a series of cards that have various types of maneuvers on them a Hard Right, an Easy Left, a Punch It!, and many more. Each maneuver has a certain level of risk, and your engine gives you a certain number of Action Points (AP) that you can use to select a number of maneuver cards to place in front of your vehicle to plan the cars movement. Your driver, with a die assigned for his skill level, must roll equal to or higher than the total of any maneuver cards (and added hazards) to successfully complete a movement. Fail the roll, and the rules easily tell you where along the planned path your car is in trouble and whether the outcome is a slight skid or a loss of control (and loss of your turn).

Included in the games PDF files are a number of vehicle cards with characteristics that affect various rolls. Each type of car has four characteristics that can affect the roll of the dice Acceleration, Handling, Defense, and Firepower. So its possible to select a car type (such as The Interceptor or The Linebacker) with bonuses for defense or firepower and either buff them up by adding the 10d or 12d to the appropriate Dashboard cards or balance out weaknesses in a vehicle by buffing those weaknesses with the higher powered dice.

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Fast and Furious Vehicle Combat With Outrider

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Free Speech Forum

Posted: at 4:16 pm

It is understandable that after events like those May 30th the knee-jerk reaction is to blame guns and advocate increased gun control. However, in a political climate where our freedoms are constantly being restricted I would urge you to reconsider your position.

Firstly, one cannot directly compare Great Britain to the US and say that more gun ownership means more gun crime. To counter your point, one could look at Switzerland. They have one of the world's highest rates of gun ownership, yet one of the lowest rates of gun crime.

Secondly, you create the limitation that guns are only for home defense. This is wrong however, as the second amendment was created by our founders to ensure self-defense in a much broader sense. This includes threats that could be a deranged man in a caf or some other public place, an invasion by a foreign power, or against our own government should it turn tyrannical. Perhaps if someone had been armed at Caf Racer the loss of lives would have been limited on May 30th.

In examining sourcing, most criminals obtain guns from family members, friends, or in street buys. These methods for obtaining a firearm are already illegal, so the problem isnt a lack of laws but rather we cannot enforce pre-existing ones. How will more poorly-enforced laws change things? Unfortunately, accidents and crime happen. Gun control of the caliber you suggest will only disarm law-abiding citizens while criminals will continue to ignore the law.

Devon Cole UW alumnus, class of 2011

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Violence against free-speech activists.

Posted: at 4:16 pm

On April 20, 1912, police chief Keno Wilson sent a letter to commissioner Harris Weinstock, who was investigating San Diegos infamous Free Speech Fight. In no instance, wrote Wilson, has any police officer of this city assaulted, abused, or maltreated in any way, any person whom he has taken in charge, either as an IWW or otherwise.

A few days later, Weinstock interviewed Julius Tum, a tailor from Germany. The poor, inoffensive, harmless young man Weinstocks words had come to San Diego and joined the local union. After a long search, on March 26 he landed a job with J.W. Brem, a prominent tailor, and, says Brem, did satisfactory work.

His second day on the job, Tum wore a red tie. Within the hour, police arrested him. When Chief Wilson asked why red, Tum replied, Why do you wear a blue one? Convinced Tum hadnt heard of the IWW or socialism, Wilson let him go. On his way home, out of curiosity Tum stopped at IWW headquarters at 13th and K, and bought some ten-cent pamphlets.

The next time he wore the red tie, on April 4, three policemen burst into the shop. Youre wanted at city jail, blurted one, as the others cuffed and dragged Tum out the door. This time, Wilson said, Give him the same as the rest.

Officers shoved Tum into the back seat of a patrol car. On the ride north, two rifles were pointed at his chest. Other cars police and civilian carried other prisoners. The caravan drove to the city limits at Sorrento Valley, where vigilantes awaited them at the police substation.

A large American flag hung from a long beam. Kiss it, one ordered Tum.

I had no objection, Tum told Weinstock, and said I would. But as he stepped forward, a club bashed the back of his head so hard, he thought his skull had split. Then others crowded around and showered blows with clubs and stones on my body. They aimed at my head and face and rarely missed. This beating lasted for about 20 minutes.

Feeling the fog of at least one concussion, Tum dragged himself off. Behind him, he heard grunts and cries and the crack of breaking bone.

Vigilantes herded their prey into cars. They drove to the county line at San Onofre, where an even larger mob of police, constables, and civilians searched them and took Tums money.

From photos shown him later, Tum identified several vigilantes. Francis J. Bierman, a writer for the San Diego Union, was in command, Tum said, which explained why they called him Captain. Officer Charles de Lacour and detectives Joe Myers and Harry Sheppard stood close by, as did J.M. Porter, Walter P. Moore, and Ed Walsh the last three, Tum told the Los Angeles Express, are real-estate men.

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Violence against free-speech activists.

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Commentary: Let religious freedom ring

Posted: at 12:14 am

Protesters stand outside the Sandra Day O'Connor Federal Courthouse Friday, March 23, 2012 in Phoenix. during the Stand Up For Religious Freedom Rally. The rally is part of a nationwide Rally for Religious Freedom which is a reaction against the Obama Administrations HHS mandate that will obligate Catholic organizations to provide contraceptive services to their employees.

Matt York, Associated Press

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On June 1, the film "For Greater Glory," starring Andy Garcia, made its debut in U.S. theaters. The movie tells the story of the Cristero War in Mexico in the late 1920s. The popular rebellion rose up against the Mexican government's efforts to throttle religious freedom in order to curb the exercise of religious faith and secularize Mexican society. In the savage clash that followed, Catholic priests and nuns were executed, some even tortured and hanged from telephone poles.

Religious freedom remains at risk today. In Iran, Christian Pastor Youcef Nadarkhani languishes in prison, sentenced to death for allegedly converting from Islam to Christianity. In China, the Shouwang church a thousand-member unregistered "house church" that refuses Communist government oversight of its affairs has met outdoors since Easter 2011 when officials seized its meeting space and placed the pastor under house arrest.

Thankfully, religious believers in America can stand far more confidently on our constitutional foundation of religious liberty. Americans enjoy the freedom not only to worship according to the dictates of conscience but also to express and to live according to those beliefs as we engage in public life.

Such a blessing is extraordinarily rare in the course of human history, and each new generation of Americans has the responsibility to guard it. Just as a homeowner should be concerned about the security of his home's foundation before a river spills over its banks, so we should beware the danger of erosion in the foundation of American freedom as government oversteps its constitutional limits.

In the two weeks leading up to Independence Day, many Americans are calling attention to religious liberty by participating in the "Fortnight for Freedom," a celebration of religious freedom and call to preserve it against erosion.

For months, religious leaders have expressed concerns about recent actions that they claim would undermine religious liberty. In one instance, the administration argued at the Supreme Court that the government can interfere with a church school's freedom to determine who would qualify as a minister to teach the faith. In another, the Department of Health and Human Services refused to renew a Catholic service organization's grant to help human trafficking victims because it refused to refer women for abortions, despite the group's track record of success and high rankings in the application process.

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Commentary: Let religious freedom ring

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Liberty Media Beats Vivendi in Court – Analyst Blog

Posted: at 12:13 am

Referenced Stocks: BKS, LMCA, SIRI

Englewood, Colorado-based Liberty Media Corporation ( LMCA ) has won a legal petition, filed in 2003, against French entertainment group Vivendi Universal S.A. According to the verdict, the French media giant will have to pay $956 million in damages to Liberty Media Corp. in a breach of contract case. We believe that the receipt of the compensation payment will significantly boost Liberty Media's already impressive liquidity position.

Liberty Media Corp. claimed that the French media group had deceived it while buying the American media conglomerate's stake in Barry Diller's USA Networks for $10.3 billion. According to the deal, Liberty Media received 32 million treasury shares of Vivendi in addition to another 5.2 million shares for its stake in a European cable joint venture with Vivendi. After the deal, Liberty Media accused that despite going through a liquidity crisis Vivendi have presented a well balanced picture of its financial condition before the deal, which led to an increase in its share value, thus making the share acquisition from the French company more expensive.

Liberty Media, which has its own interest in a wide range of media companies including Starz Media LLC, True Position Inc, Sirius XM ( SIRI ), also wants to claim prejudgment interest which could almost double the reward for them. However, Vivendi has protested vehemently against the verdict and denied any wrongdoing. It is believed that the reward money won't be final until other pending issues are settled.

These types of charges are not new for Vivendi; it had been found guilty of misleading shareholders 57 times from 2000 to 2002 about its financial status. We believe that Liberty may pursue its investment interest in Barnes and Noble Inc. ( BKS ).

Recommendation :

We are maintaining our long-term Neutral recommendation on Liberty Media Corporation. Currently Liberty Media Corporation has a Zacks #3 Rank, implying a short-term Hold rating on the stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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Liberty Announces Agreement to Extend Term of Loan with Controlling Shareholder to be Approved at Upcoming Shareholder …

Posted: at 12:13 am

TSX: LBE

TORONTO , June 26, 2012 /CNW/ - Liberty Mines Inc. ("Liberty" or the "Company") wishes to advise that at the Company's annual meeting of shareholders, to be held at the Ontario Bar Association, 20 Toronto Street, Suite 200, Toronto , Ontario on Wednesday, June 27, 2012 at 4:00 p.m. , the Company will be seeking shareholder approval to the extension of the term of its existing debt facilities with Jien International Investment Limited ("JIIL").

JIIL has agreed to extend the due date on two credit facilities. The first facility has an outstanding principal amount of $48,914,849 plus accrued and unpaid interest estimated to June 30, 2012 of $4,431,552 , which currently comes due on December 31, 2012 and the second facility has an outstanding principal amount of US$19,348,828 with accrued and unpaid interest estimated to June 30, 2012 of US$2,048,901, which currently comes due on June 30 , 2014. Both facilities bear interest at 10% per annum and are secured against the assets of the Company. JIIL has agreed to extend the maturity date of both facilities to June 30, 2017 to provide the Company with the flexibility necessary to achieve positive cash flow. Interest will continue to accrue at the rate of 10% per annum but no interest will be payable until June 30 , 2014. The Company will have the ability to repay any outstanding amount at any time without penalty. In addition, the management information circular mailed to shareholders in respect of the annual meeting (the "Circular") discloses that the JIIL has agreed to provide up to an additional $7,000,000 in funds to address the costs associated with bringing the tailings facilities at the Redstone Mill into compliance and to expand the facility in the future. Subsequent to mailing the Circular JIIL agreed to increase this amount to $10,000,000 . These funds have been advanced on an interest free basis. For additional information, please see the Circular which is available at http://www.sedar.com and the Company's website.

As JIIL owns 60% of the outstanding common shares of the Company, this is a related party transaction under the rules of the Toronto Stock Exchange and must be approved by a majority of the disinterested shareholders voting at the meeting excluding the votes of JIIL and its associates and affiliates.

At the meeting shareholders will be asked to approve the proposed slate of seven directors consisting of Wu Shu, John Pinsent, Tao Li, Zhang Shu, Kim Oishi , Chris Stewart and James Xiang. The Company is also seeking ratification of BDO Dunwoody as the Corporation's auditors.

This press release does not constitute an offer of the securities described herein in any jurisdiction. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration..

About Liberty Mines Inc.

Liberty Mines Inc. is a mid-tier producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada . It owns and operates the only nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins, Ontario. With a new management team in place, Liberty is focused on growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects.

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Liberty Global and Searchlight to Acquire OneLink

Posted: at 12:13 am

ENGLEWOOD, Colo.--(BUSINESS WIRE)--

Liberty Global, Inc. (Liberty Global, LGI, or the Company) (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that its subsidiary, LGI Broadband Operations, Inc., has entered into an agreement, together with investment funds affiliated with Searchlight Capital Partners, L.P. (collectively, Searchlight), to acquire 100% of the parent of San Juan Cable, LLC, dba OneLink Communications (OneLink). OneLink will be merged with LGIs existing operation, Liberty Cablevision of Puerto Rico LLC (LCPR), to form the largest cable operator on the island. At March 31, 2012, OneLink passed 347,000 homes and served approximately 262,500 revenue generating units (RGUs).1

Mike Fries, President and Chief Executive Officer of Liberty Global stated, Consistent with our strategy of consolidating markets within our footprint, this transaction will make us the leading provider of cable services in Puerto Rico, passing approximately 70% of the cable homes on the island and adding substantial scale to our existing operation. As a leader in innovation in Puerto Rico, particularly in high-speed broadband and HD, we aim to bring that expertise to the OneLink business. On a combined basis, we will have approximately 700,000 homes passed and 480,000 RGUs, generating nearly $300 million in pro forma 2011 revenue. Finally, we are excited about working together with Searchlight and driving value to our respective stakeholders.

Eric Zinterhofer, co-founder of Searchlight said, "There is clear strategic logic to this transaction, which will enhance the combined company's ability to offer high-quality communications services throughout Puerto Rico. Liberty Global is a best-in-class operator, and we look forward to being their partner on this exciting transaction."

This transaction values OneLink at an enterprise value, before transaction costs, of approximately $585 million. This equates to a multiple of approximately 6.3 times our estimate of OneLinks 2012 operating cash flow, as customarily defined by Liberty Global and adjusted for the projected annual impact of synergies following full integration. Prior to the acquisition of OneLink, we will contribute our 100% interest in LCPR, and Searchlight will contribute cash to a newly formed entity. This new entity will in turn acquire OneLink for cash consideration. Upon completion of the transaction, the combined business will be 60%-owned by Liberty Global and 40%-owned by Searchlight.

The transaction is subject to customary closing conditions including regulatory approval, and is expected to close in the fourth quarter of 2012. Upon closing, Liberty Global will control the newly-formed company and will consolidate the business for financial reporting purposes.

Scotiabank acted as financial advisor to Liberty Global and Searchlight in this transaction.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the anticipated timing of closing the transaction, our estimate of post-acquisition synergies, the impact of the transaction on our operations and financial performance, and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include the receipt and timing of necessary regulatory approval, OneLinks ability to continue financial and operational growth at historic levels, the Companys ability to successfully operate and integrate the OneLink operation and realize estimated synergies, continued use by subscribers and potential subscribers of OneLinks services, the Companys ability to achieve expected operational efficiencies and economies of scale, as well as other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission including our most recently filed Forms 10-K and 10-Q. These forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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Liberty Media Beats Vivendi in Court

Posted: at 12:13 am

Englewood, Colorado-based Liberty Media Corporation (LMCA) has won a legal petition, filed in 2003, against French entertainment group Vivendi Universal S.A. According to the verdict, the French media giant will have to pay $956 million in damages to Liberty Media Corp. in a breach of contract case. We believe that the receipt of the compensation payment will significantly boost Liberty Medias already impressive liquidity position.

Liberty Media Corp. claimed that the French media group had deceived it while buying the American media conglomerates stake in Barry Dillers USA Networks for $10.3 billion. According to the deal, Liberty Media received 32 million treasury shares of Vivendi in addition to another 5.2 million shares for its stake in a European cable joint venture with Vivendi. After the deal, Liberty Media accused that despite going through a liquidity crisis Vivendi have presented a well balanced picture of its financial condition before the deal, which led to an increase in its share value, thus making the share acquisition from the French company more expensive.

Liberty Media, which has its own interest in a wide range of media companies including Starz Media LLC, True Position Inc, Sirius XM (SIRI), also wants to claim prejudgment interest which could almost double the reward for them. However, Vivendi has protested vehemently against the verdict and denied any wrongdoing. It is believed that the reward money wont be final until other pending issues are settled.

These types of charges are not new for Vivendi; it had been found guilty of misleading shareholders 57 times from 2000 to 2002 about its financial status. We believe that Liberty may pursue its investment interest in Barnes and Noble Inc. (BKS).

Recommendation:

We are maintaining our long-term Neutral recommendation on Liberty Media Corporation. Currently Liberty Media Corporation has a Zacks #3 Rank, implying a short-term Hold rating on the stock.

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Liberty Media Beats Vivendi in Court

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