Category Archives: Liberty

John Malones Liberty Media is trying to get permission from the Federal Communications Commission to use its near majority ownership of Sirius XM Radio to take control of its board of directors. Since a tussle started in March, Sirius has opposed Liberty at the FCC and so far the FCC has rejected Liberty, basically because Liberty had not announced specific steps on its plans to effect the director election. Last week Liberty asked for reconsideration and announced some of those steps.

There is more to this dance than meets the eye. This is not about your normal struggle to control a company. Liberty has enough shares to effectively control Siriusonce the regulators give their blessing. And earlier this year, a standstill agreementwhich prohibited Liberty from trying to get more directors or otherwise control Siriusexpired.

Libertys move is probably the opening gambit in a process to harvest for Liberty shareholders the massive gain it has in its investment in Sirius. In return for loaning around half a billion dollars to Sirius when it was in dire straits during the global financial crisis, Liberty was given preferred stock convertible into 40% of the common stock of Sirius, as well as minority representation on the Sirius board.

Based on current market prices, Siriuss current market capitalization will be almost $12 billion when all those convertible securities are converted. If Liberty sold its shares now, that would be a lot of taxes to pay. And simply spinning off Sirius shares to Liberty shareholders would trigger even more taxesunless Liberty spent billions of dollars buying a lot more Sirius shares first.

But there are other transactionscomplex as they may bewhich could be used to separate Sirius from Liberty and even effect a sale of Sirius with no significant taxes. Although Sirius cannot be spun off in a tax efficient manner, Liberty could spin off its other businesses as a whole (think of it as New Liberty) and leave Sirius as pretty much the sole remaining asset of Old Liberty. And voila, Libertys shareholders have effectively received the Sirius shares without paying any taxes. And in one more wrinkle, it is possible that Sirius could be sold immediately thereafter without incurring tax as long as it was in a stock-for-stock merger. You may have read about this referred to as a Reverse Morris Trust transaction, named after an ancient tax case. Liberty has experience in this type of transaction as the DirecTV deal had some of these elements in it.

The problem is that these more complex transactions would require an extensive negotiation with the Sirius board. And because Liberty effectively controls Sirius (whether or not a majority of its directors are Liberty employees), Delaware law essentially requires Liberty to negotiate not with the full board, but with a committee of directors unrelated to Liberty.

So why is Liberty pushing so hard to get the FCC to let it grab a board majority? Because having control of a majority of the board could have significant practical implications even if Liberty couldnt cram a transaction down the boards throat. The whole dynamic of the negotiation can change once Malone has hands-on control of the company. Delaware law requires that independent directors still have the power to say no to a deal. But once Liberty has a majority of the board, it will have the power to control all other decisionsincluding what will happen if the independent directors cannot come to a deal with Liberty.

For example, the Liberty CFO appeared on CNBC last Friday and expressed support for current management. But then, in a very small shot across the bow, said that Liberty tends to make its weight known on issues relating to capital policy and that he expected Sirius to throw off a lot of cash in the future. That could be a sign that Liberty could decide to push for dividends or even a recapitalization if it does not get its way on a deal. As long as all shareholders are treated the same, Liberty could probably effect its will without the concurrence of those independent directorsonce it has a majority of the board.

At the moment it all seems to be about posturing. Liberty is trying to get itself into the best position it can to get what it will ultimately want, which is probably going to be a DirecTV type of transaction in which Liberty shareholders either receive the Liberty shares in Sirius or Sirius is sold in a tax efficient manner.

And the Sirius board has opposed Liberty so far apparently in an attempt to maximize its negotiating position.

Read more from the original source:
Dealpolitik: Liberty Media Steps Up its Complex Dance with Sirius

USS Liberty underway in the Chesapeake Bay on July 29, 1967, upon her return from the Mediterranean Sea.

Forty-five years ago, the USS Liberty was attacked in international waters by Israeli jet fighters and torpedo boats.

The attack killed 34 members of the crew, and wounded 174 more on board. Both U.S. and Israeli governments conducted inquiries about the incident, and decided the attack was a result of Israeli confusion about who the USS Liberty was.

Many veterans don't agree.

This Friday, a USS Liberty memorial service will be held at the graves of the Liberty victims at Arlington Cemetery, in part to remember, but also to accuse.

A Facebook page for the event asks supporters to sign a petition calling for a renewed investigation of the attack. The petition suggests a U.S. government cover up, noting that the U.S. initially dispatched aircraft to aid the wounded USS Liberty, but say they were later recalled.

The page also points supporters to reports on the incident from USS Liberty veterans, including a draft letter to Congress asking for a better investigation.

"They were ordered to be abandoned by two flights of Sixth Fleet rescue aircraft," alleges the letter. "Until these facts are acknowledged.... any attempt to honor those who were killed in service to the United States on the USS Liberty is incomplete."

This past Memorial Day, Sen. John McCain was heckled about the Liberty attack while speaking to a crowd in California. "What about the cover-up for Israel of the USS Liberty?!" the heckler shouted. He was promptly escorted out by Secret Service.

In 2004, documents on U.S. foreign policy during the USS Liberty incident were declassified and published in a trilogy. At the time, Harriet Schwar, editor of the trilogy, told the State Department her staff found no evidence the U.S. knew about Israel's orders to attack the USS Liberty.

See the original post:
USS Liberty Memorial Service Renews Calls of a Government Cover-Up

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--

Green Automotive Company (OTC:GACR) announced today that it has entered into detailed discussions with Liberty Electric Cars Limited (www.liberty-ecars.com), a UK-based developer of Electric Drive Trains, unique Battery Management Systems and provider of full support programs for all types of Electric vehicles. These discussions will lead to Liberty technology being used to convert conventional internal combustion engine driven vehicles into zero emission electric vehicles. Liberty, formed in 2006, was the first company in the world to successfully convert the Range Rover into a high speed pure electric 4x4 capable of 200 miles on a single charge and driven by 4 individual motors. The Liberty Electric Range Rover was hailed as the worlds best luxury EV in 2010 and provided the most telling example of the companys capabilities. Libertys expertise will serve as Green Automotives foundation for its expansion into the European Electric Vehicle market as well as provide the technology for the conversion activities planned for the North American market.

As I disclosed in several of our past public announcements, and in greater detail in our First Quarter March 31, 2012 Information and Disclosure Statement filed with OTCMarkets.com, said Fred Luke, President of Green Automotive Company, we have elected to not make the Companys primary business that of importing, performing the homologation, and then competing against a host of others now entering the market of retailing Electric Passenger Vehicles. Putting the last 2 years of import and homologation knowledge in the proper prospective, it is clear to us that our fastest and least expensive path to revenues from the Electric Vehicle (EV) will be to focus on the conversion of conventional internal combustion engine-driven vehicles of all types, particularly Mass-Transit and passenger vehicles which have already passed the US Federal Motor Vehicle Safety Standard (FMVSS) tests, to make them into zero emission vehicles.

According to Mr. Luke, this move comes following disappointing test results during the homologation program and failing negotiations with Zotye for as to the Zotye Sport Utility Vehicle (SUV). It was determined by management and our independent engineers, at Roush Industries, said Mr. Luke, that the Zotye SUV would struggle to pass the stringent crash tests required by the DOT, FMVSS and NIHSTA, without substantial expenditure and time. At which time the Company began seeking alternatives to replace the Zotye vehicles with automobiles that the Company could bring to market in a more expeditious and efficient manner.

On January 17, 2012 the Company announced that it signed a Letter of Intent pursuant to which it would join forces with Niyato Industries in an effort to accelerate the plans of both companies to bring domestically manufactured Electric Passenger Vehicles to the US market this year. However, Fords announcement that it would be rolling out its own line of EVs, beginning with the Focus and Fusion http://inhabitat.com/ford-announces-2012-ford-focus-electric-will-get-extra-2500-in-tax-credits-in-california/ made it very difficult for us to justify going any further with the Green Automotive-Niyato joint venture. In the process of due diligence on Niyato, the Companys management determined that it was not in its best interest to continue with Niyato as Niyato did not appear to have the immediate manufacturing facility for the proposed conversion of the vehicles it represented to have under contract to convert to EVs, nor did it have a prototype upon which to develop reasonable manufacturing costs, and it appeared to be under-capitalized to finance its plans, requiring the Green Automotive to provide the necessary capital.

Taking into consideration the costly and time consuming (24 to 36 months) efforts to move the Zotye Vehicles through the stringent import tests required by the DOT and NIHSTA, and the capital position of Niyato, negotiations with Niyato were put on hold and alternate solutions were sought.

The first of the Companys new partnership targets was Liberty Electric Cars Limited, a UK-based conversion and EV support company which currently designs, develops, manufactures and markets electric vehicle drive trains for use in its own converted vehicles and for sale to OEMs for incorporation into their production. Their focus is on larger platforms from 4x4 through to commercial vehicles, where they operate in a niche market with few competitors. Liberty Electric Cars Limited also supplies after sales support, training, and upgrades for electric vehicle users throughout Europe and Middle East.

Liberty, through its E-Tech division, is involved in a number of advanced research programs for developing next generation EV solutions, many in partnership with Tier 1 automotive manufacturers. The E-Tech engineering team can count over 2,500,000 miles of EV expertise, and were the first people to design and build a ground up electric truck. In addition, they own the UKs largest EV retail company, which has sold over 1400 electric vehicles and they supply, through their E-Care division, a comprehensive after-market EV support program throughout Europe for electric trucks and cars.

Their clients include such high profile names as UPS, Fed-ex, Navistar, Veolia, Tesco and many more.

In November 2010 Liberty entered and successfully completed the Royal Automobile Club's first annual "Future Car Challenge" where 2 Liberty Pure Electric Range Rovers drove from Brighton to London, with 5 people in each car including a film crew in one, ending with an exciting public display on Regent Street in the centre of London. In addition to Libertys expertise in engineering solutions for electric vehicles, and providing the most comprehensive after market program for electric cars and trucks, Liberty also offers a range of exciting electric transport solutions.

Excerpt from:
Green Automotive to Join Forces with Liberty Electric Cars Limited

By RICKY CAMPBELL Register Citizen Staff

TORRINGTON Liberty, an upcoming musical at the Warner Theatre premiering on June 30, is a production of firsts and everyone involved isnt just content with that, but theyre rather excited.

Liberty will showcase the story of an immigrant girl coming from Paris, gathering outside influences ideals of what liberty is to them, and integrating their multiple thoughts into her own development. Its the first time the musical will see the light of day in its entirety, the first time its lead actress will be the focal point in her young career and its the first time Liberty will have the opportunity to push its cast and crew to their ultimate goal: a New York City stage.

On Thursday, cast and crew members of Liberty introduced themselves to Warner staffers, city officials and the public. After explaining the musicals premise, fine details and an opening, teasing number from its lead actress, Liberty cast members hit the stage for their first weekend of rehearsals.

The crew will spend their Thursdays through Saturdays leading up to the June 30 world premiere on the Torrington Main Street theatres stage, practicing their lines and developing their characters. When the show leaves the Warner Theatre after its final performance on July 12, the production, aiming for brighter lights and bigger venues, can look to Torrington as its jumping off point.

For some, it could be the initial catapult to a career under the lights.

For a first gig, this isnt too shabby, lead actress Madeline Brewer said with a smile Thursday following the warm welcome. Brewer, 20, graduated from the American Musical and Dramatic Academy in New York a week ago. Outside of her hometown theater in Pitman, New Jersey, Brewer said shes never landed the lead role.

On June 30, 2012, that will change for Brewer as she becomes the first actress to ever don the copper-turned-green wardrobe of Liberty an immigrant girl from France trying to make a life in 19th century America.

Liberty will hit the stage for the first time, creating a new draw, officials believe, for the different demographics of show-goers.

Youre building a relationship here and that relationship is with the Warner family, Warner Theatre Executive Director John Bonanni said to the group. When you leave, youre going to find yourself missing this place.

See the article here:
Warner to Mount 'Liberty,' Show of Firsts

IRVINE, Calif.--(BUSINESS WIRE)--

LIBERTY Dental Plan (LIBERTY) is pleased to announced that Dave Meadows, a healthcare industry veteran, is joining the companys operations as Senior Vice President of Government Programs.

We are excited and honored to welcome Dave to our executive management, said Amir Neshat, CEO and founder of the Irvine-based dental benefits administrator. As LIBERTY continues to expand its business within the market of government sponsored plan we anticipate Daves knowledge and experience will be invaluable to our successfully delivering the highest quality of dental benefits to our members in government sponsored programs.

With over 19 years of specialized expertise in state health programs, Meadows will manage operations out of the greater Sacramento area by providing his experienced input on facilitating and developing public plans that will best serve populations for California and LIBERTYS national partners. His extensive career includes a term as Vice President of State Health Programs for Health Net, and time spent working directly for the California State Department as a Supervising Examiner responsible for financial regulation of contracting Health Care Service Plans. Meadows presently serves as a Board Member for the California Association of Dental Plans (CADP) and the California Department of Managed Health Cares Financial Solvency Standards Board.

Im thrilled to be joining such a dynamic company that has demonstrated its leadership in providing dental coverage to the government programs sector, said Meadows. Im excited about the opportunity we have to work on innovative, cost effective ways to continually improve the access and availability government program beneficiaries have to quality dental care.

About LIBERTY Dental Plan

LIBERTY Dental Plan specializes in commercial and government sponsored dental programs, providing services to managed care organizations, state governments, labor unions, large group employers, municipalities, and individuals. With a vast majority of its membership enrolled in government sponsored programs, LIBERTY is recognized as a specialist in administering dental care for Medicaid, SCHIP and Medicare beneficiaries. LIBERTY has a proven record of successfully increasing the utilization of quality dental care for multiple programs, ensuring that a larger portion of premiums are appropriated directly to care.

LIBERTY Dental Plan is also recognized as an industry leader in the area of Dental Disease Management. A member of The Care Continuum Alliance (carecontinuum.org), LIBERTY shares their commitment to promote high quality standards for and definitions of key components of wellness, disease, case management where appropriate, and care coordination programs as well as support services and materials.

Read the original:
LIBERTY Dental Plan Introduces New Executive for Government Programs

BAKERSFIELD, Calif.--(BUSINESS WIRE)--

American Liberty Petroleum Corp. (OTCBB: OREO) (herein after "American Liberty" and/or "the Company") is pleased to provide a summary of the Company's recent progress on the Cortez Operation. The operation is located on the 3,840-acre Cortez lease in Gabbs Valley, Nye County, Nevada, and includes two wells: Cobble Cuesta 1-12 and Paradise 2-12.

In early May 2012, work resumed on the Paradise 2-12 well, including a fluid level test that indicated a 1920' fluid column in the well bore above the pump. Following the application of hot water and a new proprietary chemical formula treatment, the well produced additional fluid consisting of an oil/water mix. In total, approximately 29 barrels of crude was shipped to Foreland's Eagle Springs Refinery in neighboring White Pine County, representing the Company's second sale to Foreland. The BLM was also notified of the sale in order that the Company might secure "held by production" status on the Cortez lease.

The Company has continued to work with oil and gas consulting services firm Netherland, Sewell & Associates Inc. ("NSAI") to gather information toward determining next steps in the development of the Cortez operation. In particular, the Company is currently considering options that include:

1) Deepening the Cobble Cuesta 1-12 well

2) Deepening the Paradise 2-12 well

3) Drilling a new well based on information gained to date

4) Performing more seismic surveying prior to further exploration activities

NSAI is assisting the Company's assessment of all possible options by reviewing and evaluating the geological information currently available, and is providing American Liberty with their recommendations of the technical alternatives associated with each of the options, taking care to point out both the merits and potential challenges of each.

As of May 29, 2012, the Company had received an Authority For Expenditure (AFE) to re-enter the Cobble Cuesta 1-12 well, and an AFE to drill a new well in the Cortez lease. The AFEs act as budgetary documents that list the estimated expenses associated with the development activity in question: in the case of the well re-entry, an oil/gas well/re-enter with intermediate casing at 6000' and production casing at 8500', including perforate casing and frac; in the case of the new well, an oil/gas well with surface casing at 850', intermediate casing at 6000', and production casing at 8500', including perforate casing and frac.

Original post:
American Liberty Petroleum Corp. Provides Progress Update for Nevada-Based Cortez Operation

UpdatedJun 3, 2012 9:56 PM ET

The New York Liberty were fired up after a 23-point loss at Indiana the previous night gave them the longest winless start in franchise history.

Cappie Pondexter scored 25 points to lead the Liberty to an 87-72 victory over the Fever on Sunday night. Essence Carson had 16 points, Plenette Pierson added 14, Leilani Mitchell 13 and Kia Vaughn 10 for New York (1-5).

''We were extra motivated, everybody was angry,'' Pondexter said. ''We finally got a win under our belt. ... We're happy about it. Winning changes everything.''

The Liberty, who shot 44 percent (31 for 70), led by double digits from late in the second quarter until the Fever made a run down the stretch in the fourth.

After Vaughn's jumper with 6:20 to go put the Liberty ahead 75-58, matching its largest lead of the game, the Fever used a 12-2 run to pull within seven with 3:20 to go.

However, Pondexter scored nine points as the Liberty outscored the Fever 12-6 the rest of the way to seal the victory.

''I knew we weren't going to lose,'' Pondexter said. ''We made a lot of mistakes in our previous five games, where we knew we had the game and then lost it down the stretch. ... But today we stuck together. I think that's a real positive. ... I think any (opposing) team would have lost tonight.''

New York was 9 for 19 (47 percent) from beyond the arc and finished with 20 assists and 12 steals. After getting outscored by an average of 17.4 points in their first five games, the Liberty finished with their highest total of the season.

Original post:
Liberty 87, Fever 72

It could be curtains for Karmazin.

John Malones Liberty Media told regulators yesterday it wants to take control of Sirius XM Radio which could put Liberty CEO Greg Maffei in perfect position to run the satellite broadcaster.

That means that Mel Karmazin, the current CEO of Sirius, who famously chafes at being a No. 2, could be headed out the door after more than seven years atop the New York-based company.

Karmazin was the second banana at Viacom but made it clear he didnt like working under chairman Sumner Redstone.

Karmazin, 68, could be tempted to walk after his contract expires Dec. 31 if Liberty is successful in its appeal to the Federal Communications Commission.

Christopher Peterson/BuzzFoto.co

John Malone of Liberty Media is pulling out all the stops in his latest bid to take over Sirius XM, which is run by Mel Karmazin (above), the longtime Gotham-based media boss.

Greg is sick of being a portfolio manager, said a source close to the Liberty Media boss, who oversees a host of companies including Starz, Live Nation, Barnes & Noble and Sirius XM Radio.

Liberty has praised Karmazins management ability and are not seen as aching to push him out but the question is: Will Mel want to stay?

Liberty did not return a call for comment. Sirius declined comment.

Read this article:
Liberty takeover of Sirius could cost Karmazin CEO job

INDIANAPOLIS (AP) -- Tamika Catchings scored 16 points to help the Indiana Fever defeat the New York Liberty 91-68 on Saturday night.

Roneeka Hodges scored 15 points, Jeanette Pohlen added 12 and Katie Douglas had 11 for Indiana (4-0). The Fever made 13 of 26 3-pointers while New York made 5 of 17. The Fever made 22 of 27 free throws and committed just 12 turnovers.

Indiana's reserves outscored New York's 52-18.

Plenette Pierson scored 24 points on 10-for-13 shooting for the Liberty (0-5). Cappie Pondexter, New York's leading scorer, finished with 13 points on 4-for-15 shooting. Pierson and Pondexter were the only Liberty players to score in double figures.

New York's past four losses have all been by double digits, by a combined 82 points. The teams play again Sunday at New York.

Indiana, which entered the game as the No. 2 scoring team in the league, shot 47 percent from the field.

The Fever shot just 6-for-19 from the field in the first quarter but made enough free throws to tie the score at 20 by the end of the period.

Indiana heated up in the second quarter making 10 of its 16 shots to take a 49-36 halftime lead. Catchings scored 14 points in the first half and Hodges scored eight off the bench in the second quarter. The Fever made 6-of-13 three-pointers in the first half.

New York cut Indiana's lead to nine points early in the third quarter before the Fever took control. A three-pointer by Shavonte Zellous pushed Indiana's lead to 60-45 and forced the Liberty to call a timeout.

Catchings disagreed with a foul call, then made contact with an official and was issued a technical foul. New York made all three free throws to cut Indiana's lead to 12.

Read more here:
WNBA: Catchings, Fever cruise by winless Liberty

INDIANAPOLIS (AP) Tamika Catchings scored 16 points to help the Indiana Fever defeat the New York Liberty 91-68 on Saturday night.

Roneeka Hodges scored 15 points, Jeanette Pohlen added 12 and Katie Douglas had 11 for Indiana (4-0). The Fever made 13 of 26 3-pointers while New York made 5 of 17. The Fever made 22 of 27 free throws and committed just 12 turnovers.

Indiana's reserves outscored New York's 52-18.

Plenette Pierson scored 24 points on 10-for-13 shooting for the Liberty (0-5). Cappie Pondexter, New York's leading scorer, finished with 13 points on 4-for-15 shooting. Pierson and Pondexter were the only Liberty players to score in double figures.

New York's past four losses have all been by double digits, by a combined 82 points. The teams play again Sunday at New York.

Indiana, which entered the game as the No. 2 scoring team in the league, shot 47 percent from the field.

The Fever shot just 6-for-19 from the field in the first quarter but made enough free throws to tie the score at 20 by the end of the period.

Indiana heated up in the second quarter making 10 of its 16 shots to take a 49-36 halftime lead. Catchings scored 14 points in the first half and Hodges scored eight off the bench in the second quarter. The Fever made 6 of 13 3-pointers in the first half.

New York cut Indiana's lead to nine points early in the third quarter before the Fever took control. A 3-pointer by Shavonte Zellous pushed Indiana's lead to 60-45 and forced the Liberty to call a timeout.

Catchings disagreed with a foul call, then made contact with an official and was issued a technical foul. New York made all three free throws to cut Indiana's lead to 12.

Read more here:
Fever keep Liberty winless with rout