By Dialogo December 17, 2014 “The goal is to restore security conditions and reestablish the rule of law and peace in all the towns of this region,” Rubido told reporters. The Soldiers and PF agents will provide security to residents in areas which have seen an increase in violence as a result of battles between drug cartels and gangs. There, organized crime groups are fighting for control of lucrative drug smuggling routes. Colombia’s National Navy, Panama’s National Aeronaval Service (SENAN) and US Military troops partnered to seize 295 kilograms of cocaine and 288 kilograms of marijuana from a vessel in the Caribbean Sea on December 7. Mexican troops and Federal Police bolster security in Acapulco The Armed Forces of the three countries cooperated closely to make the seizures and arrests. Colombia’s Navy obtained intelligence about the suspicious vessel and alerted U.S. Armed Forces, which forwarded the information to SENAN. Colombia, Panama, and the United States have signed international cooperation agreements that allow them to exchange information to carry out interdictions of suspicious vessels. The goal of the federal government is to “establish permanent security conditions” so residents will “have the certainty that they will have the necessary guarantees to enjoy their time off” during the holiday season, according to Rubido. Colombia, Panama, and the United States have signed international cooperation agreements that allow them to exchange information to carry out interdictions of suspicious vessels. The Soldiers and PF agents will provide security to residents in areas which have seen an increase in violence as a result of battles between drug cartels and gangs. There, organized crime groups are fighting for control of lucrative drug smuggling routes. The goal of the federal government is to “establish permanent security conditions” so residents will “have the certainty that they will have the necessary guarantees to enjoy their time off” during the holiday season, according to Rubido. They also arrested two suspects, but military authorities did not immediately disclose their names. The drugs were bound for Central America, military officials suspect. Mexican Army troops and Federal Police (PF) assumed command of public safety last week in the Pacific Coast resort city of Acapulco, according National Security Commissioner Monte Alejandro Rubido. The Armed Forces of the three countries cooperated closely to make the seizures and arrests. Colombia’s Navy obtained intelligence about the suspicious vessel and alerted U.S. Armed Forces, which forwarded the information to SENAN. They also arrested two suspects, but military authorities did not immediately disclose their names. The drugs were bound for Central America, military officials suspect. President Enrique Peña Nieto’s administration has bolstered security in 36 towns in the Hot Land, a region known for drug trafficking activity that encompasses parts of the states of Guerrero, Michoacán, Morelos and Mexico, Rubido said, adding the forces will be under the Defense Ministry’s command. Mexican Army troops and Federal Police (PF) assumed command of public safety last week in the Pacific Coast resort city of Acapulco, according National Security Commissioner Monte Alejandro Rubido. Colombia’s National Navy, Panama’s National Aeronaval Service (SENAN) and US Military troops partnered to seize 295 kilograms of cocaine and 288 kilograms of marijuana from a vessel in the Caribbean Sea on December 7. President Enrique Peña Nieto’s administration has bolstered security in 36 towns in the Hot Land, a region known for drug trafficking activity that encompasses parts of the states of Guerrero, Michoacán, Morelos and Mexico, Rubido said, adding the forces will be under the Defense Ministry’s command. Mexican troops and Federal Police bolster security in Acapulco “The goal is to restore security conditions and reestablish the rule of law and peace in all the towns of this region,” Rubido told reporters.
What does ‘competent representation’ really mean? What does ‘competent representation’ really mean? March 1, 2002 Regular News J.R. Phelps LOMAS DirectorFew attorneys would argue with the statement — Law schools do not graduate competent practicing lawyers. Instead, law schools graduate persons with “technical competency,” i.e., graduates who have mastered substantive legal principles and know “how to think like a lawyer.” These skills, however, are only half of the “competency equation,” which is equal parts technical substantive skills (“technical competency”) and the ability to bring those skills to bear for the benefit of and to the satisfaction of a client (“performance competency”). It is this performance competency, the ability to communicate adequately with a client and then timely perform services so that reasonable client expectations are met, which is missing from too many lawyers’ erudition as demonstrated by Florida Bar disciplinary statistics.Every lawyer needs to develop “performance competency.” Only when a lawyer can bring together technical and performance skills to achieve a satisfactory work product or service which meets reasonably established client or employer expectations can that lawyer truly be considered “competent.”Bare knowledge of the law is not enough to brand a lawyer “competent.” The fact that an attorney possesses skills of technical competency to know the law which applies to a client’s problem is of little value if that knowledge cannot be applied to bring about a tolerable, if not satisfactory, resolution for the client. Clearly, knowledge of the law alone is not enough to brand an attorney truly competent. If, on the other hand, one has the ability to use and apply the law leading to a client’s solutions, but is unable to produce a work product that reasonably and economically meets the client’s expectations, one has failed to perform competently and the client has not been well served.Current Bar rules and ethics opinions only minimally acknowledge that the practice of law includes a substantial business component. Professional competence requires the ability to function administratively, not only in the client’s best interests, but also in the attorney’s own business interest as well. If a lawyer cannot organize work to meet deadlines, manage a system to monitor the running of statutes of limitations, or keep track of client costs and expectations, then the lawyer’s ability to perform competently, including adherence to ethical rules, may be substantially impaired. Many disciplinary cases stem from this reality.A total of 9,491 Bar disciplinary case files were opened between July 1, 1999 and June 30, 2000. A breakdown by category reveals 55 percent involved issues of “performance competency,” including such things as neglect (22 percent), excessive fees (11 percent), inadequate communication (11 percent), trust account violations (7 percent), and conflict (3 percent). The other 45 percent involve issues of “technical competency.”Many of the 5,220 “performance competency”-based disciplinary cases opened by The Florida Bar’s prosecutors were necessary because the lawyer(s) involved were never trained or exposed to the “performance” part of the competency equation. Consequently, literally thousands of lawyers unintentionally violate generally expected business practices, and otherwise engage in activities contrary to standards which judge and govern their performance conduct.“Competent handling of a particular matter includes.. . , use of methods and procedures meeting the standards of competent practitioners.” Rule 4-1.1 Comment.A study prepared for The Florida Bar by Penn & Schoen Associates, Inc., June 30, 1995, Perceptions of Lawyers: The Client’s View, page 5, recommends improvements in practice management skills that parallel the statistics from disciplinary complaints:• Billing procedures and fees must be explained and outlined to clients to ensure that they are comfortable and understand precisely how they will be billed.• Critically important is clear, timely, and empathetic communication between an attorney and the clients. If a lawyer cannot competently manage his or her practice, that lawyer is far less likely to produce competent work or service for a client. Many incompetencies stem from the failure of the lawyer to act with competence rather than from lack of technical legal competence. The Profile of Legal Malpractice: A Statistical Study of Determinative Characteristics of Claims Asserted Against Attorneys; (Standing Committee on Lawyers’ Professional Liability of the American Bar Association, 1986) pgs. 7 & 21. (Attributing a vast majority of the errors that attorneys make not to lack of technical knowledge of the law, but to the failure to perform adequately.)As pointed out in the American Law Institute-American Bar Association Committee on Continuing Professional Education A Model Peer Review System of April 15, 1980, Section 7, Part a, of the Criteria of Attorney Competence, at page 21, “An attorney should be efficient in producing work. Legal efficiency is enhanced by (1) organizing tasks and practice specialization, (2) delegating to those competent to perform and under appropriate controls, (3) effective management of the organization, (4) adequate help, equipment, and facilities, (5) quality control of the legal and office processes and documents, (6) appropriate arrangements with the client on strategy, fees, and costs, (7) time, money, docket, and billing control, (8) internal work review, and (9) avoiding excessive work commitments.” (Also noting that performance competency enhancing skills are not normally part of law school training and are rarely even mentioned in any of the Bar’s current continuing legal education programs.)It is also instructive to look at the issue of client expectations. Two thousand adults were surveyed by the ABA’s Special Committee to Survey Legal Needs and the American Bar Foundation. The survey studied, among other issues, public experience with lawyers and public opinions and perceptions about lawyers and their work. The results ran counter to some widely held lawyer expectations and indicated that the four most frequently mentioned qualities in selecting a lawyer are: empathy and commitment; integrity; competence; and fairness of fee. More than 50 percent wanted a lawyer to be concerned and interested in their particular problem; 46 percent wanted a lawyer with a reputation for integrity, followed by 42 percent who indicated that the most important factor was the lawyer’s competence. Only 30 percent of participants indicated that their choice of lawyer was based primarily on fairness of the fee.For those who have utilized an attorney’s services, the survey indicates the following characteristics were important:• Promptness in taking care of matters;• Interest and concern about client problem;• Honesty in dealing with client;• Explaining fully to client;• Keeping client informed of progress;• Paying attention to what the client has to say; and,• Fair and reasonable fee.Contrary to what many may think, clients in neither survey listed the final result as a top concern. T here is almost universal agreement that the reputation of the legal profession continues to suffer. Survey after survey demonstrate the public’s dissatisfaction with the legal profession. One response by The Florida Bar to the public’s general dissatisfaction was the creation of the Bar’s Professionalism Center. Yet, the Bar’s professionalism appeal promoting the avoidance of incivility, reducing enmity with fellow practitioners, and enhancing respect for the court system, while certainly noble in mission, does not address the clients’ desire for competent representation in the sense of technical and performance competence.The Florida Bar’s Law Office Management Assistance Service practice management advisors, through diversionary, disciplinary, and voluntary consultations, have observed that the basic deficiencies which cause many member’s difficulties with their clients and the Bar are not caused by a lack of technical competency or even professionalism. Time-after-time LOMAS advisors rediscover what surveys and studies have revealed about the cause of the majority (54 percent) of Bar disciplinary cases: There remains a lack of understanding within the profession of how to improve performance competency.Without a broader Bar-wide mandate to improve this definition of “competence,” however, the LOMAS “ounce of prevention” will never eliminate the costly “pound of cure” necessitated by client complaints. Only when a melding of technical competence skills with performance competence skills is achieved will there be a true rendering of “competent” legal services. Recommendation Equal emphasis should be placed on educating lawyers about both parts of the competency equation. Proven law firm management skills should be taught to everyone who would proclaim to be a competent lawyer so they can truly function professionally and competently with their clients’ interests foremost in mind. The existing infrastructure of the Bar’s continuing legal education (technical competence) efforts can be easily and economically combined with training in the equally-as-important area of practice management (performance competence) to serve as a sound corollary to the Bar’s current professionalism efforts. In this way, the competency equation can be leveraged to its full potential. J.R. Phelps is the director of The Florida Bar’s Law Office Management Assistance Service, which is available for on-site consultations and for speaking engagements at local bar meetings. Call (800) 342-8060.
The Tax Section’s Nominating Committee has nominated Edward E. Sawyer of Miami to serve as the section’s 2006-2007 chair-elect. Sawyer has been an active member of the Tax Section since 1983 and has held several leadership positions during that time. He is currently the director of the section’s Finance Committee and co-director of the Long Range Planning Committee. The section bylaws provide that petitions setting forth the name of other nominees for the office of chair-elect may be made by any 10 members of the section. Such petitions must be filed with Guy E. Whitesman, Tax Section secretary, no later than October 15, to allow inclusion on a written ballot in accordance with Article III, Section 2, (a) and (b) of the bylaws. If there is only one nomination for the office of chair-elect, that nominee will become chair-elect. The term of the chair-elect runs concurrently with that of the chair and begins on July 1 after the section’s annual meeting at which the chair-elect is elected, and ends on the succeeding June 30, when the chair-elect automatically assumes the office of chair. The Tax Section’s 28th Annual Meeting will be held April 21-22, 2006, at the Renaissance Vinoy Resort and Golf Club in St. Petersburg.AAML honors Judge Rothschild Melinda Gamot of West Palm Beach has been elected president of the Florida Chapter of the American Academy of Matrimonial Lawyers at the organization’s 27th Annual Institute in Tampa in May. Other officers for 2005-2006 include Jesse J. Bennett, Jr., from Winter Haven, president-elect, and Gordon C. Brydger of Ft. Lauderdale along with Stann Givens of Tampa who were both elected vice presidents. Roberta G. Stanley of Ft. Lauderdale will serve as secretary/treasurer.Coker to lead Supreme Court Historical Society briefs The American Academy of Matrimonial Lawyers, Florida Chapter, has named Judge Ronald Rothschild as “Jurist of the Year” at its 27th Annual Institute held in Tampa. Judge Rothschild is active with the Broward County Bar Association, has sat on The Florida Bar Professional Ethics Committee, was past president of the Stephen R. Booher American Inns of Court, currently sits on the Broward County Professional Committee, and also sits on the Alternative Dispute Resolution Committee of the Florida Supreme Court. As part of the nomination process, chapter members who have appeared before the judge were asked for comments and “quickly it was evident of the deep respect for this jurist,” according to the academy. Statements such as “his courtesy and professionalism is of the highest caliber,” “he delivers his decisions with legal, sound reasoning and prevailing decisional law,” “even when he rules against you, it is done with grace and diplomacy,” were among just a few of the consistent comments received by the committee. THE MARTIN COUNTY BAR’S YOUNG LAWYERS DIVISION recently participated in the Martin County Red Cross Youth Leadership Program’s annual leadership training camp held at the Gold Coast Christian Camp in Lake Worth. The leadership training camp is a four-day, three-night retreat where the youth leaders work on developing their leadership skills. The YLD members volunteered to chaperone this year’s “Pirates of the Caribbean” themed party. THE FLORIDA CHAPTERS OF THE AMERICAN BOARD OF TRIAL ADVOCATES recently selected Circuit Judge George W. Greer and U.S. Middle District Judge James D. Whittemore as its Jurists of the Year. Charles H. Baumberger of Miami was selected as its Trial Lawyer of the Year. The three were honored July 15 during FLABOTA’s annual awards banquet in Coral Gables. “Judge Greer, Judge Whittemore, and Chuck Baumberger each have made significant contributions to the betterment of Florida’s trial system, not just this year, but throughout their careers,” said Herman Russomanno, president of FLABOTA. Brad Powers, president of the Tampa Bay Chapter of ABOTA, which unanimously nominated the judges as co-Jurists of the Year, said: “Both Judge Greer and Judge Whittemore, through their efforts in dealing with the Schiavo case, have distinguished themselves as jurists willing to follow the rule of law in the face of unprecedented pressure from sections of the public, the executive, and legislative branches.” Baumberger “was recognized for his superb reputation of high ethics and fair play.” Pictured from the left are Judge Whittemore, Bill Hahn, FLABOTA president-elect, Baumberger, Judge Greer, and Russomanno. TALLAHASSEE WOMEN LAWYERS celebrated its 25th Anniversary recently with a gala dinner banquet. Fifth District Court of Appeal Judge Winifred Sharp, a former FAWL president, gave the keynote address. The 25th Anniversary Award was presented to outgoing Florida Bar President Kelly Overstreet Johnson, a former TWL president. Pictured from the left are Judge Sharp, TWL outgoing President Beth Demme, Florida Supreme Court Justice Peggy Quince, TWL Past President Nina Ashenafi, and Johnson. Members of the Okeechobee County Bar recently met for a tour of the new Okeechobee County Courthouse, which was officially dedicated July 20. Attorneys and judges present included, front row from the left, Jennifer Williamson, Joy Whitney, Judge Shirley Brennan, Okeechobee Bar Association President Elizabeth Maxwell, Magistrate Deborah Hooker, Tamara Starks, and Rebecca Hamilton. Row two, from the left: Robert Huebner, Laura McCall, Devin Maxwell, Carlos Wells, Mary Celidonia, Ed Curren, and Andrew Bowers. Third Row: William Selmi, Judge Sherwood “Chip” Bauer, Jr., John Cassels, Ron Smith, Colin Cameron, Don Richardson, Anthony Young, Jerald Bryant, and Chief Judge William L. Roby. The dedication of the new courthouse was a historic event; the last courthouse to open in Okeechobee was in 1927. The new building contains 80,000 square feet and was completed at a cost of $13.5 million. The crowd that gathered for the dedication heard remarks about the history of the county and its judicial system from retired Judge William Hendry, who grew up steps from the courthouse and whose grandfather was the contractor for the original courthouse built. THE MINORITY CORPORATE COUNSEL ASSOCIATION, an organization that focuses on diversifying the nation’s law firms and corporate law departments, has been awarded the first-ever Freedom to Compete Award issued by the U.S. Equal Employment Opportunity Commission. The EEOC presented the award to MCCA recently at a formal ceremony in Washington, D.C., for the organization’s “KAN-Do!” practice — an initiative established by MCCA to encourage advancement of minorities in the workplace. The KAN-Do! practice is a methodology employed by MCCA to offer knowledge, access and networks in order to address barriers to opportunity in recruitment/hiring, retention, and promotion/career advancement. Pictured from the left are Veta Richardson, executive director, Minority Corporate Counsel Association, and Cari M. Dominguez of the EEOC. ALL 29 SHAREHOLDERS OF DEAN MEAD have become Fellows of The Florida Bar Foundation’s Endowment Trust. “Florida has been good to us,” said Darryl Bloodworth, president of the Orlando-based firm and a former president of the Foundation, as he reflected on his firm’s history. Bloodworth personally recruited 21 of the shareholders; the other eight had already been Fellows. “We were looking for a way to celebrate 25 years,” Bloodworth said. “We wanted to give something back.” The trust was established in 1991 after declining interest rates significantly decreased the amount of legal aid grants. Pictured, from the left, are Greg Lawrence, Lee Chotas, Charlie Egerton, Matt Ahearn, Jane Callahan, and Bloodworth. VOLUNTARY BAR LEADERS from across the state recently gathered in Naples for the 2005 Voluntary Bar Leaders Conference that focuses on leadership, fundraising, association management, member benefits, and media relations. The annual conference is coordinated by The Florida Bar Voluntary Bar Liaison Committee, Florida Council of Bar Association Presidents, and Florida Council of Bar Executives and gives voluntary bar officers and staff an opportunity to network and discuss problems faced by the attorneys who volunteer as members of the association on a local level. Pictured from the left are Lee County Bar officers Marcy L. Shaw, Paul E. Liles, J. Tom Smoot III, and its executive director Dinah Leach. The Lee County Bar co-hosted the event this year with the Collier County Bar. D. Culver “Skip” Smith , left, recently received the Florida Council of Bar Presidents’ Annual Outstanding Past Voluntary Bar President Award from Vene Hamilton, vice president of the Florida Council of Bar Presidents. Smith, a former member of The Florida Bar Board of Governors and past chair of The Florida Bar’s Professional Ethics Committee, was president of the Palm Beach County Bar in 1982. PUT SOMETHING BACK Pro Bono Project staff members, from the left, Eileen Coto, Maria Dopico, Karen Ladis, and Irma Llamosa present a check that represents the free civil legal assistance provided the citizens of Miami-Dade County in the amount of more than $4.1 million, calculated at 23,459 hours of donated pro bono services to the poor at $175 per hour. Jacksonville’s Howard Coker was recently elected president of the Florida Supreme Court Historical Society, succeeding John DeVault in the post. The Florida Supreme Court Historical Society’s primary function is to collect and preserve materials relevant to the Florida Supreme Court’s lengthy history. “I think Florida’s Supreme Court has a vital place in history that should be preserved for future generations,” Coker said. “I am honored and delighted to take the post of president of this organization and look forward to continuing this mission and the fine programs the society has established. I also want to support current efforts to continually find ways to increase public access to our Supreme Court.”Sawyer nominated for Tax Section chair-elect August 15, 2005 Regular News BriefsGamot to lead matrimonial lawyers
Committee Chairman Davis also defended the FDA. In a statement prepared for the hearing, he said the contamination problems this year were not foreshadowed by those found in the 2003 inspection. He also asserted that the FDA’s response to the contamination reported in August was hindered by Chiron’s delay in reporting on its own investigation of the problem. Davis also said the reason the FDA had no advance knowledge of British authorities’ decision to close the plant was that British law bars agencies from sharing commercial information with other governments without the consent of the involved buiness. Crawford promised that the FDA will carefully analyze Chiron’s plans to correct the Liverpool plant’s problems and will thoroughly inspect the plant after corrective actions are taken, probably in February or March of 2005. “If FDA had acted differently—by issuing an official warning letter, re-inspecting the facility, and responding aggressively to the August 2004 contamination—the flu vaccine shortage might have been avoided or mitigated,” Waxman said in a 13-page memo. The shortage was triggered by the loss of up to 48 million doses of vaccine that Chiron was expected to supply. The FDA found serious and widespread problems at the Liverpool plant (then owned by Powderject Corp. and later bought by Chiron) in June 2003. Problems included defects in 20 areas of vaccine manufacture and high levels of bacterial contamination in several lots of vaccine after a filtration step that was supposed to remove most bacteria. Davis also expressed optimism that Chiron will be able to make flu vaccine next year. He said the MHRA is “extremely pleased” with Chiron’s remediation plan and will inspect the plant in late December to assess the company’s progress. The FDA didn’t send its final report on the June 2003 inspection to Chiron until June 2004, 9 months after it should have been sent. Manufacture of the 2004 vaccine supply was well under way by then. Davis said that after vaccine contamination was found in August, Chiron told the FDA it would do an internal investigation and report on it by Oct 4. As it turned out, the company gave its report to the MHRA Sept 24 but did not send it to the FDA until after the MHRA suspended the plant’s license on Oct 5, Davis said. FDA officials told Davis’s staff that if they had received the report sooner, they would have reinspected the plant sooner, Davis reported. Waxman, ranking minority member of the House Committee on Government Reform, distributed his memo at a Nov 17 committee hearing at which Crawford testified. The memo is based on a review of more than 1,000 pages of FDA documents dealing with the agency’s oversight of the Chiron flu vaccine plant. The FDA provided the documents in response to a request from Waxman and the committee chairman, Rep. Tom Davis, R-Va. The committee chairman rejected the charge that the FDA took a passive approach to Chiron after Aug 25. “All documents and meetings confirm that FDA followed routine protocol in responding to Chiron’s initial contact with the FDA and continued to follow protocol with each step the agency took after August 25th,” he stated. After Chiron reported in August that eight lots of vaccine were contaminated, the company told FDA it had found the cause of the contamination and that it was confined to the eight lots, according to Crawford. On Sept 28, a company official assured a Senate committee that Chiron would be able to supply 46 million to 48 million doses, he said. After reviewing FDA documents, Rep. Henry Waxman, D-Calif., said the FDA also failed to respond properly when Chiron reported in August 2004 that several lots of flu vaccine from the Liverpool plant were contaminated. After the 2003 inspection, the agency never inspected the plant again until after British authorities shut it down. Shortly after the 2003 inspection, Chiron officials asked to meet with the FDA to review their response plan, but the FDA ignored the request. The FDA took a “passive” approach after Chiron notified it Aug 25 that millions of doses of vaccine were contaminated. Instead of sending inspectors, the agency relied on weekly conference calls with Chiron to monitor the company’s remedial efforts. FDA officials never asked Chiron or the British government about British regulatory activity. Crawford reported that the FDA had no knowledge of the British Medicine and Healthcare Products Regulatory Agency (MHRA) decision to close the Chiron plant until it was announced Oct 5. The head of the MHRA said the agency had no legal authority to notify the FDA of its decision in advance, Crawford said. After the 2003 inspection, the FDA decided to ask the company to correct the problems voluntarily, even though the inspection team initially had recommended official enforcement action. Crawford, in his prepared statement to the committee, said the FDA first found problems at the Liverpool plant in a 1999 inspection and issued a warning letter at the time. Inspections in 2001 and 2003 showed that conditions were improving but some problems remained, he said. He added that the company’s plans to correct the deficiencies appeared adequate. The key allegations in Waxman’s memo include the following: Nov 23, 2004 (CIDRAP News) – The Food and Drug Administration (FDA) found serious problems at the Chiron Corp. flu vaccine plant in England in 2003 but failed to follow up in time to prevent the loss of half of the US vaccine supply with the plant’s shutdown by British regulators last month, a Democratic congressman charged last week. Acting FDA Commissioner Lester M. Crawford acknowledged in congressional testimony that the FDA did not reinspect the Chiron plant until after British authorities shut it down. But, according to a Nov 17 New York Times report, he said the problems found last year were unrelated to the contamination in this year’s vaccine. “The proof of that is that the 2003 vaccine production was completed on schedule and none of it was condemned,” he was quoted as saying. Davis, in defending the FDA, said in his prepared statement for the hearing, “While some issues at the facility continued from 2003 until September of 2004, Chiron’s license suspension was not based on contamination in flu vaccine lots or other issues addressed in previous inspections. It would be inappropriate to imply that problems at the Chiron facility in 2003 recurred in 2004 and contributed to the closure of the facility.” Chiron, FDA, and MHRA all blame this year’s problems on a systemic “lack of manufacturing oversight and execution,” he stated. The memo says that FDA officials met with the committee staff Nov 15 and acknowledged that some of the problems noted in 2003 were “the same as or relevant to” the problems that occurred this year. But the officials said that the contamination problems this year were worse and more widespread than in 2003 and that an increase in the plant’s output this year contributed significantly to the worsening of conditions. The officials said the FDA decided not to take enforcement action against the plant in 2003 because conditions there seemed to be improving rather than deteriorating. A statement prepared by Davis’s staff labeled Waxman’s memo “extremely misleading” and “another partisan attack” on the Bush administration. The statement says Waxman ignored explanations that the FDA, Chiron, and MHRA provided concerning their documents and actions. Problems revealed in the June 2003 inspection recurred in 2004 and contributed to the closure of the plant. After the British suspended the plant’s license in October, the FDA inspected it again and subsequently cited “bioburden” problems that had not been corrected since the 2003 inspection.
The put option was written in London under the 1992 ISDA Master Agreement (‘master agreement’), a standard template for over-the-counter derivative transactions published by the International Swaps and Derivatives Association (ISDA).The agreement was ended automatically on 15 September 2008 when LB first filed for formal insolvency protection.Enasarco, under pressure from the Italian government and media, eventually found a replacement for the put option, which it purchased itself on 6 May 2009.The master agreement sets out that, when a transaction terminates early, the non-defaulting party must calculate the termination amounts to be paid.When they sign the deal, parties choose one of several possible methods of calculation provided for in the master agreement.In their agreement, LBF and ARIC selected the ‘loss’ method of calculation, which allows the non-defaulting party to calculate the termination payment by reference to its loss of bargain – i.e. the cost of replacing the terminated transaction.The master agreement provides that the non-defaulting party must calculate its loss “reasonably” and “in good faith” and that the calculation should be as of the early termination date, or as soon as reasonably practicable thereafter.ARIC calculated its loss to be approximately $61m, based on the price Enasarco had paid for the replacement put option.LBF disagreed with this calculation, contending instead that, had the calculation been performed correctly, it would have resulted in a payment of approximately $42m from ARIC to LBF.However, the judge found that ARIC’s loss had been calculated reasonably and as soon as practicable following the early termination date.He also made the following comments of particular interest to the wider market:Where an SPV is party to a derivative that is terminated under a master agreement as part of a structured product, its loss can be calculated by reference to the cost of a replacement transaction entered into by the investor. In addition, the terms of the replacement transaction do not necessarily have to be identical to those of the original.A calculation of loss made “as of” a date several months after the early termination date may still be “as soon as reasonably practicable” as stipulated by the master agreement. In this case, although LBF contended that ARIC (or Enasarco) could have obtained a quotation for a replacement transaction earlier than Enasarco actually did, the judge was satisfied that the turmoil in the markets after LB’s bankruptcy, and the difficulties with the transaction structure, meant that no such quotation could have been obtained before at least the end of October 2008, and probably later.Furthermore, had it been possible to obtain a quotation earlier in 2009 than 6 May, it would have made no difference to the price or the resulting loss calculation.Enasarco’s determination of the amount of loss was not “irrational”.The judge said the requirement for the non-defaulting party’s loss to be calculated “reasonably” does not mean that it has to arrive at the most reasonable result, only that it must not arrive at a figure that no reasonable party in the same circumstances could come to.The ruling has important implications for the wider derivatives market, according to Simon Fawell, partner at Sidley Austin, the lawyers who represented Enasarco.Fawell said: “The ruling is an important one for non-defaulting parties under the 1992 ISDA Master Agreement, as it clarifies how the English court will interpret the calculation of loss following early termination.“In particular, the finding on what is a reasonable determination of loss makes it much harder for those determinations to be challenged.”And he said the judge’s finding that ARIC was entitled to calculate its loss on the basis of a quotation obtained by Enasarco was a practical one for structured transactions.“The judge made clear it was unrealistic to expect Enasarco to leave it to an SPV to obtain a quotation for a replacement transaction and calculate the loss,” he said.“Enasarco was the party with an economic interest, and ARIC, as an SPV, had neither the staff nor the resources to undertake those tasks. Had the judge found differently, it would have made the use of SPVs in this type of structure much less attractive to investors.” Fondazione Enasarco, the Italian pension fund for sales representatives, has won a $61.5m (€55.3m) payout from Lehman Brothers SA (LB) for payments due to it following the terminaton of a put option when LB went bust in 2008.The case, heard in the English High Court, concerned a structured investment arranged by LB that provided Enasarco with exposure to hedge funds within its investment portfolio, now worth €6.9bn.The deal was structured through two special purpose vehicles (SPVs): Anthracite Rated Investments (Cayman) (ARIC) and Anthracite Balanced Company (Balco).Enasarco’s €780m hedge fund investment was protected by a put option purchased by ARIC from Lehman Brothers Finance (LBF), a company incorporated in Switzerland.
Area Boys And Girls Basketball Scores.Friday (12-23)Boys Scores.Indy International 41 Jac-Cen-Del 24Greensburg Tourney.Greensburg 52 North Harrison 49 (OT)North Harrison 52 Milan 42Greensburg 52 Milan 23South Ripley Tourney.Brownstown JV 56 South Dearborn 46Oldenburg 46 Hauser 35Greenfield-Central 56 South Ripley 46Jennings County 59 East Central 58Girls Scores.Franklin County Tourney.Indy Home School 58 South Dearborn 47Franklin County 63 Tipton 52Indy Chatard 59 Jennings County 45
Congratulations to Curt Eckstein of Oldenburg Academy on winning The Boys Track State Finals 3200 Run State Championship at IU.Kudos also to Mark Bertke of East Central for placing in The Top 10 In The Pole Vault at 9th and for Garrett Wagner of Batesville for finishing tied for 26th in The 300 Hurdles.2017 Boys Track State ResultsCurt earns his second State Championship. He captured The Boys Cross Country State Crown back in October.Courtesy of The IHSAA.
Memorial donations can be directed to the family to assist with expenses, in care of Cook Rosenberger Funeral Home, 929 Main Street, Brookville IN 47012. To sign the online guestbook or to leave a personal condolence, please visit www.cookrosenberger.com. The staff of Cook Rosenberger Funeral Home is honored to care for the family of Dorothy Hodge. Friends may visit with the family on Wednesday, November 1, 2017 from 11 a.m. until time of service at 12 noon at Cook Rosenberger Funeral Home, 929 Main Street, Brookville. Burial will follow in Baltimore Pike Cemetery, Cincinnati, Ohio. Those surviving who will honor Dorothy’s memory include her son, Gene Hodge of Brookville, daughter, Deborah Watkins of Brookville; 6 grandchildren; 6 great-grandchildren, and many nieces and nephews. Besides her parents and both husbands, she was preceded in death by 13 brothers and sisters, a son-in-law, Bill Watkins, Jr., and a daughter-in-law, Gail Hodge. Dorothy J. Hodge, of Brookville, was born on March 1, 1926 in Cincinnati, the daughter of Ray and Virginia Fagin. She married Lou Hodge and he preceded her in death in 1974. Dorothy later found a life partner in Rocky Wadsworth and he passed away in 2001. She was a housewife her entire life and enjoyed taking care of her family and spending time with them. Dorothy’s favorite past-time, however was her grandchildren, whom she adored. On Friday, October 27, 2017, at the age of 91, she passed away at Brookville Health Care Center. The family wishes to extend a sincere thank you to all the staff at Brookville Health Care for their compassionate care.
ALGONA, Iowa – Kossuth County Speedway’s Saturday, Aug. 6 Gary Harken Memorial does double duty as a cancer awareness night and driver appreciation night.Money raised during the evening will benefit the Kossuth County Cancer Support Foundation, which serves cancer patients and their families.All Xtreme Motor Sports IMCA Modified, IMCA Sunoco Stock Car, IMCA Sunoco Hobby Stock, Karl Chevrolet Northern SportMod and Mach-1 Sport Compact drivers will receive free pit passes.The grandstand opens at 4 p.m. and the pit gate opens at 5 p.m. The drivers’ meeting is at 6:45 p.m. with racing to follow.Grandstand admission is $10 for adults and free for 14 and under.The Thursday, Aug. 4 county fair show features $1,000 to win main events for the Modifieds, Stock Cars and hobby Stocks, and a $1,200 to win main event for the Northern SportMods.
Fifteen athletes returned to campus late last month under a phased training approach.___One University of Oklahoma women’s basketball player has tested positive for COVID-19, and a second player has been deemed a close contact.Oklahoma made the announcement in a news release on Monday. Both players are in quarantine off campus.The result comes from 100 tests performed Friday on Oklahoma athletes and staff members. The women’s basketball player was the only person with a positive test in a group that included 14 men’s basketball players and 15 women’s basketball players. The league said Monday the move is the result of the Pac-12’s decision to schedule league-only games this season and to delay mandatory athletic activities.The event, originally set for July 29-31 in Los Angeles, will be held at a later date to be decided.___The University of Louisville says it suspended men’s and women’s voluntary swimming activities for two weeks on Saturday after three members of the program tested positive for COVID-19.A university news release issued Monday did not specify whether those impacted are student-athletes or staffers. It says all three have been quarantined, with procedures and protocols being followed. July 20, 2020 The Latest: Pac-12 postpones football media days Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus pandemic on sports around the world:___The Pac-12 has postponed its football media days. Oklahoma re-opens its facilities to members of the men’s and women’s basketball teams on Monday.___The International Skating Union has canceled the Junior Figure Skating Grand Prix for the upcoming season.Citing increased travel and entry restrictions, the international governing body for the sport said Monday it could not sanction the series. The ISU also said the potential extensive sanitary and medical care measures, including possible quarantine, “would put an unsustainable burden on the organizers.”The ISU has not made a decision yet on the senior series that features the top skaters, including current world champion Nathan Chen and two-time Olympic champion Yuzuru Hanyu. Potential international junior events could be held if “the pandemic developments and situation change and allow for the safe organization” of them. The ISU said it would provide financial assistance for such events, with preference given to venues that were a part of the canceled series.The ISU Council will meet online on Aug. 3 to further evaluate events for the 2020-21 season.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports