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RSCI PORTFOLIO WEEKLY UPDATES AND PRESS CLIPS 3.15
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2012-03-15 21:33:01
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AIRVANA<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.airvana.com%2f> EE Times 3/9/2012 Picocells to grow device ecosystem by 2015<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.eetimes.com%2felectronics-news%2f4237791%2fPicocells-to-grow-device-ecosystem-by-2015> Market research firm In-Stat forecasts the value of outdoor metropolitan picocells will jump to $6.9 billion in 2015 due to the quantity needed to provide sufficient services for an evolving 4G voice and data market. BUSCH ENTERTAINMENT Wesh 3/13 SeaWorld Looking To Hire Seasonal Workers<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.wesh.com%2fr%2f30669150%2fdetail.html> SeaWorld Parks & Entertainment is looking to hire hundreds of seasonal workers to help staff the Orlando parks this spring at their job fair on Wednesday. The Deal Pipeline 3/14 *Blackstone extracts another dividend from SeaWorld* SeaWorld Parks & Entertainment Inc. is paying a sponsor group led by Blackstone Group LP a second dividend in nine months: a $500 million distribution through a $500 million add-on to its existing term. Ratings agencies remain cautious about Blackstone's push toregain its equity stake through distributions. Moody's lowered Orlando, Fla.-based SeaWorld's corporate family rating and probability of default rating from Ba3 to B1, estimating SeaWorld's debt-to-Ebitda leverage is 5.5 times for 2011. DIAMONDBACK TACTICAL <https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.firstchoicearmor.com%2f> Arizona Republic 3/13 Phoenix police and DPS plan on replacing vests<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.azcentral.com%2farizonarepublic%2flocal%2farticles%2f2012%2f03%2f02%2f20120302phoenix-police-dps-vests.html> About 50 Phoenix police officers will have to replace their ballistic vestsafter the department announced that a particular brand of vest failed a test and allowed a bullet to pass through…Once police have collected the vests in question, administrators will work directly with Diamondback Tactical, the parent company of Custom Armor, to work out a reimbursement system, Crump said. ENERGY FUTURE HOLDINGS<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.energyfutureholdings.com> Sustainable Business 3/13 *Action Alert: Renewable Energy PTC Vote, Big Solar Spreads to More Countries<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.google.com%2furl%3fsa%3dX%26q%3dhttp%3a%2f%2fwww.sustainablebusiness.com%2findex.cfm%2fgo%2fnews.display%2fid%2f23500%26ct%3dga%26cad%3dCAEQAxgBIAAoATAAOABA-aiF-wRIAVgBYgVlbi1VUw%26cd%3d6waIMRCrg3U%26usg%3dAFQjCNHPKH2IunnJS3R5EpfiFcdAGaCF3w> * But its $2 billion in bonds in natural gas driller Energy Future Holdings isn't doing well because of low gas prices - the market value is down $878 million and further drops are anticipated. FISKER AUTOMOTIVE<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.fiskerautomotive.com%2fen-us> Reuters 3/09 Fisker Karma car dies in Consumer Reports testing<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fin.reuters.com%2farticle%2f2012%2f03%2f08%2fconsumerreports-fisker-idINDEE8270GY20120308> A $100,000-plus Fisker Automotive luxury sports car died during Consumer Reports speed testing this week for reasons that are still unknown, leaving the struggling electric car startup with another blow to its image. National Legal and Policy Center 3/12 Fisker’s Private Fundraisers Face SEC Investigation<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fnlpc.org%2fstories%2f2012%2f03%2f12%2ffisker%25E2%2580%2599s-private-fundraisers-face-sec-investigation> The Securities and Exchange Commission has notified the brokers who raised most of the private financing for taxpayer-backed electric automaker Fisker Automotive<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fnlpc.org%2fcategory%2fkeywords%2ffisker> that charges may be brought against them, in connection with a private offering in 2009. Slash Gear 3/13 Fisker knowingly sold half-baked cars claims ex-employee<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ffisker-knowingly-sold-half-baked-cars-claims-ex-employee-13218069%2f> Electric car company Fisker<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ftags%2ffisker> can’t catch a break lately; days after its Karma embarrassingly broke down<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.slashgear.com%2ffisker-karma-breaks-down-in-consumer-reports-testing-09217763%2f> before Consumer Reports could even begin testing it, a former employee has alleged Fisker knowinglypushed the Karma to market before it was fully baked so as to qualify for US government loans. Torque News 03/13 Did Fisker deliver Karma before it was ready, for DoE loan?<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.torquenews.com%2f1075%2fdid-fisker-deliver-karma-it-was-ready-doe-loan> Amid a series of quality issues over the Fisker Karma, a report surfaces that Fisker rushed the Karma out the door in order to meet Dept of Energy milestones. GRUPO SALA<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.gruposala.com.co%2findex_en.html> WSJ Press Release 3/12 ACON Investments Leads Investment in Hidrotenencias - A Hydro Power Holding Company Based in Panama<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.marketwatch.com%2fstory%2facon-investments-leads-investment-in-hidrotenencias-a-hydro-power-holding-company-based-in-panama-2012-03-12> Hidrotenencias is the fourth investment completed by ALAOF, which had a final close in February 2011. In July, ALAOF closed an investment in Grupo SALA one of the largest waste management companies in Colombia. HEALTHSCOPE<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.healthscope.com.au%2finfo%2fgeneral%2fHome%2fget%2f0%2f0%2f> Bloomberg 3/9 TPG Buyout Firm is Said to Seek Buyers for Hospital Chain Iasis Healthcare<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.bloomberg.com%2fnews%2f2012-03-09%2ftpg-is-said-to-explore-iasis-healthcare-sale-for-as-much-as-2-4-billion.html> The firm's healthcare investments also include Healthscope, an Australian operator of private hospitals, and IMS Health. The Australian 3/10 *Creator's quiet fight to save surfwear company Billabong* Meanwhile TPG, which also owns private hospital operator Healthscope, is believed to have put its interest in Billabong on the backburner. NORTHERN TIER ENERGY (NTE)<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ntenergy.com%2f> StarTribune 3/9 Northern crude oil keeps gasoline prices lower in Minnesota<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.startribune.com%2flocal%2f142011373.html> As gasoline prices soar on the coasts, less expensive crude oil from Canada and North Dakota is easing the pain for Minnesotans. Both of Minnesota's refineries, Flint Hills Resources in Rosemount and Northern Tier Energy in St. Paul Park, get most of their oil from those regions via pipelines. *THE WEATHER CHANNEL COMPANIES* WSJ Press Release 3/8 The Weather Channel Companies Appoints Andy Miller to Its Board of Directors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.marketwatch.com%2fstory%2fthe-weather-channel-companies-appoints-andy-miller-to-its-board-of-directors-2012-03-08> The Weather Channel Companies (TWCC) today announced the appointment of Andy Miller to its board of directors. Miller, a general partner at Highland Capital Partners, is a mobile expert and visionary entrepreneur who led mobile advertising at Apple and was the co-founder and CEO of Quattro Wireless. *PRIVATE EQUTY* WSJ 3/9 Buyout Debt Lures Hungry Investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2farticle%2fSB10001424052970204276304577263540234724980.html%3fmod%3dgooglenews_wsj> Fifteen low-rated, private-equity-owned companies recently analyzed by Moody's Investors Service had $62 billion of debt coming due from 2012 to 2016, but the largest amount of debt maturities they face is in the next three years, Moody's said. Deal Magazine 3/9 The debt markets get energized<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.thedeal.com%2fmagazine%2fID%2f045147%2fcommentary%2fthe-debt-markets-get-energized.php> "For the most part, everyone sat on cash in the fourth quarter of 2011," says Kevin Smith, co-head of Macquarie Capital's high-yield team. "We're clearly in the midst of an upswing, with an issuer-friendly environment in both bank and bond markets." WSJ 3/13 Private Equity Bets on Indonesia<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2farticle%2fSB10001424052970204276304577261803114708294.html> Private-equity firms are setting their sights on one of theworld's most promising, but complicated, emerging markets: Indonesia. Northstar Pacific Partners, a local partner of investor TPGCapital, raised $800 million last year to invest in Indonesian companies. Other big names, like Starwood Capital Group and KKR<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fonline.wsj.com%2fpublic%2fquotes%2fmain.html%3ftype%3ddjn%26symbol%3dKKR> & Co., are circling in search of deals, according to people familiar with the matter. Deal Book 3/13 In Private Equity I.P.O., a Shareholder Fear of Losing Favor<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2f2012%2f03%2f13%2fin-private-equity-i-p-o-a-shareholder-fear-of-losing-favor%2f> For one, it is not alone. While the coming Facebook debut might suggest a robust I.PO. market,many other companies are struggling to get their offerings out of the dock.Since Oct. 1, 41 companies have delayed or withdrawn their I.P.O.’s, according to Dealogic. Yet Carlyle has also sustained self-inflicted wounds. FT 3/14 Carlyle used new money raised to pay dividend<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2fb6718016-6d23-11e1-b6ff-00144feab49a.html%23axzz1pDV94yvj> Carlyle, the private equity group preparing to go public on Nasdaq, raised money from a shareholder late in 2010 only to then pay most of the proceeds out to its shareholders in the form of a dividend, according to regulatory filings. The relationship with Mubadala Development Co, an Abu Dhabi-based sovereign wealth fund, illustrates the difficulty valuing private equity partnerships ahead of Carlyle’s initial public offering<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2findepth%2fipo> . FT 3/14 Blackstone faces challenge over Klöckner<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f5f658eb6-6d3c-11e1-b6ff-00144feab49a.html> Private equity group Blackstone and several leading distressed debt investors are squaring up in a battle for control of Klöckner Pentaplast, a German plastic film manufacturer. Oaktree Capital Management, one of the world’s largest distressed debt investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2fc0da19d2-03dd-11e1-98bc-00144feabdc0.html> by assets, has joined forces with Bank of Ireland<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmarkets.ft.com%2ftearsheets%2fperformance.asp%3fs%3die%3aBIR> and GE Capital to control more than two-thirds of the €850m highest-ranked “senior” debt. FT 3/14 Lloyds to sell off £1bn of Aussie loans<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f8cd113dc-6ded-11e1-b98d-00144feab49a.html%23axzz1pDV94yvj> Lloyds Banking Group<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmarkets.ft.com%2ftearsheets%2fperformance.asp%3fs%3duk%3aLLOY> has launched the sale of £1bn worth of distressed loans made to Australian residential property developers in the run up to the financial crisis. NYT 3/14 Why I Am Leaving Goldman Sachs<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.nytimes.com%2f2012%2f03%2f14%2fopinion%2fwhy-i-am-leaving-goldman-sachs.html> By GREG SMITH It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. FT 3/14 Bain fires back at private equity critics<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2fcms%2fs%2f0%2f45784868-6d5f-11e1-b6ff-00144feab49a.html%23axzz1pDV94yvj> Bain Capital, the private equity <https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fintl%2findepth%2fprivateequity>group once led by Mitt Romney<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.ft.com%2fcms%2fs%2f0%2f76b1f788-6906-11e1-9931-00144feabdc0.html>, has fired back at critics of both its record and the industry in a trenchant letter sent to its investors<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fmedia.ft.com%2fcms%2fa65386f2-6d69-11e1-ab1a-00144feab49a.pdf>. “Mark Twain’s famous witticism, ‘Get your facts first, and then you can distort them as much as you please,’ has unfortunately become a hallmark of today’s political process,” the letter said. Bloomberg 3/15 Private Equity Profit on Line as Obama Urges TaxBreak Study<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.businessweek.com%2fnews%2f2012-03-15%2fprivate-equity-profits-on-line-as-obama-urges-study-of-tax-break> “Part of the so-called value that’s created in private equity buyouts is really just reshuffling the balance sheet” to take advantage of the interest deduction and other tax breaks, said Victor Fleischer, a law professor at the University of Colorado who tracks the private equity industry. Deal Book 3/15 Carlyle Expands Board and Reports 2011 Profit<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2f2012%2f03%2f15%2fcarlyle-expands-board-and-reports-2011-profit%2f> The Carlyle Group<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2ftopics.nytimes.com%2ftop%2fnews%2fbusiness%2fcompanies%2fcarlyle_group%2findex.html%3finline%3dnyt-org> disclosed on Thursday that it had filled out its board with seven new members, and that it earned a healthy profit last year, as the private equity<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fdealbook.nytimes.com%2fcategory%2fmain-topics%2fprivate-equity%2f%3finline%3dnyt-classifier> giant prepares to go public within the next few months. Bloomberg 3/15 Morgan Stanley Targeting Mexico Energy for Private Equity<https://owa.smarshexchange.com/owa/redir.aspx?C=2c0b540a592c421ab0054bd9c979d67e&URL=http%3a%2f%2fwww.businessweek.com%2fnews%2f2012-03-15%2fmorgan-stanley-targeting-mexico-energy-for-private-equity-deals> Morgan Stanley is preparing to invest millions of dollars in Mexican energy companies as the nation opens up the industry to private capital and state-owned oil producer Petroleos Mexicanos boosts spending to a record
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