Monday, January 16, 2012

MPTF 3 year later: patients down to 29 (Reuters)

LOS ANGELES (TheWrap.com) ? Three years after announcing a controversial plan to close its money-losing longterm and acute care facility, the nursing home at the Motion Picture and Television Fund's Woodland Hills campus has defied the odds to remain open.

Thanks to a sustained grassroots campaign from Saving the Lives of Our Own, a collection of residents and their families, the MPTF board has abandoned plans to the shutter the home, pledging to keep the facility open if it can find a partner.

However, the nursing home is a shadow of what it once was. At a busy facility that once offered the "gold standard" in comprehensive care for the aged and frailest members of the Hollywood community, there are only a handful of residents who remain behind.

The number of patients has dwindled to 29 from the nearly 140 people who called the facility home when the closure was first announced, officials say. Some residents moved in the wake of the closure announcement, others succumbed to old age and disease.

"As the residents of the longterm care unit are dying, the mattresses are rolled up and the lights are turned out, but no one new is coming in," Richard Stellar, a blogger for TheWrap and a member of Saving the Lives of Our Own, said. "It's a war of attrition."

The result is a kind of limbo. Long-term care has not closed, but with the MPTF management loath to admit new long-term patients until it secures a partner to share the burden of keeping the facility operating, the doors to the nursing home remain closed to new residents.

Administrators at the MPTF say that they have learned their lesson and that they are fully committed to keeping longterm care as part of their offerings.

"We heard the industry's reaction and I think we responded to it," MPTF Chief Executive Officer Bob Beitcher told TheWrap. "The unit is stable and we believe we are continuing to provide excellent care."

Resident's families still praise the nursing staff at the home, but say that residents have grown depressed as their friends die with no fresh faces joining their ranks. Where once the halls of the longterm care facility bustled with activity, resident's family members say that the nursing home has become a bleak environment.

"It's an empty place," Maria-Flora Smoller, whose mother is a resident at the facility, told TheWrap. "The people that work there do the best they can, but the atmosphere has changed. My mom made great friends there, but sadly many have passed away and there are no new friends to be made because no one new is coming in to talk about the old times and what they have in common. She's depressed because of it."

Though Saving the Lives of Our Own members are quick to praise Beitcher for being more open to their concerns than his predecessor, the ousted Dr. David Tillman, there is a mounting frustration that the fate of the facility remains up in the air.

"It's time for the MPTF to do more than pay lip service," Melody Sherwood, a Saving the Lives of Our Own member whose mother is a longterm care resident, told TheWrap. "I think we're hopefully frustrated. Even though the MPTF has said it is not going to close, which is wonderful and was our goal when we first formed Saving the Lives, not closing is not the same as being open."

Last fall, a plan to keep the money-losing longterm care facility and acute care hospital open by transferring operations to Providence Health & Services was abandoned over financial concerns.

An alternative plan was supposed to be in place and announced by the end of last year, but that too has hit a speed-bump. A rumored scenario that would involve bringing on Kindred Healthcare to take over the Woodland Hills complex has reportedly stalled until Congress makes a decision about whether it will keep a moratorium on constructing new longterm care facilities in place.

Administrators are hesitant to provide a concrete timeframe for when a new partner will be announced, but they remain optimistic. With costs mounting, however, there is a real sense of urgency about finding a financially viable solution.

"Keeping open has been costly to us and it has sucked up financial resources," Beitcher told TheWrap.

Beitcher estimated that keeping the facility up and running has cost between $25 million to $30 million over the past three years. When the plan's administrators announced that the facility would have to close, they said that longterm care was losing $10 million annually.

For now members of the grassroots opposition to the closure plan are not ready to get out the signs and form picket lines, believing that for the time being at least, a sustainable solution can be reached by working in concert with the MPTF administration.

The two even partnered to protest cuts to Medi-Cal reimbursement rates that would mean as much as a 22 percent reduction in revenue for the campus' long term care and Alzheimer's patients. In a far cry from the often contentious relationship in the past, Saving the Lives of Our Own said it would join the MPTF's court challenge as amicus plaintiffs.

"The intensity of the cause has dissipated a bit, because I think they see that we're trying to do the right thing," Beitcher said. "We're working together on this to keep longterm care open and admit new residents, but if, God forbid, we get off track, I think they'll let us know."

Though the frustration has grown more pitched since the Providence deal collapsed, just getting the MPTF to back away from its closure plans involved a true David vs. Goliath effort that pitted the 350 members of Saving the Lives of Our Own against some of the entertainment industry's most powerful figures.

By hosting rallies and fundraisers, taking out ads in the trade papers and enlisting the powerful law firm of Girardi + Keese, the group publicly pressured an MPTF board that included DreamWorks Animation CEO Jeffrey Katzenberg, Fox Filmed Entertainment Co-chairman and CEO Jim Gianopulos and former MGM CEO Frank Mancuso and forced them to keep the nursing home open.

"No one thought that the longterm care center would survive, and it did," Nancy Biederman, co-founder of Saving the Lives of Our Own, told TheWrap. "People thought that the MPTF had lost its way forever, and now it is on its way back to the right path. Though much has been lost, much abides. We regret the loss of life, the transfers of patients and the damage done to the MPTF, but we have also seen a renewed awareness of the essential role of the longterm care center in preserving the ideals of the MPTF, and the battle to save the longterm care center has gotten more people involved than we could ever have imagined when we started."

(Editing by Chris Michaud)

Source: http://us.rd.yahoo.com/dailynews/rss/enindustry/*http%3A//news.yahoo.com/s/nm/20120113/media_nm/us_motionpicturehome

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Sunday, January 15, 2012

Sony shows off 13-inch VAIO Ultrabook behind glass, we go eyes-on

There seems little doubt that CES 2012 will go down as the year of the Ultrabook, and like clockwork, Sony's getting in on the action, as evidenced by that 13-inch laptop on display behind a plate of glass. Granted, it's not quite as sexy as the further-off hybrid devices we saw the other day -- or even, say the Acer Aspire S5 and HP Envy Spectre, but Sony certainly knows how to design a handsome laptop. And, heck, there's no telling how much the final version will look when it's released later this year -- Sony's not really letting up a lot of information at the moment.

As you can see for yourselves, that notebook has a silver color, but even then, Sony tells us that might change before it actually hits the market. The cover has a brushed aluminum texture, with a shiny stylized VAIO logo stamped in the center. When closed, it's not the thinnest Ultrabook, from what we can tell. It also has a glossy 13-inch display and Sony's signature chicklet keyboard. Above the keyboard, you've got a row of small physical buttons, denoting power on / off, VAIO, Web and Assist -- familiar functions, all. In front of the keyboard is a seamless clickpad, with another VAIO logo sitting to the left.

Along the left side of the unnamed Ultrabook, you'll find an Ethernet jack, VGA and HDMI output, a memory card slot and a headphone jack. On the other side, sits the power port, a fan and two USB ports. Sadly, we were unable to actually touch the thing, this being an early build, but you can be sure we'll keep you posted on finer points like pricing, availability and specs as we learn them.

Sony shows off 13-inch VAIO Ultrabook behind glass, we go eyes-on originally appeared on Engadget on Fri, 13 Jan 2012 21:40:00 EDT. Please see our terms for use of feeds.

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Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/7r6-Op5FKwc/

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US hits 3 companies with sanctions for Iran links (AP)

WASHINGTON ? The Obama administration has hit three energy companies with sanctions for providing large amounts of fuel to Iran.

The State Department says Chinese company Zhenrong brokered the delivery of more than $500 million in gasoline to Iran in a six-month period.

Singapore-based Kuo Oil sent $25 million in refined petroleum to Iran, and FAL Oil Co. Ltd. of the United Arab Emirates shipped more than $70 million in refined petroleum to the Islamic republic in late 2010.

The department says all three companies made individual transactions worth more than the $1 million allowable under U.S. law. Annual values cannot exceed $5 million.

The sanctions bar the companies from receiving U.S. export licenses.

The U.S. and its partners are trying to get Iran to halt its disputed nuclear program.

Source: http://us.rd.yahoo.com/dailynews/rss/iran/*http%3A//news.yahoo.com/s/ap/20120112/ap_on_re_us/us_us_iran_sanctions

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Saturday, January 14, 2012

8 Dangerous Insurance Stocks to Sell | InvestorPlace

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I?ve discussed before how insurance stocks are tricky businesses. And, despite the recent gains in the market, there are still many insurance stocks that have a long ways to go before they get on my buy list. The financial industry has been stuck in a rut for quite some time now and I would recommend steering clear of this industry.

I watch more than 5,000 publicly traded companies with my Portfolio Grader tool, ranking companies by a number of fundamental and quantitative measures. And this week, I?ve got eight insurance stocks to sell.

Here they are, in alphabetical order. Each one of these stocks gets a ?D? or ?F? according to my research, meaning it is a ?sell? or ?strong sell.?

AIG (NYSE:AIG) offers various forms of insurance to customers in 130 countries. In the last year, AIG has posted staggering losses of 57%. AIG gets an ?F? for sales growth, an ?F? for earning momentum, an ?F? for the magnitude in which earnings projections have increased over the past month, a ?D? for cash flow and an ?F? for return on equity in my Portfolio Grader tool. For more information, view my complete analysis of AIG stock.

Allstate (NYSE:ALL) is known best for personal property, casualty and life insurance, along with retirement and investment products business. In the last year ALL stock has dipped 7%. ALL gets a ?D? for sales growth, an ?F? for operating margin growth, a ?D? for earnings growth, an ?F? for earnings momentum, an ?F? for the magnitude in which earnings projections have increased over the past month, a ?D? for cash flow and a ?D? for return on equity in my Portfolio Grader tool. For more information, view my complete analysis of ALL stock.

Hartford Financial Services Group (NYSE:HIG) is another is an insurance and financial services company that makes the list with a loss of 36% in the last 52 weeks. HIG gets an ?F? for sales growth, a ?D? for operating margin growth, an ?F? for earnings momentum, an ?F? for earnings growth, an ?F? for its ability to exceed the consensus earnings estimates on Wall Street, an ?F? for the magnitude in which earnings projections have increased over the past month and a ?D? for return on equity in my Portfolio Grader tool. For more information, view my complete analysis of HIG stock.

Lincoln Financial (NYSE:LNC) offers a variety of wealth protection, accumulation and retirement income products and solutions. Since this time last year, LNC stock has dipped 26%. LNC stock gets a ?D? for sales growth, a ?D? for earnings growth and a ?D? for earnings momentum in my Portfolio Grader tool. For more information, view my complete analysis of LNC stock.

Manulife Financial (NYSE:MFC) is known mostly for the life insurance it provides in 22 countries. MFC is down 35% in the last year. MFC gets an ?F? for the magnitude in which earnings projections have increased over the past month in my Portfolio Grader tool. For more information, view my complete analysis of MFC stock.

Old Republic International (NYSE:ORI) is involved with the business of insurance underwriting. Since this time last January, ORI stock has slid 30%. ORI gets an ?F? for operating margin growth, an ?F? for earnings momentum, an ?F? for the magnitude in which earnings projections have increased over the past month, an ?F? for cash flow and an ?F? for return on equity in my Portfolio Grader tool. For more information, view my complete analysis of ORI stock.

Principal Financial Group (NYSE:PFG) deals with retirement savings, investment and insurance products and services. PFG stock is down 19% in the last year. PFG gets an ?F? for sales growth, a ?D? for earnings growth, an ?F? for its ability to exceed the consensus earnings estimates on Wall Street and a ?D? for the magnitude in which earnings projections have increased over the past month in my Portfolio Grader tool. For more information, view my complete analysis of PFG stock.

Unum Group (NYSE:UNM) is known mostly for its life insurance and accident insurance subsidiaries. UNM rounds out the list with a loss of 12% since last January. UNM gets a ?D? for sales growth and a ?D? for its ability to exceed the consensus earnings estimates on Wall Street in my Portfolio Grader tool. For more information, view my complete analysis of UNM stock.

Get more analysis of these picks and other publicly traded stocks with Louis Navellier?s Portfolio Grader tool, a 100% free stock rating tool that measures both quantitative buying pressure and eight fundamental factors.

Source: http://www.investorplace.com/2012/01/dangerous-insurance-stocks-to-sell-aig-all-hig-lnc-mfc-ori-pfg-unm/

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Jersey Shore Season Preview: Pandemonium in Seaside!


The Season 5 premiere of Jersey Shore kicked off another crazy summer in Seaside Heights last week. But from the looks of the preview that aired after the episode, we haven't seen anything yet from MTV's band of tanned, juiced-up guidos/ettes.

In the coming weeks:

  • Sitch has objects hurled at him (what else is new).
  • Sitch is seriously contemplating getting wifed-up.
  • Jenni experiences some relationship drama.
  • One cast member leaves the shore house.
  • You best believe the gang will be goin' HARD.

All that and so much more. Watch the sneak preview below:

Source: http://www.thehollywoodgossip.com/2012/01/jersey-shore-season-preview-pandemonium-in-seaside/

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Friday, January 13, 2012

'Eternal leader' Kim's body to be enshrined

FILE - In this undated file image made from KRT video, North Korea's new leader Kim Jong Un rides a horse at an undisclosed place in North Korea, aired Sunday, Jan. 8, 2012. North Korea said Wednesday Jan. 11, 2011 that before Kim Jong Il's death the United States offered to provide food aid if it halted its uranium enrichment program, and although Pyongyang blasted Washington for "politicizing" food shipments, it appeared to leave the door open for a deal. (AP Photo/KRT via APTN, File) TV OUT, NORTH KOREA OUT

FILE - In this undated file image made from KRT video, North Korea's new leader Kim Jong Un rides a horse at an undisclosed place in North Korea, aired Sunday, Jan. 8, 2012. North Korea said Wednesday Jan. 11, 2011 that before Kim Jong Il's death the United States offered to provide food aid if it halted its uranium enrichment program, and although Pyongyang blasted Washington for "politicizing" food shipments, it appeared to leave the door open for a deal. (AP Photo/KRT via APTN, File) TV OUT, NORTH KOREA OUT

(AP) ? North Korea said Thursday it will enshrine Kim Jong Il's body in the palace housing his father, the national founder, deepening its veneration of the Kim dynasty as the country transfers power to a third generation of the family.

The country also said it will erect a new Kim Jong Il statue and build "towers to his immortality," while the ruling party called him "eternal leader" and gave his birthday a new title that underlines his military-first policy and links him more closely to his father, Kim Il Sung, who is still revered as the "eternal president."

The North's state media have sought since Kim Jong Il's death on Dec. 17 to show his son, Kim Jong Un, as a strong, confident military leader, but outside observers are watching to see if he can impose his will over the military and government as strongly as his father did during 17 years of absolute rule.

North Korea has quickly handed Kim Jong Un a slew of his father's prominent titles and repeatedly connected him with his father and grandfather in an effort to add legitimacy to the young leader. North Korea also has stepped up propaganda praising Kim Jong Il's works and vowed to uphold his policies in what is seen as an attempt to justify the hereditary power transfer.

On Thursday, the North's state media called Kim Jong Il the "eternal leader" ? reminiscent of his father's title ? and said his body will be displayed at Pyongyang's Kumsusan Memorial Palace, where the embalmed body of Kim Il Sung has been lying since 1995, a year after he died.

It was unclear whether their bodies would be in the same room.

The new name for Kim Jong Il's birthday, "Day of the Shining Star," is another link to Kim Il Sung, whose birthday is called the "Day of the Sun."

"Shining Star" also was the name given by North Korea to what it says was a satellite it launched into space in April 2009, but that the United States says was a long-range rocket test. The launch stoked regional tensions and earned North Korea international sanctions and condemnation.

The new measures reflect North Korea's "unanimous desire ... to hold the great leader Comrade Kim Jong Il in high esteem as the eternal leader of the party and the revolution," the Political Bureau of the Workers' Party's Central Committee said, according to the official Korean Central News Agency.

North Korea is boosting "the cult of personality surrounding Kim Jong Il" as it links him with Kim Il Sung, said Yang Moo-jin, a professor at the University of North Korean Studies in Seoul.

On Thursday, North Korea's state television showed photos of a smiling Kim Jong Un gesturing in a manner similar to his father and wearing a similar parka as he spoke to military officers and inspected construction sites.

___

Associated Press writer Sam Kim contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2012-01-12-AS-NKorea-Kim's-Body/id-16d52c3b44304f7a9a5e4dc567f07451

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Exclusive: TPG willing to invest $1 billion in Olympus (Reuters)

TOKYO (Reuters) ? Private equity firm TPG Capital is willing to invest about $1 billion in Japan's Olympus Corp in a joint deal with Sony Corp or another suitor circling the scandal-hit firm, a person familiar with TPG's thinking said.

TPG has informed executives at Sony, Canon Inc, Fujifilm Holdings and Panasonic Corp of its interest in providing capital and expertise to help revive the maker of medical equipment and cameras, the person said.

Olympus has been seeking a friendly investor to make a minority investment and help its business recover from a $1.7 billion accounting scandal that has crushed its stock price and left a big dent in its balance sheet.

Electronics firms such as Sony, Canon and Panasonic are keen on Olympus' diagnostic endoscope business as part of their strategies to expand into healthcare, while Fujifilm is already in the profitable endoscope market, banking sources have said.

So far, TPG has not received any indication from these strategic suitors that they would be willing to work with the private equity firm on a transaction, the person said, speaking on condition of anonymity due to the sensitivity of the matter.

But TPG believes it could be an effective partner by putting up capital, offering its experience in management, restructuring and the healthcare field, and by taking over parts of the company the strategic investor does not want, the person said.

A TPG spokesman declined to comment.

"My impression is that the chance of private equity getting involved in Olympus is 50-50," said Tetsuro Ii, chief executive of Commons Asset Management.

"The strategic partner would need to eventually buy out the fund at a higher price. But the fact is Olympus has made a lot of acquisitions to date, much of which will need to be disposed of or restructured. It probably makes more sense to work with a value-up fund to get that done."

The list of potential suitors is long and was thought to include Samsung Electronics, though the South Korean technology giant ruled out on Friday any chance of an equity investment in the firm.

Sony, Canon, Fujifilm and Panasonic are seen as strong candidates to invest in and form an alliance with Olympus, attracted by its medical equipment business, the company's crown jewel boasting operating profit margins of about 20 percent.

Canon said it was not considering an alliance with Olympus. Panasonic declined to comment. Fujifilm said it had not been contacted by TPG, while Sony said it had no comment.

Nearly all of Olympus' profits are generated from its dominant 70 percent share of the global market for flexible diagnostic endoscopes. The steady cash flow from that business has allowed it to prop up its digital camera business, which is on course to lose money for a second straight year.

MESSY DEAL

TPG would consider taking over the other less desirable parts of the firm to facilitate a deal. This could include the digital camera operation, which is in need of a major overhaul, including job cuts, the person said.

TPG is one of the world's largest private equity firms, with about $48 billion of assets under management. It has considerable experience in healthcare, including a leading role in the $4 billion buyout of data provider IMS Health in 2009.

It is also one of several parties interested in bidding for AMR Corp, the bankrupt parent of American Airlines, sources familiar with the matter told Reuters.

Olympus' medical business appears to have weathered the scandal, but its stock is down 40 percent since the fraud was brought to light in mid-October and the situation remains fluid, adding to the difficulty in getting a deal done.

Samsung Electronics Chief Executive Choi Gee-sung dismissed suggestions his firm, a global leader in smartphones, televisions and memory chips, would want to buy Olympus' assets or at least invest as an equity partner in the business.

"We're not interested in what others are already doing very well. Samsung will do what we can do better," Choi told Reuters on the sidelines of the Consumer Electronics Show in Las Vegas.

An executive at parent Samsung Group, however, said Samsung Electronics was interested in a more modest, non-equity alliance, though he declined to give details.

"We are not that interested in Olympus ... Olympus is in a very difficult situation. It may want more than just an alliance or cooperation," the executive said on condition of anonymity as he was not authorized to speak to the media.

Any major foreign investment in Olympus could run into opposition in Japan, where the firm's endoscope technology is seen as strategic, in part because of the country's high incidence of stomach cancer.

Medical endoscopes are used to peer inside patients to help diagnose cancer, ulcers and other conditions. Olympus endoscope technology also has strategic industrial applications, such as looking inside dangerously radioactive parts of Japan's crippled Fukushima nuclear power plant.

The Japanese government can halt an investment of 10 percent or more in a listed firm, or 1 percent or more in an unlisted company, if foreign ownership would affect national security, a regulation some say might be applied to optical technology.

An analyst in Hong Kong said optical technology was potentially of interest to Samsung Electronics.

"Optical technology is one of the areas where it has not caught up with Japan," said Hwang Min-seong, a technology analyst at Samsung Securities.

Olympus remains a thorny takeover target for potential bidders because the multinational remains under investigation by police, prosecutors and regulators at home as well as by law-enforcement agencies in the United States and Britain.

Its disgraced senior management and board is also in disarray, with shareholders not expected to vote in a new board, including chairman and chief executive, until March or April when Olympus has said it will convene an extraordinary meeting.

Olympus' listing status is also under a cloud, though risks of it being delisted from the Tokyo Stock Exchange appear to be fading with public broadcaster NHK reporting on Friday that the exchange was set to decide to keep Olympus on its boards.

The exchange is likely to hold an extraordinary executive meeting to decide Olympus' fate as early as January 20, NHK added. The exchange said in a statement that nothing had been decided.

Olympus shares closed down 2.7 percent at 1,236 yen, valuing the company at around $4.4 billion. The stock's fall was due to investors keen to close out positions ahead of the weekend and lock in gains earlier in the week on growing expectations that it would keep its listing, a trader at a Japanese broker said. ($1 = 76.7550 Japanese yen)

(Additional reporting by Miyoung Kim in LAS VEGAS, Hyunjoo Jin in SEOUL and Yoko Kubota, Mari Saito and Isabel Reynolds in TOKYO; Editing by Mark Bendeich, Neil Fullick and Ian Geoghegan)

Source: http://us.rd.yahoo.com/dailynews/rss/business/*http%3A//news.yahoo.com/s/nm/20120113/bs_nm/us_olympus

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