STRUCTURED SETTLEMENT ON NEWS
Structured Settlement Factoring Company Launches Online Market Place to Sell Structured Settlement Payments
A structured settlement factoring company launches an online market place that enables tort victims, annuitants, and financial professionals to sell structured settlement and annuity payments. The online portal, found only at Settlement Quotes, allows annuitants to easily compare lump sum quotes between industry funding companies and private investors within their network, resulting in discount rates as low as 7%, compared to an industry average of 19.2%.
In cases involving structured settlement factoring transactions, Settlement Quotes only works with companies and investors that have attained perfect Better Business Bureau records. The Settlement Quotes website provides a free in-depth analysis that can save hours of shopping and thousands of dollars. They are prepared to aid the consumer by providing the highest quote available to them. Accessibility and rapid response make their service unique.
We offer a free service to consumers, structured settlement brokers, settlement planners, lawyers, and other financial professionals. They create a free account, input the payment stream information and within 24 hours provide to the consumer a complete analysis and a minimum of six quotes to compare.
According to Settlement Quotes, "The question asked most often is: "How much more money will we receive by using your service?' Our job is to create competition between our investors and funding companies creating higher bids for the structured settlement. This competition creates a larger lump sum payment to the structured settlement recipient. Our quotes earn an average of $5000 higher than that of comparable structured settlement factoring quotes".
Settlement Quotes prides themselves on providing a no-nonsense approach to sales. "We offer a free service to consumers, structured settlement brokers, settlement planners, lawyers, and other financial professionals. They create a free account, input the payment stream information and within 24 hours provide to the consumer a complete analysis and a minimum of six quotes to compare." They let their quotes speak for themselves.
Settlement Quotes is the leader in the structure settlement factoring brokerage industry. It has received praise from several industry blogs and leaders for the continued efforts of their structured settlement factoring educational programs aimed at tort victims and financial professionals.
Accessibility is a unique and important aspect of Settlement Quotes Services. Their expertise in structured settlement factoring transactions provides the most up to date and available resources on the market today.
for more info visit:http://www.huliq.com/53360/structured-settlement-factoring-company-launches-online-market-place-sell-structured-settlement-payments
In cases involving structured settlement factoring transactions, Settlement Quotes only works with companies and investors that have attained perfect Better Business Bureau records. The Settlement Quotes website provides a free in-depth analysis that can save hours of shopping and thousands of dollars. They are prepared to aid the consumer by providing the highest quote available to them. Accessibility and rapid response make their service unique.
We offer a free service to consumers, structured settlement brokers, settlement planners, lawyers, and other financial professionals. They create a free account, input the payment stream information and within 24 hours provide to the consumer a complete analysis and a minimum of six quotes to compare.
According to Settlement Quotes, "The question asked most often is: "How much more money will we receive by using your service?' Our job is to create competition between our investors and funding companies creating higher bids for the structured settlement. This competition creates a larger lump sum payment to the structured settlement recipient. Our quotes earn an average of $5000 higher than that of comparable structured settlement factoring quotes".
Settlement Quotes prides themselves on providing a no-nonsense approach to sales. "We offer a free service to consumers, structured settlement brokers, settlement planners, lawyers, and other financial professionals. They create a free account, input the payment stream information and within 24 hours provide to the consumer a complete analysis and a minimum of six quotes to compare." They let their quotes speak for themselves.
Settlement Quotes is the leader in the structure settlement factoring brokerage industry. It has received praise from several industry blogs and leaders for the continued efforts of their structured settlement factoring educational programs aimed at tort victims and financial professionals.
Accessibility is a unique and important aspect of Settlement Quotes Services. Their expertise in structured settlement factoring transactions provides the most up to date and available resources on the market today.
for more info visit:http://www.huliq.com/53360/structured-settlement-factoring-company-launches-online-market-place-sell-structured-settlement-payments
Van Der Moolen to Enter European Retail Banking Segment with Focus on Execution
Van der Moolen Holding (liquidity provider and institutional broker in equities, bonds and related instruments in Europe and in the US and electronic markets access provider by Online Trader) today reported its results for the fourth quarter and the full financial year 2007. Key items 2007 Net loss attributable to common shareholders amounts to € 58.2 million for the fourth quarter of 2007 and € 77.8 million for the full financial year 2007; € 71.8 million of the loss attributable to disposed US specialist activities and European discontinued business; Net profit for the full year for continuing activities would be € 8.7 million excluding non-recurring items; US professional brokerage activities strengthened by acquisition Robbins & Henderson; Solid performance and growth of continued European activities; Cooperation GSFS Asset Management marks start in structured products. Strategy and Outlook 2008 Focus on three business lines: VDM Trading, VDM Institutional Brokerage and VDM Retail Banking; Broaden business focus Europe into retail banking segment; Obtain bank license by formal approval or co-operation. Richard den Drijver, CEO of Van der Moolen Holding NV commented: "2007 has been a year of fundamental changes for the company. By selling the US specialist activities, we will focus on three separate business lines (VDM Trading, VDM Institutional Brokerage and VDM Retail Banking). Our US business lines are now fully in line with our European activities. At the same time, we have decided to broaden our business focus in Europe. By obtaining a bank license, either through the formal approval process or through co-operation with an adequately licensed party we will be capable to expand Online Trader from the current professional level to the retail segment. The cooperation with GSFS Asset Management offers an entry to the market of structured products. We have strong positions in the key financial markets we operate in and we expect to continue to build on the solid foundation we have created in 2007, and we expect to be profitable in 2008. We strongly believe in the upside potential of new services we will be entering in 2008 and onwards." Key Figures* 4th quarter 4th quarter 3rd quarter 12 months Euro millions 2007 2006 2007 2007 2006 Revenues 24.2 17.5 28.6 109.9 63.9 Operating profit (loss) (1.6 ) (4.3 ) 0.7 (0.8 ) 0.4 Profit (loss) for the period from continuing operations* (0.9 ) (2.9 ) (0.4 ) (3.1 ) 1.7 Profit (loss) for the period from discontinued operations* (56.2 ) (40.6 ) (4.9 ) (72.7 ) (78.4 ) Profit (loss) attributable to common equity holders of the Company (58.2 ) (45.1 ) (5.8 ) (77.8 ) (78.7 ) Guarantee capital 118.5 298.6 205.8 118.5 298.6 Per common share data (Euro x 1) (Dilutive) Profit (loss) from continuing operations per common share a)* (0.04 ) (0.09 ) (0.02 ) (0.13 ) (0.02 ) (Diluted) profit (loss) from discontinued operations per common share a)* (1.21 ) (0.90 ) (0.11 ) (1.54 ) (1.72 ) (Dilutive) Profit (loss) per common share* (1.25 ) (0.99 ) (0.13 ) (1.67 ) (1.74 ) Average US dollar/Euro rate 0.69 0.78 0.73 0.73 0.80 *) figures in this press release have not been subject to an audit by our external auditor *) figures before accounting of currency translation adjustments for discontinued operations We emphasize that the figures included in this press release have not been subject to an audit by an external auditor. Operational developments in 2007 Van der Moolen further strengthened its European Business in 2007. The Company has initiated diversification into other markets and segments (such as ETF, structured products, security lending and energy trading). Focusing on high-margin products, we have embarked on a series of operational measures, such as the termination or disposal of loss making activities, including VDM Obligaties, the specialist activities in VDM Specialists LLC and the restructuring of our UK activities by terminating the day-trading activities. In our consolidated figures, we have reported Van der Moolen Specialists USA, VDM Securities Ltd, VDM Gibraltar Ltd and VDM Obligaties B.V. as discontinued operations. In addition, we have launched initiatives in 2007 to expand the strength of the present high margin operations by: The acquisition of Robbins & Henderson, a New York based institutional Brokerage firm; The fueling of the New York brokerage activities with Van der Moolen's top talent; The initiative to trade on more markets from our present locations; Adding more high margin products to our portfolio. With the termination of our specialist activities in New York, one of the core benefits of being listed on the New York Stock Exchange disappeared. Consequently, we have decided to delist from the New York Stock Exchange and terminate our American Deposit Receipts program, effectively as from December 27, 2007. The delisting and deregistration process is expected to result in cost reduction in the future. Our principal subsidiaries and their core business activity, categorized by business segment, can be summarized as follows: Europe In Europe Van der Moolen has branches in the Netherlands, France, Germany, Switzerland and the United Kingdom. The European activities showed a strong operating performance in 2007, significantly exceeding the performance in 2006. All European markets are mature, screen based markets. Van der Moolen has a strong position due to its diversified product portfolio, strong IT and very experienced staff. Trading securities Van der Moolen is acting in Amsterdam as an equity trading firm engaged in proprietary trading and arbitrage on Euronext, OMX, Borsa Italiana, Xetra, Eurex and the Virt-X/Swiss exchange. The Cologne branch of Van der Moolen is active in proprietary trading in German and Swiss equities, derivatives and arbitrage. Trading derivatives Under the trading name Curvalue Van der Moolen has leading market making activities and day trading activities in Amsterdam on Euronext, Euronext Liffe, CBOT, CME, ICE, Xetra and Eurex. Due to the preferred status Curvalue is required to quote on almost all option series of the Euronext Liffe. Furthermore, Curvalue performs arbitrage on the European exchanges, trading in futures, options and equities and engages in day trading (proprietary trading) on Eurex and holds small open positions intraday. In the UK the activities of Van der Moolen include proprietary derivatives trading and acting as a market maker in listed options on Recognized Investment Exchanges with corresponding trading in the relevant cash market. The Zug branch of Van der Moolen is acting as a market maker in German and Swiss equity options and derivatives on the DAX, EuroStoxx and SMI indices. Brokerage The brokerage activities in Europe involve electronic and voice broking execution services to customers, mainly targeting institutional investors and professional traders. The web based application Online Trader provides clients direct market access to European and US markets. US Trading In the US Van der Moolen is acting as a securities market maker under the name VDM Capital Markets on the CBOE Stock Exchange. Brokerage In July 2007, the company ceased its option market making activities and, as of the end of 2007, it is engaged in business only as an institutional broker. R&H Securities is a US based institutional broker with a wide variety of brokerage services. Strategy and outlook Van der Moolen is diversified, both geographically and through the instruments and markets that we trade in. Our subsidiaries in the Netherlands, Germany, Switzerland, the United Kingdom, France and the US actively trade and make markets in all major securities exchanges. The products that we trade in cover equities and equity related products, such as options, futures, exchange traded funds, warrants and fixed income instruments. The operational developments in 2007 convinced management that the strategic position required an even more diversified fundament and a stronger position in the retail segment. In the course of the year we have decided to put more focus on high margin products and operations. As a result we have embarked on a series of operational measures: we have terminated our fixed income desk in Amsterdam we have significantly reduced the cost base of our US market making operation in VDMS, and ultimately decided to terminate this activity we have terminated activities in certain satellite offices we have restructured our UK activities significantly Simultaneously, we have investigated various strategies to invest in the electronic retail trading segment. Road Map for 2008 and beyond With a strong professional trading fundament in place for 2008, Van der Moolen will be excellently positioned to move closer into the retail segment. We intend to expand our online brokerage activities wider into the retail segment. With strong electronic banking and trading capabilities, the electronic retail brokerage markets provide Van der Moolen with an excellent opportunity to leverage its existing market presence. As a result Van der Moolen will be offering a compelling customer proposition, with high quality of service at highly competitive prices. The strong operational fundament will serve as a basis to develop such activities initially in a limited number of selected countries. In order to develop this activity a banking license will be required. It is estimated that it will take between 9 and 12 months for Van der Moolen to obtain access to a bank license, either through the formal approval process or through co-operation with an adequately licensed party. At the same time we are exploring investments in back-office capability and developing our distribution strategy. We anticipate that this will in be part developed within our organization and in part with current and new business partners. We are reserving a substantial part of our free cash flow to invest in the execution of this strategy. Ambition: to be a leading trading firm in three time zones Our ambition remains unchanged. We want to be active as a global securities firm in three time zones serving clients around the world. We will focus on: proprietary trading acting as liquidity provider institutional brokerage online internet brokerage clearing and settlement (possibly other investment services closely related to the above activities) Our longer term ambition is to be a leading securities trading firm in three time zones, which will require establishing a presence in Asia, when the right opportunity arises. Financial developments in the fourth quarter of 2007 Revenues Revenues from continuing activities decreased by 15% compared to the third quarter of 2007 and increased by 38 % compared to the fourth quarter of 2006. The revenues from continuing European activities decreased by 20% compared to the third quarter of 2007, but increased by 27% compared to the fourth quarter of 2006. The primary reason for the decrease compared to the third quarter of 2007 were the less favorable market circumstances on the markets on which Van der Moolen is active at the end 2007 compared to the third quarter 2007, when volatility and volumes peaked. The revenues from continuing US activities showed an increase of 47% compared to the third quarter of 2007 and 300% compared to the fourth quarter of 2006, mainly due to an increase in the revenues of our US Brokerage activities, due to the full quarter impact of the acquisition of Robbins & Henderson and the additional brokerage services started up in the third quarter of 2007. Operating result The fourth quarter 2007 net loss of € 58.2 million has been mainly influenced by non-recurring items amounting to € 62.4 million, mainly related to impairment charges of discontinued operations of € 40.4 million. The remaining € 22.0 million is due to restructuring costs related to our discontinued operations, severance payments as well as legal fees. Excluding the non-recurring items the net profit for the fourth quarter of 2007 would amount to € 4.2 million. The continuing European activities have contributed an operating margin (defined as operating profit before other gains and losses (net) and before amortization of intangible fixed assets and before impairment) of € 0.5 million in the fourth quarter of 2007 compared to an operating margin of € 6.4 million in the third quarter of 2007, mainly due to non-recurring items. The continuing US activities generated an operating margin of € 0.2 million negative in the fourth quarter of 2007 compared to an operating margin of € 1.2 million negative in the third quarter of 2007 due to better performance by our US brokerage and trading activities. Financial developments in the full year of 2007 The full year 2007 result is impacted by material non-recurring items, impacting net result by € 68.7 million. The non-recurring items relate to: An amount of € 41.3 million related to impairment of tangibles of which € 0.9 million relates to continuing operations; Restructuring costs related to discontinued operations of € 17.4 million, mainly consisting of severance payments and legal fees; An amount of € 10.0 million related to continuing operations (amongst others legal fees related to the delisting of our American Depository Shares, and severance expenses). Excluding the non-recurring items mentioned above, the net loss would amount to € 9.1 million for the full year 2007. The loss from continuing operations amounts to € 3.1 million for the year with a minority interest of € 0.9 million, resulting in a net loss from continuing operations of € 2.2 million. Excluding the non-recurring items, the net result related to the continuing operations would have amounted to € 8.7 million. Continuing operations At € 109.9 million, revenues from continuing operations were in 2007 72% above the € 63.9 million in 2006. On a geographical basis the revenues from continuing operations can be summarized as follows: SEGMENTAL Van der Moolen Holding N.V. Q4 Q4 % Q3 % 12 months 12 months % Revenue breakdown in millions of Euros 2007 2006 2007 2007 2006 USA 2.8 0.7 300% 1.9 47% 6.5 1.6 306% Europe 21.4 16.8 27% 26.7 -20% 103.4 62.3 66% Total revenues 24.2 17.5 38% 28.6 -15% 109.9 63.9 72% At € 103.4 million, revenues in Europe are 66% higher than in 2006. The continuing high level of revenues in Europe was fueled by continuing excellent market conditions and the diversification of financial products. At € 6.5 million, the reported revenues in the US are 306% higher than in 2006. In dollar terms the increase in revenues of the US activities was 436% compared to 2006 from $ 2.0 million to $ 8.8 million. The increase is mainly attributable to the acquisition of Robbins Henderson, which generated $ 3.8 million or € 2.7 million as well as the activities of VDM Capital Market, which contributed revenues of $ 2.2 million or € 1.6 million in 2007. Other gains and losses - net In 2007, other gains and losses amounted to € 0.9 million, mainly attributable to the realized profit on the sale of the NYSE market shares. Operating expenses Operating expenses (impairment charges excluded) were € 35.7 million higher than those recognized in 2006. In 2007, non-recurring operating expenses related to continuing operations amounted to € 8.1 million, mainly related to severance payments and other employee benefit expenses (€ 3.0 million), legal and advisory fees (€ 1.7 million) and other restructuring expenses (€ 2.0 million). Factors that influenced the comparison with 2006 are: Exchange, clearing and brokerage fees increased by € 5.3 million compared to 2006. As a percentage of revenues the exchange, clearing and brokerage fees are 29.5% for 2007 compared to 42.4% for 2006. The development of the exchange, clearing and brokerage fees as a percentage of the revenues is mainly attributable to the relative significant impact of the revenues resulting from continuing operations which have relative low exchange clearing and brokerage fees in 2007, such as our Specialist Amsterdam Cologne and Zug branch as well as VDM Derivatives Ltd. An increase of employee benefit expenses by € 25.1 million compared to 2006. The increase is mainly due to higher employee variable benefit expenses related to our high performing European activities as well as non recurring expenses of € 3.0 million. The general and administrative expenses (excluding impairment expenses) increased by € 4.5 million compared 2006. Information and communication expenses increased by € 3.0 million mainly attributable to new activities started up in during 2006 and 2007. Non recurring items amounted to € 5.1 million in 2007. Operating margin Operating margin from continuing operations, defined as operating result excluding the other gains and losses (net), the amortization expense and the impairment of intangible fixed assets, amounted to € 2.5 million in 2007 compared with € 8.3 million negative in 2006. The operating margin as a percentage of revenues amounts to 2.3% in 2007 compared to 13.0% negative in 2006. This increase is mainly caused by the increased trading results resulting from our continuing operations. In 2007, non-recurring operating expenses impacted this parameter by 7.4%. Excluding these non-recurring items, the operating margin would amount to € 10.6 million or 9.7% Net financing costs Net financing income amounted to € 1.6 million in 2007, compared to € 6.6 million in 2006. Net financing income was impacted by higher foreign currency exchange losses amounting to € 2.6 million for 2007 compared to a foreign exchange gain of € 0.6 million in 2006. Interest income decreased by € 1.2 million compared to 2006. Income tax Income tax expense related to continuing operations amounts to € 3.9 million in 2007 against a profit before taxes of € 0.8 million, representing a consolidated effective tax rate of 488%. In the preceding year the tax expense was € 5.3 million, or 75.7%. The consolidated effective tax rate in 2006 and 2007 includes the impact of the absence of (net) deferred tax asset positions related to the US activities. Furthermore, in the second quarter of 2007 the tax line is impacted by the taxes caused by the decrease of the unrealized gain on the NYSE Group shares. Discontinued operations In our consolidated figures, we have reported Van der Moolen Specialists USA, VDM Securities Ltd, VDM Gibraltar Ltd and VDM Obligaties B.V. as discontinued operations. The net loss from discontinued operations before minority interest amounts to € 72.7 million in 2007 compared to € 78.4 million in 2006. The loss in 2007 is significantly impacted by non-recurring items for an amount of € 57.8 million, of which € 40.4 million relates to impairment charges. Excluding these non-recurring items, the net loss related to discontinued operations would have amounted to € 14.9 million, mainly attributable to VDM Specialists USA. The net loss from discontinued operations before minority interest amounts in 2006 is significantly impacted by a derecognition charge of € 68.6 million related to the US tax position. Excluding this charge, the net loss for 2006 would have amounted to € 9.8 million. Minority interest The minority interest as reported in 2007 is fully related to minority profit share in Van der Moolen Specialist USA (part of 2007) and Van der Moolen Capital Markets, in which we have a profit sharing interest of 50%. Earnings per share The weighted average number of outstanding shares to calculate basic earnings per share is 46.680.891 for 2007. Loss per common share from continuing operations amounts to € 0.13 in 2007, compared to a loss per common share of € 0.02 in 2006. The loss per share from discontinued operations amounts to € 1.54 in 2007, compared to € 1.72 in 2006. Balance sheet Balance sheet total On December 31, 2007 our Balance Sheet total was approximately € 1.0 billion, a decrease of 38% compared to the Balance Sheet total as at December 31, 2006 of approximately € 1.7 billion. This decrease is almost fully attributable due to the decrease of the recognized gross securities positions and balances with clearing institutes. The gross securities positions do not reflect the market risk of the underlying position. From an economic perspective, the market risk on the security positions of Van der Moolen is limited to the net position. Intangible assets Intangible assets, including goodwill, decreased from € 84.9 million at December 31, 2006 to € 43.6 million at December 31, 2007. This decrease is mainly due to the recognition of an impairment charge of € 39.4 million, mainly related to intangibles attributable to VDM Specialists, following the disposal of these activities to Lehman Brothers. This decrease was partly offset by the recognition of goodwill related to the acquisition of Robbins & Henderson amounting to € 3.4 million and net investments in software of € 3.1 million. The intangibles are furthermore impacted by amortization charges (€ 4.7 million) and the impact of the depreciation of the US dollar against the euro. Available-for-sale assets NYSE Group shares The balance sheet as at December 31, 2007, reflects the number of NYSE Group shares owned (150.326 shares) at the quoted bid price of those shares. In 2007, we have sold 148.797 shares, partly by a transfer of the minority member part to the respective minority partners. We have realized an amount of € 0.8 million in 2007 related to this sale, which has been recorded under other gains & losses in the profit and loss statement. Non current cash and cash equivalents The non-current cash and cash equivalents reflects that part of cash and cash equivalents that is held by VDM Specialist for the purpose of compliance with the Net Liquid Asset (NLA) requirement set by the New York Stock Exchange. As a result of the transfer of the activities of VDM Specialists USA to Lehman Brothers Inc. in December 2007, as at December 31, 2007, no NLA requirement is applicable anymore. Cash and cash equivalents The Group has approximately € 130 million of free available cash (including the disposition on trading positions and other assets (December 31, 2006 € 19 million). The increase is mainly due to the relief of the NLA requirement as a result of the disposal of the activities of VDM Specialists USA. Subordinated borrowings Subordinated borrowing reflects the long term part of the subordinated borrowings as issued by VDM Specialists USA. As part of the termination of VDM Specialists activities, we have agreed early repayment of all outstanding amounts of the subordinated loan holders early February 2008. As a result, the remaining outstanding amount related to the subordinated borrowing as at December 31, 2007 has been recorded as short term borrowing under current liabilities in our balance sheet. Guarantee capital, which consists of total equity plus the non-current portion of our subordinated indebtedness including financing preferred capital and capital contributions from minority members, decreased from € 298.6 million as at December 31, 2006 to € 118.5 million as at December 31, 2007. The decrease is mainly due to: The recognition of the loss over 2007 of € 77.8 million; The reduction of capital of minority members (€ 13.7 million) and the minority interest as included in equity (€ 4.7 million); Repayment on the subordinated loans and the reclassification of the remaining outstanding balance as short term borrowing liability (€ 64.9 million); A € 10.4 million repurchase and cancellation of 251,000 cumulative financing preferred shares A A € 4.4 million payment of preferred financing dividend in May 2007 A € 2.1 million decrease in the fair value reserve related to the sale and revaluation of NYSE shares and Other items resulting in a decrease of € 2.1 million, mainly related to foreign currency translation differences recorded in equity. As a percentage of our Balance Sheet total, guarantee capital declined from 18% at the end of 2006 to 11% at December 31, 2007. Held for sale assets and liabilities Held for sale assets consist of the assets and liabilities related to our discontinued activities in Gibraltar. Other current liabilities and accrued expenses Other current liabilities and accrued expenses amounted to € 59.0 million as at December 31, 2007, an increase of € 34.2 million compared to December 31, 2006. This increase is due to: An increase in the bonus accrual of € 13.9 million; An increase of short term provision and accrued expenses of € 13.3 million, mainly related to provisions for discontinued operations; An increase in current tax liabilities of € 2.2 million. Increase accounts payable of € 1.1 million. Other items of in total € 3.7 million. Cash flow Cash flow from operating activities The cash inflow from operating activities amounted to € 266.1 million in 2007. The cash inflow in 2007 is impacted by a cash inflow of € 103.0 million due to the release of the NLA related to our VDM Specialist activities in the US as well as the development of our trading position in 2007 (impact € 152.0 million positive). The cash flow resulting from the net result adjusted for non cash items amounted to € 11.1 million positive. Cash flow from investing activities Cash flow from investing activities amounts to € 0.6 million negative, mainly following cash outflows related to purchases of intangibles assets (such as investment in software developments) and property, plant and equipment as well as the cash outflow as a result of the acquisition of Robbins & Henderson and the earn out payment on the Curvalue acquisition. The sale of part of the NYSE shares generated a cash inflow of € 6.8 million in 2007, which partly offsets the cash outflow mentioned above. Cash flow from financing activities Cash outflow from financing activities amounted to € 78.0 million. The cash outflow for 2007 mainly relates the repayment on the subordinated loan (impact € 43.4 million), the repurchase of 251.000 cumulative financing preferred shares (impact € 10.4 million, interest payments (impact € 7.9 million), repayments to minority members and the payment of dividend to financing preferred shares holders. Subsequent events Last earn-out Curvalue acquisition On January 2, 2008, Van der Moolen announced that 1,175,965 common shares Van der Moolen Holding NV have been issued as part of the settlement of the earn-out agreement in respect of the Curvalue acquisition that was completed on January 2, 2006. The amount of the earn-out payment was based on the profitability of Curvalue in 2006 relative to pre-established profit targets. The issuance of the common shares Van der Moolen Holding NV has been included in the basic earnings per share after December 31, 2006. Sale of Serie B Votings Shares in CBOE Stock Exchange LLC On January 3, 2008, VDM Chicago LLC, part of the Van der Moolen Group has agreed to sell an interest of 0.6% in CBOE Stock Exchange LLC to Lime Brokerage Holdings LLC. The consideration agreed amounts to € 0.6 million. After this sale, the Van der Moolen Group holds an interest of 19.4% in CBOE Stock Exchange LLC. Share buy back On January 24 2008, Van der Moolen announced the intention to buy back its common shares up to a maximum of 10%, or 4.6 million shares. On March 10, 2008, Van der Moolen announced that to date 4,576,125 ordinary shares were repurchased for a total consideration of 12,860,419 and that 100 % of the repurchase program was completed. Disclaimer: This press release contains forward-looking statements within the meaning of, and which have been made pursuant to, the Private Securities Litigation Reform Act of 1995. All statements regarding our future financial condition, results of operations and business strategy, plans and objectives are forward-looking. Statements containing the words "anticipate,” "believe,” "intend,” "estimate,” "expect,” "hope,” and words of similar meaning are forward-looking. In particular, the following are forward-looking in nature: statements with regard to strategy and management objectives; pending or potential acquisitions; pending or potential litigation and government investigations, including litigation and investigations concerning specialist trading in the U.S.; future revenue sources; the effects of changes or prospective changes in the regulation or structure of the securities exchanges on which our subsidiaries operate; and trends in results, performance, achievements or conditions in the markets in which we operate. These forward-looking statements involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our results, performance, achievements or conditions in the markets in which we operate to differ, possibly materially, from those expressed or implied in these forward-looking statements. We describe certain important factors to consider in connection with these forward-looking statements under "Key Information – Risk Factors” and elsewhere in our annual filing with the U.S. Securities and Exchange Commission on Form 20-F. We caution you not to place undue reliance on these forward-looking statements, which reflect our management’s view only as of the date of this Report. We have no obligation to update these forward-looking statements. Van der Moolen Holding N.V. Consolidated Profit and Loss Account (IFRS, Unaudited)* (amounts in millions of Euros, except per share data) Q4 Q4 % Q3 % 12 months 12 months % 2007 2006** 2007** 2007 2006** Revenues 24.2 17.5 38 % 28.6 -15 % 109.9 63.9 72 % Other gains and losses - net 0.1 0.5 100 % 0.2 -43 % 0.9 21.6 -96 % Exchange, clearing and brokerage fees/trading licenses (6.5 ) (7.7 ) -16 % (7.9 ) -17 % (32.4 ) (27.1 ) 20 % Employee benefit expense (11.2 ) (8.3 ) 35 % (13.4 ) -17 % (48.8 ) (23.7 ) 106 % Depreciation and amortization expenses (0.9 ) (1.0 ) -4 % (1.2 ) -25 % (4.9 ) (4.1 ) 19 % Impairment charges (0.9 ) - - (0.9 ) (10.1 ) -91 % General and administrative expenses (6.4 ) (5.3 ) 22 % (5.6 ) 16 % (24.6 ) (20.1 ) 22 % Total operating expenses (25.9 ) (22.3 ) 16 % (28.1 ) -8 % (111.6 ) (85.1 ) 31 % Operating profit (loss) (1.6 ) (4.3 ) -63 % 0.7 -314 % (0.8 ) 0.4 -315 % Net financing costs (0.1 ) 0.7 -114 % (0.6 ) -84 % 1.6 6.6 -75 % Profit (loss) before income tax from continuing operations* (1.7 ) (3.6 ) -53 % 0.1 -1681 % 0.8 7.0 -89 % Income tax benefit / (expense) 0.8 0.7 21 % (0.5 ) -258 % (3.9 ) (5.3 ) -26 % Profit (loss) for the period from continuing operations* (0.9 ) (2.9 ) -67 % (0.4 ) 126 % (3.1 ) 1.7 -283 % Loss from discontinued operations before income tax (57.3 ) 2.0 -2962 % (4.8 ) 1098 % (74.0 ) (9.1 ) 717 % Income tax benefit / (expense) 1.1 (42.6 ) -103 % (0.1 ) -901 % 1.3 (69.3 ) -102 % Profit (loss) for the period from discontinued operations* (56.2 ) (40.6 ) 39 % (4.9 ) 1042 % (72.7 ) (78.4 ) -7 % Profit/(loss) for the year* (57.1 ) (43.5 ) 31 % (5.3 ) 968 % (75.8 ) (76.7 ) -1 % Profit attributable to minority interest 0.2 0.6 -63 % (0.4 ) -156 % (1.8 ) (1.0 ) 78 % Preferred financing dividend 0.9 1.0 -10 % 0.9 0 % 3.7 3.0 23 % Profit (loss) attributable to common equity holders of the Company* (58.2 ) (45.1 ) 29 % (5.8 ) 896 % (77.8 ) (78.7 ) -1 % Average number of common shares outstanding 46,680,891 45,504,926 3 % 46,680,891 0 % 46,680,891 45,352,290 3 % Diluted average number of common shares outstanding a) 46,680,891 46,680,891 0 % 46,680,891 0 % 46,680,891 46,528,255 0 % Per common share data: (Dilutive) Profit (loss) from continuing operations per common share a)* (0.04 ) (0.09 ) -49 % (0.02 ) 118 % (0.13 ) (0.02 ) 477 % (Diluted) profit (loss) from discontinued operations per common share a)* (1.21 ) (0.90 ) 34 % (0.11 ) 1056 % (1.54 ) (1.72 ) -11 % (Dilutive) Profit (loss) per common share* (1.25 ) (0.99 ) 26 % (0.13 ) 896 % (1.67 ) (1.74 ) -5 % a) The diluted EPS for previous quarterly and year end was changed to correct for the antidilutive impact of contingent issuable shares. *) figures before accounting of currency translation adjustments for discontinued operations **) figures adjusted for the discontinued operations Van der Moolen Holding N.V. Q4 Q4 % Q3 % 12 months 12 months % Revenue breakdown in millions of Euros 2007 2006** 2007** 2007 2006** Trading US 0.8 0.7 14 % 0.4 100 % 3.9 1.6 144 % Brokerage US 2.0 - 100 % 1.5 100 % 2.6 - 100 % Trading Securities Europe 6.8 3.1 119 % 7.0 -3 % 27.5 13.9 98 % Trading Derivatives Europe 12.2 9.7 26 % 15.3 -20 % 59.1 33.4 77 % Brokerage Europe 2.4 4.0 -40 % 4.4 -45 % 16.8 15.0 12 % Total revenues 24.2 17.5 38 % 28.6 -15 % 109.9 63.9 72 % Van der Moolen Holding N.V. Q4 Q4 % Q3 % 12 months 12 months % Operating margin (Operating profit before other gains and losses (net), before amortization and impairment of intangible fixed assets), breakdown in millions of Euros 2007 2006** 2007** 2007 2006** Trading US (0.3 ) (0.1 ) 200 % (1.3 ) -77 % (4.7 ) (1.3 ) 246 % Brokerage US 0.1 - 0 % 0.1 0 % 0.2 - 0 % Trading Securities Europe 0.8 (0.8 ) -200 % 2.3 -65 % 6.4 2.6 146 % Trading Derivatives Europe 0.6 1.0 -40 % 4.0 -85 % 14.3 6.3 127 % Brokerage Europe (0.9 ) (1.0 ) -10 % 0.1 -1000 % (0.9 ) (1.4 ) -36 % Unallocated and Holding (0.8 ) (3.2 ) -75 % (3.8 ) -79 % (12.8 ) (14.5 ) -12 % Total operating profit before other gains and losses (net), before amortization and impairment of intangible fixed assets (0.5 ) (4.1 ) -88 % 1.4 -136 % 2.5 (8.3 ) -130 % **Q3 2007, Q4 and full year 2006 figures are adjusted for comparative figure purposes due to discontinued operations Van der Moolen Holding N.V. Consolidated Balance Sheet (IFRS, unaudited) (amounts in millions of Euros) December 31, 2007 December 31, 2006 Assets Non-current assets Intangible assets 43.6 84.9 Property, plant and equipment 3.6 6.1 Financial fixed assets 15.4 14.9 Available-for-sale financial assets 9.0 24.2 Cash and cash-equivalents - 103.0 71.6 233.1 Current assets Securities owned 600.5 1,077.8 Due from clearing organizations and professional parties 75.0 223.0 Held for sale assets 9.0 - Current assets and prepaid expenses 19.2 18.2 Cash and cash-equivalents 265.6 114.9 969.3 1,433.9 Total assets 1,040.9 1,667.0 Equity and liabilities Capital and reserves attributable to the Company's equity holders 118.5 215.3 Minority interest - 4.7 Total equity 118.5 220.0 Non-current liabilities Capital of minority members - 13.7 Subordinated borrowings - 64.9 Other non-current liabilities 7.4 8.4 7.4 87.0 Current liabilities Securities sold, not yet purchased 632.8 967.7 Due to clearing organizations and professional parties 76.0 212.3 Due to customers 4.7 3.9 Short-term borrowings 49.4 38.9 Bank overdrafts 84.1 112.4 Held for sale liabilities 9.0 - Other current liabilities and accrued expenses 59.0 24.8 915.0 1,360.0 Total equity and liabilities 1,040.9 1,667.0 Guarantee capital 118.5 298.6 Van der Moolen Holding N.V. Consolidated statement of cash flow (IFRS, unaudited) Consolidated statement of cash flow (Amounts in millions of Euros) 12 months 12 months 2007 2006 Cash flow from operating activities 266.1 52.2 Cash flow from investing activities (0.6 ) 2.5 Cash flow from financing activities (78.0 ) (52.7 ) Currency exchange differences on cash and cash-equivalents, net of bank overdrafts (8.5 ) (1.1 ) Change in cash and cash-equivalents, net of amounts of bank overdrafts 179.0 0.9 Cash and cash-equivalents, net of amounts of bank overdrafts at January 1 2.5 1.6 Cash and cash-equivalents, net of amounts of bank overdrafts at December 31 181.5 2.5 Van der Moolen Holding N.V. Movement schedule of shareholders'equity (IFRS, unaudited) Movement in shareholders'equity (Amounts in millions of Euros) 12 months 12 months 2007 2006 Shareholders' equity at January 1 215.3 221.2 Adjustment prior year - (0.4 ) Preferred financing shares (10.4 ) 51.4 Issued common shares and issuable shares (Curvalue acquisition), net of shares held in treasury - 44.0 Dividend preferred financing shares (4.4 ) - Cash dividend - (2.3 ) Currency exchange differences (10.2 ) (22.8 ) Profit (loss) attributable to common equity holders of the Company (77.8 ) (78.7 ) Contribution to dividend reserve financing preferred shareholders 3.5 4.0 Reallocation of minority share interest 4.6 - Fair value change on available-for-sale financial assets (2.1 ) (1.6 ) Share option expense - 0.5 (96.8 ) (5.9 ) Shareholders' equity at December 31 118.5 215.3 Basis of presentation This interim report for the twelve months ended 31 December 2007 is prepared in accordance with IAS 34 – Interim Financial Reporting. It does not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of Van der Moolen Holding NV for the year ended 31 December 2006 as included in the Annual Report 2006. Van der Moolen’s 2006 consolidated financial statements are prepared in accordance with International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (‘EU’). In preparing this financial report, the same accounting principles and methods of computation are applied as in the consolidated financial statements for the year ended 31 December 2006. This financial report is unaudited. Explanatory notes Explanatory notes to the financial data reported are included in the front part of this interim report. To avoid duplication of data this information is not repeated.
Fitch Rates New York Tobacco Settlement Financial Corp's $441MM Asset-Backed Revs 'A+'
- Fitch Ratings assigns its 'A+' rating to the Tobacco Settlement Financing Corporation's (State of New York) $216,590,000 asset-backed revenue bonds, series 2008A (State Contingency Contract Secured) and $224,480,000 asset-backed revenue bonds, series 2008B (State Contingency Contract Secured). The bonds are expected to be offered through negotiation during the week of March 17. Bond proceeds will be used to refund outstanding series 2003A-2 through A-4 bonds and series 2003B-2 through B-4 bonds, which are presently in the form of auction rate securities. The series 2008A and series 2008B bonds will mature serially on June 1, 2009-2012. Simultaneously, Fitch affirms the 'A+' rating on approximately $3.4 billion in outstanding Asset-Backed Revenue bonds (State Contingency Contract Secured). The Rating Outlook is Positive.
While pledged tobacco settlement revenues are the expected source of payment, ultimate security and the assigned rating rests on a contingency contract with the state of New York, under which the state budget director will annually include a request in the state budget for an appropriation equal to debt service on the bonds. The state's general obligation bonds are rated 'AA-', and appropriation debt 'A+', with a Positive Rating Outlook.
The Corporation is a legislatively created subsidiary of the New York State Municipal Bond Bank Agency, legally distinct from the State. Pursuant to a purchase and sale agreement dated June 1, 2003, the state sold to the Corporation pledged settlement payments consisting of 50% of its share of tobacco settlement revenues received under the master settlement agreement (MSA) which provide security for bonds issued under the indenture dated June 1, 2003, as supplemented. The state's remaining 50% share, sold to the Corporation pursuant to purchase and sale agreement dated Dec. 1, 2003, provides security for bonds issued under the indenture dated December 1, 2003, as supplemented. Both series of bonds are separately secured, and under each indenture, the Corporation assigns and pledges the sold settlement payments to the trustee, which are received directly, by-passing the state. The pledged settlement payments will not be subject to legislative appropriations.
Projected debt service coverage from tobacco settlement revenues ranges from 1.3x to 3.6x, providing excess revenues which will be retained in the supplemental account and may only be used for debt service or debt retirement. Therefore, while the previously issued bonds mature in 2023, the bonds are expected to be fully retired in 2016. This structure provides additional enhancement, in the event that payments received by the Corporation are less than those projected in the Global Insight Inc. consumption forecast. Additionally, debt service reserve accounts were funded from initial bond proceeds. In addition to the cash flow considerations, Fitch rates tobacco related securitizations based on its tobacco industry assessment. Fitch currently rates the tobacco industry's overall credit quality 'BBB'. Most standalone tobacco transactions receive a rating one notch above the industry rating, based on Fitch's opinion that due to the executory contract nature of the MSA, payments under the agreement are more likely to be made in a bankruptcy scenario than payments on the unsecured debt of participating tobacco manufacturers.
As additional security, the State of New York, acting through the Director of the Budget, entered into two contingency contracts with the Corporation to provide for shortfalls. The Corporation covenants to request from the state by no later than Dec. 15 each year, and certifies the amount of, the debt service due on the bonds in the following fiscal year. The state covenants to request the appropriation in the state budget. If on the fifth day preceding a debt service payment date there is insufficient funds from the pledged settlement payments or the indenture accounts, including the debt service reserve account, the state agrees to pay the debt service due.
Debt service is due each June 1 and Dec. 1 and the state's fiscal year commences each April 1. While the state's payment requires annual legislative appropriations, once in place the state's obligation to fund the debt service requirement is absolute and unconditional. The state has demonstrated its ability to offset late budget adoption risk by consistently appropriating for debt service on all its appropriation backed debt obligations, including contract debt, on a timely basis separate from the budget process. State contracts have been the basis for security in other financings of the state and the vast majority of the state's tax supported debt is secured by appropriations, rather than its general obligation, thereby minimizing appropriation risks.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Kenneth T. Weinstein, 212-908-0571
While pledged tobacco settlement revenues are the expected source of payment, ultimate security and the assigned rating rests on a contingency contract with the state of New York, under which the state budget director will annually include a request in the state budget for an appropriation equal to debt service on the bonds. The state's general obligation bonds are rated 'AA-', and appropriation debt 'A+', with a Positive Rating Outlook.
The Corporation is a legislatively created subsidiary of the New York State Municipal Bond Bank Agency, legally distinct from the State. Pursuant to a purchase and sale agreement dated June 1, 2003, the state sold to the Corporation pledged settlement payments consisting of 50% of its share of tobacco settlement revenues received under the master settlement agreement (MSA) which provide security for bonds issued under the indenture dated June 1, 2003, as supplemented. The state's remaining 50% share, sold to the Corporation pursuant to purchase and sale agreement dated Dec. 1, 2003, provides security for bonds issued under the indenture dated December 1, 2003, as supplemented. Both series of bonds are separately secured, and under each indenture, the Corporation assigns and pledges the sold settlement payments to the trustee, which are received directly, by-passing the state. The pledged settlement payments will not be subject to legislative appropriations.
Projected debt service coverage from tobacco settlement revenues ranges from 1.3x to 3.6x, providing excess revenues which will be retained in the supplemental account and may only be used for debt service or debt retirement. Therefore, while the previously issued bonds mature in 2023, the bonds are expected to be fully retired in 2016. This structure provides additional enhancement, in the event that payments received by the Corporation are less than those projected in the Global Insight Inc. consumption forecast. Additionally, debt service reserve accounts were funded from initial bond proceeds. In addition to the cash flow considerations, Fitch rates tobacco related securitizations based on its tobacco industry assessment. Fitch currently rates the tobacco industry's overall credit quality 'BBB'. Most standalone tobacco transactions receive a rating one notch above the industry rating, based on Fitch's opinion that due to the executory contract nature of the MSA, payments under the agreement are more likely to be made in a bankruptcy scenario than payments on the unsecured debt of participating tobacco manufacturers.
As additional security, the State of New York, acting through the Director of the Budget, entered into two contingency contracts with the Corporation to provide for shortfalls. The Corporation covenants to request from the state by no later than Dec. 15 each year, and certifies the amount of, the debt service due on the bonds in the following fiscal year. The state covenants to request the appropriation in the state budget. If on the fifth day preceding a debt service payment date there is insufficient funds from the pledged settlement payments or the indenture accounts, including the debt service reserve account, the state agrees to pay the debt service due.
Debt service is due each June 1 and Dec. 1 and the state's fiscal year commences each April 1. While the state's payment requires annual legislative appropriations, once in place the state's obligation to fund the debt service requirement is absolute and unconditional. The state has demonstrated its ability to offset late budget adoption risk by consistently appropriating for debt service on all its appropriation backed debt obligations, including contract debt, on a timely basis separate from the budget process. State contracts have been the basis for security in other financings of the state and the vast majority of the state's tax supported debt is secured by appropriations, rather than its general obligation, thereby minimizing appropriation risks.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Kenneth T. Weinstein, 212-908-0571
How Fiona Shackleton got a foxy new look
It has become a national spectator sport to sit back, humming the Benny Hill theme tune, and watch Heather Mill's every action implode.
Slick: Fiona Shackleton goes from Steel Magnolia to tousled pin-up
Mills's Oscar-worthy performance in court on Monday - when, in an admirable feat of physics, she hurled a jug of water over Sir Paul McCartney's lawyer Fiona Shackleton - has precipitated a two-pronged backlash.
Obviously, the woman has made a total horse of herself, but worse she has inadvertently turned Shackleton into a babe.
Consider a 52-year-old woman with tresses as malleable as Araldite and a smile as sincere as an estate agent's.
Immaculate, efficient and one of the most sought-after solicitors in the land she may be, but the woman known as Steel Magnolia, who represented the Prince of Wales and Duke of York in their divorces, is no Bo Derek. Yet what a metamorphosis.
Better still, Shackleton weathered the dousing with the same smiling panache as Diana, Princess of Wales, when she memorably took the two young princes on a water ride at Thorpe Park.
Even men - less generous than women when it comes to feminine aesthetics - were spotted making those familiar ritualistic signs as they stared at images of the newly sleek Ms Shackleton, noticing for the first time her fine bone structure, almond eyes and wrinkle-free forehead. There followed a murmur, if not quite a wolf whistle, denoting surprised appreciation.
What men don't know is that the wet-hair effect is a tool every knowing female, from teenagers to the Princess, has used to great effect for decades - and one that older, more professional ladies would do well to emulate.
Female professionalism seems to necessitate the starched, crunchy look for the simple reason that it is as far from sexy as can be, and sexy means vulnerable.
Blow-dries are essentially armour used by lawyers, businesswomen, and Hollywood actresses to elevate them above messier mortals. But what they have failed to understand (or have chosen to disregard) is that pristine is not primal, and primal is what men want.
Think of Kate Moss, Gisele Bündchen et al. These girls are often spotted with wet hair, and always look like they've just stepped off the beach. But then their jobs, thank God, don't demand the respectability of Shackleton's.
Grace Kelly was another woman who knew the power of the wet look. When, at the Cannes Film Festival in 1955, she was forced to do a photoshoot for Paris Match despite a power cut at the hotel, Kelly donned the only wrinkle-material dress she had with her and allowed herself to be photographed with still wet, unset hair.
The result was a showcase for her undiluted beauty.
It has been a good week for foxy Fiona, who, by allowing herself to be impermeable, has become something of a pin-up and latter-day Diana lookalike (just look at the post-douse photographs capturing this world-class lawyer with her eyes downcast; it was enough to make you imagine doe eyes within, not the steely glint of the courtroom).
But it has been a bad one for Heather, of course. Not only does her £24 million settlement work out at more than £700 an hour for every hour that she was married to Sir Paul, but the dousing has drawn attention to her own high-maintenance, Nineties coiffure. Perhaps she could use some of her settlement to get a new look.
By some wonderful process of celestial retribution, everything Heather Mills does now backfires, writes Celia Walden
Slick: Fiona Shackleton goes from Steel Magnolia to tousled pin-up
Mills's Oscar-worthy performance in court on Monday - when, in an admirable feat of physics, she hurled a jug of water over Sir Paul McCartney's lawyer Fiona Shackleton - has precipitated a two-pronged backlash.
Obviously, the woman has made a total horse of herself, but worse she has inadvertently turned Shackleton into a babe.
Consider a 52-year-old woman with tresses as malleable as Araldite and a smile as sincere as an estate agent's.
Immaculate, efficient and one of the most sought-after solicitors in the land she may be, but the woman known as Steel Magnolia, who represented the Prince of Wales and Duke of York in their divorces, is no Bo Derek. Yet what a metamorphosis.
Better still, Shackleton weathered the dousing with the same smiling panache as Diana, Princess of Wales, when she memorably took the two young princes on a water ride at Thorpe Park.
Even men - less generous than women when it comes to feminine aesthetics - were spotted making those familiar ritualistic signs as they stared at images of the newly sleek Ms Shackleton, noticing for the first time her fine bone structure, almond eyes and wrinkle-free forehead. There followed a murmur, if not quite a wolf whistle, denoting surprised appreciation.
What men don't know is that the wet-hair effect is a tool every knowing female, from teenagers to the Princess, has used to great effect for decades - and one that older, more professional ladies would do well to emulate.
Female professionalism seems to necessitate the starched, crunchy look for the simple reason that it is as far from sexy as can be, and sexy means vulnerable.
Blow-dries are essentially armour used by lawyers, businesswomen, and Hollywood actresses to elevate them above messier mortals. But what they have failed to understand (or have chosen to disregard) is that pristine is not primal, and primal is what men want.
Think of Kate Moss, Gisele Bündchen et al. These girls are often spotted with wet hair, and always look like they've just stepped off the beach. But then their jobs, thank God, don't demand the respectability of Shackleton's.
Grace Kelly was another woman who knew the power of the wet look. When, at the Cannes Film Festival in 1955, she was forced to do a photoshoot for Paris Match despite a power cut at the hotel, Kelly donned the only wrinkle-material dress she had with her and allowed herself to be photographed with still wet, unset hair.
The result was a showcase for her undiluted beauty.
It has been a good week for foxy Fiona, who, by allowing herself to be impermeable, has become something of a pin-up and latter-day Diana lookalike (just look at the post-douse photographs capturing this world-class lawyer with her eyes downcast; it was enough to make you imagine doe eyes within, not the steely glint of the courtroom).
But it has been a bad one for Heather, of course. Not only does her £24 million settlement work out at more than £700 an hour for every hour that she was married to Sir Paul, but the dousing has drawn attention to her own high-maintenance, Nineties coiffure. Perhaps she could use some of her settlement to get a new look.
By some wonderful process of celestial retribution, everything Heather Mills does now backfires, writes Celia Walden
Sefton Council chief executive Graham Haywood accepts settlement
THE chief executive of Sefton Council has accepted a pay-off worth almost £250,000.
A behind-closed-doors meeting also agreed to set December 31 as Graham Haywood’s final day in office after 16 years in the role.
The settlement brings an end to months of uncertainty over his position after a tug of war between the political parties over the council’s senior management.
Insiders say the Liberal Democrats fell out with the Conservative and Labour groups over which top-level staff would be kept on after a review.
The review of major services should have saved Sefton £1m in its first year.
It will see contracts offered to the private sector to run the council’s technical services and finance and information services departments.
But Mr Haywood’s £236,000 settlement will eat in to any savings made.
The employment procedures committee has also agreed to payoffs worth £60,000 each for the directors of both privatised departments.
The three-strong committee has members from each of the parties.
Liberal Democrat member Cllr Simon Shaw voted against Mr Haywood’s pay-off because he and his party thought the settlement was a waste of funds.
He said: “This is going to involve the council in a very substantial amount of expenditure and I and the Liberal Democrat group do not see why we are paying a lot of money to get rid of a chief executive who’s continuing to do a thoroughly reasonable job.
“Why is Sefton council shelling out a substantial amount of money in an agreed settlement?”
But chair of the group and Labour group leader Cllr Peter Dowd defended the pay-off.
He said:“You have to get this into some sort of context and proportion. We are talking about an authority that’s get a budget of £300m.”
Cllr Dowd added he was keen to get “closure on the issue”.
“It’s a question of getting a structure and timetable to a process that’s now been going on for a little while,” he said.
“We’ve been to the District Auditor – everybody who’s anybody has had sight of those proposals and they are satisfied that they are reasonable in the circumstances.”
The council has been assessing its management as part of a major services review since October, 2007.
Mr Haywood put forward money saving proposals that included liquidating the position of deputy chief executive and strategic director for regeneration.
The Liberal Democrats agreed with the proposal because they thought the council was top heavy following a programme of down- sizing.
But the Labour and Conservative groups objected because they wanted to keep a senior regeneration manager at a time when the borough was planning large developments.
Insiders also describe a spat in which the Liberal Democrats chose Mr Haywood over his deputy, Alan Moore, who is currently suspended, while a Labour-Tory alliance backed Mr Moore.
The larger Labour-Tory block voted en masse to quash Mr Haywood’s proposals.
Mr Haywood, the insiders continue, tendered his resignation because he felt his position was untenable.
He was offered a redundancy payout in a move that was later found to contravene the council’s constitution.
The employment procedures committee was formed to deal with the fall out from the blunder and to settle other redundancies.
Cllr Peter Papworth, Tory representative on the committee, said: “He's an exceptional chief executive, but he has been there a while and other people than me have decided that everybody's mutual interests would be best served.
by: Ben Schofield
A behind-closed-doors meeting also agreed to set December 31 as Graham Haywood’s final day in office after 16 years in the role.
The settlement brings an end to months of uncertainty over his position after a tug of war between the political parties over the council’s senior management.
Insiders say the Liberal Democrats fell out with the Conservative and Labour groups over which top-level staff would be kept on after a review.
The review of major services should have saved Sefton £1m in its first year.
It will see contracts offered to the private sector to run the council’s technical services and finance and information services departments.
But Mr Haywood’s £236,000 settlement will eat in to any savings made.
The employment procedures committee has also agreed to payoffs worth £60,000 each for the directors of both privatised departments.
The three-strong committee has members from each of the parties.
Liberal Democrat member Cllr Simon Shaw voted against Mr Haywood’s pay-off because he and his party thought the settlement was a waste of funds.
He said: “This is going to involve the council in a very substantial amount of expenditure and I and the Liberal Democrat group do not see why we are paying a lot of money to get rid of a chief executive who’s continuing to do a thoroughly reasonable job.
“Why is Sefton council shelling out a substantial amount of money in an agreed settlement?”
But chair of the group and Labour group leader Cllr Peter Dowd defended the pay-off.
He said:“You have to get this into some sort of context and proportion. We are talking about an authority that’s get a budget of £300m.”
Cllr Dowd added he was keen to get “closure on the issue”.
“It’s a question of getting a structure and timetable to a process that’s now been going on for a little while,” he said.
“We’ve been to the District Auditor – everybody who’s anybody has had sight of those proposals and they are satisfied that they are reasonable in the circumstances.”
The council has been assessing its management as part of a major services review since October, 2007.
Mr Haywood put forward money saving proposals that included liquidating the position of deputy chief executive and strategic director for regeneration.
The Liberal Democrats agreed with the proposal because they thought the council was top heavy following a programme of down- sizing.
But the Labour and Conservative groups objected because they wanted to keep a senior regeneration manager at a time when the borough was planning large developments.
Insiders also describe a spat in which the Liberal Democrats chose Mr Haywood over his deputy, Alan Moore, who is currently suspended, while a Labour-Tory alliance backed Mr Moore.
The larger Labour-Tory block voted en masse to quash Mr Haywood’s proposals.
Mr Haywood, the insiders continue, tendered his resignation because he felt his position was untenable.
He was offered a redundancy payout in a move that was later found to contravene the council’s constitution.
The employment procedures committee was formed to deal with the fall out from the blunder and to settle other redundancies.
Cllr Peter Papworth, Tory representative on the committee, said: “He's an exceptional chief executive, but he has been there a while and other people than me have decided that everybody's mutual interests would be best served.
by: Ben Schofield
dd memories of a 1997 Ole Miss tobacco settlement seminar
Sid Salter
ssalter@clarionledger.com
Strange what memories return when one gets a piece of jarring, unexpected news - or more to the point, what came to my mind when I learned that Richard "Dickie" Scruggs had entered a guilty plea to federal judicial bribery charges last week.
What I remembered was a file I kept in my study at home - a file documenting one of the more interesting evenings I've spent as a journalist. The file contained my notes from a 1997 Ole Miss Law School seminar I moderated when I was teaching at Ole Miss.
That seminar gave more than 200 law students, members of the public and one fascinated newspaper editor a chance to learn more about what is perhaps the most intriguing litigation in American history.
The seminar was entitled: "The Tobacco Settlement: Practical Implications and the Future of the Tort Law."
I moderated a panel discussion that included three of the major players in the national tobacco settlement - then national Big Tobacco lobbyist and former Republican National Committee chairman Haley Barbour of Yazoo City, then-Mississippi Attorney General Mike Moore and then-lead tobacco litigation negotiator "Dickie" Scruggs.
From my notes 11 years ago, a few random observations on the night's seminar discussion:
Neither Moore nor Scruggs was at all forthcoming at the seminar when asked the total of the legal fees Scruggs would be receiving, how Moore determined the fee structure that would govern Scruggs' fees and expense reimbursements and how much the other 12 law firms involved in Mississippi's tobacco suit would get.
Their response to questions about the legal fees were, in essence, that: The case initially looked unwinnable and was therefore risky; the expense of litigating such a mammoth case increased those risks; Scruggs had the resources to litigate the suit on faith without state money; Moore and Scruggs won the case, so that makes everything all right; Scruggs and Moore aren't answering questions about fees because political foes are the ones asking.
In spite of their insistence that there were no ethical lapses in their behavior on the tobacco suit, Moore and Scruggs still owe the taxpayers of Mississippi an accounting of the lawyers' fees and expenses that accrued from that litigation. Scruggs is Moore's largest political contributor of record. That relationship should also be part of the accounting.
Despite the fact that they are on different sides of the philosophical fence, Scruggs, Moore and Barbour - Scruggs is a mutual friend of the both of them - shared a plane ride to Oxford in Scruggs' Lear Jet, which legitimizes my theory that in Mississippi politics, all lions will at some point lie down with all lambs.
To that end, exchanges between Barbour and Moore were gentlemanly, even when the topics were slightly heated. On the topic of Gov. Kirk Fordice's steadfast verbal assaults on Moore for his involvement in the case, Barbour defended Fordice by saying that Moore refused to let the client, i.e., Fordice, control the litigation.
Moore said he was the lawyer for "the people, not the governor."
Barbour remains the best politician/lobbyist/spin doctor I've ever seen and whatever the tobacco barons are paying him, they're getting their money's worth. Moore defends his role in the tobacco wars with evangelical fervor and sloughs off questions about legal fees and a cozy political relationship with Scruggs.
Now, flash forward 11 years.
Fordice died. Barbour's now governor. Moore's defending Scruggs' son, Zach, on the same charges to which his father pleaded guilty - and the same questions linger today that lingered in 1997 at the Ole Miss Law School about Mississippi's tobacco litigation, the legal fees and the political relationships and entanglements that perhaps forever changed Mississippi's legal landscape.
ssalter@clarionledger.com
Strange what memories return when one gets a piece of jarring, unexpected news - or more to the point, what came to my mind when I learned that Richard "Dickie" Scruggs had entered a guilty plea to federal judicial bribery charges last week.
What I remembered was a file I kept in my study at home - a file documenting one of the more interesting evenings I've spent as a journalist. The file contained my notes from a 1997 Ole Miss Law School seminar I moderated when I was teaching at Ole Miss.
That seminar gave more than 200 law students, members of the public and one fascinated newspaper editor a chance to learn more about what is perhaps the most intriguing litigation in American history.
The seminar was entitled: "The Tobacco Settlement: Practical Implications and the Future of the Tort Law."
I moderated a panel discussion that included three of the major players in the national tobacco settlement - then national Big Tobacco lobbyist and former Republican National Committee chairman Haley Barbour of Yazoo City, then-Mississippi Attorney General Mike Moore and then-lead tobacco litigation negotiator "Dickie" Scruggs.
From my notes 11 years ago, a few random observations on the night's seminar discussion:
Neither Moore nor Scruggs was at all forthcoming at the seminar when asked the total of the legal fees Scruggs would be receiving, how Moore determined the fee structure that would govern Scruggs' fees and expense reimbursements and how much the other 12 law firms involved in Mississippi's tobacco suit would get.
Their response to questions about the legal fees were, in essence, that: The case initially looked unwinnable and was therefore risky; the expense of litigating such a mammoth case increased those risks; Scruggs had the resources to litigate the suit on faith without state money; Moore and Scruggs won the case, so that makes everything all right; Scruggs and Moore aren't answering questions about fees because political foes are the ones asking.
In spite of their insistence that there were no ethical lapses in their behavior on the tobacco suit, Moore and Scruggs still owe the taxpayers of Mississippi an accounting of the lawyers' fees and expenses that accrued from that litigation. Scruggs is Moore's largest political contributor of record. That relationship should also be part of the accounting.
Despite the fact that they are on different sides of the philosophical fence, Scruggs, Moore and Barbour - Scruggs is a mutual friend of the both of them - shared a plane ride to Oxford in Scruggs' Lear Jet, which legitimizes my theory that in Mississippi politics, all lions will at some point lie down with all lambs.
To that end, exchanges between Barbour and Moore were gentlemanly, even when the topics were slightly heated. On the topic of Gov. Kirk Fordice's steadfast verbal assaults on Moore for his involvement in the case, Barbour defended Fordice by saying that Moore refused to let the client, i.e., Fordice, control the litigation.
Moore said he was the lawyer for "the people, not the governor."
Barbour remains the best politician/lobbyist/spin doctor I've ever seen and whatever the tobacco barons are paying him, they're getting their money's worth. Moore defends his role in the tobacco wars with evangelical fervor and sloughs off questions about legal fees and a cozy political relationship with Scruggs.
Now, flash forward 11 years.
Fordice died. Barbour's now governor. Moore's defending Scruggs' son, Zach, on the same charges to which his father pleaded guilty - and the same questions linger today that lingered in 1997 at the Ole Miss Law School about Mississippi's tobacco litigation, the legal fees and the political relationships and entanglements that perhaps forever changed Mississippi's legal landscape.
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