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_img Sharing is caring! 232 Views   no discussions FaithFeaturedLifestyleLocalNews U.S church offering free wheelchairs in Dominica by: Dominica Vibes News – September 27, 2016 Share Sharecenter_img Share Tweet Photo credit: carillonregina.comThe Dominica Association of Persons with Disabilities, (DAPD) has partnered with another organization to assist persons who are experiencing difficulty with their mobility.The DAPD, which has partnered with the Keep Walking Association to provide prosthetics to some of its members, has teamed up with the Church of Jesus Christ of Latter Day Saints.“We have imported about a hundred and thirty wheelchairs that are currently in a warehouse at the Red Cross building here in Dominica,” Steven Spencer of the Church of Jesus Christ of Latter Day Saints told Dominica Vibes.To benefit from these free wheelchairs, interested persons should contact the Executive Director of the DAPD, Nathalie Murphy via telephone number (767) 440 0842 so that they can be included on the list and scheduled for an appointment.On Wednesday 28 September and Thursday 29 September 2016 Spencer and his team will be conducting assessments at the Red Cross headquarters in Goodwill.“We will be able to make an assessment and provide them with a brand new wheelchair at the Red Cross building, that’s where it will actually take place,” Spencer explained.“So we would like everyone who knows someone, or who needs a wheelchair to contact Nathalie Murphy and get on that list, so that we can get you scheduled for this week while we’re here in town,” he added.The Church of Jesus Christ of Latter Day Saints, which is based in the United States, has assigned missionaries here and in the Caribbean to undertake humanitarian assignments. In 2014, the Rotary Club of Portsmouth donated seven wheelchairs to the DAPD to assist its members.last_img read more

first_imgNew Delhi: Tim Paine, the Australia cricket team skipper, is emerging as a symbol of how to sledge an opponent without being too provocative or nasty. For some time, Australia have been accused of sledging which have sometimes ‘crossed the line’ according to their opponents. However, on day 2 of the Boxing Day Test between India and Australia at the Melbourne Cricket Ground, Paine’s banter was hilarious to hear and his target, Rohit Sharma, could not stop smiling. During an over bowled by Nathan Lyon to the Mumbai batsman, stump microphones caught a hilarious exchange between Paine and Aaron Finch who was standing at short leg. The conversation centered on the Indian Premier League.Paine was trying to break Rohit’s concentration and he egged him to hit a six off Lyon. “It’s been a toss up for me between Royals and Indians, and if Rohit hits a six here, I am changing to Mumbai,” Paine was heard saying to Finch. The Australian skipper then went on ask Finch how many teams he has played for. Finch said except for Royal Challengers Bangalore and Chennai Super Kings, he has played for all. The right-hander is an IPL veteran having played for teams like Delhi Daredevils now Delhi Capitals, Gujarat Lions, Kings XI Punjab, Mumbai Indians, Pune Warriors, Rajasthan Royals and Sunrisers Hyderabad.Read More | India v Australia, live cricket score, day 3: Jadeja gets Khawaja For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. The four-match series is currently tied 1-1 after India won the Adelaide Test by 31 runs and Australia registered a 146-run win. Paine’s side are currently struggling in the Melbourne Test as they aim for survival. center_img Rohit was not distracted and he played a composed knock to score his 10th fifty as India declared on 443/7 at the end of day 2 of the Boxing Day Test.Read More | Yearender 2018: Kohli’s brilliance, Dhoni’s IPL return, Gauti says byeIn this series, Paine has been remarkable when it comes to verbal exchanges. In the Perth Test, the Australian skipper was involved in a face-off with Virat Kohli and it is difficult to say who came out on top. “If he messes it up, it’s 2-0,” Kohli said. In response, Paine fired a unique salvo and stated, “You’ve got to bat first, big head”. The Indian skipper was animated ever since he was dismissed for 123 by Pat Cummins, with Peter Handscomb taking a ‘dodgy’ catch in that match. In the second innings, Paine had an epic exchange with Murali Vijay with Kohli at the other end. “”I know he’s your captain but you can’t seriously like him as a bloke,” Paine had said.last_img read more

first_img Even while dominating at Spring Valley High School — he was a semifinalist for the high school Butkus Award, which goes to the nation’s best prep linebacker — Miller was not an immediate star at Alabama. Not even close. He was about 205 pounds when he arrived on campus for his first practice.For one of the first times in his life, the kid that was ahead of his time would have to bide his time. First and foremost, that meant eating.A lot.That meant SpaghettiOs for breakfast, taking seconds (and thirds) at dinnertime and chugging blenders of protein shakes at night. It wasn’t easy on his stomach, but he was up to 247 pounds at the Scouting Combine.”I knew it was going to be a process,” he said. “I knew I was going to have to add weight and add strength. I knew it was going to be a waiting game. That’s why I put my attention to learning the playbook and going in the weight room extra. At a place like Alabama, I knew I’d be practicing against All-Americans every day, so I’d be getting better and better. When it was my time to shine, I just knew that I’d be ready for the moment.”Miller’s moment was supposed to come in 2017, his redshirt junior season. However, in the season-opening game against Florida State, he suffered a torn biceps. Coach Nick Saban proclaimed him out for the season.Less than four months later, Miller was back on the field. To mark his return, Miller, who also has a passion for photo and video editing, put together a comeback video that has received more than 140,000 views on Twitter.“It was an Undertaker-themed video, and a lot of fans liked it,” Miller— Christian Miller (@christianmillr) November 16, 2017All of Miller’s hard work — all of his dad’s wisdom and all of his mom’s inspiration — paid off with a breakout final season with the Crimson Tide.”He is the model of what a student-athlete should be,” Corey Miller said. “A five-year senior, graduated with his master’s, waited his turn behind all these great players and now he’s a captain and his hands’ imprint will forever be at the University of Alabama.”If that’s not a great story of what a student-athlete should look like, I don’t know what is.”Corey, an ordained minister who goes by the name @PastorOfPain on Twitter, recalls going to church one day with Christian when his son was 8 or 9.“This is a true testimony,” Corey recalled. “The preacher said, ‘This young man will play in the National Football League.’ I’ll never forget it.”MORE: Ranking Saban’s Alabama teams For most his life, Christian Miller has been known as the son of Corey Miller, former NFL player.While that is true, after starring at Alabama, Christian Miller is expected to be selected in this month’s NFL Draft. And there is so much more to him than that simple sentence. Alabama defensive linemen Quinnen Williams, left, and Christian Miller. (Getty Images)Given his father’s history, football was the natural path for Christian. Before taking aim at quarterbacks, however, he took aim at squirrels.“Being born and raised down South, hunting and fishing is really big down here,” he said. “I’ve always had a passion for being outdoors, whether it was sports or nature. I’ve always enjoyed it and appreciated nature. Like any other kid, for gift ideas, I always wanted that BB gun. I wanted to test my survival skills a little bit. I liked to fish the little ponds that were near my apartment. I learned how to hunt a little bit with a Daisy BB gun.”As seems to be the case with everything Miller tries, he was good at it. That meant squirrel for dinner, cooked by Chef Christian himself.”I would never waste it,” he said. “I respected and appreciated the outdoors, so I wouldn’t waste anything, whether it was cooking it or trying to make stuff out of the little squirrel pelts. I thought I was a little Davy Crockett.”While “Little Davy” continued to hunt and fish — bass and crappie are his current favorite targets — he then picked up a wrench.“I’ve always been a saver, and I’m real business-minded,” he said. “Before I was old enough to drive, I would buy and sell dirt bikes and scooters and cars. At 14, I had saved up enough money and got my first car. I wasn’t old enough to operate it, but I was excited to get it and work on it. I used every dollar that I had saved — I bought it myself. From there, I started buying and trading and selling on Craigslist, because I learned how to get a car more value.”Amazingly, Miller said he had close to 10 vehicles while in high school, each better than the last.“I made sure they definitely ran well, but I would do a good job of adding little things to increase their value and just simple things like cleaning it up,” he explained. “I’d have it for a little while and enjoy it and sell them or trade them. I got really good with the advertisements I was making and which sort of cars do better during different times of the year. I learned the tricks of the trade. I went from a $3,000 car to, two years later, I think I had a car that was worth $18,000 by buying and selling and trading them.” (Getty Images) That prediction is about to come true. At the end of April, Christian will get a phone call from an NFL team’s general manager that will change his life forever.”I’ve always liked to take one day at a time, one step a time, but now that I realize that it’s almost here, I’m not too sure how it’s going to be,” he said. “I’m obviously going to be filled with excitement and pure joy and happiness, knowing all the work that I’ve put in since I was that 4-year-old boy that was on the football field with all those 8-year-olds getting knocked around. I’m going to be overwhelmed in a good way.”Now, I might shed a tear and, if I do, it’s because of my mom. We’re one and the same. It might as well be her getting drafted. She’s seen everything that I’ve gone through. It hasn’t been easy. It’s been a long journey. I just know that he’s going to be so happy for him. I can see her shedding a tear. Once I see her doing that, I might have to join her.”center_img (Getty Images) Christian Miller sacks quarterback Kyler Murray during Alabama’s win over Oklahoma in the 2018 Orange Bowl. (Getty Images)While Miller’s story can’t be told without his father, it also can’t be told without his mother, Lisa. While Corey provided the athletic DNA and football insights, Lisa provided the drive to succeed academically, too. In five years, Miller earned a degree in human performance and exercise science and a master’s in sports business management.“Honestly, she’s my rock,” he said. “From a young age, after my parents split, mostly in terms of raising us and financially providing for me and my brother, it was her doing the heavy-duty stuff. She was working two jobs. She’d stay up for hours at night after working a 9- or 10-hour day. I saw that, and it’s been vital to my development and my growth as a person, just seeing how hard she worked.“It was knowing there’s going to be trials and tribulations, but you’ve just got to keep pressing forward and keep your faith, because she always found a way. No matter how difficult the situation was, she always found a way. She’s the most caring person I know. She’d take the shirt off your back to give it to anybody, whether she knows you or not, because that’s who she is. She’s the most special human being I know. She was in the shadow a little bit, just because my dad played in the NFL and that’s kind of the main focus sometimes with me playing football, but she definitely deserves a ton of credit. I could never repay her for everything she’s done.” “I was probably a little ahead of my time,” Miller told SN matter-of-factly.In so many ways, he is right.NFL MOCK DRAFT 2019:Cowboys, Bears trades pay off for RaidersWhen Miller was 4, he practiced with his older brother’s Pop Warner football team. When he was 11 or 12, he got a BB gun and tried his hand at making dinner. When he was 14, he bought his first car. Not long thereafter, he sold it and bought another. And another. And another. He has already earned his master’s degree.”I was a jack of all trades,” Miller said. “I was one of the better athletes in school growing up always, so I did get into a skateboarding phase and had fun doing that. I’d go fishing and I’d go hunting. I was pretty unique, I would say. I was artistic. I was really good with electronics and computers.”I was blessed with multiple skills, I’d say.”Today, Miller’s No. 1 skill is sacking the quarterback. Corey Miller said his son shares some traits with his former NFL teammate, the menacing Pro Football Hall of Famer linebacker Lawrence Taylor.NFL DRAFT BIG BOARD:Where Miller ranks among edge-rushersMiller, however, was not always ahead of his time. A four-star recruit out of Spring Valley High School in Columbia, S.C., Miller instead was a late bloomer in the world of big-time football.After redshirting at Alabama in 2014 and not recording any stats on defense in 2015, Miller was on track to start in 2017, but he missed most of the season with a biceps injury. While a key member of the Crimson Tide defense to start the 2018 season, he did not make his first career start until the fourth game of his fifth year. After recording three sacks from 2015 through 2017, Miller had 8.5 sacks in 2018 to put himself in position to follow in his father’s NFL footsteps.Miller’s path to the draft started when the 4-year-old got his first taste of football on his dad’s Pop Warner team.”I’d probably get scolded for that today,” said Corey Miller, who played for the Giants from 1991 through 1997 before finishing his career with the Vikings in 1999. “I had him doing drills. His mom was like, ‘I don’t know about that.’ But we were teaching tackling and he wanted to play. This little kid just ran over Christian and he was crying. I’m like, ‘Oh, Lord, what have I done? I’ve ruined this kid.’”Said Christian: “I was 4 years old and I was going against 8-year-olds. I think it was pretty understandable. We were doing hitting drills and I got the wind knocked out of me. I had to go to the sideline for a little bit to catch my breath, but I was a trooper, and I got back in there.”It took some pleading with his father to do it.”I picked him up and said, ‘Are you OK?'” Corey continued. “He said, ‘I’m OK, Dad.’ I said, ‘You’re not doing any more of this. That’s it.’ He goes, ‘More, Dad. I want to do it again. I want to do it again. I want to do it again.’ I said, ‘What did Dad teach you when you’re tackling somebody that’s bigger than you? Where do you hit him?’ He said, ‘You hit him in the legs.'”The next play, he hit that same kid right in the legs and wrapped him up perfectly. That became that bond for me coaching him.”last_img read more

first_img 3. Raul has played 142 Champions League games – Raul has won it three times all with Real Madrid. He played 741 times in total for the club and scored 323 goals. 24 24 24 24 24 17. Paolo Maldini, Gary Neville and John Terry have played 109 Champions League games – All three have won the trophy, though Maldini won it five times with Milan and lost two other finals. 16. Petr Cech has played 111 Champions League games – Cech was in goal when Chelsea beat Bayern Munich in 2012. 7. Paul Scholes has played 124 Champions League games – Scholes’ appearances all came in Man United colours and he he won it in 1999 and 2008. 24 4. Ryan Giggs has played 141 Champions League games – Giggs won the competition twice with Man United in 1999 and 2008. 24 24 24 24. Victor Valdes has played 106 Champions League games – The former Barcelona goalkeeper was the no.1 as the club won in 2006, 2009 and 2011. 24 23. David Beckham has played in 107 Champions League games – Beckham was part of Man United’s success in 1999 and also represented Milan, Real and PSG in the Champions League. 24 24 24 24 Earlier in the season, Real Madrid captain Sergio Ramos played his 100th Champions League game and joined a star-studded group of players who have done the same.Now Dani Alves is about to do the same when he plays for Juventus against Real in the 2017 final. 24 24 2. Xavi has appeared in 151 Champions League games – The midfielder won it with Barcelona in 2006, 2009, 2011 and 2015. 24 20. Patrice Evra, Ashley Cole and Andrea Pirlo have played in 108 Champions League games – Evra won with Man United in 2008 and was a runner-up with Juve in 2015. Cole was part of Chelsea’s 2012 success and Pirlo won the trophy twice with Milan and also appeared in the 2015 final. 24 24 Here, talkSPORT looks at them, beginning with Ramos. Only two players on the list have NEVER won the Champions League, but can you name them?Juventus v Real Madrid is live on talkSPORT at 19:45 (BST) on Saturday 3 June.Figures courtesy of 13. Lionel Messi has played 114 Champions League games – Messi is still playing and his appearances in the competition will increase. He has already won it four times. 25. Frank Lampard has played in 105 Champions League games – Lampard played three Champions League games for Man City, but was a winner with Chelsea in 2012. 6. Clarence Seedorf has played 125 Champions League games – He is the only player to win it with three different clubs (Real Madrid, Ajax and twice with Milan). 9. Roberto Carlos has played 120 Champions League games – most of Carlos’ appearances came during his Real Madrid career, although he played 13 times for Fenerbahce. 8. Andres Iniesta has played 121 Champions League games – Andres Iniesta is still playing and right now has another chance to win a fifth trophy. 24 30. Sergio Ramos has played 100 Champions League games – scroll through the gallery to see which other players are members of this exclusive club – Ramos played in his 100th game earlier in the season and has scored in two Champions League finals. 10. Xabi Alonso and Zlatan Ibrahimovic have played 119 Champions League games – Alonso won it in 2005 with Liverpool and again in 2014 with Real Madrid. Despite playing for Juventus, Ajax, Inter, Barcelona, Milan, PSG and Man United, Ibrahimovic has never won the trophy. 29. Andriy Shevchenko has played 100 Champions League games – Shevchenko has played for Milan, winning in 2003, Chelsea and Dynamo Kiev. 12. Carles Puyol has played 115 Champions League games – All of Puyol’s appearances came during his Barcelona career and he won the competition three times. 5. Cristiano Ronaldo has played 136 Champions League games – Ronaldo played 52 times for Man United and won it in 2008, adding another two winners’ medals to his collection in 2014 and 2016. 26. Gianluigi Buffon has played 104 Champions League games – Buffon is still playing and has appeared 98 times for Juventus in the competition, though he has never won it. 24 24 14. Thierry Henry and Philipp Lahm have played in 112 Champions League games – Henry has played for Monaco, Arsenal and Barcelona, winning it in 2009 and finishing as a runner-up in 2006. Lahm captained Bayern to glory in 2013. 1. Iker Casillas has played 164 Champions League games – He won it three times in 2000, 2002 and 2014, while 14 of those 164 appearances came for Porto. WOW! 18 footballers you won’t believe have NEVER won the Champions League. 28. Oliver Kahn and Luis Figo have both played 103 Champions League games – All of Kahn’s appearances came with Bayern where he won it in 2001, while Figo has played for Barca (24 games), Real Madrid (58) and Inter (21), winning in 2002. 24 24last_img read more