first_imgThe 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.last_img read more

first_imgArea 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  45last_img

first_imgCongratulations 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.last_img

first_imgMemorial 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.center_img 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.last_img read more

first_imgALGONA, 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.last_img read more

first_imgFifteen 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 center_img 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_Sportslast_img read more

first_img Published on February 14, 2015 at 6:56 pm Contact Jon: jrmettus@syr.edu | @jmettus Allie LaCombe lay face down on the ice, clutching her head as the Lions raced the other way.Syracuse was up by two with just four minutes and left in the game when a Lindenwood player crushed the SU forward as she skated through the offensive zone.Lidenwood forward Sarah Bobrowski closed in on SU goalie Jenn Gilligan before SU defender Megan Quinn dove from behind and tripped her.On the bench, Paul Flanagan was irate, screaming, “Do your job,” to the referees.“That should have been a whistle, our power play, and ten seconds later, they’ve got a penalty shot,” Flanagan said. “That’s just, that’s poor officiating.”AdvertisementThis is placeholder textThe penalty shot was the last chance the Lions would get. Syracuse scored three unanswered goals and held on to defeat Lindenwood, 3-1, at Tennity Ice Pavilion on Saturday. The Orange dominated in front of its opponents crease, scoring three rebound goals, which proved to be the difference.“Tonight, we were more determined to get to that gray areas to get loose pucks, and that made a huge difference,” Flanagan said. “… If you had an imaginary box around the net, that’s where we have to play.”Lindenwood capitalized on the only goal of the first period when Tigers forward Jordyn Constance beat Gilligan with a shot that hardly even left the ice.In the second period, though, Syracuse piled on 11 shots and plenty of chances.SU defender Akane Hosoyamada took a slapshot from the point that bounced off Lindenwood’s goalie, Nicole Hensley. Piacentini connected with the puck in mid-air and sent it home to knot the game at one.On the bench, SU defender Nicole Renault wrapped her arms around forward Eleanor Haines, who was standing next to her.“Lindenwood has a really good goaltender, so it’s tough to get goals by her,” Piacentini said. “I thought we did a good job of crashing the net and playing tough in front.”Just one minute into the third, Hensley saved SU defender Kaillie Goodnough’s initial shot from the point, but the puck caromed out to SU defender Larissa Martyniuk, who buried a one-time slapshot in the back of the net on the power play to put SU ahead, 2-1.Less than five minutes later, SU forward Emily Costales positioned herself in the crease and pounced on a rebound that sent Hensley to the ice. Costales lifted a defender’s stick and slid the puck through the goalie’s legs.Gilligan smacked her stick on the ice in celebration as she skated over to the bench to congratulate her teammates.“That’s something we’ve really struggled with throughout the season and I think today we were just able to capitalize on it,” Costales said of rebound goals. “We could do more, but it was pretty good today.”As Bobrowski stood at center ice to take the penalty shot, late in the third, Gilligan said to the referee explaining penalty shot rules to her, “Just get the girl to skate toward me.”Gilligan lunged forward with her stick to poke check the puck away, but missed. Gilligan stretched out her right leg as Bobrowski fired a shot, and stopped the puck with her pad.With a minute left, LaCombe returned to the ice and the crowd roared as she nearly scored on the empty net.After the game, Flanagan was still upset with the play at the end of the game, but Gilligan’s defense and the SU offense made that point moot.“A lot of goalies get a little nervous for penalty shots,” Gilligan said, “and those are situations that I live for.” Comments Facebook Twitter Google+last_img read more

first_img Related Articles Submit Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020 StumbleUpon Share Kambi takes full control of LeoVegas sportsbook portfolio August 26, 2020 1Sarah Shannon – AppBet313.69 2Alan Alger – Betway311.41 3Jacob Johns – Easyodds37.72 4Phillip Anderson – Before The Off36.17 5Ciaran O’Brien – William Hill35.29 6bettingexpert1.644.61 7Ben Cleminson – Square in the Air14.50 8John Hill – Coral24.25 9Alex Donohue – Ladbrokes24.11 10Michael Shinners – Sky Bet24.00 11Stuart Tilly – Argyll Entertainment14.00 12Darren Moore – Betting Gods23.66 13Trevor Keane – Sportego23.50 14Harry Lang – Pinnacle13.50 15Timeform1.823.35 16Matthew Hulmes – Betfred23.25 17Paddy Power13.00 18Russell Yershon11.88 19Edward Rycroft – LeoVegas21.82 20Charlie McCann – BetVictor11.75 21Stephen Power – @racingblogger21.69 22John Cruces – Dafabet11.25 23Michael Whittle – Team FA10.91 24Ed Nicholson – Unibet10.73center_img It was a day for short price winners in the Tipster Challenge, sponsored by Betting Gods. The six races at Haydock produced winners at 1/14, Evens and 7/4.Unfortunately for our experts, which this week included LeoVegas Sportsbook Manager Edward Rycroft, none of them had predicted victories for the day’s slightly longer odds successes – 3/1 Chti Balko, 7/2 Sammy B and 7/1 Purcell’s Bridge.Rycroft’s 1.82 points from two race wins put him 19th in the table. Meanwhile, bettingexpert’s Stephen Harris and Timeform held their starting positions of 6th and 15th respectively.Race Winners at Haydock:Chti Balko – 3/1The Nipper – 1/14Buttercup – 7/4Sammy B – 7/2Purcell’s Bridge – 7/1Johanos – EvensTipster Challenge 2016/17 Leaderboard LeoVegas hits back at Swedish regulations despite Q2 successes August 13, 2020 Share bettingexpert, Timeform and a rotation of guests will be providing expert tips for a specific Wednesday race meet.We will keep record of points won each week and the number of race wins for each.The guests will compete individually, with their points going up against the average totals for bettingexpert and Timeform.The new tips will be published on Wednesday ahead of the race meet, and the results will be available on Thursday.For the competition, we will assume that all selections are backed with 1 point.Lost tips will count as 0 and won bets will be added to the leaderboard at SP value.For example, if bettingexpert backs a winning horse at 8/1, they will get 8 points. RankTipsterRace WinsPointslast_img read more

first_img Share Submit Share Betting on Football 2017 has been hailed as a great success with 97.4% of visitors to the conference saying they would recommend it to a colleague, according to a survey carried out by SBC Events.Delegates, sponsors, speakers and exhibitors from the 3-5 May event also rated the networking opportunities at Stamford Bridge as 70% ‘excellent’ or ‘very good’ while pinpointing this as the most important reason for attending the event.Feedback is already being used to improve future events, starting with Betting on Sports (13-15 September), which 85% of survey respondents have expressed an interest in attending.For example, an improved version of the official event app will be available for the conference in Olympia, Kensington, after 70% said that it had proved useful at #bofcon2017.The survey reported that the overall quality and level of the conference was very high. As specific highlights, attendees mentioned the keynote session from William Hill Non-Executive Director and industry veteran John O’Reilly, and a market update on Scandinavia featuring Mr Green CEO Jesper Kärrbrink, Danske Spil CEO Niels Erik Folmann, Veikkaus Senior Vice President Jari Vahanen and LeoVegas CEO Johan Styren.Jesper Kärrbrink commented: “SBC is here to stay. Betting on Football provided great networking and seminar focus. With a sportsbook and football focus, the exhibition was also very targeted and you basically found something interesting in every booth. I’m impressed with the high number of attendees, which made it possible to have a lot of productive meetings in just two days.”Meanwhile, Martin Wachter, the CEO for platinum sponsor and lead exhibitor Golden Race, praised the event’s growing business importance.He said: “Betting on Football is an incredibly valuable event in the sports betting calendar. It’s now very much established and has grown year on year to the extent that for us, it’s second only to ICE in terms of business importance.”These comments were emphasised by a survey finding that 100% of the exhibitors that responded are interested in returning for Betting on Sports.Tickets for Betting on Sports 2017 are on sale at a 50% off early bird rate until 15 JuneClick here to buy your ticket for an event covering everything related to sports and betting, which this year includes full day tracks dedicated to Betting on Racing and Betting on Esports. Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020 Kambi takes full control of LeoVegas sportsbook portfolio August 26, 2020 Veikkaus calls for early introduction of Finnish age verification measures August 28, 2020 StumbleUpon Related Articleslast_img read more

first_imgAston Villa manager Tim Sherwood has named Ghana international Jordan Ayew in the team to face Manchester United in half an hour’s time.The Ghanaian will start in a three prong attack which will include Scott Sinclair and Gabby Agbonlahor.This will be Jordan’s first competitive game at Villa Park.– Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySportslast_img