Sunday, August 31, 2014

The Tucker 48

The Tucker 48 was an advanced automobile conceived by Preston Tucker and briefly produced in Chicago in 1948. 51 cars were made before the company folded on March 3, 1949, due to negative publicity, an SEC investigation and a heavily publicized stock fraud trial.

Speculation exists that the Big Three automakers and Michigan senator Homer S. Ferguson had a role in the Tucker Corporation's demise.
Some components and features of the car were innovative and ahead of their time. The most recognizable was a directional third headlight (known as the "Cyclops Eye"). It would activate at steering angles of greater than 10 degrees to light the car's path around corners.
Tucker initially tried to develop an innovative engine. It was a 589 cubic inches (9.65 L) flat-6 cylinder with hemispherical combustion chambers, fuel injection, and overhead valves operated by oil pressure rather than a camshaft. As engine development proceeded, problems appeared. The 589 engine was installed only in the test chassis and the first prototype.

Tucker refused to cede creative control to businessmen who could have made the Tucker ’48 commercially viable. Instead, he attempted to raise money through unconventional means, including selling dealership rights for a car that didn’t exist yet.

Tucker died a few years after he went broke, still working on new designs. Some regarded him as a scam artist, others as a tragic visionary.
At the January Barrett-Jackson auction the final bid came in at an impressive $2,650,000 for this Tucker.

That means the new owner paid $2,915,000 to drive it home.




Sino-Forest fraud hearing begins

The Ontario Securities Commission will lay out its fraud case against collapsed forestry giant Sino-Forest Corp. and some of the company’s former key executives on Tuesday, as a hearing begins on the largest corporate fraud allegations to hit Bay Street since the Bre-X gold scandal.
The high-profile proceedings are a key test for the province’s financial markets regulator, as it takes on a murky and massively complex case that involves millions of documents and a tangled web of entities in China, where Sino-Forest claimed to control $3-billion worth of timber assets.
In May of 2012, the OSC alleged the company and some of its former executives were involved in a “complex fraudulent scheme to inflate the assets and revenue of Sino-Forest,” made “materially misleading statements” and “falsified the evidence of ownership for the vast majority of its timber holdings by engaging in a deceitful documentation process.”
The scheme allegedly involved transactions between companies that Sino-Forest secretly controlled.

http://www.theglobeandmail.com/report-on-business/sino-forest-fraud-hearing-begins/article20288244/?cmpid=rss1

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"The Ontario Securities Commission is formally accusing troubled Chinese timberland company Sino-Forest Corp. and several former executives of lying to investors and attempting to mislead investigators.

The regulator filed the fraud allegations on Tuesday against the company and its founder and former chief executive Allen Chan, as well as against Albert Ip, Alfred Hung, George Ho and Simon Yeung."

Some are saying this here TRE-X is missing 90% of whatever the hell it was supposed to have exactly and do the accused have two cents to rub together for a lawyer?

Rest easy there citizen ...

"Sino-Forest Corp. (TRE) insiders, including former Chief Executive Officer Allen Chan, sold C$81 million ($83 million) of shares since the end of 2006, regulatory filings show.


Chan, who stepped down Aug. 28 after the Ontario Securities Commission suspended trading in Sino-Forest, sold C$3 million of stock, the filings show. Kai Kit Poon, with whom Chan founded the tree-plantation company in 1992, sold more than C$30.1 million. Chief Financial Officer David Horsley sold C$11.2 million of shares. Simon Murray, a director and also chairman of Glencore International Plc, sold $10.8 million."

Lassoed some real big whale types with this here freakin dopey yarn and the take would make most of our Venture type criminals look like common garden pooh tossers.

So whoop dee doo. Even the bazillionaires get shorn like the rest of us now and then.


So everybody has a favourite so called "analyst", and we have loved to hate Mr. Richard Kelertas for his long running verbal stupidity from Dundee during the Tre-X scamola. Its one thing to be a paid apologist for a wicked large scam and quite another to dismiss the allegations as "complete krap" the instant they appear.

So it's Allana Potash - AAA.t where our guy lands eh? Pffft. Of course we humans are far from perfect but DAMN. This kind of wicked large dopey brain cramp is almost too much to stomach.

http://www.marketwire.com/press-release/allana-potash-announces-appointment-richard-kelertas-as-senior-vice-president-corporate-tsx-aaa-1647130.htm


Before that order came down Mr. Kelertas had this to offer ...

“We are going to provide you with some information on why Muddy Waters research is a pile of crap,” said Richard Kelertas, an analyst at Dundee Capital Markets, during a conference call he held with clients on Tuesday afternoon. “We believe there’s nothing true in that report.”




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"The Ontario Securities Commission has accused Ernst & Young LLP of failing to conduct a proper audit of failed forestry firm Sino-Forest Corp. In a rare move, the commission has levelled allegations against a firm’s auditors, saying Ernst & Young did not perform to “relevant industry standards” during their time as auditors between 2007 and 2012."

"The OSC issued fraud allegations against Sino-Forest and former senior executives in May. The case has not yet gone to a hearing."

http://www.theglobeandmail.com/globe-investor/osc-accuses-ernst-young-of-improper-sino-forest-audit/article5913025/

This blogger identified the obvious problem early on ...

"First on the public interest radar should be the all too cozy relationship between the auditor signing off on the apparently bogus financials that everybody is relying on and a bloated BoD with more alumni from Ernst and Young LLP than keys to the executive washroom.

Thomas M. MaradinVice-President, Finance (Corporate)
Joined Sino-Forest in 2005; previously worked five years for several multi-national corporations in financial reporting and internal control, regulatory compliance and system upgrading; previously worked fifteen years for Ernst & Young LLP, providing professional services in audit, taxation, risk management, strategic and business planning.
James (Jamie) M.E. Hyde, CA, C.Dir
Toronto

Director since 2004; previously Vice President, Finance and Chief Financial Officer, GSW Inc., Executive Vice President and Chief Financial Officer, Resolve Business Outsourcing Income Fund, Former Partner, Ernst & Young LLP, where he provided for 24 years a board range of professional services to public and private companies.
Garry J. West
Toronto
Joined the Board in February 2011; former Partner at Ernst & Young; With 35 years of extensive financial experience including auditing, corporate restructuring, public financings and strategic planning initiatives for a number of major organizations; Director and Chair of the Audit Committee for two other TSX-listed companies; Fellow of the Ontario Institute Chartered Accountants.



Elevated heavy metals after Mine Tailings Spill

WILLIAMS LAKE, B.C. - Elevated levels of seven chemical elements have been found by B.C. government staff in the sediment near a mine tailings spill.

The Ministry of Environment says copper, iron, manganese, arsenic, silver, selenium and vanadium were found in concentrations that exceeded provincial standards during testing near the Mount Polley mine Aug. 12 and Aug. 15.
B.C. officials say sediment discharged from a tailings pond that spilled mining waste in the Cariboo region is not toxic for humans but may harm aquatic life.
The province says the sediments exceed guidelines and contaminated sites regulation standards for copper and iron.

Environment Minister Mary Polak says the area is considered contaminated under provincial regulations and the company responsible for the spill must submit a plan detailing how it will address the situation.
The chiefs in two First Nations communities in the area have said their residents don't trust the government's claims that the fish are safe, so they've opted not to harvest salmon in what would normally be the busiest time of the year.



Read more: http://www.ctvnews.ca/canada/high-levels-of-seven-chemicals-found-near-breached-tailings-pond-1.1983601#ixzz3Bzel6ajy

Saturday, August 30, 2014

Ultra-Luxury Cars

The "super luxury" segment (cars costing more than $100,000) is one of only two to show market growth over the last five years.

Bentley Flying Spur has 550-horsepower engine and all-wheel drive.

"The popularity of super luxury sedans among affluent American consumers has opened the door for automakers to roll out a whole new generation of innovative, amenity-laden models," said Eric Papacek, analytic consultant for Polk. "New models and concepts recently announced by Bentley, Mercedes-Benz, Rolls-Royce and Cadillac are clear signs that the uber car has returned to the American auto scene."
The Ghost. Rolls-Royce has set the standard by which all other luxury carmakers are judged. Its vehicles are opulent and pricey, which makes them the ideal ride of the rich and famous. A Phantom starts around $ 330,000.
Mercedes-Benz brought back the Maybach name and put it on a set of ultra-luxury sedans. Named the 57 and 62 (based on vehicle length: 5.7 meters and 6.2 meters, respectively), the Maybach is quite different from the Rolls. The 57 is considered a driver's car, while the 62 would likely be chauffeur-driven, referred to by the automaker as a "business jet on wheels." Featuring power-closing rear doors, a 600-watt audio system and reclining rear seats with power footrests, the Maybach 62 goes for around $375,000.
Aston Martin DB9. The two-plus-two sports car is offered in both Coupe and Volante (convertible)The hand-built DB9's 450-horsepower 6.0-liter V12 engine is available with either a 6-speed manual or a 6-speed automatic transmission. $ 260,000
The Mercedes-Benz S-Class, CL-Class coupe and SL-Class roadsters all sport supercharged V8 engines producing an impressive 493 horsepower. $ 200,000
BMW recently joined this elite group with its 760 luxury sedan. The top-end of the 7-series lineup offers an expansive rear seating area, impressive handling and excellent performance from its 438-horsepower V12 engine. $ 140,000