Daily Archives: August 15, 2012

Mark Foreman is one of the few who now has a soft spot for summer traffic in Boston. I was pretty nervous coming into the playoffs, said Foreman. (Brian) Flynn and (Kyle) Daly had hockey the same night as the second and third rounds and I told them they could go to hockey if they wanted. The traffic was so bad they ended up coming to softball.

Just as Flynn and Daly were scheduled to take the ice in Marlborough, the two hoisted WayCos version of Lord Stanley and celebrated with their Liberty Pizza teammates.

Liberty finished the regular season with losses to Henleys, Parmenter and a tie against John C. Bryant. If youre scoring at home thats 0-2-1 against the bottom three teams in the league.

After stumbling head first into the playoffs, Liberty defeated Haffey Construction 12-9 to set up a Wednesday night clash with first-place/two-loss Pro-Tech Auto.

Pro-Techs lineup is jam packed with great hitters; Ian Bonner, Matt Crismond, Wade Critides, Riley Starr, and Robby Barnes are just a few of the names in a lineup that perked up the opposing outfield. The only thing in the way was the unhittable Andrew Saltzman. Saltzman has spent his five seasons on the mound and former WayCo First Team pitcher.

Allowing two runs over seven innings, Saltzman was like Pedro Martinez in 99. Saltzman stifled the Pro-Tech attack while the Liberty offense scored five in the first and continued to build the lead before prevailing 9-2.

The outfield of Foreman, Jason Simches, Jay Saltmarsh, and Flynn was spectacular throughout.

On the other side of ballpark, Redfin was closing out a strong Mastodon Moving team to set up a Redfin vs. Liberty final. Two weeks earlier Redfin massacred Liberty 30-12 and batted around three times in the first. But the rematch would hold very few similarities.

In identical fashion as the Pro-Tech game, Liberty scored six runs in the second and four more in the third.

While the runs came in a hurry, Saltzman continued to frustrate hitters with a concoction of pitches that kept some of the leagues best guessing. Saltzman challenges hitters like nobody else, said Foreman. He goes after the best players in the league and his fielding is equal to his pitching.

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Liberty Pizza wins WayCo softball title

SPRINGFIELD, Va--(BUSINESS WIRE)--

The 2012 Liberty Political Action Conference, the nations foremost gathering of constitutional conservative activists, will be held from September 13th - 15th at the Westfields Marriott in Chantilly, Va.

The event is organized and sponsored by the nonpartisan, Springfield, Va.-based Campaign for Liberty, a nationwide grassroots organization formed to highlight neglected but common-sense principles and reinsert them into the American political conversation through issue education and grassroots mobilization.

The LPAC 2012 General Session will kick off at 5:00 p.m. on Thursday, September 13th, and will feature such luminaries as U.S. Sens. Rand Paul of Kentucky, Mike Lee of Utah, and Jim DeMint of South Carolina, as well as Congressman Justin Amash of Michigan.

Fridays conference lineup includes National Right to Work President Mark Mix, Virginia Delegate Bob Marshall, radio talk show host and columnist Jack Hunter, Presidential historian and author Doug Wead, radio talk show host and producer Mike Church, and South Carolina State Senator Tom Davis. Texas Congressman Ron Paul, regarded as the modern-day Champion of the Constitution, will close out the Friday session that evening.

LPACs Saturday lineup features Congressman Scott Garrett of New Jersey, Republican Party of Iowa Chairman A.J. Spiker, syndicated radio talk show host Jerry Doyle, and New Hampshire State Senator Jim Forsythe. The conference will also feature a special banquet at the Marriott on Saturday evening with special guest Virginia Attorney General Ken Cuccinelli.

The above program participants compose a partial list. More speakers and special guests will be added as the conference date nears.

Event details are as follows. Time is Eastern.

Thursday to Saturday, September 13-15, 2012 Opening Session: Thurs., Sept. 13th, at 5:00 p.m. 2012 Liberty Political Action Conference Westfields Marriott 14750 Conference Center Drive Chantilly, VA 20151

For ticket sales and exhibitor space, please visit http://www.lpac.com.

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Three-Day Liberty Political Action Conference to Assemble Nation’s Foremost Champions of Constitutional Conservatism

LAS VEGAS--(BUSINESS WIRE)--

Western Liberty Bancorp, Inc. (WLBC), the holding company for Service1st Bank of Nevada (Service1st Bank) and Las Vegas Sunset Properties (LVSP), today reported its tangible book value per share was $5.43, down slightly from $5.53 in the preceding quarter. Western Liberty reported second quarter loss of $1.5 million, or $0.11 per share, compared to $1.1 million, or $0.08 per share, in the first quarter of 2012, and $4.6 million, or $0.30 per share in the second quarter of 2011. For the six month period ended June 30, 2012, net losses narrowed to $2.5 million, or $0.19 per share, compared to $5.0 million, or $0.33 per share in the first half of 2011. All financial results are unaudited.

Our loan portfolio continues to stabilize with nonperforming loans down $3.5 million from year end, said William Martin, Chief Executive Officer. While we still have a lot of work to do, we believe the steps we are taking will help us achieve our operating goals. Fortunately, capital remains exceptionally strong.

Financial Highlights (at or for the six months ended June 30, 2012)

Nevada Economic Update

According to the July 31, 2012 report from the University of Nevada Las Vegas Center for Business and Economic Research (CBER), CBERs Southern Nevada Coincident Index grew by 0.61% in May, the strongest showing since before the financial crisis in 2008. Nonfarm employment grew by 0.45% and household employment increased by 0.77%.

Compared to the previous six months, CBERs Southern Nevada Leading Index slowed down, increasing by only 0.17% for May 2012. This is about 0.08 percentage points below the average for early 2012 and late 2011. Our neighboring states fared well; Arizonas component increased by 0.17% and Californias by 0.29%.

"Decreased activity at McCarran airport and lower stock prices werent enough to offset these gains. Changes in CBERs three other indexes for Southern Nevada were as follows:

Sources: http://cber.unlv.edu/commentary/CBER-31July2012.pdf

Balance Sheet Review

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Western Liberty Bancorp Reports Second Quarter 2012 Financial Results

TSX: LBE

TORONTO , Aug. 14, 2012 /CNW/ - Liberty Mines Inc. (LBE.TO) ("Liberty" or the "Company") today reported its financial results for the three- and six-month periods ended June 30, 2012 . All amounts are in Canadian currency.

"Our second quarter performance was effectively marked by the re-start of operations and the ramp-up of production," said Chris Stewart , President and CEO of Liberty Mines. "While Q2 results included our highest production of concentrate and our highest revenue total in nearly two years, our progress was impeded by the nickel price declining by more than 25 percent in the past six months and generally unfavorable market conditions.In response to the current market environment, we are undertaking a full review of our strategy and operational activities to reduce costs and improve efficiencies. To maximize the value of our ore for when nickel prices recover, we are temporarily suspending production immediately."

Adverse market conditions, including the declining price of nickel, has resulted in JIIL deciding to re-evaluate the terms of the restructuring and the parties were unable to resolve the outstanding issues prior to the completion of the Company's financial statements for the six monthsending June 30 , 2012. As a result, approximately $52.6 million in debt that comes due on December 31 , 2012and a further $10 million advanced in 2012 pursuant to promissory notes will continue to be treated as a short term liabilities.The remaining $25.5 million that was to be included in the restructuring continues to have a due date of June 30 , 2014. The Company will keepshareholders advised on developments with respect to this matter.

Q2 2012 Financial and Operational Highlights

Selected Q2 financial highlights

Review of Q2 Financial Performance Revenue for Q2 2012 was $5.4 million , up from negative $117,000 for the corresponding period of 2011. The growth was due to a re-start of mining and milling operations effective March 31 , 2012. In Q2 2011, Liberty had suspended mining and milling operations and its revenue total included an adjustment from previous periods. For the six-month period of 2012, Liberty generated revenue of $5.4 million , up 170% from $2.0 million for 2011. In Q2 2012, the average price of nickel was $7.78 per pound.

Liberty generates revenue through the sale of nickel concentrate and related by-products produced from its mining and milling operations in Timmins, Ontario. Liberty has a 100 percent off-take agreement with Xstrata.

Operating expenses for Q2 2012 were $7.4 million , up from $1.4 million last year. The increase in operating expenses is primarily due to the re-start and subsequent ramp-up of production activities throughout Q2 2012. In Q2 2011, Liberty's production activities had been suspended and the Company was chiefly in a maintenance and care-take mode. For the six-month period 2012, operating expenses were $10.7 million , up from $4.8 million .

Net loss for Q2 2012 was $10.3 million or $0.05 per share (basic and fully diluted). The loss included amortization/depletion expenses of $3.2 million , interest on long-term debt of $2.5 million and dividends on preferred shares of $0.3 million . Liberty recorded a net loss of $4.5 million or $0.03 per share for the same period in 2011 when its operations were suspended. For the six month period of 2012, Liberty recorded a net loss of $18.3 million or $0.09 per share. This compares to a net loss of $9.7 million or $0.06 per share for the six-month period of 2011.

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Liberty Mines reports financial results for second quarter 2012