Category: News

Bruce V. Bigelow wrote:

San Diego-based Sequenom (NASDAQ: SQNM) disclosed in a regulatory filing it has issued 367,547 additional shares of its common stock, valued at $1.5 million, to settle claims stemming from its acquisition of Ann Arbor, MI-based SensiGen’s molecular diagnostic tests. Sequenom and SensiGen said last January the San Diego biotech was buying a variety of diagnostic tests from privately held SensiGen in a stock-and-cash deal valued at $8.7 million. The SensiGen principals who received an aggregate 71,836 shares as part of that deal notified Sequenom in July that they had suffered about $1.3 million in damages, based on Sequenom’s breached representations and warranties. Sequenom said a few months earlier that it had mishandled data from clinical trials for its non-invasive test for Down syndrome, a revelation that has triggered at least two federal investigations.

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John Paulson must be grinning.

After doubling down on Cadbury shares, and having other funds jump on the band wagon, he’s now watching as speculation mounts that a Nestle-Kraft bidding war could erupt over the British candy maker.

Even as Cadbury shares tear past Krafts last offer price for the company already.

Guardian: The prospect of a bidding war erupting for Cadbury appeared to increase today when Nestlé sold its stake in the eye-care group Alcon for $28bn (£17bn), giving it a potential war chest to enter the fray.

There has been widespread speculationthat that Nestlé, the maker of KitKat chocolate bars and Nescafe coffee, could play a role in the contest for Cadbury, though the company has steadfastly refused to comment. Shares in Cadbury today closed 7.5p higher at 805p.

Read more here.

Join the conversation about this story »

See Also:

• Hedge Funds Chase Paulson Into Cadbury Shares
• John Paulson’s Latest Bet: Doubling Down On Cadbury
• UK Cadbury Factory Workers Protest Against Any US Take-Over

Published Jan. 4, 2010
By Michelle Dupler, Tri-City Herald staff writer

The Tri-Cities has emerged from the first decade of the 21st century with expanded options for education, health care, entertainment and leisure.

High points included the completion of trails and nature preserves, the expansion of local hospitals and clinics, construction of two new high schools, a new four-year university and a new convention center.

The decade also was one of shifting political attitudes when Republicans planted even deeper roots in the region, and a time when communities were shocked by unthinkable crimes.

Here’s a look at some of the major ways the area has changed in the past 10 years.

Education
Standardized tests were a hot topic during the past decade as the federal No Child Left Behind law required schools to bring all students up to uniform standards.

The Washington Assessment of Student Learning tests were Washington’s controversial answer to No Child Left Behind, but parents and educators alike complained the test was too expensive, inefficient and that requirements to pass the WASL before graduation were unfair.

Newly elected Superintendent of Public Instruction Randy Dorn announced after taking office in January that he planned to replace the WASL with a series of shorter tests that would save time and money while keeping high standards.

Bilingual classes and English as a Second Language programs have been on the rise as the region’s minority population increased.

Population growth also triggered construction of two new high schools — Southridge in Kennewick and Chiawana in Pasco.

Opportunities for higher education increased as Columbia Basin College expanded facilities and programs until 2009, when state budget cuts forced the closing of some vocational programs.

Washington State University Tri-Cities began offering four-year degrees in 2007, giving students a chance to earn a degree closer to home.

Both schools saw record enrollments through the decade’s last few years.

Read the entire article online at Tri-City Herald.

Slated to go into effect on January 1, 2010, the amended Real Estate Settlement Procedures Act (RESPA), promises borrowers new found freedom in the ability to comparison shop when seeking a home mortgage. The 2010 amendments to RESPA change the way in which lenders must complete disclosures required under the Act, allowing for no more than a ten-percent (10%) difference between many amounts initially quoted on the Good Faith Estimate (GFE), a document showing the costs that a lender will charge the borrower in conjunction with the loan, and those listed on the Settlement Statement (HUD-1), a document that provides an itemized listing of the funds that were paid at closing. These new and more stern requirements have been enacted with the hope that forcing lenders to be more upfront with borrowers about possible costs associated with the origination of a mortgage will allow borrowers to compare the settlement charges of numerous lenders and result in lower overall costs to the consumer.

An important aspect of any piece of legislation, essential to its success or failure, is the manner in which it will be enforced. The U.S. Department of Housing and Urban Development’s (HUD) Office of RESPA and Interstate Land Sales is responsible for enforcement of the new RESPA amendments. The HUD Reform Act of 1989 created the Mortgagee Review Board (“MRB”), which functions to provide administrative sanctions to HUD/FHA-approved mortgagees or lenders who knowingly and materially violate legislation such as RESPA. On November 13, 2009 HUD announced a delay in the enforcement of the new RESPA rules for 120 days on FHA loans for all mortgage professionals making a good faith effort to comply with the new requirements. In addition, HUD requested that other enforcement agencies exercise the same restraint with respect to non-FHA loan originators and settlement service providers. The delay in enforcement will offer a small reprieve for the lending industry, however, the four month period will not delay potential civil litigation based on RESPA 2010 violations.

The enforcement mechanisms of RESPA 2010 were more clearly articulated in HUD’s informational pamphlet called the “New RESPA Rule FAQs” (FAQs). The FAQs address many questions posed by the lending industry regarding the new legislation, including enforcement provisions. One such question addressed by the FAQs, and particularly relevant during the infancy of the new requirements, is the result in the event of an inadvertent or technical error on a required document. The FAQs provide a rather relieving answer to this question, stating that as long as a revised copy of any error-ridden documentation, such as a HUD-1, is provided within thirty days of closing, a lender will not be in danger of receiving reprimand for violation of the new RESPA requirements.

The FAQs also allow settlement agents, such as Penner Law Firm, to breathe a sigh of relief in regards to potential RESPA violations. The FAQs dictate that a lender is the responsible party for curing tolerance violations, such as differences of more than ten-percent (10%) between figures listed on the GFE and HUD-1. The FAQs also dictate that a settlement agent is under no obligation to stop a closing when a toleration violation is recognized, because it is the duty of the lender to cure the potential violation within 30 days of the closing. These safety valve provisions in the new legislation, as well as the temporary enforcement reprieve, will hopefully serve to lessen the delay in closing loans after the January 1, 2010 effective date of RESPA 2010.

AARP commends Governor Pat Quinn for selecting Chicago Alderman Manny Flores to serve as the new Chair of the Illinois Commerce Commission (ICC).

Flores is a knowledgeable public servant with a strong public policy background, and solid constituent service experience.

AARP is hopeful that his appointment, on the heels of the appointment of ICC Commissioner John Colgan, will help to better balance the needs of Illinois consumers with the desires of utility companies.

Liquid Image, known for attaching obtrusive cameras to adventure sport eyewear, has unveiled its surprisingly streamlined 335 Snow Camera Goggles. Using the goggles’ built-in camera, you can now have certifiable video proof that you are a lousy skier.

The 335 Snow Camera Goggles, to be officially announced this week at CES, pack a 5 megapixel camera, capable of shooting 720 x 480 video. They only come with 16 MB of memory on board, but you can expand that with a Micro SD card to capture your entire snow plow down the mountain. The camera is activated by built-in controls on the side of the goggles, designed with big buttons for your chunky, gloved fingers.

More important than filming your skiing or snowboarding, however, might be the ability to film what you come across while you’re skiing or snowboarding. A preliminary test of the goggles on the Ski Free mountain captured this rare shot of the Abominable Snowman:

You’ll be able to record your turn on the slopes (and confirm the existence of cryptozoological creatures) by picking up the 335 Snow Camera Goggles for $149 sometime in July. [CNET]

iLuv, iPhone and iPod accessory maker extraordinaire, has a clever alarm clock dock which uses your Apple gadget and a customizable app as its interface. I doubt it’ll get me out of bed any faster, but it certainly looks great.

The App Station‘s corresponding (and free) iLuv app drives the clock, allowing you to adjust settings and appearances. The entire thing also rotates so that you can have your screen set to your preferred orientation. We’ll see this $130 dock at CES, but you’ll be able to purchase it in February 2010. [iLuv]

A pesar de que GM parece que no tiene mucha confianza en que Spyker pueda llevar adelante al fabricante sueco Saab, su CEO, Victor Muller, reveló qué es lo que haría si su marca logra el control de Saab.

Creo que los planes de Muller forman parte de un resúmen de lo que todos hemos pensado en algún momento u otro, de lo que haríamos en caso de tener a Saab bajo nuestro pulgar. Por lo tanto, los objetivos de los holandeses son muy lógicos: lo primero, sería sacar ya al mercado al nuevo 9-5; lo segundo, poner en producción a esa belleza que es el AeroX.

Amo a ese coche. Es uno de los mejores diseños de los últimos cinco años.

Una vez que Spyker pueda sacar al mercado al 9-5, el próximo objetivo sería el crossover 9-4X, un modelo que no ha pasado de la etapa de concepto y que se ha basado en el Cadillac SRX. Parece que el diseño le gustó a Muller, tanto que lo ha puesto como objetivo número tres en su lista.

Claro, falta que la gente de GM considere la venta a los holandeses para el próximo jueves, fecha límite impuesta por los norteamericanos.

Vía | Piston Heads

Massachusetts officials released a final plan Monday dictating where developers can construct wind and other renewable energy projects in state waters. The announcement opens the door for renewable-energy groups to begin the permitting process. In …

Check out my guest post at Inside-Out China.

Filed under: Ford, UAW/Unions

Everything’s coming up roses for Ford. That’s what we keep hearing in the news anyway. Ford can now add one more feather to its cap of accomplishments with today’s announcement that it has completed transferring all of its retiree healthcare obligations to the VEBA trust run by the United Auto Workers union. The official press release from Ford after the jump is dense, but the gist is that Ford has made its required payments to the VEBA fund and thrown in an extra $500 million payment that isn’t due until later for good measure. That last part not only gets The Blue Oval ahead of the game, but also demonstrates the degree of confidence that Ford has in both its turnaround plan and what its balance sheet will look like in the coming years.

The net effect of this news is that Ford can practically erase retiree healthcare off its books. Sure, the company takes a big hit now with the billions of dollars it just paid into the UAW-run VEBA account, but over the long term Ford won’t be forced to roll the rising cost of retiree health care into the price of its vehicles. Both General Motors and Chrysler LLC have the same obligation as Ford to pay into VEBA accounts and transfer control of retiree healthcare to the UAW, but neither has completed that process to date.

[Source: Ford | Source Image: Bill Pugliano/Getty]

Continue reading Ford completes transfer of retiree healthcare to VEBA, makes extra $500M payment

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This fall, I gave a number of lectures about the evolution of swine flu. By the time I got to the end of the talk, I could tell that a lot of people in the audience were feeling a bit resigned, given the way evolution allows viruses like the flu to evade our best attacks. (Here’s the full video of my lecture at the University of British Columbia.)

To try to cheer up the crowd, I’d offer a note of hope–the notion that we could turn the evolution of viruses against them, by pushing them into mutation overdrive. (This slide gets across the basic idea–the flu virus is like a sports car. Going fast is cool. Going too fast–not so cool.)

In tomorrow’s New York Times, I lay out this intriguing idea, that goes by the profoundly cool name of lethal mutagenesis. Check it out.

Season 14 of The Bachelor premieres tonight on ABC. Of course, The Bachelor wouldn’t be The Bachelor without a healthy dose of drama — after all, it is a reality show. Chris Harrison, host of The Bachelor for the past eight seasons, is opening up about the scandal surrounding the new season of the hit docusoap.

On Monday, Harrison confirmed that a male producer was fired from The Bachelor: On The Wings Of Love after confessing to beginning a romantic relationship with one of the female contestants that was supposed to be competing for the affection of pilot Jake Pavelka.

“It was incredibly unfortunate, horrible decisions were made, this is something we took very serious and we couldn’t just sit by,” Harrison told 104.3 MYfm’s Valentine in the Morning.” “In fairness to Jake and the other women, [we thought] let’s just nip this in the bud, take care of it and that’s what we did.”

The explosive scandal, which includes a confrontation between Chris and the producer, will play out on the show.

“When it unfolds, it’s pretty uncomfortable… I felt bad for everyone.”