Category: News

  • Icahn Lining Up $5.2 Bln Loan for Rival Dell Did

    Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to begin syndicating a $5.2 billion term loan B to back their bid for Dell Inc, banking sources told Thomson Reuters LPC on Thursday.

    (Reuters) – Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to begin syndicating a $5.2 billion term loan B to back their bid for Dell Inc, banking sources told Thomson Reuters LPC on Thursday.

    Jefferies & Co is leading the deal.

    Pricing on the loan is being guided at 350bp over Libor, though pricing could change as syndication efforts are only in the early stages, the same sources said.

    Jefferies declined to comment. Calls to Carl Icahn, Southeastern and Dell were not returned by press time.

    The arranger is asking for commitments as large as $1 billion and is expected to have lenders lined up as early as next week.
    In a May 9 letter to Dell’s board, Icahn and Southeastern Asset Management, two of the company’s largest shareholders, proposed an alternative to a buyout deal led by founder Michael Dell and private equity firm Silver Lake Partners. Under the Icahn proposal, shareholders could hold onto existing stock with the option of receiving either a distribution of $12 per share in cash or $12 a share in stock valued at $1.65 per share.

    The proposal would be financed by existing cash and about $5.2 billion in new debt.

    This new bid by Icahn and Southeastern rival an offer made earlier by Michael Dell and Silver Lake Partners who are looking to take the company private for $13.65 a share, or $24.4 billion.

    Dell has already received $13.75 billion in debt commitments from a number of banks and Microsoft Corporation to back that offer. Bank of America Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets agreed to provide $11.75 billion in bank lines and Microsoft agreed to purchase up to $2 billion in subordinated notes.

    Icahn and Southeastern, which together own about 13 percent of Dell stock, have argued that the Silver Lake offer undervalues the company.

    Dell’s shares rose 0.17 percent to $13.39 Thursday morning.

    The post Icahn Lining Up $5.2 Bln Loan for Rival Dell Did appeared first on peHUB.

  • Windows 8 sends Microsoft’s customer satisfaction down to Vista levels

    Windows 8 Customer Satisfaction
    Despite racking up respectable license sales, Microsoft’s new Windows 8 operating system has done little to help struggling PC makers regain their footing. Microsoft will look to reverse the souring user sentiment later this year when it launches Windows 8.1, codenamed “Windows Blue,” which will reportedly see Microsoft’s Start button return along with an option to boot and log in directly to desktop mode. In the meantime, however, the damage has been done. According to this year’s American customer satisfaction index report, Microsoft’s customer satisfaction rating has now fallen to its lowest level since Windows Vista launched in 2007.

    Continue reading…

  • 15-Year Old Arrested For Two Dead Utah Brothers

    The bodies of two West Point, Utah children, ages 4 and 10, were found in their home Wednesday night. According to a Davis County Sheriff’s Office statement, the brothers died from what appear to be knife wounds. The suspect in the murders is the victims’ 15-year-old brother.

    The children’s mother found the the body of the 4-year-old on Wednesday evening. She called 911, and a police sweep of the home found the body of the 10-year-old. An hours-long search for the missing 15-year-old was then conducted. The boy was eventually found around midnight and taken to a local hospital.

    On Thursday morning, “as a result of the emerging details,” the 15-year-old was arrested and taken to a juvenile detention center. Police suspect that the boy acted alone, but have released no further details on the crime, which they are investigating as a homicide. The cause of the 4-year-old’s and 10-year-old’s death will be officially determined by medical examiners.

  • Gmail ‘Results While You Type’ Feature Rolls Out To All U.S. Users

    Last year, Google launched the ability to see results from your Gmail, Google Drive and Google Calendar accounts as you type in the search box from Gmail. This was only available as part of a field trial.

    Soon, all users in the U.S. will be getting this functionality. Google software engineer Balazs Racz says in a brief blog post:

    As part of field trial we opened in October, it became possible to instantly see your relevant emails, Google Drive files, Calendar events, and more when you search in Gmail. Those of you who participated in the field trial told us that you like the time-saving convenience of searching for all your stuff from one place, and over the coming week, we’ll be rolling out this feature in English to all U.S. users. Now you can find what you’re looking for faster right in Gmail.

    The feature is nice, but the part of the field trial that lets users retrieve content from Gmail, Google Drive and Google Calendar when searching Google’s regular web search is even better. It remains to be seen when this functionality will become available to all.

  • Here’s An Inside Look At PS4 Development From Jonathan Blow

    The biggest surprise from the PS4 unveiling was when Jonathan Blow, creator of Braid, announced that his next – The Witness – would be a limited console exclusive on the PS4. Now the famed, and rather outspoken, creator is back talking about indie game development and his relationship with Sony.

    As an added bonus, there’s some new footage of The Witness in action as well.

    It’s so refreshing to hear a game developer say that he puts his creative vision ahead of profit. Most indies are like that though, and it’s fantastic to see Sony supporting them in such a big way.

  • Seven Fun Facts About Corporate Taxes

    Thanks to U.S. Sen. Carl Levin’s Permanent Subcommittee on Investigations, corporate taxes were all over the headlines this week. Subcommittee staff produced a fascinating 40-page “memo” on Apple’s creative tax avoidance, then Apple CEO Tim Cook submitted to what turned out to be a not all that heated grilling from Levin and colleagues. On the assumption that, while this story will wax and wane over the coming months, it’s not going away, here’s some context (for you headline purists, the final two items are admittedly at least as much opinion as fact):

    Corporate profits are taxed twice. When a corporation makes a profit, it’s subject to corporate income tax. When it then distributes that profit to shareholders as dividends or buybacks, it gets taxed again as dividends or, eventually, capital gains. This isn’t the only double tax out there: Most of us in the U.S. pay income and/or payroll taxes when we earn money, and sales taxes when we spend it. Also, a lot of corporate shares are owned by tax-exempt pension funds, 401(k)s, and university endowments that don’t pay taxes on dividends or capital gains. But it’s worth remembering that the corporate income tax isn’t the only tax on corporate income.

    Economists hate the corporate income tax. Double taxation is one issue. Another is that a tax on corporations is generally a tax on productive investment, and economists think we need to invest more in productive things (as opposed to say, housing). Yet another is that corporations are more mobile than individuals, and taxing them might cause them to move their operations elsewhere. Some also argue that taxes on corporations end up falling most heavily on those corporations’ employees. And there are other objections. One can find economists of widely varying political beliefs who think the optimal corporate tax rate is zero, or at least much lower than it is now.

    Economists can be kind of naïve. If the corporate tax rate were zero, we would all incorporate ourselves. Accountants, tax lawyers, and economists who actually spend time around the tax system point out that when you eliminate one form of taxation, you have to raise rates on other taxes to make up for the lost income, and those higher rates increase the incentives for tax avoidance and evasion. That means we should want a broad tax base and low rates. Along those lines, most developed countries tax both corporate income and shareholder income, but to make up for the double taxation and other issues they tax them at lower rates than they do other income. In the U.S., though, while dividends and capital gains are taxed at lower rates, corporate income tax rates have remained stubbornly high.

    U.S. corporate tax rates are the world’s highest. Since Japan lowered its rate last year, the U.S. has had the highest corporate income tax rate in the world, with a combined federal and state average of 39.2%. This doesn’t mean most U.S. corporations pay that high a rate — over the past three decades the share of corporate profits going to taxes in the U.S. has actually declined substantially even as official rates held steady (see the chart below).

    Profits and Taxes

    That’s partly because, starting in the Reagan years, lawmakers leery of the political backlash from lowering corporate tax rates found other ways to cut corporate income taxes, mainly through various provisions allowing corporations to write off capital investments quickly. It’s also because the share of U.S. corporate profits coming from overseas has risen steadily, to 24% of the total in 2011 from 3% in 1950.

    Finally, while it’s hard to quantify, it seems likely that corporations have gotten far more aggressive over the years at finding ways to minimize taxes. None of which changes the fact that the statutory corporate tax rates in the U.S. are, by global standards, really high. The corporate income tax is the only tax of which I’ve heard economists other than Arthur Laffer argue that it might be on the wrong side of the Laffer curve — that is, that lowering the rate could bring in more revenue.

    The U.S. is especially aggressive about corporate taxes. Most developed countries now have what are called territorial tax systems, where an individual or corporation just pays taxes on the income earned in that country. U.S. citizens and U.S.-domiciled corporations, on the other hand, are taxed on their global income, with credits for any taxes paid overseas. But — and this is a big but — corporations don’t have to pay tax on their foreign earnings until they bring the money back to the U.S. This creates strange phenomena like the huge foreign cash stashes held by companies such as Google and Apple. It also leads to calls to switch to a territorial tax system in the U.S., which would at least remove this barrier keeping American companies’ overseas earnings from coming home in the form of new investments or (more likely) dividends and buybacks.

    Foreign income is great. Stateless income isn’t. The fact that U.S. corporations are getting a bigger share of their income from overseas isn’t necessarily a bad thing, and the fact that different countries charge different corporate income tax rates isn’t such a bad thing either. A growing global economy is good for the U.S., and tax competition between countries can be healthy. But the new twist, available to multinationals such as Apple, Google, Microsoft whose earnings flow mostly from intellectual rather than physical capital, is what USC law professor Edward D. Kleinbard has dubbed “stateless income.” These are corporate profits that are never taxed anywhere thanks to extremely aggressive corporate tax planning and quirks in, in particular, Irish and Dutch tax laws (the “Double Irish With a Dutch Sandwich” is a favorite tax-avoidance technique). This may be legal, for the moment. But it appears to go against the spirit of the tax laws even of low-tax Ireland.

    Corporations (probably) can’t have their cake and eat it too. Apple’s Tim Cook told Levin’s subcommittee Tuesday that “we not only comply with the laws, but we comply with the spirit of the laws.” Actually, what Apple is doing is taking advantage in the inability of tax law and international tax treaties to keep up with rapidly changing economic reality and highly creative tax lawyers — it’s complying with the lawlessness, basically. Legally, that may amount to the same thing. Ethically and, more important, politically it probably isn’t. Apple’s shareholders would really love it if Congress moved to territorial taxation or declared a tax holiday that allowed Apple to bring home its $102 billion in overseas cash tax-free. Corporate America in general would love it if Congress lowered the corporate tax rate. And it appears likely that all of us would be better off with lower corporate rates and a tax setup that didn’t discourage American corporations from bringing their money home. But as long as Apple, Google, and their ilk keep trying so hard to keep so much of their income out of the reach of all tax collectors everywhere, it’s hard to see elected officials budging.

  • Kmart’s ‘Big Gas Savings’ Ad May Make You Ship Your Pants

    Kmart is killing it with the ads as of late. Last month, the retailer came out of left field and dropped a contender for funniest ad of year with “Ship My Pants.”

    Like that ad, Kmart’s new ad “Big Gas Saving” makes use of a language trick to make the innocent sound a bit salty. Man, those sure are some big gas savings.

    The “Ship My Pants” ad currently boasts over 17.3 million views on YouTube. I think you can call that a massive success for any ad. With the new spot, Kmart has created another winner.

    Check it out:

    With “Ship My Pants,” Kmart saw a lot of social media support, mostly thanks a well-advertised Twitter hashtag. This time, people are continuing the trend of hashtagging their delight with the ad:

  • PNNL staff recognized for scientific accomplishments, moving technologies into the marketplace

    Pacific Northwest National Laboratory honored more than 165 staff for their creation, development and commercialization of intellectual property at PNNL’s annual Intellectual Property Commercialization Recognition & Rewards Program banquet. 

    The Department of Energy national laboratory named materials scientist Jun Liu Inventor of the Year for his work developing battery materials that can store large amounts of energy, ease impacts to the electrical grid, and reduce the time it takes to charge cell phones, electric vehicles and other battery-powered devices.

    Other staff were recognized for receiving patents, developing commercially valuable software products, making key contributions to technology commercialization efforts, and receiving R&D 100 and Federal Laboratory Consortium Awards over the past year. 

    “As a national laboratory we continuously strive to move new technologies into the marketplace so others can benefit from federal investments in research,” said Technology Deployment and Outreach Director Cheryl Cejka. “In 2012, PNNL researchers responded by accelerating commercialization and innovation that protects the nation and the environment, and increases our energy capacity.” 

    The Inventor of the Year honor is awarded annually to a staff member who — over the previous two years — has created intellectual property, or whose innovations have the potential to create intellectual property.

    Liu received four U.S. patents in 2011 and 2012. During the same time, he contributed to 25 additional U.S. patent applications and filed 17 invention reports related to battery innovation. Since joining PNNL in 1993, Liu has received 43 patents and written or co-written more than 300 peer-reviewed journal articles.

    “By focusing on the fundamental science and obtaining insights for different energy storage systems, Jun and his colleagues have pushed the frontiers of batteries from conventional lithium-ion batteries to high-capacity redox-flow systems and cutting-edge lithium-air batteries,” noted Cejka.

    Ninety-six PNNL staff were recognized for receiving 42 U.S. patents for advancements in analytical instrumentation, bio-based products, electricity infrastructure, energy storage, fuel cell and information system technology, materials processing, microtechnology and sensors. Since PNNL’s inception in 1965, staff have received more than 2,200 U.S. and foreign patents with more than 500 of those issued in the past five years.

    PNNL honored 26 staff for developing and commercializing four software products in 2012, and another 38 staff for their contributions to the development of innovations that resulted in two R&D 100 Awards and two Federal Laboratory Consortium Awards.

    In addition, PNNL acknowledged 62 staff members for making key contributions to the creation, development and commercialization of five technologies and one software suite of products that were licensed to private companies the previous year. The commercially available products enhance the ability to sort through vast amounts of information, the delivery of medical radiogels and isotopes, and the sensitivity of analytical instruments. They also have led to the creation of batteries that hold promise for storing large amounts of renewable energy and providing greater stability to the energy grid.

    Last, but not least, PNNL recognized three staff with Distinguished Inventor of Battelle awards, which go to Battelle staff at PNNL and worldwide who have received 14 or more U.S. patents for their work. Staff members Michael Lilga, Kerry Meinhardt, and Keqi Tang joined 21 previous Distinguished Inventors from PNNL, including Liu, and 60 others worldwide.

  • Video: Halo creator teases ‘Destiny’ for PlayStation 4, Xbox One

    Destiny Game Trailer
    Game developer Bungie has teamed up with Iron Man director Jon Favreau and Breaking Bad’s Giancarlo Esposito to release another teaser trailer for its upcoming game Destiny. Little is known about the lore behind the new science fiction first-person shooter, however expectations are already sky-high for the new game since Bungie was the studio responsible for the first three smash-hit Halo games. Destiny will be released for the PlayStation 3, PlayStation 4, Xbox 360 and Xbox One in 2014. Bungie is planning a “worldwide gameplay reveal” during Sony’s E3 press conference on June 10th. The teaser video follows below.

    Continue reading…

  • Google quietly working on the inclusion of haptic feedback technology into Android devices… for more effective advertisements

    Google_tactile_feedback

     

    At the end of the day, Google is first and foremost, a company driven by advertisements, not necessarily awesome Android sales. Considering Google has one heck of a track record when it comes to how advertisements are  subtly stuffed down our throats viewed by the masses, it should come as no surprise that Google is out to revolutionize how we consume ads thanks to its work behind the scenes of implementing haptic feedback technology. The USPTO went ahead and published a patent application “Providing information through tactile feedback”, which at its absolute core deals with haptic feedback on touchscreen devices (smartphones and tablets).

    Google recognizes this technology is still very much in its infancy, so it’s utilizing its all-star team of researchers and developers to dig deeper and recognize the true potential of haptic feedback, by quietly working on a “Tactile Interface Engine“, which allows Google to ensure its ads are more effective thanks to the implementation of feedback. The concept alone is fascinating, but it’s how the technology works that will be a real eye-opener for the masses. Essentially Google would hypothetically separate an advertisement displayed on a webpage with a border by having a distinct tactile feel, which is completely noticeable as the finger approaches the advertisement. In the case of multiple ads, the ad with the “most relevance” would give the most feedback as your finger hovers around it, while the other ads would give less feedback— though each ad could be moved around to a different place on the screen if needed.

    It’s too early to tell what sort of impact this implementation will have for the Android brand, but it probably wouldn’t be a surprise if it were to end up being revolutionary. Of course it would be nice to see some improved haptic feedback for our displays (and specifically our keyboards), but any cool innovation from Google would be a welcome one nonetheless. We’ll be sure to keep an eye out for you all on whether or not this intriguing development can eventually become a reality.

    source: UnwiredView

    Come comment on this article: Google quietly working on the inclusion of haptic feedback technology into Android devices… for more effective advertisements

  • Amanda Bynes: Flight A No-Go After She Uses Google As I.D.

    Amanda Bynes has done some silly things lately; posing topless for selfies on Twitter, blaming her nose job on “webbing”, shaving her head. But her latest antics may even top those things.

    TMZ reports that the actress and former child star tried to board a private jet recently with no identification and no passport, and when she was refused she tried to use Google to prove her identity. Of course, even a cursory glance at Google once her name is typed in will bring up thousands of articles, but they’re probably not what one wants to use when trying to validate themselves. Needless to say, the airline laughed in her face (probably) and turned her away.

  • Chrysler Gets Pride Hurt, Tesla Claims Brazen Loan Payback – Really!

    In a world of instant communication and brand awareness, it seems Chrysler is pretty upset. Well, rather Chrysler is butt hurt actually at Tesla. This delightful story is full of great comments and more marketing nonsense than you can shake a stick at.

    In case you didn’t know, Tesla has claimed it is the first American company to pay back it’s government loans. Here is their statement actually: ”In addition to payments made in 2012 and Q1 2013, today’s wire of almost half a billion dollars ($451.8M) repays the full loan facility with interest,” Tesla said in a statement released after Wednesday’s stock market close. “Following this payment, Tesla will be the only American car company to have fully repaid the government” under the DOE program, according to an Autonews.com story.

    Chrysler (see: baby, cry) responded quickly by writing a blog post on their corporate site and sending not one, but two emails (the first email had an incorrect link, ironic) to journalists alerting them to this pressing news story.

    All of this nonsense was followed with probably the BEST comment, I have ever read on an automotive site: “Dear Chrysler, Sorry, Tesla was unmistakably referring to the ATVS loan.  Clearly other automakers have previously received government loans and paid them off.  The comments were in the context of this specific loan program. Also, you don’t really count as an “American” company anymore.” LOL!

    These comments are good too:

    sebring96hbg May 23, 2013, 7:20 AM

    It was not clear that Tesla was referring only to the DOE loans.  In fact, some car blog sites were confused by this and thought Chrysler was being slighted.  Chrysler Group LLC has legally satisfied the repayment of all government loans since it was created and formed in 2009 after the end of the Bush Administration.   Chrysler Group LLC is an American company organized under the laws of the State of Delaware.

    Hmm… wonder about he figures Fiat into the equation.

    naworb2 May 23, 2013, 11:41 AM

    Chrysler did repay everything that was asked of it, but they’re really opening a can of worms here. Of the $12.5 billion loan, Chrysler repaid $11.2 billion. That left $1.3 billion that will probably never be repaid to the government. So the loan to Tesla: $12 million profit. The loan to Chrysler: $1.3 billion loss.

    Oh snap – LOL!

    To recap, the next time you wonder why you car price is going up, consider all the investments companies make in PR/Marketing departments to defend their brand. This extra expense is really worthy, don’t you think?

    What do you think? Is this nonsense comical or what?

     

     

    The post Chrysler Gets Pride Hurt, Tesla Claims Brazen Loan Payback – Really! appeared first on Tundra Headquarters Blog.

  • How a Carburetor Works

    Carburetor

    If you were born after 1985 then the odds of you ever seeing a real life carburetor are probably pretty slim. I mean let’s face it, even though fuel-injection was available in the late 60′s it wasn’t really implemented until the mid-1980′s. For those of you out there however who feel the need to know how this little piece of old school technology actually works, fear not, because this video explains everything you need to know about your friend and mine, the carburetor.

    Source: Youtube.com

  • HTC One is no flop: Shipments of HTC’s potential savior approach 5 million

    HTC One Sales 2013
    Many industry watchers believed the delayed launch of HTC’s flagship HTC One smartphone would be its undoing. The notion wasn’t exactly a stretch with Samsung’s Galaxy S4 looming on the horizon, but comments made to The Wall Street Journal by an unnamed HTC executive suggest shipments of HTC’s new flagship phone have been impressive thus far.

    Continue reading…

  • Death rates decline for advanced heart failure patients, but outcomes are still not ideal

    UCLA researchers examining outcomes for advanced heart-failure patients over the past two decades have found that, coinciding with the increased availability and use of new therapies, overall mortality has decreased and sudden cardiac death, caused by the rapid onset of severe abnormal heart rhythms, has declined.
     
    However, the team found that even today, with these significant improvements, one-third of patients don’t survive more than three years after being diagnosed with advanced disease. Heart failure is increasingly common, affecting close to 6 million individuals in the United States alone.
     
    “We are doing a good job of ensuring that patients receive the latest therapies for heart failure, but we still have a lot more work to do,” said senior author Dr. Tamara Horwich, an assistant professor of cardiology at the David Geffen School of Medicine at UCLA. “It is very sobering that despite recent improvements, a third of advanced heart-failure patients aren’t surviving past three years.”
     
    The findings are published in the May issue of the journal Circulation–Heart Failure.
     
    The study focused on heart failure patients referred to UCLA, a major center for advanced heart failure management and heart transplants. The researchers examined outcomes in 2,507 adults who had “heart failure with reduced ejection fraction,” which is characterized by a weak heart muscle. 
     
    Patients were divided into three six-year eras, based on when they received care: (1) 1993–98, (2) 1999–2004 and (3) 2005–10. Researchers looked at patient outcomes for each of the groups at one-, two- and three-year follow-up points after diagnosis.
     
    Significant differences emerged between the eras. In the second and third eras, the team found greater use of therapies that help prolong life, including medications such as beta-blockers and aldosterone antagonists and devices that help control and stabilize irregular heart rhythms, including implantable cardioverter defibrillators and biventricular pacemakers. For example, beta-blocker usage in the first era was only 15.5 percent, but by the third era, a full 87.1 percent of patients received the medication.
     
    Researchers believe the increased use of these therapies in later eras is due to the completion of clinical trials — and the publication of results — that demonstrated their benefit, as well as the inclusion of these therapies in national treatment guidelines developed by organizations like the American Heart Association and the American College of Cardiology.
     
    The team also found that sudden cardiac death occurred significantly less often in the later eras. At the three-year follow-up point for patients, sudden death declined from 10.1 percent in the first era to 6.4 percent in the second era and 4.6 percent in the third.
     
    “The decline in sudden cardiac death is most likely due to increased use of medications and devices like defibrillators,” said first author John Loh, a medical student at the Geffen School of Medicine.
     
    There was also a decrease in overall mortality rates in the later eras, Loh noted. Specifically, after adjusting for multiple risk factors like age and gender, researchers found that second-era patients were 13 percent less likely to die from any cause than first-era patients. Third-era patients were 42 percent less likely than those in the first era to die from any cause.
     
    Although there was a reduction in overall mortality, there was a shift in the mode of death seen over time. The study found that patient mortality from progressive heart failure had increased from 11.6 percent in the first era to 19.9 percent in the third. The need for urgent heart transplants was also up in later years. According to the researchers, this shift in mode of death may result from a modest increase in progressive heart-failure death or the need for trannsplants in patients who might have died suddenly in earlier eras, before the widespread use of implantable cardioverter defibrillators.
     
    “For patients with the most advanced heart failure, treatment options used to be limited to heart transplantation — or face early death,” said study author Dr. Gregg C. Fonarow, UCLA’s Eliot Corday Professor of Cardiovascular Medicine and Science and director of the Ahmanson–UCLA Cardiomyopathy Center. “This study demonstrates that with improvements in medical therapy and availability of implanted devices, survival for these patients has improved considerably. What was once considered an end-stage, terminal disease state has, through implementation of innovative treatments, evolved into a manageable, but still challenging, condition.”  
     
    In addition, although the overall mortality rate for all patients at the three-year follow-up point fell from 36.4 percent in the first era to 31.5 percent in the third era — a statistically significant reduction that represents thousands of patients — the researchers note that this is still too high.
     
    “Despite a dramatic improvement in some outcomes, we still need to gear up and continue to investigate new modalities of treatment for heart failure patients,” Fonarow added.
     
    According to the researchers, the study provides a “real-world” view of advanced heart failure patients and the impact of implementing the latest treatments and devices.
     
    The study was supported in part by the National Institutes of Health (grant 1K23HL085097). Disclosures are included in the manuscript.
     
    Other authors included Julie Creaser, Darlene A. Rourke, Nancy Livingston, Tamara K. Harrison, Elizabeth Vandenbogaart, Jaime Moriguchi, Michele A. Hamilton and Chi-Hong Tseng.
     
    For more news, visit the UCLA Newsroom and follow us on Twitter.

  • Mission Markets Closes $1.5 Mln in Series A2 Funding

    Mission Markets said on Thursday that it has closed a $1.5 million Series A2 funding round. This brings the company’s total funding to approximately $3 million. Lead investor was social entrepreneur James Lee Sorenson. Other investors were Bendigo Partners’ Founder and former E*TRADE Financial Corp. President and Chief Operating Officer Jarrett Lilien; film producer and philanthropist Sarah Johnson Redlich; and the Kantian Foundation’s Chairman Robert J. Caruso. Sorenson, Johnson Redlich and Caruso will serve on the board of directors. Based in New York, Mission Markets is a provider of capital markets solutions.

    PRESS RELEASE

    NEW YORK (May 23, 2013) – Mission Markets, Inc. today announced it has closed a $1.5 million Series A2 funding round, which brings the company’s total funding to approximately $3 million. Social entrepreneur James Lee Sorenson provided the largest investment in the round and will join the company’s board of directors.

    Investing alongside Sorenson were Bendigo Partners’ Founder and former E*TRADE Financial Corporation President and Chief Operating Officer Jarrett Lilien, film producer and philanthropist Sarah Johnson Redlich and the Kantian Foundation’s Chairman Robert J. Caruso. Johnson Redlich and Caruso will also serve on the board of directors.

    The capital infusion will support the expansion of the online Mission Markets Capital Marketplace (MMX), a proprietary digital transaction platform that provides accredited investors with access to a broad range of sustainable and impact investment opportunities. Additionally, the increased capital will be used to enhance Mission Markets’ comprehensive suite of investor and community portal solutions and to expand the company’s marketing efforts.
    “This funding will enable Mission Markets to demonstrate the potential of sustainable capital markets,” said Ken Marienau, CEO of Mission Markets. “As the only Regulation D private transaction technology platform created specifically for sustainable capital opportunities, our infrastructure enables us to successfully scale the raising of mission-aligned capital. We are thrilled to have Jim lead this round and join the board alongside Sarah and Bob, and we look forward to executing our shared vision of how capitalism can be a force for good.”

    Providing an efficient solution through a number of online marketplace services, Mission Markets creates a sustainable economy by connecting “mission focused” communities of investors to “mission aligned” organizations. In addition to its flagship MMX platform, Mission Markets is currently developing an expanded portfolio of capital market and technology solutions to engage investors in sustainable capitalism and impact investing. Mission Markets supports sustainable capital funding solutions in a variety of sectors, including community supported enterprises, sustainable agriculture, renewable energy and environmental conservation.

    A globally recognized entrepreneur and multifaceted business leader, Sorenson has built highly successful companies in industries ranging from technology and life sciences to real estate and private equity investment. He helped develop several new industry categories, including digital compression software that helped usher in the online video revolution at Sorenson Media, and video relay services that transformed opportunities for deaf and hard of hearing individuals through Sorenson Communications.

    His philanthropic endeavors have helped establish highly impactful programs and organizations that improve the lives of the working poor and build regional business communities. Most recently, Sorenson made a personal gift of $13 million to the University of Utah’s David Eccles School of Business to create a global impact investing center.
    “Mission Markets represented a compelling investment concept for its potential to accelerate societal change on a global scale,” said Sorenson. “The company is uniquely positioned to bridge the gap between capital markets and communities in need, and I am thrilled to play an integral part in helping realize this mission going forward.”

    A partner and substantial investor in Worldview Entertainment, Johnson Redlich’s film credits include executive producing The Invisible War, which was nominated for a 2013 Academy Award for Best Documentary. In addition to previously serving as the president of The Select Equity Group, Caruso is the founder and chairman of The Kantian Foundation, which focuses on impact investing. As president and COO of E*TRADE Financial, Lilien was responsible for building the premier online financial services franchise and delivering five record years of customer growth and earnings.

    Mission Markets’ leadership team brings a wealth of experience across diverse industries, from capital markets and financial services to social enterprise and impact investment. A seasoned finance and operations executive, Marienau most recently spent 13 years as vice president of finance at E*TRADE Financial. Mission Markets Founder and President Michael J. Van Patten brings more than 20 years of experience on Wall Street and co-founded NYPPEX, a leading transactions and data firm.

    About Mission Markets, Inc.

    Mission Markets, the leading financial marketplace for sustainable capitalism, creates a comprehensive solution for social and environmental mission focused organizations to connect with impact investors, organizations and related professionals. In addition to its main website, Mission Markets provides Community Portals to enable local and affinity-based groups to connect with capital markets. The company helps mission-focused organizations grow by offering a broad range of financial products, from debt to equity investments. Securities products and services are offered through Mission Capital LLC (member FINRA/SIPC). More information is available at www.missionmarkets.com.

     

    The post Mission Markets Closes $1.5 Mln in Series A2 Funding appeared first on peHUB.

  • The Hillman Companies Names New CEO to Replace Retiring Head

    The Hillman Companies said on Thursday that Executive Vice President and Chief Operating Officer James P. Waters will succeed Max W. Hillman as Chief Executive Officer, effective July 1, 2013. Waters, who had previously served as Hillman’s chief financial officer, joins the company’s board of directors, effective immediately. Hillman, who will retire as CEO after 44 years with the company, will retain a seat on the company’s board of directors. Headquartered in Cincinnati, the Hillman Companies, which is a portfolio company of Oak Hill Capital Partners, is a distributor of fasteners, key duplication systems, engraved tags and related hardware items to over 20,000 retail customers in the U.S., Canada, Mexico and South America.

    PRESS RELEASE

    CINCINNATI, May 23, 2013 /PRNewswire/ — The Hillman Companies, Inc. (Amex: HLM.PR) (“Hillman”) announced today that Executive Vice President and Chief Operating Officer James P. Waters will succeed Max W. (“Mick”) Hillman as Chief Executive Officer, effective July 1, 2013. Mr. Waters, who had previously served as Chief Financial Officer of Hillman, also joins Hillman’s Board of Directors, effective immediately. Mr. Hillman, who will retire as CEO after 44 years with the company, will retain a seat on Hillman’s Board of Directors.
    During his extraordinary career, Mr. Hillman grew his father’s hardware distributorship into a leading international value-added distributor serving multiple retail channels and product categories. Mr. Hillman said, “I want to thank all of the employees of Hillman for making the past 44 years so successful for our company. I am fortunate not only to have had the opportunity to lead this great organization through 30 years of uninterrupted growth, but also to have a leader of Jim’s caliber to hand the reins to. I look forward to supporting him in his new role and am confident that Hillman will flourish under his leadership.”
    Tyler J. Wolfram , Chairman of the Board of Directors and a Managing Partner of Oak Hill Capital Partners, said, “We are extremely grateful to Mick for his many years of leadership and for his partnership with Oak Hill Capital, and we look forward to continuing our relationship with him in his role on the Board. With over two decades in the industry and 14 years at Hillman, Jim assumes the role of CEO with a proven track record of delivering strong financial and operational results. Hillman is currently presented with a number of exciting growth opportunities, and Jim is the right individual to lead the company into the future.”
    Mr. Waters joined Hillman in 1999 as CFO and was promoted to EVP/COO in 2011. He served in these positions through a period of extensive growth, including seven acquisitions, significant market share gains and successful international expansion. During his tenure as COO, Hillman made its largest acquisition to date, H. Paulin & Company, which provided the company with an excellent market presence in Canada.
    Mr. Waters said, “I am thrilled for the opportunity to lead this outstanding organization. Together with Hillman’s dedicated and accomplished management team, I intend to carry on the culture of best-in-class customer service, commitment to our employees and community involvement that has been cultivated over the past 50 years by the Hillman family.”
    About Hillman
    Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading value-added distributor of fasteners, key duplication systems, engraved tags and related hardware items to over 20,000 retail customers in the U.S., Canada, Mexico, South America and Australia, including home improvement centers, mass merchants, national and regional hardware stores, pet supply stores and other retailers. Hillman provides a comprehensive solution to its retail customers for managing SKU intensive, complex home improvement categories. Hillman also offers its customers additional services, such as inventory management and in-store merchandising services.
    In May 2010, Oak Hill Capital Partners and Hillman’s management team formed a partnership to acquire Hillman. Oak Hill Capital Partners is a private equity firm with more than $8 billion of initial capital commitments from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. For more information about Oak Hill Capital Partners, visit www.oakhillcapital.com.
    For more information on Hillman, please visit our website at http://hillmangroup.com or call Investor Relations at (513) 851-4900, ext. 2084.

    The post The Hillman Companies Names New CEO to Replace Retiring Head appeared first on peHUB.

  • Box acquires Folders technology to enrich iOS offering

    Box indicated on its blog Thursday that the cloud-storage company has “acquired the technology” for the Folders iOS app enabling users to open many kinds of files on the iPhone. The deal marks Box’s third acquisition, closely following on news of the Crocodoc deal.

    While Box has been taking an industry-by-industry approach to enterprise adoption, the Crocodoc buy showed that Box is also serious about serving up a slick and intuitive consumer-grade user experience for the enterprise. The Folders deal is more proof of that, and offers important capabilities that keep Box competitive as enterprises let employees bring their own devices — many are iOS based — into the workplace.

    Folders code viewer. Source: Folders

    Folders code viewer. Source: Folders

    In picking up Folders, Box gets an app that can do a bunch of neat tricks. Files can be copied and deleted. The app can work with the Mail app, upload files to a cloud and download pictures to an iPhone’s Camera Roll. Offline access is available. Users can search and flip through pages of PDFs. The app opens Microsoft Office files in full screen. A text editor has support for markdown, and a code viewer lets developers highlight code in preview mode.

    Users can also search files stored across Box, Dropbox or Google Drive. But perhaps this support for multiple clouds could fall away as Folders gets absorbed into Box — Google and Dropbox, after all, are key competitors against Box in the fight to be the Dropbox of the enterprise.

    The Folders technology will be worked into “the next generation Box for iOS” that’s currently in the works, according to the Box blog post from Sam Schillace, Box’s vice president of engineering. (Schillace will talk with my colleague Derrick Harris at GigaOM’s Structure conference in San Francisco on June 20.)

    The Folders app was designed by Martin Destagnol, the CEO of Reedian. It’s unclear how Reedian will be affected by the acquisition.

    Even though getting enterprise adoption is important, in day-to-day reality, sometimes it’s the small things that matter to people. If enterprise employees see that they can open certain documents on their mobile phones, they might be less likely to get annoyed. And if employee discontent is minimal, companies could end up sticking with Box instead of flocking to other cloud-storage providers. The Folders deal looks like it will help Box move closer in that direction.

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  • Galaxy S 4 picks up steam: 10M sold in first month, now available on Verizon

    With each new Samsung Galaxy flagship phone, the company is breaking records. On Thursday, Samsung announced the latest one: 10 million Galaxy S 4 sales in the first 30 days after launch. That figure is sales to retailers, not consumers, but it’s an accomplishment nonetheless. And strong U.S. sales should continue, as the Galaxy S 4 became available on Verizon today.

    Galaxy S 4 WhiteIt’s interesting to see the time frame for each Galaxy smartphone to hit the 10 million sales number: It shows how much momentum Samsung has achieved in the past four years. It took seven months for the original Galaxy S to cross the 10 million units sold mark, while the Galaxy S 2 did so in five months. Last year’s Galaxy S 3 crossed the milestone in 50 days and now the current model has done the same in just a month.

    All of this makes it more difficult for the Android manufacturers to break back into the market they once enjoyed. For the first quarter of 2013, Strategy Analytics estimated that Samsung has earned nearly 95 percent of the global Android smartphone market profits, leaving a pittance to be divided among LG, HTC and others.

    No other Android handset maker has the supply chain chops and component factories to compete with Samsung at this point. And that’s bad news for companies such as HTC, which is facing a time of uncertainty as key executives are leaving the company.

    It’s also not the best of situations for consumers. If Samsung continues to dominate, there could be fewer handset choices from other companies. Either that, or we’ll all be using Samsung’s TouchWiz user interface in the future.

    Related research and analysis from GigaOM Pro:
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  • Joe Francis: “Retard” Video Prompts Juror To Speak Up

    Joe Francis, the creator of “Girls Gone Wild”, was recently interviewed about his court case, in which charges were leveled against him by three women who say he imprisoned them in his home and threatened them after getting into a violent altercation with one of them. In the interview, he calls the jurors who found him guilty “retarded” and says they should be put in jail.

    “I want that jury to know that each and every one of you are mentally f–ing retarded and you should be euthanized because, as Darwin said, you have naturally selected yourself,” he said. “You are the weakest members of the herd. Goodbye! And if that jury wants to convict me because I didn’t show up, which is the only reason why they did, then, you know, they should all be lined up and shot!”

    While Francis is no stranger to controversy, many thought he’d gone too far…including one of the jurors, who responded to Francis’ rant with a letter to Gawker.

    It’s a little bizarre to have someone looking into a camera and suggesting you be shot, even if he has no idea what I look like since he never showed up at the trial. If anything, it reaffirms the decision we came to — unanimously, of course, after only about a day and half of deliberations — as one of the charges was directly related to the vague (and no so vague) threats he made against the victim he assaulted to keep her from filing a police report. I’m just thinking about all the nice, salt-of-the-earth people on that jury that Joe Francis is suggesting be shot. There were some older, middle-aged, retired women. There were four middle-aged men. Some women were in their 30′s. All different races. I was the youngest. I’m sorry Joe Francis didn’t like our decision, but I genuinely hope he takes this as a lesson that his actions do carry actual consequences—for him, for us, and most of all for the woman he assaulted. He could have caused a concussion, and they checked for one at the hospital. I don’t expend much energy thinking about Joe Francis either way, although I do believe he’s guilty of the crimes we convicted him of and I could live without the whole lined up and shot thing. Honestly, Joe, I wish you the best. Now please stop talking about me.

    As for Francis, he backtracked and issued an apology after the juror’s letter was made public.

    “I deeply regret the remarks attributed to me in the interview with the Hollywood Reporter. They were hurtful and do not reflect my true feelings. While I disagree with the jury’s verdict as I am completely innocent of the charges and intend to appeal, I was afforded a fair trial, and if I lose at the appellate level, I will reluctantly but fully accept the jury’s verdict. This was a 6 hour interview with the Hollywood reporter where I detailed to the reporter all of the evidence and why I believed the evidence showed I am 100% innocent. The reporter also interviewed my attorney David Houston for over 3 hours, but failed to include one shred of evidence from the trial that proved beyond a reasonable doubt my innocence. I did NOT commit a crime at all whatsoever. All that was publicized were my most intemperate remarks that were borne out of frustration but with no intent to cause anyone harm. I am not, nor have I ever been a violent person. My comments are appalling, but anyone who has ever been wrongfully convicted of a crime that they did NOT commit would be as frustrated as I am. I want to apologize to all the jurors, the court, the City Attorney and my attorneys for my comments that were manipulated by the media, and please know I am truly ashamed of my conduct. I am truly, truly sorry. I hope everyone will understand I was not being serious and that I fully and deeply apologize for my remarks.”