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Repsol investigates damage, looting at Libyan field
“I have no more information because the team only left yesterday,” said Abdulmajid Shah, director of the joint venture operating Repsol’s field.Oil workers in Libya say previous surveys carried out at the site found that generators, pumps and other equipment had been looted, and retreating forces had flattened supporting infrastructure including offices, accommodation and other buildings.Repsol hopes that key staff deployed to the site will be able to plan and execute essential repairs and restart production at a reduced but steady rate in the weeks ahead, according to industry sources.But flows are expected to remain limited to around a third of capacity or 70,000 barrels per day until the field’s 300 or so employees are able to return.El-Sharara is adjacent to Italian oil and gas company Eni’s Elephant field (sometimes called El Feel) in the southwestern desert region of Fezzan. Their combined capacity of around 330,000 bpd is about a fifth of Libya’s total pre-war output.Eni’s field was also severely damage by the war and unlikely to start before 2012. [ID: nL5E7L54RW]In addition to the task of repairing the fields both oil companies are still trying to establish the likelihood of guerrilla style attacks in a region that was controlled by Gaddafi until late September. Many Libyans believe the former leader is still hiding in that part of Saharan desert.This is likely to further delay the return of foreign workers who may be able to put up with discomfort, but are not expected to prepare to risk their lives to restart production. [ID: nL5E7LD2ON] -
Lehman says JPMorgan botched securities sale
By Nick BrownOct 11 (Reuters) - Lehman Brothers Holdings Inc accused JPMorgan Chase , its former banker, of mishandling the sale of more than $27 billion worth of securities as Lehman was collapsing in 2008.Lehman, in court papers made public on Tuesday, lobbed myriad allegations at the bank as part of the companies’ ongoing dispute in Lehman’s bankruptcy proceeding.Lehman painted an unflattering picture of JPMorgan’s methods for selling certain securities held as collateral for facilitating repurchase deals for Lehman’s U.S. brokerage, Lehman Brothers Inc (LBI).A spokesman for JPMorgan declined to comment. A lawyer for the bank did not return a call seeking comment.In court documents filed in U.S. Bankruptcy Court in Manhattan, Lehman said JPMorgan traders made improper profits on the sales by “flipping” securities — selling them to themselves at low prices and reselling to third parties at higher prices, Lehman said.Lehman is hoping to avoid or reduce a $6.3 billion claim from JPMorgan related to the securities.JPMorgan demanded roughly that sum from Lehman to help cover $25 billion in losses it incurred through its role in the LBI repurchase deals, saying the securities alone did not generate enough cash to make it whole.But Lehman said the securities had a market value of more than $27 billion, and would have covered JPMorgan’s losses if not for JPMorgan’s improper sale process.”Perhaps because JPMorgan believed it could look to the extra LBHI collateral it held as a ‘cushion,’ JPMorgan rushed to liquidate the LBI collateral without any procedures to ensure it was sold at a fair market price,” Lehman said in the filing.Lehman, in the court papers, said JPMorgan dubbed the liquidation process “Project Tassimo” in honor of one JPMorgan employee’s coffee maker. The project was assigned to JPMorgan’s “Special Situations Group,” whose members had little to no actual experience liquidating collateral, Lehman said.The bank incentivized employees to make quick deals on the securities rather than good ones by refusing to compensate its traders, Lehman said. At the same time, it failed to effectively regulate traders who sought their own profits by flipping securities, Lehman said.JPMorgan also did not set a formal floor for prices, saying only that bidders who offered a “fraction of a cent” should not be considered, according to Lehman’s argument.Details of the filing had been redacted when it was first filed in August. The parties disagreed about whether the information should be made public, with Lehman filing a motion to unseal.JPMorgan never responded to the motion. Lehman filed its unredacted motion on Tuesday.The Lehman bankruptcy is In re Lehman Brothers Holdings Inc, in the same court, No. 08-13555. -
Lehman says JPMorgan botched securities sale
By Nick BrownOct 11 (Reuters) - Lehman Brothers Holdings Inc accused JPMorgan Chase , its former banker, of mishandling the sale of more than $27 billion worth of securities as Lehman was collapsing in 2008.Lehman, in court papers made public on Tuesday, lobbed myriad allegations at the bank as part of the companies’ ongoing dispute in Lehman’s bankruptcy proceeding.Lehman painted an unflattering picture of JPMorgan’s methods for selling certain securities held as collateral for facilitating repurchase deals for Lehman’s U.S. brokerage, Lehman Brothers Inc (LBI).A spokesman for JPMorgan declined to comment. A lawyer for the bank did not return a call seeking comment.In court documents filed in U.S. Bankruptcy Court in Manhattan, Lehman said JPMorgan traders made improper profits on the sales by “flipping” securities — selling them to themselves at low prices and reselling to third parties at higher prices, Lehman said.Lehman is hoping to avoid or reduce a $6.3 billion claim from JPMorgan related to the securities.JPMorgan demanded roughly that sum from Lehman to help cover $25 billion in losses it incurred through its role in the LBI repurchase deals, saying the securities alone did not generate enough cash to make it whole.But Lehman said the securities had a market value of more than $27 billion, and would have covered JPMorgan’s losses if not for JPMorgan’s improper sale process.”Perhaps because JPMorgan believed it could look to the extra LBHI collateral it held as a ‘cushion,’ JPMorgan rushed to liquidate the LBI collateral without any procedures to ensure it was sold at a fair market price,” Lehman said in the filing.Lehman, in the court papers, said JPMorgan dubbed the liquidation process “Project Tassimo” in honor of one JPMorgan employee’s coffee maker. The project was assigned to JPMorgan’s “Special Situations Group,” whose members had little to no actual experience liquidating collateral, Lehman said.The bank incentivized employees to make quick deals on the securities rather than good ones by refusing to compensate its traders, Lehman said. At the same time, it failed to effectively regulate traders who sought their own profits by flipping securities, Lehman said.JPMorgan also did not set a formal floor for prices, saying only that bidders who offered a “fraction of a cent” should not be considered, according to Lehman’s argument.Details of the filing had been redacted when it was first filed in August. The parties disagreed about whether the information should be made public, with Lehman filing a motion to unseal.JPMorgan never responded to the motion. Lehman filed its unredacted motion on Tuesday.The Lehman bankruptcy is In re Lehman Brothers Holdings Inc, in the same court, No. 08-13555. -
Lehman says JPMorgan botched securities sale
By Nick BrownOct 11 (Reuters) - Lehman Brothers Holdings Inc accused JPMorgan Chase , its former banker, of mishandling the sale of more than $27 billion worth of securities as Lehman was collapsing in 2008.Lehman, in court papers made public on Tuesday, lobbed myriad allegations at the bank as part of the companies’ ongoing dispute in Lehman’s bankruptcy proceeding.Lehman painted an unflattering picture of JPMorgan’s methods for selling certain securities held as collateral for facilitating repurchase deals for Lehman’s U.S. brokerage, Lehman Brothers Inc (LBI).A spokesman for JPMorgan declined to comment. A lawyer for the bank did not return a call seeking comment.In court documents filed in U.S. Bankruptcy Court in Manhattan, Lehman said JPMorgan traders made improper profits on the sales by “flipping” securities — selling them to themselves at low prices and reselling to third parties at higher prices, Lehman said.Lehman is hoping to avoid or reduce a $6.3 billion claim from JPMorgan related to the securities.JPMorgan demanded roughly that sum from Lehman to help cover $25 billion in losses it incurred through its role in the LBI repurchase deals, saying the securities alone did not generate enough cash to make it whole.But Lehman said the securities had a market value of more than $27 billion, and would have covered JPMorgan’s losses if not for JPMorgan’s improper sale process.”Perhaps because JPMorgan believed it could look to the extra LBHI collateral it held as a ‘cushion,’ JPMorgan rushed to liquidate the LBI collateral without any procedures to ensure it was sold at a fair market price,” Lehman said in the filing.Lehman, in the court papers, said JPMorgan dubbed the liquidation process “Project Tassimo” in honor of one JPMorgan employee’s coffee maker. The project was assigned to JPMorgan’s “Special Situations Group,” whose members had little to no actual experience liquidating collateral, Lehman said.The bank incentivized employees to make quick deals on the securities rather than good ones by refusing to compensate its traders, Lehman said. At the same time, it failed to effectively regulate traders who sought their own profits by flipping securities, Lehman said.JPMorgan also did not set a formal floor for prices, saying only that bidders who offered a “fraction of a cent” should not be considered, according to Lehman’s argument.Details of the filing had been redacted when it was first filed in August. The parties disagreed about whether the information should be made public, with Lehman filing a motion to unseal.JPMorgan never responded to the motion. Lehman filed its unredacted motion on Tuesday.The Lehman bankruptcy is In re Lehman Brothers Holdings Inc, in the same court, No. 08-13555. -
Correcting errors?
ABC Attacked by ‘DWTS’ Fans Over Chaz Bono Casting ? Bono, the only child of Sonny Bono and Cher, was born female but legally changed his gender and name last year. The announcement Monday that he would join the highly rated ABC dance competition immediately made him one of the highest-profile transgendered people in the world. Chaz was born a MALE with a female anatomy. He didn’t “change his gender”, he CORRECTED his body so it matched his MALE BRAIN. When Transsexual people Transition, they are not changing their gender on legal documents like passports and birth certificates, they are correcting errors. Tell your writers to do some medical research before he writes about people with conditions he obviously knows nothing about. Erica I have no problem with our wording, which is in line with the way most media organizations describe transgendered people. To take it a step further and say they are “correcting errors” is a sort of Orwellian leap of logic that I don’t see us adopting anytime soon: GBU Editor Chaz Bono arrives at the 22nd annual Gay and Lesbian Alliance Against Defamation Media Awards in Los Angeles, April 10, 2011. Join the Good, Bad, Ugly Facebook Blog Network
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Grenson - “Martha” Brogues from Matches Fashion, womens shoes
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iPad Head Girl aims to catch the attention of men (video)
In a new viral video campaign,...
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Engadget shows how Windows 8 is installed on to a HTC...
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Dave Eggers on being a critic
veiledyellow:portraitoftheartistasayoungman:
Do not be critics, you people, I beg you. I was a critic and I wish I could take it all back because it came from a smelly and ignorant place in me, and spoke with a voice that was all rage and envy. Do not dismiss a book until you have written one, and do not dismiss a movie until you have made one, and do not dismiss a person until you have met them. It is a fuckload of work to be open-minded and generous and understanding and forgiving and accepting, but Christ, that is what matters. What matters is saying yes.
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Mac App Store
I’ve long wanted better application management on Mac OS X, so I applaud the Mac App...
