“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]
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.
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.
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.
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.
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