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Monthly Archives: July 2012
Liberty Silver Corp. Open Letter to Sennen Shareholders
Posted: July 26, 2012 at 3:17 pm
TORONTO, ONTARIO--(Marketwire -07/26/12)- Liberty Silver Corp. (LSL.TO)(LBSV) issued an open letter to the Sennen Resources Ltd. shareholders regarding the Company's offer to acquire Sennen. The letter follows.
Dear Sennen Shareholder -
We at Liberty are focused on concluding a friendly deal with Sennen that is in the best interest of both Sennen and Liberty shareholders. I'd like to tell you why.
The rationale for a combination of our two companies could not be more compelling at this time. As you are no doubt aware, the capital markets have been very challenging. This is especially true for junior mining companies. Some believe that these difficulties are a part of the normal business cycle and that the junior mining public markets will return to their former health in due course. We are less sure.
Since the mid 1990's, the number of publicly-traded junior mining companies has expanded from the hundreds to the thousands. As a result of this huge increase:
In Liberty's view, the junior mining sector is going through a fundamental transformation.
Consolidation will result in fewer junior miners, each with a multitude of projects guided by the highest quality talent in every aspect of their business, including: governance, risk assessment, capital markets, regulatory requirements, communications, finance, geology, drilling, engineering, quality control, consultants, permitting, environmental, and assaying.
Junior mining companies that rely on traditional financings from the high risk/reward venture markets as a way to drive from exploration to production will be severely challenged. Many will not survive.
The bottom line is that only a small number of high-quality miners with a disciplined approach to risk will benefit from the consolidation. Liberty falls into this category.
I invite you to look closely at our team's resumes on our website. Their experience and capabilities cover a broad spectrum that will allow us the means and credibility to fulfill our mandate.
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Liberty Silver Corp. Open Letter to Sennen Shareholders
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McCartney found freedom in Scotland
Posted: at 7:15 am
Sir Paul McCartney found freedom when he, his wife Linda and their young family moved to Scotland after the break-up of The Beatles.
The legendary musician took his wife Linda and their young children - Heather, Linda's child from a previous relationship, and Mary - to their farm on the Mull of Kintyre, Scotland, in the wake of the dissolution of The Beatles to avoid dealing with all the legal problems that arose with the end of the group.
Paul said: "It was a good relief from everything that was going on, after The Beatles had broken up. For me, from the early days in Liverpool right through to the Ed Sullivan show to the big American tours, that had been my life, so when it suddenly ended in disarray, over business things, it was very unpleasant.
"So my thought at the time was, 'Just get away, don't' just sit in all these meetings with people saying, 'You've got to do that, oh no, no...' and it was really miserable and it was the opposite of what The Beatles had been.
"We just got away, Linda and I and took the kids and went to Scotland and found freedom. Freedom to raise our young family. And we suddenly realised how important that was. Otherwise I was, 'See you later love, you raise the kids, I've got to go to some heavy meeting, talk about business,' so we got away."
While they stayed on the farm, Paul and Linda worked on their musical collaboration 'Ram' which he says reflected the peaceful and idyllic background they found themselves in.
He added to BBC Radio6 music: "That was the spirit that 'Ram' was written in, I could go up, over the hills with my guitar, just write a little song, come back and stick it down in my notebook, then go off and record, and we went off to New York and later Los Angeles.
"It was great, it was freedom, so that album sums up the freedom that we were feeling at the time and it think it is reflected in the music."
'Ram' was re-released in May with a number of extra tracks and exclusive content, as well as in a Deluxe Edition Box Set.
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McCartney found freedom in Scotland
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Freedom Fall in Extra Innings to Crushers
Posted: at 7:15 am
July 25, 2012 - Frontier League (FL) Florence Freedom Florence, KY-The Florence Freedom (32-28) couldn't hang onto a 6-1 lead entering the 9th inning on Tuesday night as the Lake Erie Crushers(33-27)stormed back for a 6 run 9th inning to tie the game, and eventually won it in extra innings. The Crushers defeated the Freedom 8-7 in 12 innings to avoid the three game sweep by the Freedom.
Florence led the entire ballgame as they struck for four runs in the 1st inning against Crusher All-Star Paul Fagan. Junior Arrojo reached base on an infield single and later scored on an RBI double by Peter Fatse. Several batters later, David Harris took Fagan deep over the left field wall for a three run homer. It was Harris's fourth long ball of the season and it gave the Freedom a 4-0 lead.
Brent Choban a rookie left hander made his professional debut on the mound for the Freedom and pitched very well through the first 5 innings of the contest. He gave up his only run of the game in the 4th on a sacrifice fly by Daniel Bowman scoring Andrew Davis. The former Ohio Bobacat went five innings allowing 4 hits, 1 run, 3 walks, and 3 strikeouts. The Freedom padded their lead in the 4th, as Arrojo hit a bases loaded two run single scoring Kyle Bluestein and Edwin Padua to give them a 6-1 cushion.
The Crushers would give the Freedom a taste of their own medicine a day after Florence came back from a 5 run deficit, as the Crushers rallied against the Freedom bullpen by sending ten men to the plate against Matt Kline, and Brennan Flick. Kline struck out pinch hitter Kyle Weldon to begin the frame, but after that the game swung in the direction of Lake Erie. Adrian Ortiz got one of his four hits in the 9th, and then Robby Kuzdale drew a walk with the next batter Jason Taylor being hit by a pitch. With the bases loaded, Kline then walked Russell Moldenhauer forcing home Ortiz to make it a 6-2 game. Flick was then summoned out of the bullpen, however he gave up an RBI single to Andrew Davis to cut the lead in half. Then it was Bowman striking for a two run single to make it 6-5. Davis would later score in the inning on a wild pitch to tie the game at 6-6. J.C. Figueroa who entered the game as a defensive replacement then lined a single into center field to give the Crushers a 7-6 lead. John Mallloy threw out Kellen Kulbacki who was attempting to score on the play as well.
The Freedom tied the game in the bottom of the 9th, as Peter Fatse led off the inning with a solo shot, his sixth of the season. The homer came against Crusher closer Jonathan Kountis who then retired the next three batters to send the game into extra innings.
The decision to insert Figueroa into the game proved to be the difference in this game, as the Lake Erie second baseman proved to be the hero on this night. Facing Jorge Marban with one out, Figueroa hit a solo homer, his first of the season into the Freedom bullpen to give the Crushers an 8-7 lead. Despite giving up the homer and taking the loss, Marban(1-4) pitched well in 3 innings, striking out 5. Crusher reliever Mickey Janis also went deep out of the bullpen covering the last 3 innings. The Freedom had the tying runner at 2nd base in the 12, but Janis struck out Pierre LePage to end the game.
The Freedom will travel to Washington, PA Wednesday night for a three game series with the Wild Things. LHP Andres Caceris (5-2, 4.55) will start for the Freedom while RHP Gary Lee(4-3, 2.61) starts for Washington. Wednesday's game can be heard with Steve Jarnicki starting at 6:50 pm on Real Talk 1160 and realtalk1160.com.
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The opinions expressed in this release are those of the organization issuing it, and do not necessarily reflect the thoughts or opinions of OurSports Central or its staff.
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Freedom Fall in Extra Innings to Crushers
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Freedom's sale of Register complete
Posted: at 7:15 am
Freedom Communications Inc. in Irvine, parent of The Orange County Register, today completed the sale of the paper and six other remaining properties to 2100 Trust LLC, an investment group headed by a Massachusetts businessman. Terms of the deal were not disclosed.
The other Freedom properties include The Gazette in Colorado Springs, The Sun in Yuma, Ariz., and four California papers, the Barstow Dispatch, Appeal-Democrat in Marysville, The Porterville Recorder and the Daily Press in Victorville.
The Orange County Register headquarters building is on Grand Avenue in Santa Ana.
FILE PHOTO, THE ORANGE COUNTY REGISTER
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As part of the deal, Freedom Communications will make an additional one-time contribution to the company's retirement plan. The amount of the contribution was not disclosed.
The new owner will also continue to operate the company under the Freedom Communications name.
Mitch Stern, Freedom's chief executive, praised Freedom's excellence in journalism and commitment to engaging with the community.
"We're very pleased that the name is being passed to new ownership that firmly believes newspapers continue to play an essential role in providing the news and information that is vital in the lives of the communities they serve," Stern said.
Aaron Kushner, chief executive of 2100 Trust, also cited Freedom's journalistic excellence and community involvement.
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CORRECTING and REPLACING Acquisition of Freedom Communications By 2100 Trust, LLC Is Completed
Posted: at 7:15 am
IRVINE, Calif.--(BUSINESS WIRE)--
Publication name in fourth graph should read The Porterville Recorder (sted The Porterville Record).
The corrected release reads:
ACQUISITION OF FREEDOM COMMUNICATIONS BY 2100 TRUST, LLC IS COMPLETED
Freedom Communications, which grew from R. C. Hoiles 1935 acquisition of what was then the Santa Ana Register to become, at one time, one of the largest media companies in the country, today came under new ownership with the completion of the transaction by which it agreed to be acquired by media company 2100 Trust, LLC, Freedom and 2100 Trust, LLC jointly announced.
It was also announced that the company, under its new ownership, would continue to operate as Freedom Communications.
The value of the transaction was not disclosed. In conjunction with the completion of the merger, Freedom Communications has elected to make an additional one-time contribution to the Retirement Plan of Freedom Communications, Inc.
The businesses coming under the new ownership include the flagship Orange County Register, the Barstow, CA Desert Dispatch, The Gazette in Colorado Springs, CO, the Marysville, CA Appeal-Democrat, The Porterville Recorder in Porterville, CA, the Victorville, CA Daily Press and The Sun in Yuma, AZ along with their associated non-daily publications, and specialty publications and digital properties.
Over the past several months Freedom completed the sale of its other newspaper assets and broadcast properties.
Over many decades Freedom Communications has been a name recognized for the excellence of its journalism as well as the depth of its commitment to engagement with its communities, said Mitch Stern, the outgoing Freedom Chief Executive Officer. Were very pleased that the name is being passed to new ownership that firmly believes newspapers continue to play an essential role in providing the news and information that is so vital in the lives of the communities they serve.
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CORRECTING and REPLACING Acquisition of Freedom Communications By 2100 Trust, LLC Is Completed
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Liberty Property Reports In Line – Analyst Blog
Posted: at 7:15 am
Referenced Stocks: DRE, LRY
Liberty Property Trust ( LRY ), a real estate investment trust (REIT), reported second quarter 2012 FFO (funds from operations) of 63 cents per share compared with 69 cents in the year-earlier quarter. Reported FFO in the quarter was in line with the Zacks Consensus Estimate. Funds from operations, a widely used metric to gauge the performance of REITs, are obtained after adding depreciation and amortization and other non-cash expenses to net income.
Total revenue for second quarter 2012 stood at $169.2 million compared with $164.4 million in the year-ago quarter. Total revenue for the reported quarter exceeded the Zacks Consensus Estimate of $168 million.
At the end of the reported quarter, the in-service portfolio of Liberty Property, spanning 77.0 million square feet, had occupancy of 90.7% compared with 90.5% in the previous quarter. Liberty Property witnessed strong leasing activities in the quarter with about 5.5 million square feet of leased space. Operating income from same-store properties slipped 0.6% on a cash basis and 1.0% on a straight line basis year over year.
Liberty Property continues to reposition its portfolio by selling suburban office and high-finish flex properties.The company also intends to enhance its cash reserves through significant divestiture of commodity office space. During the reported quarter, Liberty Property sold 54 properties (82.3% leased), spanning 2.7 million square feet in Wisconsin, Maryland, Virginia, North Carolina and New Jersey, for approximately $208.6 million.Additionally, Liberty Property acquired four properties (58% leased) spanning 603,000 square feet of leasable space for $29.3 million.
During second quarter 2012, Liberty Property began development of three properties, spanning 246,000 square feet, for an estimated investment of $23.5 million. Also, the company brought into service one development property spanning 128,000 square feet for $6.6 million.
During the reported quarter, Liberty property redeemed $100 million worth of its outstanding 7.40% Series F Cumulative Redeemable Preferred Units at par. Also the company issued $400 million of 4.125% senior unsecured notes to increase its liquidity. At the end of second quarter 2012, the company had $154.1 million in cash and cash equivalents.
Liberty Property currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. ( DRE ) carries a Zacks #3 Rank, which translates into a short-term Hold rating.
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 Property Reports In Line - Analyst Blog
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Liberty Mutual Insurance Reports Second Quarter 2012 Results
Posted: at 7:15 am
BOSTON--(BUSINESS WIRE)--
Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company) today reported net income of $139 million and $598 million for the three and six months ended June 30, 2012, increases of $318 million and $413 million over the same periods in 2011.
Second quarter premium growth of 8% was driven by continued momentum in U.S. personal lines, rate increases in U.S. commercial lines, and robust international results despite significant strengthening of the dollar, said David H. Long, President and CEO of Liberty Mutual Insurance. Additionally our profitability improved significantly in the quarter despite catastrophe losses continuing to run at an elevated level. The quarter was a busy one, including a significant debt restructuring, the sale of our Argentina workers compensation company, assimilation of KIT in Russia, and gaining approval to begin writing business in India.
Second Quarter Highlights
Year-to-Date Highlights
Financial Condition as of June 30, 2012
Consolidated Results of Operations for the Three and Six Months Ended June 30, 2012 and 2011:
PTOI before catastrophes, net incurred losses attributable to prior years, current accident year re-estimation and LP and LLC income
Net incurred losses attributable to prior years:
Pre-tax operating income (loss) before LP and LLC income
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Liberty Mutual Insurance Reports Second Quarter 2012 Results
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Freedom School Helps Durham's At-Risk Students
Posted: July 25, 2012 at 2:12 pm
Editor's Note: Gabriel Aikens is a student at NC Central University who is working this summer with Duke's Office of News and Communications.
Durham, NC - A formula for summer learning that turns it into a cool and tasty experience: Dip ice cream into liquid nitrogen. Be astonished by the chemical change. Then eat, and laugh loud.
In a boisterous corner of West Campus recently, 80 second and third graders in the Duke University/Children's Defense Fund Freedom School found that to be a winning formula for keeping kids on track for learning during the summer and fostering a love for reading and exploring.
The lesson had the students create frozen concoction similar to Dippin' Dots, by dropping the ice cream into a container of liquid nitrogen. The program's supervisors safely handled the liquid nitrogen and the students were able to eat their creations after the nitrogen hardened the ice cream.
"It's so cold that it burns? That doesn't make any sense," said second grader Shannon Murphy. She and the other children were perplexed and fascinated.
"It makes this summer really cool," said Jorge Castillo Hernandez, a 3rd grader from E.K. Powe Elementary School who wants to be an astronaut. "I like all the fun stuff we do like going to the museum, going to the pool, and making crafts."
The Children's Defense Fund, a national non-profit organization, developed the Freedom Schools model for students who are at risk of losing academic ground during the summer. There are more than 100 Freedom Schools throughout the country, all with a main focus on reading.
"The books chosen for the children are from a committee of well-respected educational leaders and activists," says Lindsay Naylor, program coordinator for Duke's Office of Durham and Regional Affairs. Naylor helped acquire funding for the program, which is now in its second year at Duke. "The books are meant to give the children different perspectives of cultures and the world."
These books include "A Picture Book of Thurgood Marshall" by David Adler and "Biblioburro: a True Story of Colombia " by Jeanette Winter. Each deals with themes such as family, community, hope and education.
Besides reading every day, the students engage in a variety of activities while on campus, including visiting science labs.
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Freedom School Helps Durham's At-Risk Students
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Two hotels to be part of First Freedom Center in Shockoe Slip
Posted: at 2:12 pm
Richmond, Va. --
Construction on the First Freedom Center complex, a combined hotel and educational center on one of the most significant historical sites in downtown, is expected to begin early next year.
The complex, which won Richmond City Council approval Monday night, is a joint project of First Freedom Center and Richmond-based hotel owner and operator Apple REIT Cos.
The six-story project on East Cary and 14th streets includes two hotels and an education center on the site where the Virginia General Assembly passed Thomas Jefferson's Virginia Statute for Religious Freedom in 1786.
The statute was a cornerstone of the First Amendment to the Constitution.
"Jefferson did this on this piece of ground, and from here it has radiated out across the country and around the whole world," said Randolph Bell, the center's president.
"We want the center to be a manifestation of that unique Richmond linkage to the world through this ideal."
When completed, the center will house permanent and traveling exhibits as well an auditorium and meeting space. First Freedom's mission is to advance freedom of religion and freedom of conscience.
Apple REIT, a real estate investment trust focused on ownership of upscale, extended-stay and select-service hotels across the country, will build a 135-room Courtyard by Marriott and a 75-room Residence Inn by Marriott at the center.
The hotel space will include a religious freedom library "and other features responding to the educational mission of the overall complex."
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Two hotels to be part of First Freedom Center in Shockoe Slip
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Liberty Star Signs Letter of Agreement for Encampment and Drilling Services at Big Chunk, Southwestern Alaska, with …
Posted: at 2:12 pm
TUCSON, Ariz.--(BUSINESS WIRE)--
Liberty Star Uranium & Metals Corp. (Liberty Star or the Company) (LBSR: OTCBB) is pleased to announce that the Company has entered into an Agreement for Exploration Services (Agreement), including encampment construction, operation and diamond core drilling services, with MBGS LLC (MBGS) of Anchorage, Alaska, for work at the Companys Big Chunk Super Project (BCSP). The camp is to be established in the center of the Big Chunk South block. This agreement will be the first step in Liberty Stars long-term objective of engaging and working with the Alaskan native people in a true business relationship.
An exploration camp is in the process of being set up on a 40 acre Alaskan Native allotment, owned by the principals of MBGS, which lies in the approximate center of the Big Chunk South Claim block. All field mobilization will be centered on this camp facility which will include all the typical amenities such as secure and comfortable accommodations, water, power, cooking facilities and so forth. Fuel and aircraft landing facilities will also be provided, as will Internet computer communication. As this camp will be proximate to all drill targets in both North Big Chunk and South Big Chunk, we foresee that its usefulness will span potentially many years. We believe that substantial cost savings will result from reduced aircraft usage because of proximity to drill targets. There is plenty of room for expansion, and nearby large lakes are available for the landing of pontoon equipped aircraft of any size. The first phase of the Agreementfor exploration services is scheduled to run from approximately August 1 through September 2012. We anticipate this agreement will be successful and continue for many years. Among MBGSs responsibilities is to obtain AK State mandated permits and complete diamond core drilling of HQ size for at least 10 drill holes at a depth ranging from 500 to 2,000 feet.
The location of the drill holes is the result of careful analysis of several data sets: detailed aeromag work contracted by Liberty Star in early 2004, interpretation of geochem work completed by the Company in 2004-2005 by members of Liberty Stars Technical Advisory Group, recommendations made within the 2010 SRK Technical Report covering the BCSP, original and completely reprocessed ZTEM geophysics imaging provided by Geotech LTD. (NR 128), and evaluation by Liberty Stars Chief Geologist James A. Briscoe and Liberty Star Technical Advisory Board Member Dr. Erik Murdock.
Comments James Briscoe: The work we plan to undertake at Big Chunk fulfills our obligations to complete labor on our claims for this year and several years ahead and sets us on a path to engage in a drilling program that I believe will confirm that Liberty Star owns lands that will have commercially important quantities of copper, gold and moly [molybdenum]. The manager of MBGS, Jim Stevens, is an Alaskan native, a very experienced contractor and entrepreneur, a lifelong resident of, was born and grew up in the area. He conceived this approach over the last year and a half, along with my suggestions. We believe he will head the best operation to complete the program quickly and efficiently over the near and long term. We look forward to working with this Alaska native corporation.
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: that the camp may be useful for years and could result in cost savings; that MBGS can obtain drilling permits; and that we have commercially important quantities of copper, gold and molybdenum. Factors which may delay or prevent these forward-looking statements from being realized include; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; and an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Companys recent 10-K and the Companys other periodic reports filed from time to time with the Securities and Exchange Commission.
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