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PORTFOLIO UPDATES AND PRESS CLIPS


AIRVANA<http://www.airvana.com/>


Sys-con Media 3/28
Infonetics Research: Small Cell Market to Hit 3 Million Units in 2016, Driven by Urban Area Capacity Upgrades<http://www.sys-con.com/node/2223928>

Vendors whose small cell solutions are tracked in the report include Airvana, Airwalk, Alcatel-Lucent, BelAir, Cisco, Ericsson, Fujitsu, Huawei, ip.access Motorola, NEC, Nokia Siemens Networks, Samsung, Thomson, Ubiquisys, UTStarcom, ZTE, ZyXEL, and others.

DIAMONDBACK TACTICAL <http://www.firstchoicearmor.com/>


Optics Planet 3/23

Diamondback Tactical Catalyst Replacement Tactical Vest Carrier CYT-C-01 w/ FREE S&H<http://www.opticsplanet.net/first-choice-armor-catalyst-carrier-replacement-level-2-carrier-cyt-c-01.html>

Diamondback Tactical Catalyst Replacement Tactical Vest Carrier CYT-C-01 is made from a premier brand and leader across the board for all types of tactical clothing<http://www.opticsplanet.net/military-apparel.html> due to a unique aramid weave and built in panel of Ever-Cool fiber. You now have a choice to acquire an extra Replacement Vest Carrier in case you want to have a spare cloth carrier at hand.

ENERGY FUTURE HOLDINGS<http://www.energyfutureholdings.com>


Business Wire Press Release 3/27
Fitch Downgrades IDRs of EFH/EFIH and TCEH to 'CC' from 'CCC'<http://www.businesswire.com/news/home/20120327006926/en/Fitch-Downgrades-IDRs-EFHEFIH-TCEH-CC-CCC>

Fitch downgrades the following and removes the Negative Rating Outlook:

EFH:

--IDR to 'CC' from 'CCC';

--Senior secured first lien notes to 'B/RR1' from 'B+/RR1.

According to Fitch's Rating definitions, a 'CC' rating implies very high levels of credit risk such that default of some kind appears probable at some point in the future. On the other hand, a 'CCC' rating implies substantial credit risk such that default is a real possibility.

* Fitch has significantly lowered its expectation for TCEH's EBITDA beyond 2012.

* Fitch has also lowered its EBITDA outlook for TCEH's retail business.

* Fitch forecasts TCEH to be free cash flow negative in 2012 as compared to earlier expectations that the company will break even.

* Fitch expects consolidated liquidity at EFH/EFIH and TCEH to be affected by free cash flow deficits at TCEH as highlighted above and reduced upstream dividend from Oncor during 2012-13.


FISKER AUTOMOTIVE<http://www.fiskerautomotive.com/en-us>


Inside Line 3/22

Fisker Teases Project Nina<http://www.insideline.com/fisker/fisker-teases-project-nina.html>

Fisker Automotive releases a teaser sketch of its next new car, code-named Project Nina, in advance of the 2012 New York Auto Show.


Bloomberg 3/23

Fisker Said to Target $100 Million in New Funds by March 31<http://www.bloomberg.com/news/2012-03-23/fisker-said-to-target-100-million-in-new-funds-by-march-31-1-.html>

Fisker Automotive Inc., a maker of plug-in luxury cars, is working to finish at least $100 million of fundraising for a total of about $1 billion of private money by the end of March, according to two people familiar with the matter. The people declined to be identified because the money raising is still under way. The carmaker, co-founded by auto designer Henrik Fisker, said yesterday in an e-mail it will show a prototype of the Nina, a plug-in model it intends to build at the Wilmington, Delaware, factory, on April 3 in New York<http://topics.bloomberg.com/new-york/>. Fisker said it will also give an update on its business plans at the event.


Bloomberg 3/26

A123 Replacing Batteries That Led to Fisker Karma Shutdown<http://www.businessweek.com/news/2012-03-26/a123-replacing-defective-batteries-that-led-to-fisker-shutdown>

A123 Systems Inc. (AONE)<http://www.bloomberg.com/quote/AONE:US> said it's replacing defective battery packs and modules it supplies to customers, including Fisker Automotive Inc., and that the flaw caused a Fisker Karma to shut down in a Consumer Reports test.

HEALTHSCOPE<http://www.healthscope.com.au/info/general/Home/get/0/0/>


The National 3/27

Pacific Edge signs distribution agreement with Labtests<http://www.nbr.co.nz/article/pacific-edge-signs-distribution-agreement-labtests-ck-114728>

Pacific Edge, the biomedical firm specialising in cancer detection, will sell its Cxbladder product to urologists and general practitioners in the Auckland and Northland regions under an agreement with Healthscope's Labtests unit.


THE WEATHER CHANNEL COMPANIES <http://press.weather.com/>


PR NewsWire 3/26
Cox Digital Solutions Expands Political Footprint With The Weather Channel<http://www.prnewswire.com/news-releases/cox-digital-solutions-expands-political-footprint-with-the-weather-channel-144197935.html>

Expanding its political footprint, Cox Digital Solutions, a CoxReps company, has partnered with #1 weather property (comScore), The Weather Channel (TWCC)<http://www.weather.com/>, to become the exclusive seller of political advertising across The Weather Channel's web property, www.weather.com<http://www.weather.com/>.


Examiner 3/26

Ram Truck & The Weather Channel partner for disaster response<http://www.examiner.com/cars-in-austin/ram-truck-brand-the-weather-channel-partner-for-disaster-response>

TEKELEC


Reading Mobile 3/22

Countdown to 4G Roaming in the US?<http://www.lightreading.com/document.asp?doc_id=219045>

The Federal Communications Commission (FCC)<http://www.lightreading.com/complink_redirect.asp?vl_id=7304> may be on the cusp of making it easier for Americans to move between the separate AT&T Inc.<http://www.lightreading.com/complink_redirect.asp?vl_id=502> (NYSE: T<http://www.lightreading.com/quote.asp?Account=lightreading&Page=QUOTE&Ticker=T>) and Verizon Wireless<http://www.lightreading.com/complink_redirect.asp?vl_id=5928> 4G Long Term Evolution (LTE)<http://www.lightreading.com/document.asp?doc_id=179689> networks when traveling. The U.S. currently isn't alone in its LTE roaming inabilities: "There's no roaming between LTE networks yet," notes Doug Suriano, CTO of network vendor Tekelec Inc.<http://www.lightreading.com/complink_redirect.asp?vl_id=5427> He explains that the standards have been written for it and that Tekelec's latest signaling system supports it.


Dow Jones Newswires 3/29
Blackstone's credit group raises $4bn mezzanine fund<http://www.efinancialnews.com/story/2012-03-29/blackstone-gs0-4bn-mezzanine-fund?mod=sectionheadlines-home-IB>

It already has committed to or invested in four companies, including $190m for Siris Capital's acquisition of Tekelec, $200 i for Apax Partners' buyout of Kinetic Concepts, $225m for Sony's acquisition of EMI's publishing unit, and $200m in a preferred equity stake in a subsidiary of Chesapeake Energy that is developing the Utica oil and natural gas field.


Telecom Lead India 3/29

Openet leads policy management software market, ahead of Huawei, Tekelec and Amdocs<http://telecomlead.com/inner-page-details.php?id=7899&block=News>

Openet is leading the policy management software market in 2011, followed by Huawei, Tekelec and Amdocs. Sales of policy management software market grew 41 percent to $589 million 2011. Operators in developed markets continue to make policy vendor selections in line with LTE trials and deployments.


PRIVATE EQUTY


WSJ 3/26

Fewer Blank Checks in Private Equity's Pocket<http://online.wsj.com/article/SB10001424052702304177104577306070802022702.html?KEYWORDS=%22private+equity%22>

After the fundraising boom of the mid-2000s, many deals were done at sky-high valuations, and private-equity funds still have hundreds of billions in "dry powder" that hasn't been invested. That has contributed to a slowdown in fundraising, with $283 billion raised for private-equity last year, compared with a peak of $684 billion in 2008, according to research firm<http://online.wsj.com/article/SB10001424052702304177104577306070802022702.html?KEYWORDS=%22private+equity%22> Preqin.


FT 3/29

Leveraged US IPOs attract interest<http://www.ft.com/intl/cms/s/0/4c257eb2-79b5-11e1-9900-00144feab49a.html#axzz1qbfRPye0>

Private equity-backed groups make up more than half the US pipeline of companies waiting to go public but have been virtually shut out of the market<http://www.ft.com/cms/s/0/85f10c3a-e0c5-11e0-947a-00144feabdc0.html> since early last year, as investors worried about the risk of a slide back into recession. Confidence is now growing in a US recovery, making for a more benign backdrop for public offerings.


NYT Deal Book 3/29
Three Major Banks Prepare for Possible Credit Downgrades<http://dealbook.nytimes.com/2012/03/29/three-major-banks-prepare-for-possible-credit-downgrades/>

Morgan Stanley<http://dealbook.on.nytimes.com/public/overview?symbol=MS&inline=nyt-org>, which was hit hard in the financial crisis, appears to be the most vulnerable. Moody's<http://dealbook.on.nytimes.com/public/overview?symbol=MCO&inline=nyt-org> is threatening to cut the bank's ratings by three notches, to a level that would be well below the rating of a rival like JPMorgan Chase<http://dealbook.on.nytimes.com/public/overview?symbol=JPM&inline=nyt-org>. Bank of America<http://dealbook.on.nytimes.com/public/overview?symbol=BAC&inline=nyt-org> and Citigroup<http://dealbook.on.nytimes.com/public/overview?symbol=C&inline=nyt-org> may also fall to the same level as Morgan Stanley, but those two are helped by having higher-rated subsidiaries.


NYT Deal Book 3/29
Another Good Day for I.P.O.'s as Millennial Media Nearly Doubles<http://dealbook.nytimes.com/2012/03/29/another-good-day-for-i-p-o-s-as-millennial-media-nearly-doubles/>

"There's hardly been a deal<http://dealbook.nytimes.com/2012/03/29/another-good-day-for-i-p-o-s-as-millennial-media-nearly-doubles/> that has not worked since February," said Scott Sweet, a managing partner of IPOboutique.com<http://ipoboutique.com/>. "The I.P.O. market is more frothy now." Technology is among the most attractive areas.


FT 3/30

Equities end strong quarter with gains<http://www.ft.com/intl/cms/s/0/3f383872-76f2-11e1-a6f3-00144feab49a.html#axzz1qbfRPye0>

A storming first quarter of the year is ending on a mostly positive tone as optimists outmuscle profit-takers and those bears still questioning the prospects for global growth. World equity index is up 0.5 per cent, having added 11 per cent since the start of the year, while the FTSE Eurofirst 300 is gaining 1 per cent.


FT 3/30

Dalio tops hedge fund pay list with $3.9bn<http://www.ft.com/intl/cms/s/0/eba0a540-79a4-11e1-8fad-00144feab49a.html#axzz1qbfRPye0>
Ray Dalio, head of Bridgewater, the world's largest hedge fund<http://www.ft.com/intl/indepth/hedgefunds>, personally made $3.9bn in a year that his $70bn Pure Alpha fund produced $13.8bn of investment profits for its investors<http://www.ft.com/intl/cms/s/0/eba0a540-79a4-11e1-8fad-00144feab49a.html>, according to industry rankings. He tops a list published Friday by AR magazine<http://www.absolutereturn-alpha.com/Article/3001821/The-Rich-List.html?ArticleId=3001821> of the richest 25 hedge fund managers.