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Transnet wins US loan for locomotives

first_img11 July 2013South African state company Transnet has secured US$108-million (approximately R1.1-billion) in financing from the Export-Import Bank of the United States to support its purchase of 53 locomotives from US company General Electric Transportation.The grant, announced on Monday, follows Ex-Im Bank’s approval, in February 2011, of a R1.1-billion loan to Transnet for the purchase of 47 locomotive kits from General Electric (GE), adding up to a total of $230-million in financing for the purchase of 100 GE locomotives.Ex-Im chairman Fred Hochberg, referring to US President Barack Obama’s recent trip to South Africa, said in a statement on Monday: “As the President highlighted on his recent trip, there are enormous opportunities for US exporters in South Africa and across the broader region.”The bank, which provides below-market financing to facilitate sales of US goods abroad, would “continue to help American companies expand their reach into this dynamic market,” Hochberg said.In April 2012, Transnet has announced the details of a R300-billion investment in infrastructure aimed at creating over half-a-million new jobs while making its freight rail division the fifth-largest in the world.Transnet plans to spend the lion’s share of this capital investment, R205-billion, on rail projects – R151-billion of this on freight rail – as the company pushes to increase South African freight rail volumes from about 200-million to 350-million tons by 2019, while increasing its market share of container traffic from around 79% to 92%.Achieving such an increase would significantly reduce the cost of doing business in South Africa, Transnet said last year, citing internal studies showing that rail in the country was on average 75% cheaper than road transport.The 47 GE locomotive kits are due to be shipped to Transnet Rail Engineering’s facilities in Koedoespoort, Pretoria later this year, where they will be assembled by local workers to include up to 37% local content.“I greatly appreciate Ex-Im’s financing arrangements for this sale, which supports jobs in the United States and South Africa,” GE Transportation CEO Lorenzo Simonelli said on Monday.Ex-Im Bank said South Africa was “one of nine key markets Ex-Im Bank has identified as having strong opportunities for US exporters. In financial year 2012, Ex-Im Bank authorized approximately $130-million in financing to South Africa, and the bank’s current exposure is more than $1-billion.”SAinfo reporterlast_img read more

Why Competing Clouds Outweigh the Network Effect

first_imgjoe brockmeier 1 8 Best WordPress Hosting Solutions on the Market Top Reasons to Go With Managed WordPress Hosting Related Posts Last week, the CloudStack controversy questioned whether there can be more than one open source cloud. Evan Prodromou, founder and CEO of StatusNet, says no, arguing that it’s “going to be better for everyone” if there is a single contender for open source cloud computing thanks to network effects.Prodromou makes some good points, but glosses over the reality of the cloud computing market – not to mention quite a few healthy and successful open source projects that compete pretty heavily.Here’s part of Prodromou’s argument for a single project to rule them all:Users are more likely to try out a package that is well supported, has lots of integrated software, has commercial and community efforts around it, as well as documentation, books, and so on. Contributors are more likely to work on new features and fix bugs for projects that they know have legs. Third-party developers are also more likely to develop for platforms that have lots of users. Integrators use platforms they think will last. People blog and write mainstream press articles about bigger projects.All of this is true, as far as it goes. Developers don’t want to deal with 10 different platforms. Projects that have few users and little interest are unlikely to garner much press, which helps keep them small.The problem is that Prodromou goes on to assume that competing open source projects will automatically “keep each other small” and “impede growth of the entire market.” He also ignores the reality of the existing market, and the politics and motivations of the players involved.We Don’t Live in a Perfect WorldIn a perfect world, all the participants would play nice and work together for maximum benefit. But we don’t live in a perfect world. If open source has taught us anything, it’s that even when participants share a big-picture goal, they’re likely to disagree on how to achieve that goal or have additional motives that hinder cooperation.It’s often proposed, for instance, that Linux would have had a better chance of success on the desktop if everybody would just work together instead of pursuing so many different projects.In a perfect world, that might be true. But it ignores the personalities and individual goals of the organizations and developers participating in GNOME, KDE, etc.In theory, Linux could have conquered the desktop market – if only the companies and developers could have unified behind one project.In reality? There’s no way to get all the different parties behind one project. Even if you had, you would have lost a lot of existing Linux desktop users who would have been left out in the cold by the resulting homogenized atrocity that likely would have been the result of trying to combine everything. Many developers who were interested in the success of KDE, for example, have no interest in the success of GNOME.Developers are not interchangeable units of work that can be applied to any project. Likewise, the general success of open source cloud computing is not as valuable to a company involved in OpenStack, CloudStack or Eucalyptus as the success of a specific platform.So there’s little chance that we’re going to herd all the cats in any general direction -even if it is ideal.Growth and ValueWhile the idea of all the cloud vendors and developers aligning to fight the good fight may be appealing, it’s not only unlikely – it’s also unnecessary.Prodromou argues that competing factions are going to “impede” the market. Perhaps there’s a Platonic ideal market size we could reach with a single open source cloud project, but that doesn’t mean having several projects will slow the growth of the open cloud market.No doubt, one or two of the efforts will ultimately fail. But the cloud computing market is not being driven by CloudStack, OpenStack and the rest. Instead, those projects are being driven by market demand for open source cloud software. The cloud market is young and growing rapidly. Now is the perfect time to see the results of several competing projects, rather than a single effort that tries to be all things to all customers. If they’re able to differentiate themselves for different workloads and market segments, they will be much more valuable as separate entities than a single generic effort.Take a step back and look at some of the other competing projects. You have MySQL and PostgreSQL, for instance. Have those projects hindered the market for open source databases? Hardly. Look at the number of NoSQL databases – have they harmed the market? Is it smaller because of the number of projects, or has it grown faster because different projects are more suitable for different use cases?Likewise, a dominant open source project doesn’t always benefit the market. When Firefox was the primary open source browser, it suffered from bloat and glacially slow improvements. Competition from Chrome has spurred Firefox to improve much more quickly.Apache managed to climb to the top of the heap as the premier open source Web server – but wasn’t meeting the needs of many companies. That, eventually, gave rise to Nginx and others. The competition between Nginx and Apache didn’t hurt anybody, did it?Perhaps Prodromou’s view is colored by the fact that he’s looking at open source social media efforts that have failed to take off in any meaningful way. The network effect Prodromou cites looms large when you’re dealing with social networks, because the value truly lies in the number of users on any given network. A social network that doesn’t have your friends and colleagues is of no interest. But it’s less clear whether open source efforts in that direction would have fared better if there were only one. There’s plenty of room for two or three open source cloud efforts. The CloudStack announcement last week isn’t harmful for the larger movement at all.(Photo from Kevin Dooley via Flickr under the CC BY 2.0 license.)center_img Tags:#Analysis#cloud A Web Developer’s New Best Friend is the AI Wai… Why Tech Companies Need Simpler Terms of Servic…last_img read more

Wisconsin Increases Vehicle Dealer Measure of Use Tax

first_imgA Wisconsin Department of Revenue bulletin announces that the motor vehicle dealers’ measure of use tax will be increased from $154 to $157 per plate per month, effective January 1, 2018. The bulletin also discusses statistical sampling in sales and use tax audits; sales tax collection requirements for nonprofit organizations; sales and use tax law changes made by previously reported legislation, Act 217 (S.B. 89), Laws 2017 (TAXDAY, 2017/06/23, S.25); and other matters.Statistical SamplingPart of statistical sampling in Wisconsin Department of Revenue sales and use tax audits involves defining the sample population. This includes prescreening, considering possible refund items, and evaluating alternative review methods.In prescreening, the auditor and computer audit specialist (CAS) prescreen the data to identify transactions that may be excluded from the sample population, such as certain accounts or vendors that are unlikely to have taxable sales or transactions that did not take place in Wisconsin.The auditor, CAS, and taxpayer should discuss possible refund items as early as possible in the audit process. If a refund claim is filed late in the audit, the auditor may not be able to include the refund claim in the audit and the taxpayer would need to appeal the audit determination. The auditor and CAS will try to limit the sample population but the taxpayer may ask to have certain types of transactions included because items could be taxed in error. The auditor and CAS will work with the taxpayer to include the transactions in the audit as appropriate. Options include (1) keeping the transactions in the sample population; (2) using a separate sampling class; and (3) 100% review.The auditor and CAS will also consider alternate review methods. Generally, the statistical sample is the group of transactions for which the auditor will review source documentation, but some types of transactions can be more efficiently reviewed by looking at other supporting detail such as utilities with an exempt percentage, intercompany transactions, or allocated or ratio-computed exemptions. Transactions examined using an alternative method are typically excluded from the sample population.Nonprofit Organization Tax Collection RequirementsA nonprofit organization must charge Wisconsin sales tax unless an exemption such as the occasional sale exemption for nonprofit organizations applies. A nonprofit that sells taxable products or services is required to obtain a seller’s permit and must collect and remit sales tax on those sales.A nonprofit’s sales are exempt as occasional sales if all of the following standards are satisfied: (1) the nonprofit’s sales of otherwise taxable products occur on 75 or fewer days in a calendar year or amount to $50,000 or less in a calendar year; (2) entertainment is not involved at an event for which admission is charged; and (3) the nonprofit does not have and is not required to have a seller’s permit. (Note: Entertainment is not involved if the total amount paid for all entertainment is $10,000 or less.) If the nonprofit holds a seller‘s permit, but its sales would otherwise qualify as exempt occasional sales, the nonprofit is still required to collect and remit Wisconsin sales tax on all of its sales of taxable products and services unless another exemption applies.A nonprofit that obtains a seller’s permit solely for an admission event involving entertainment, and that does not request inactivation of the seller’s permit after the event, does not qualify for the occasional sale exemption on its sales of taxable products and services after the event, regardless of the number of days and dollar amount of its sales. The nonprofit must request inactivation of the seller’s permit for the occasional sale exemption to apply to such sales.Tax Bulletin No. 198, Wisconsin Department of Revenue, July 2017Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

How Injuries To Steph Curry And Chris Paul Affect The Playoffs

ATL122+1 It’s been a bad couple of days for MVP-caliber point guards.On Monday afternoon, Warriors fans waiting for the results of the MRI on Stephen Curry’s right knee got their answer: Curry will miss at least two weeks with a Grade 1 MCL sprain, according to the Warriors’ PR Twitter account. CLE233525+2 Meanwhile, the Los Angeles Clippers were hit with even worse injury news Monday night. Chris Paul broke his hand and will likely miss the remainder of the postseason.The good news for Golden State is that Curry hasn’t been ruled out for the rest of the playoffs, particularly if the Warriors advance beyond the second round. The bad news is that he’s out for the time being. So for each team still active in the playoffs, let’s game out the chances they’ll win the title depending on various (hypothetical) levels of Curry participation over the rest of the playoffs.For this exercise, I’m going to use the plus-minus metric that drives our CARMELO projections1Specifically, I’m using a 50-50 blend of ESPN’s Real Plus-Minus and Basketball-Reference.com’s Box Plus/Minus, according to research by FiveThirtyEight editor-in-chief Nate Silver. to generate Pythagorean ratings for the Warriors based on Curry’s availability. With Curry in the lineup, for instance, the metric says the Warriors possess roughly 67-win true talent (per 82 games) based on plus-minus; with Curry absent, that number falls to 53 wins. Those numbers can then be used to generate expected probabilities of advancing in the playoffs, all the way up to winning the NBA title.(Obviously this ignores all the ways in which matchups matter, as well as the dynamic effect of teammates’ playing together that isn’t captured by plus-minus. But as a rough cut, this method ought to do the trick.)Here’s how each team’s title odds would change if Curry played at full strength and had never been injured (specifically, logging 81 percent of the Warriors’ available minutes — the rate at which he played in last year’s playoffs), if he misses “two weeks” (which we’ll define here as being out until the conference finals), and if he doesn’t play at all: OKC5149+4 BOS000— ODDS OF WINNING TITLE WITH … GS52538-14 Source: ESPN, Basketball-Reference.com VIDEO: Neil Paine on the Warriors’ and Spurs’ title chancesCheck out FiveThirtyEight’s 2016 NBA Playoff Predictions. LAC000— MIA000— HOU000— CHA011+1 Which teams benefit from Curry’s absence? POR000— TOR233+1 TEAMFULL CURRYNO CURRYCURRY OUT 2 WKSDIFF., 2 WEEKS AND FULL SA16%39%22%+6 Regardless of how long Curry is out, the biggest beneficiaries of his injury are obviously the San Antonio Spurs. Their title odds jump by about 23 percentage points if Curry doesn’t play from here on out and 6 percentage points even if he is back in action after the conference semifinals. One reason is simple: The Curry-less Warriors pose far less of a threat to the Spurs than the 73-win superteam San Antonio battled all season. But the Spurs also benefit disproportionately from an increased chance, however small, that Golden State could be knocked out before ever facing San Antonio.Before Paul’s injury, the Clippers were in position to profit from Curry’s absence. If Curry missed the entire second round and CP3 had been healthy, LA’s chances of winning the title would have roughly quadrupled. But without Paul, the Clippers have very little chance of going all the way, regardless of Curry’s status — the latest in a string of missed opportunities for the franchise over the past few seasons.Finally, it’s worth noting that the second-biggest leap in title probability if Curry is absent for the rest of the playoffs belongs to the Cleveland Cavaliers, whose chances of winning the championship go up 12 percentage points even though they couldn’t be affected by the injury until the NBA Finals. (For those curious, the plus-minus-based system I used in this article is higher on the Cavs than something like our Elo ratings, because plus-minus thinks Cleveland is more talented than how it’s played the past few seasons.)Of course, all these calculations can change if Curry is able to return — and play like himself — at some point in the Warriors’ playoff run. The sheer gravity of Golden State’s presence in the bracket has been enough to derail the Spurs’ and Cavs’ claims to favorite status all season long. So best-case, the Warriors weather the second round against the Blazers or depleted Clippers and then pick up where they left off with Curry back for the conference finals. But if his return is delayed or scrubbed entirely, the Warriors’ chances of defending their title will look more fragile than Curry’s knee. IND000— read more

Local Government Elections Coming

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items:amanda missick, donhue gardiner, local government, Pdm, pnp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 14 Oct 2014 – There could be local government elections coming for the family islands of the Turks and Caicos in the next fiscal year… explained by one of the ministers responsible for the implementation of this constitutional requirement. Hon Don Hue Gardiner said there is much to be considered including whether the local government reps will be elected… how they can elected and how much money should be budgeted for them to run the islands’ affairs, themselves. Also speaking to the issue, which has seen a back and forth between the PNP Administration and the PDM Official Opposition was Home Affairs Minister, Amanda Missick who said this financial year could not bear the implementation of the concept. Cabinet has sanctioned a working group to do the leg work ahead of a start next year to local government. Opposition Leader responds to Throne Speech  11 days later; says PDM Govt plan puts TCI in ‘deep doo doo’ TCI Country Leaders condemn vicious memes Olive branch extended by Opposition Leader, says it is time for Turks and Caicos leaders to unite Recommended for youlast_img read more

RitzCarlton sets up signs for 12storey on Grace Bay

first_img Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, Right next door to the Seven Stars Resort is where the RitzCarlton Residences, Turks and Caicos Grace Bay is advertising that it will be erected. On Monday, a passerby sent us a photo of the coming soon banner now cradling the fence surrounding the vacant lot. As many as 34 services are being touted for the property which is now promoting the sales of these luxury residences on the World’s #1 Beach. Despite strong objection, it appears that nothing will stop the 12 storey structure and there are artists’ renderings to show how the soon to be tallest building in the TCI, will look on Grace Bay. Deserollos Hotelco will develop the site which features two and three bedroom residences at around 3,300 square feet. On the pro side of this feisty argument, residents welcome more development and the construction boom this Deserollos project is expected to bring. The ‘stop the 12 storey developments in Turks and Caicos’ petition had up to broadcast time, 956 signatures against the development; the goal is 1,500. If you want to see the video of what the resort with 60 private condominiums and spanning 688 linear feet along the coastline will look like, go to our report at MagneticMediaTV.com and follow the link. http://www.theresidencesturksandcaicos.com/ Facebook Twitter Google+LinkedInPinterestWhatsApp Maskanoo to take over Grace Bay strip Boxing Day Saturday Local Atty says Govt going against public consultation; says NO to taller resort plan Opposition says: Govt slow to restore construction industry; 12-storey debacle no surprise Related Items:12 storey, deserollos hotelco, grace bay, ritz carltonlast_img read more

TEF provides additional 350M for Exim Bank Loan Facility

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items: Facebook Twitter Google+LinkedInPinterestWhatsApp#Jamaica, September 4, 2017 – Kingston – The Tourism Enhancement Fund (TEF) has allocated an additional $350 million to the National Export-Import (EXIM) Bank of Jamaica to continue the provision of loans to the operators of small and medium-sized tourism enterprises (SMTEs).The allocation represents the second tranche of the $1-billion TEF/EXIM Bank Jamaica loan facility, which was launched in September 2016 with an initial $300 million capital injection by the tourism entity.    The facility enables the industry stakeholders to access between $5 million and $25 million at five per cent interest for five years.Among those eligible are operators involved in spa and wellness; gastronomy – restaurants and food-related businesses; small accommodations; shopping and galleries; attractions; knowledge networks; and sports and entertainment as well as manufacturers and suppliers.Speaking at the official handover at the Tourism Ministry in New Kingston on Wednesday, August 30, Portfolio Minister, Hon. Edmund Bartlett, said the loan facility was a critical financial lifeline that had allowed and would enable more sector stakeholders to create jobs, generate growth and facilitate economic well-being.Additionally, he said it represented the Government’s acknowledgement of the entities’ integral role in the tourism value chain.“The idea was born out of the need to build capacity within the sector and provide financial support to enterprises that would better enable them to capitalise on business opportunities to better participate in the supply chain of the sector,” the Minister said.Mr. Bartlett advised that the first tranche of the loan facility has been fully disbursed, and encouraged other entrepreneurs not yet accessing the provision to take advantage of it to grow their businesses.EXIM Bank Managing Director, Lisa Bell, disclosed that the entity has, to date, processed more than 28 loan applications totalling $509 million under the programme. She said applications totalling $408 million have been approved, with disbursements totalling $311 million.The applications processed for approval fall in the categories of: attractions – $84.5 million; small accommodations – $105 million; gastronomy – $25 million; linkages – $32 million; shopping networks – $30 million; manufacturing – $47.5 million; services – $48.4 million; spa and wellness – $12. 5 million; and domestic tours and car rentals – $125 million.“We are very pleased about that, because we knew this programme could be revolutionary, not only because of its attractive terms and conditions but it really would put funding into the hands of those who needed it,” Mrs. Bell said.She further noted that the Bank has received an additional 25 qualified expressions of interest totaling approximately $470 million.In 2015, the World Bank noted that formal SMTEs contribute up to 60 per cent of total employment and up to 40 per of national income in emerging economies.In the Caribbean, these enterprises contribute more than 90 per cent of employment and 70 per cent of the gross domestic product.For more information on the loan facility, persons may call the EXIM Bank at (876) 630-1400 to make an appointment; visit its offices at 85 Hope Road, Kingston 6; or website at www.eximbankja.com.last_img read more

Allegri We achieved our objective by winning the group

first_imgMax Allegri accepted Juventus loss to BSC Young Boys but admitted they achieved their objective of topping the Champions League group.Juve’s remarkable 26-game unbeaten run which stretches back to November 2017, was ended by the Swiss side but they still topped the group as Manchester United lost 2-1 to Valencia.“We achieved our objective by winning the group, even on a night where everything seemed to go wrong,” the Coach told Football Italia via Rai Sport.“We missed so many opportunities and gifted a penalty, so at the end of the day it was only right that we lost.”Paulo Dybala came off the bench to score a powerful finish and was about to get the equaliser, but it was disallowed for Cristiano Ronaldo’s offside position.Massimiliano Allegri, Cristiano Ronaldo, JuventusMassimiliano Allegri hails the mentality of Cristiano Ronaldo Andrew Smyth – September 13, 2019 Massimiliano Allegri opened up on his great respect for old star player Cristiano Ronaldo, but warned Juventus that Inter Milan “can win the Scudetto”.“It was offside. In any case, an equaliser wouldn’t have changed anything at that point. We started well and were not lazy in our approach, things just didn’t go our way, but we still won the group and I, therefore, thank the lads.“I preferred to rest Miralem Pjanic ahead of the derby with Torino on Saturday.”Juventus could face Atletico Madrid, Tottenham, Liverpool, Schalke, Ajax or Lyon in the Round of 16.“It doesn’t matter who we face, as long as we reach February in good shape.”last_img read more

How San Diego is handling the homeless on cold nights

first_img Ashlie Rodriguez, How San Diego is handling the homeless on cold nights February 20, 2018 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsSAN DIEGO (KUSI) — A cold snap that settled over Southern California left many wondering what would happen to the homeless men and women living on San Diego’s streets.A representative from the San Diego Housing Commission said temperatures have to fall below 50 degrees and there has to be a 40 percent chance or higher of rain before additional beds would be available at Father Joe’s Villages.If the temperatures fall below 50 degrees, the dining area at Father Joe’s Villages will open, creating additional space for beds.Three bridge shelters are currently in operation catering toward families, veterans and single adults providing 700 additional beds to the homeless.The extra-cold winter conditions led to minimum readings of 23 degrees in Ramona and 29 degrees in Vista.In Oceanside, Tuesday morning’s low-temperature mark of 35 degrees tied the prevailing record for the date, set in 1945.Due to the ongoing frigid conditions, an NWS frost advisory indicating a likelihood of thermometer readings as low as the mid-20s will be in effect for a second straight night tonight in local valley communities. The warning will extend from 10 this evening until 8 a.m. Wednesday.A slight warming trend is expected for the remainder of the workweek, though temperatures will remain below average at least through the end of the month, according to forecasters. Posted: February 20, 2018center_img Updated: 10:23 PM Ashlie Rodriguez Categories: Local San Diego News Tags: Father Joe’s Villages, Homelessness, Mayor Kevin Faulconer, Weather FacebookTwitterlast_img read more

Investors IRS File Objections to Source Interlinks Reorganization Plan

first_imgLast week, the Internal Revenue Service filed its objection to Source’s plan, claiming it owes more than $10 million in unpaid taxes. The objection said Source’s reorganization plan cannot be confirmed because it does not ensure adequate payment of the IRS’ tax claims. The IRS said Source and its affiliates have not filed a “staggering” number of federal tax returns.It was not immediately clear how the IRS objection, or the stakeholders’ motion, will effect Source’s emergence from bankruptcy protection. A Source spokesperson did not return a request for comment. An attorney with Source’s legal counsel, Pachulski Stang & Hutz, also did not return a request for comment.Bankruptcy BackgroundLast month, the company, controlled by billionaire Ron Burkle’s Yucaipa Cos., filed for Chapter 11 bankruptcy protection—saying it reached an agreement with its lenders to “eliminate approximately $1 billion dollars of existing debt” and privatize the company.  Source’s lenders agreed to funnel $100 million in additional liquidity into the company. Source, in turn, agreed to pay “all of its vendors in full and on time.” Source said it expected to emerge from bankruptcy protection within 35 days.The company also is seeking permission to borrow up to $385 million in post-petition financing as part of its plan to eliminate $1 billion in debt, according to a report on Law360.com. Source reportedly owes its creditors about $733 million.A number of other creditors have also filed objections to Source’s plan of reorganization. According to a Law360.com report, SINV LLC, one of Source’s landlords, filed an objection stating that the planned consolidation of Source’s affiliates could “hurt its claims.”Automotive media company eVox Productions also objected, claiming, the plan violates a licensing agreement it had with Source.According to a report in the New York Post, a Source attorney said the IRS claims are current payroll taxes, not past-due back taxes.A hearing about Source’s plan of reorganization is scheduled for today. A group of stockholders and the Internal Revenue Service are among those that have filed objections to Source Interlink’s pre-packaged plan of reorganization.On Wednesday, the magazine publisher and distributor filed its own objection in Delaware’s U.S. Bankruptcy Court, asking the judge to deny an emergency motion filed by an ad hoc group of stockholders requesting a 45-day delay of the plan’s confirmation and to form an official committee of equity holders. According to the motion, Source’s plan includes a debt-for-equity swap with lenders and rewards management “responsible for present circumstances” with equity stakes in a new company.In its objection, Source said the ad hoc group is made up of investors who hold only about 2 percent of the company’s outstanding shares. Source said forming a committee is not necessary because, according to the plan, the stockholders are not expected to receive a meaningful distribution.last_img read more