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Daily Archives: March 9, 2017
New Pirates of the Caribbean 5 Poster: Heroes & Villains Unite – Screen Rant
Posted: March 9, 2017 at 3:40 am
Aside from the release of the next installments in the Marvel andStar Warscinematic universes, Disney will also be releasing the newest outing in one of their longest-running and most profitable franchises to date withPirates of the Caribbean: Dead Men Tell No Tales. Making the return of severalof thefranchises oldest players, like Orlando Bloom as Will Turner and Geoffrey Rush as Captain Barbossa, the new film promises to take the franchise to places its never quite been before. That includes the villainous Captain Salazar, a ghost pirate played with gleeful malevolence by the always reliable, Javier Bardem.
Picking up several years after the events of the last film,Dead Men Tell No Tales follows Johnny Depps Captain Jack Sparrow as he searches for the Trident of Poseidon, the only artifact capable of protecting him from Salazar and his undead crew. The latter of whom has just escaped the Devils Triangle by the time the film begins, looking to settle an old score with Sparrow, and simultaneously destroy every last Pirate still alive on the seas.
Disney just recently released a brand new, full theatrical trailer forDead Men Tell No Tales, and with a prime May release date, it promises to be a dark horse release for the studio this year. In continuation of the recent boost in promotional materials for the film, Disney has also unveiled a brand new international Dead Men Tell No Tales poster, unitingboth the moviesheroes and villains. Check it out for yourselves,down below:
Beginning back in 2001 withThe Curse of the Black Pearl, its doubtful anyone at the time could have predicted just how long thePirates of the Caribbeanmovie franchise would last for. Based initially on the Disney ride of the same name, the franchise started out as a fun, B-movie action film and went on to feature fights with Blackbeard, Davy Jones, and now, a Ghost Pirate and his undead crew. To say its been one of the zanier, and unexpected popular franchises of the 21st century then, wouldnt be much of an understatement.
Dead Men Tell No Talesmay or may not be the last installment in the franchise also, after the recent theatrical trailer marketed it as that,right before the directors contradicted that marketing choice. Whether or not it is, though, thePirates of the Caribbeanfranchise has had its fair share of ups and downs over the years and after the multiple year break-in between installments, itll be interesting to see just how much hypeDead Men Tell No Tales is able to garner for itself in the weeks leading up to its theatrical release.
Source: Disney
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The Foreign Office is advising Brits not to travel with this Caribbean airline – The Sun
Posted: at 3:40 am
InselAir is one of the Caribbean's largest airlines, operating flights to countries like Jamaica, the US and Colombia
Brits have been warned against travelling with InselAir one of the Caribbeans largest airlines.
The Foreign Office has included the caution on the travel advice pages for countries that the company operates flights to, including Colombia, the US and the Caribbean.
Alamy
The government made the decisions after concerns were raised about the airlines safety record.
The message reads: Safety concerns have been raised about INSEL Air.
The US and Netherlands authorities have prohibited their staff from using the airline while safety checks are being carried out.
UK government officials have been told to do the same as a precaution.
InselAir, which is based on the Caribbean island of Curaao, served around 1.4 million customers last year.
While it mainly flies to Caribbean countries, it also runs flights to Miami, Caracas and Medellin.
Alamy
A spokesperson for InselAir told SunOnline: The Dutch Civil Aviation Inspectorate has recently visited Aruba and Curacao and met with the representatives of both InselAir Curacao and InselAir Aruba airlines.
They requested to perform spontaneous audits to which both airlines had no objections.
Both airlines remain until now unaware of any findings from the Dutch Civil Aviation Inspectorate that would have an effect on the airworthiness of their operations.
Upon the briefing received after the audit the inspectors said that they were pleasantly surprised with the conclusion of the findings in all of the following areas: Flight Operations, Operation Control Center, Safety and Security, Training, Scheduling, Quality and Maintenance of InselAir Curacao.
Currently neither of the airlines have major pending technical and operational findings with their respective Aviation Authority.
The ongoing grounding of the MD fleet in Aruba is due to a position taken by the Aviation Authority of Aruba in support of the government of Aruba that took the decision to freeze the bank account of the airline due to arrears in payment of taxes.
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The Foreign Office is advising Brits not to travel with this Caribbean airline - The Sun
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Canadian fashion mogul Nygard pays $50K fine in Bahamas, but will appeal ruling – Times Colonist
Posted: at 3:39 am
LOS ANGELES A spokeswoman for Peter Nygard says the Canadian clothing manufacturer plans to appeal a ruling in the Bahamas that found he violated a 2013 court order to stop dredging near his beachfront home.
In a statement Wednesday, Sallie Hofmeister says Nygard and his associates "respectfully disagree" with the ruling, but they have paid the $50,000 fine handed down by the Bahamas Supreme Court.
A lawyer for the environmental group Save the Bays, which brought the case against Nygard, released a statement Tuesday calling the court ruling "an extraordinary triumph for environmental justice in the Bahamas."
Fred Smith says Nygard has nearly doubled the size of his property over the years by digging up sand and placing it along his beachfront.
However, Hofmeister says Nygard Holdings Ltd. was issued a permit authorizing the "lawful removal of obstructions" from a marina on the property.
She says the permit was issued after the original court order, and the firm had no reason to believe it was invalid or issued without property authority.
"It remains our contention that the removal and stockpiling of sand from the Nygard Cay marina was carried out in good faith in full accordance with the conditions of a government-issued permit," Hofmeister says.
She also says the company will challenge part of the judge's ruling that requires the company to move the stockpiled sand to a nearby beach.
"There was no evidence presented in court showing that any sand removed from Nygard Cays marina since the injunction had migrated from Jaws Beach," Hofmeister says.
"Therefore we believe there is no justification for requiring the sand to be moved to Jaws Beach."
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Army Veteran Gets Opportunity To Work In The Bahamas While On Set At LIMS – KHTS Radio
Posted: at 3:39 am
U.S. Army vet Kermit Johnson explains after his career change, LIMS gave him the amazing career opportunity which followed with an offer to film in the Bahamas. Dont miss a thing. Get breakingKHTS Santa Clarita News Alertsdelivered right to your inbox.
After the tour, I was pretty much stoked, Johnson says. This was my opportunity to actually change careers.
Johnson was involved in many other film positions, such as background or stand-in work, but he was never involved in sound until experiencing the production lots, which peaked his interest.
I always enjoyed the environments there, Johnson says.
The part that really initiated Johnson to become a part of LIMS is the support they provide for veterans.
Johnson joined the sound editing post-production department, and now as a graduate, he explains that, The skills they teach you there are skills that actually work in the real world.
LIMS provides real work experience, and that helped Johnson with an unplanned opportunity.
Fortunate for me, I had a job fall right into my lap, Johnson said: the opportunity to shoot a feature film in the Bahamas as a sound operator.
It was a fortunate moment where Johnson says he was at LIMS, at the right place, at the right time. Before I (knew) it, three days later, he said, I was on a plane to the Bahamas.
The Lifton Institute of Media Arts and Sciences, or LIMS, not only offers full-service movie studios Los Angeles filmmakers can use, but also doubles as a film production school. While LIMS students usually have never worked in the industry before, President Jimmy Lifton says that most people have skills that can be easily translated into the production trade. LIMS offers 10-week film production training and veterans job training programs designed to prepare students to go out and get a paid job on a movie or TV set.
Vet 200 Program
Lifton Institute of Media Arts & Sciences (LIMS)
27567 Fantastic Lane
Castaic, CA 91384
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Bahamas Landfill Fire Under Control But Residents Told Not To Go … – Caribbean360.com (subscription)
Posted: at 3:39 am
The smoke from the landfill has not cleared up as yet.
NASSAU, The Bahamas, Wednesday March 8, 2017 Residents of a community near the burning landfill in The Bahamas capital are not expected to get the all-clear to return to their homes for another few days.
While the massive fire at the New Providence Landfill in Nassau has been contained, Environment and Housing Minister Ken Dorsett said there will still be smoke in the Jubilee Gardens area and it was best for residents to stay away for now.
He said the firefighters were battling not only the fire at the landfill but also a forest fire in the surrounding areas.
Residents were forced to evacuate their homes when the fire, which began on Sunday, sent thick, black hazardous smoke into their neighbourhood.
We will probably be experiencing smoke for the next five to seven days. That is how long it will take to put this out. It will not be an easy fix, Dorsett said at a press conference on Monday.
We are still not recommending people return to their homes in Jubilee Gardens. The wind changes direction throughout the course of the day, but from what I have seen I do not think the police have changed their advice thus far in terms in returning to their homes.
Despite an evacuation order being in place for the rest of the week, some residents have returned to their area to assess whether their homes sustained any damage.
Prime Minister Perry Christie said government was considering providing financial assistance to residents who have been adversely affected.
He said at the press conference that damage assessments have started and the government will do whatever it takes to ensure that residents are returned to sense of normalcy in the shortest time period.
To the extent that premises were affected whether discoloration as a result of the smoke, whether inside fumigation what we would want to do and to give very serious consideration to is making that assessment and having the ministry coordinate an effective restitution, restoration process by way of assisting the residents to normalcy meaning, getting in there and whatever remediation process that should be initiated inside of the home, to restore it to what it should be, even with respect to painting outside the home if that has been affected Christie said.
The government will in fact involve itself in that process to ameliorate the situation for people and to bring them as quickly as possible back homeThe government will take further steps to ensure that the families that are affected will have some form of restoration back to normalcy.
Prime Minister Perry Christie (centre) at the press conference with Environment and Housing Minister Ken Dorsett (left) and Fire Services Chief, Superintendent Walter Evans (right). (Photo: Office of the Prime Minister Facebook page)
Meantime, noting that this was not the first fire at the landfill, the Prime Minister admitted that mistakes were made in handling solid waste at the dump by successive governments.
But he said he was personally involved in selecting a new manager for the landfill to introduce greater levels of technology and resources which would get rid of the problems nearby residents have faced over the years, once and for all.
We had meetings with a foreign entity with the capacity and assets that they manage in the US, and we met with a Bahamian group who advanced a foreign partnership with the expertise and resources.Together, we were approaching the final sort of concluding aspects of determining a new management company and the introduction of the measures that we believe would in fact eliminate, forever and forever, the kind of tragic circumstances that took place out there, Prime Minister Christie said.
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GulfMark Offshore: Insolvency Ahead? – Seeking Alpha
Posted: at 3:39 am
This might be the last chance to sell or short GulfMark Offshore (NYSE:GLF).
GulfMark's Highland Knight. Source: Adrian SPye, Creative Commons.
Cash Running Low
The company's last financial statements are from Q3 2016. GLF shareholder equity fell from about $1 billion in 2014 to $518M last quarter, a decrease of almost 50% since the beginning of the market downturn. The company operates 71 vessels that provide support to offshore operations of the oil and gas industry, and fixed assets' carrying value has been impaired in the last months. The cash position is $10 million, and working capital is $23 million. But cash flow last quarter was -$12 million.
The cash from financing is mostly from increasing debt. At this burn rate the company should have already run out of cash by Q4 2016, and all working capital will be gone in by Q2 2017. Also, the company disclosed in their last 10-Q a cash commitment of $24 million:
We have a vessel under construction in Norway that was scheduled to be completed and delivered during the first quarter of 2016; however, in the fourth quarter of 2015, we amended our contract with the shipbuilder to delay delivery of the vessel until January 2017. Concurrently, in order to delay the payment of a substantial portion of the construction costs, we agreed to pay monthly installments through May 2016 totaling 92.2 million NOK (or approximately $11.0 million) and to pay a final installment on delivery in January 2017 of 195.0 million NOK (or approximately $24.4 million at September 30, 2016)
The company's access to the revolvers is subject to the valuation of the collateral (vessels) that could be further impaired in quarters to come, and many other inconvenient covenants that:
This latter point might ultimately prove to be a killer because the company is operating at a negative EBIT.
What's Next?
According to Stein's Law: "If something cannot go on forever, then eventually it must stop." Sooner rather than later, GLF will be unable to pay the interest on its debt (carried at about $473 million). GLF debt has been trading at deep discounts, between $30 and $65. The current prices around $60 represent a 100% rally from historic lows.
As previously mentioned on Seeking Alpha, a group of hedge funds has acquired a significant portion of the debt. Based on the table above, I believe their cost basis for the debt could be between $140 and $310 million. In other words, after a hypothetical bankruptcy, they will have acquired the company and its 71 offshore vessels at about $2 to $4.5 million each.
Market price of GLF debt. Source: Borse Berlin.
Worse Than Insider Selling
On March 7, the company disclosed the resignation of William Martin as a director. Martin is the CIO of Raging Capital Management, an investment fund that as of Dec. 31, 2016, was GulfMark's largest shareholder. This development might reflect differing interests between Raging Capital as a shareholder and as a bond holder.
Competitive Position
One of the main markets for GulfMark is the North Sea. In this region, the industry has begun to see consolidation through a three-way merger between Solstad Offshore (the aqcuirer), Farstad Offshore, and Deep Sea Supply. This deal is illustrative of what can happen to a distressed OSV (offshore support vessel) operator. After heavy losses, Farstad had an unsustainable capital structure:
Source: Created by author with data taken from Farstad's financial statements.
The company reached a restructuring deal with their debt holders that includes:
After the deal, old shareholders would keep 0.8% of the company:
Source: Created by author with data taken from Farstad's restructuring press release.
Immediately after this restructuring, Farstad and Solstad will merge through a stock-for-stock transaction. The ratio will be 0.35 shares of Solstad for every 12.5 shares of Farstad. Immediately afterward, Deep Sea Supply will merge into the new "Solstad Farstad." This new company will be a major global player in the industry, with a fleet numbering 155 vessels. The share of vessels provided by each predecessor is as follows:
Source: Created by author with data take from the companies' websites.
There are many differences among vessels in design, deadweight tons, etc., but this provides some insight about the merger. The actual ownership of the resulting entity will be split in such a manner that Farstad post-restructuring shareholders will own 59% of the company.
Solstad Farstad ownership will be as follows:
Source: Created by author with data from Farstad's restructuring press release.
There is, certainly, some important dilution for continuing Solstad shareholders: Now, they collectively own just 31% of the resulting company. But this could prove highly beneficial for them since they have received an almost debt-free Farstad, and the total debt/equity ratio is going down.
Contrast and Compare
One of the approaches I learned from Benjamin Graham is to compare the financial information of several companies to try and find which one has a better relative valuation. For example, I've taken the main, public American OSV companies:
Note: Income figures are in thousands. Source: Created by author with data taken from the companies' financial statements (GLF Q3 2016, TDW and HOS Q4 2016).
Only Hornbeck Offshore Services (NYSE:HOS) has positive cash flow, and their CEO announced plans to position the company as an acquirer in the industry.
Highway to Liquidation
Debtholders in the OSV industry face three scenarios:
1. The company is strong and there's little fear of a default under any circumstances.
2. The company is near insolvency, so it can be readily taken over and liquidated, merged, etc.
3. The company is in trouble but insolvency could happen a few years from now. By then, demand for secondhand vessels is going to be close to zero. This situation offers the least chance of recovering the principal.
It is in the best interests of debtholders to sell the underlying assets as fast as possible. Time works against them: As months go by, more cash is burnt by the companies and other foreclosures satisfy the secondhand vessel demand. I believe that intelligent debtholders will try to accelerate the realization of the company's assets, as long as they keep some resale value. The urgency will decline as the fleet approaches scrap value.
Catalyst
Tidewater (NYSE:TDW), the industry leader, is expected to announce either a restructuring or a bankruptcy on Monday, March 13. This could have contagious effects on the rest of the industry. Currently, the company does not comply with the debt covenants, and debtholders have been granting temporary waivers in order to avoid a default situation. Management has already warned that "it is likely that the shareholders' ownership interests will, at a minimum, be significantly diluted." It isn't pleasant for shareholders to be at the mercy of vulture funds.
The Effects of Consolidation
The OSV market is grossly oversupplied, and it is almost impossible to sell a fleet one vessel at a time. In many countries, cabotage laws restrict the operation of foreign-owned or foreign-flagged vessels, notably in the American Gulf of Mexico. Finding buyers will be harder as time goes by. Therefore, debtholders who want to maximize the probability of recovering their principal need to dispose of their fleets in the most value-adding manner. In the North Sea, Farstad's debtholders essentially wiped out the equity and traded the company as a whole. In return, they get shares of a promising industry leader that they can sell immediately in the stock market.
Now, consolidation is very bad news for the acquired companies (Farstad shareholders essentially got wiped out). There are many other Farstads out there and their shareholders face permanent capital losses. There is still a lot of pain coming for the equity in this industry.
Key Takeaways
Disclosure: I am/we are long HOS.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
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Chevron Subsidiary Begins Drilling On Angola’s Offshore Blocks – OilPrice.com
Posted: at 3:39 am
Cabinda Gulf Oil Company began drilling in the second phase of the fields development, collecting 150,000 barrels of oil and 350,000 cubic feet of natural gas per day. Production is expected to peak in 2018.
This milestone supports our priority of completing major projects and improving free cash flow, Jay Johnson, executive vice president of upstream projects for Chevron, told World Oil. The Mafumeira Sul project generates new production and value for Angola, our partners and the corporation.
The block sits just 15 miles off the coast of the Cabinda province under 200 feet of water. As part of Phase 1 operations, a temporary production system pumped oil in October 2016.
Sonangol, Angolas state-run energy company, owns a 41 percent share of the venture, while Shell holds a 39.2 percent stake. Total and Eni own the remainder.
Last month, Johnson said Chevron had been discussing more attractive tax rules for investment in Angola with the local government and Sonangol to determine Chevrons future in the African country.
Existing tax terms are not very attractive ... We have been working both with Sonangol and with various departments of the government of Angola so that we can make it feasible and we can invest, the executive said. Our investment will depend on what will result from these negotiations.
Angolas economy has been struggling with low oil prices, and talks over amending tax regimes would starve the country from other streams of revenue. The countrys economy did not grow in 2016, and GDP is expected to increase by 1.5 percent this year, while consumer prices will continue to soar, according to projections by the International Monetary Fund (IMF).
By Zainab Calcuttawala for Oilprice.com
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Saudi Aramco, McDermott sign MoU for construction of offshore platforms – Arab News
Posted: at 3:39 am
JEDDAH: Saudi Aramco signed a memorandum of understanding (MoU) with McDermott International for the integrated engineering procurement construction and installation (EPCI) of offshore platforms for McDermotts growing Middle East and other regional oil and gas development markets at the King Salman International Complex for Maritime Industries and Services, according to a Saudi Aramco statement issued here on Wednesday. This project is part of Saudi Aramcos plan to expand its local supply chain, which will improve the companys agility while driving additional economic and human capital development, as well new employment opportunities to help the Kingdom achieve the goals of Saudi Vision 2030. The selection of McDermott was the result of a rigorous evaluation process, which followed extensive negotiations with several world-class players in the offshore EPCI services field. The project aims to create a world-class provider of offshore EPCI services throughout the Middle East and regional markets. It will build on the existing relationship between Saudi Aramco and McDermott to localize this part of the supply chain, which would improve efficiency while increasing local content, export of energy goods and services, and further development of the Kingdoms economy.
JEDDAH: Saudi Aramco signed a memorandum of understanding (MoU) with McDermott International for the integrated engineering procurement construction and installation (EPCI) of offshore platforms for McDermotts growing Middle East and other regional oil and gas development markets at the King Salman International Complex for Maritime Industries and Services, according to a Saudi Aramco statement issued here on Wednesday. This project is part of Saudi Aramcos plan to expand its local supply chain, which will improve the companys agility while driving additional economic and human capital development, as well new employment opportunities to help the Kingdom achieve the goals of Saudi Vision 2030. The selection of McDermott was the result of a rigorous evaluation process, which followed extensive negotiations with several world-class players in the offshore EPCI services field. The project aims to create a world-class provider of offshore EPCI services throughout the Middle East and regional markets. It will build on the existing relationship between Saudi Aramco and McDermott to localize this part of the supply chain, which would improve efficiency while increasing local content, export of energy goods and services, and further development of the Kingdoms economy.
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New St. Paul police program aims to mentor recruits – Minneapolis Star Tribune
Posted: at 3:37 am
When the St. Paul police department put out a call late last year for licensed officers, Ehdoh Ezekisoe showed up at an informational session ready to join their ranks.
But the St. Paul resident who immigrated from a Thai refugee camp to the United States in 2005 didnt have the schooling or licensing required to apply for the police academy. St. Paul police Sgt. Pamela Barragan, a member of the departments community engagement unit, saw potential in Ezekisoe and stayed in touch with him; thered be an opportunity opening up soon.
On Wednesday, St. Paul police unveiled its first ever Law Enforcement Career Path Academy, a program aimed at mentoring recruits from diverse backgrounds who face financial, educational and employment hurdles.
I related a lot to him because I moved [to St. Paul] from Ecuador, Barragan said. He doesnt have a traditional support system.
For Ezekisoe, 22, who is Karen, its a chance to move beyond years of restaurant work and a short stint as a contract carpenter. Hes been working as a security guard since late 2016.
I want to have a career that I can be proud of, said Ezekisoe, who plans to apply. I think I can be a role model.
Between 20 to 25 participants are expected to enroll in the 2-year program that starts in April. A combination of private and public funds will help pay the recruits a stipend of $10.50 an hour while they are in class at Century College working toward their law enforcement degree. Senior Cmdr. John Lozoya, head of the community engagement unit, said the stipend is only for classes this summer, and that the department is working with Job Corps to find recruits employment afterward as they continue their education.
Although the program is aimed at diversifying the department and fostering interest among recruits between ages 18-24 from underrepresented groups, anyone of any age who faces financial and educational barriers will be considered, Lozoya said.
Community Action Partnership of Ramsey and Washington Counties, a private nonprofit, will also assist recruits with access to educational programs, transportation and employment.
The program was created because traditional recruitment efforts, such as job fairs, werent reaching underrepresented communities. Of the departments sworn staff of 619, about 25 percent are officers of color. Meanwhile, about 40 percent of St. Paul residents are people of color.
That really wasnt meeting the needs of our community, Lozoya said of traditional recruitment efforts. We are very intentional about recruiting from our own community and surrounding communities.
Recruits will be expected to volunteer 40 hours per week with the department this summer, and continue working with a St. Paul police mentor throughout their participation, helping with youth programs and outreach, and going on ride-alongs.
The program ultimately aims to act as a pipeline for new hires in St. Paul, but Lozoya expects that some recruits might change their minds and shift out of law enforcement, and completing the program doesnt guarantee anyone a spot with the department.
The bigger goal, Lozoya and Barragan said, is to create a diverse pool of educated and licensed officers ready to apply for jobs across Minnesota. If more funding is secured, Lozoya said, the department would consider starting another class next year.
We help each other, Barragan said. We rather have diversity across all law enforcement not just in St. Paul.
Applications are being accepted through March 31 at http://www.stpaul.gov/jobs.
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Healthy communities have engaged members – Centre Daily Times (blog)
Posted: at 3:37 am
Centre Daily Times (blog) | Healthy communities have engaged members Centre Daily Times (blog) And I've been feeling lately like it is time to be a bit more intentional about that. Don't misunderstand, please. We still have very good friends in State College and my neighborhood book group has graciously ... Communities that are healthy are those ... |
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