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News / RMT creditors to receive just 11 cents on the dollar from bankrupt shipowner

first_img By Mike Wackett 12/07/2017 Navios bought the five other panamax vessels in RMT’s fleet in May.In an update, the trustees said: “After funding cash burn, operating expenses and the settlement of costs associated with the winding up of the trust, unsecured creditors are expected to receive total proceeds of $27m.”Of the 14 ships of 3,450-5,060 teu capacity owned by RMT, five were on long-term charter to MOL at a daily rate of $26,850 – some three times higher than the current spot market – and it is presumed that the charter parties will have been signed over to Navios as part of the deal. No doubt the fact that five of the ships had charter parties attached was a major attraction for the Greek shipowner.Meanwhile, in Hamburg, RMT parent Rickmers Holding is still looking for investors to rescue the iconic family-owned shipping company from insolvency under the self-administration it entered on 2 June.Rickmers said it had been forced to seek court protection for the shipping group – which can trace its history back 180 years – after HSH Nordbank had “surprisingly denied approval” of its financial restructuring plan.On 16 June, the Rickmers’ creditors committee announced it had selected investment banker Macquarie Capital to “acquire one or more investors for the Rickmers Group”.According to vesselsvalue.com, Rickmers Group operates 37 vessels with a current sales value of $654m and a demolition value of $240m. Of the fleet, 31 vessels are containerships chartered to ocean carriers and feeder lines.Maersk Line has seven 13,100 teu ships on charter from Rickmers and has faced concerns from anxious shippers that the vessels could be the subject of arrest and that a similar situation to the Hanjin crash could occur, with cargo stranded at sea.Indeed, Maersk and 2M partner MSC, which has three smaller ships on charter from Rickmers, have been obliged to issue statements reassuring customers that they have contingency plans in place if a Rickmers ship is arrested by a desperate creditor. © Erin Cadigancenter_img Unsecured creditors of bankrupt panamax containership owner Rickmers Maritime Trust (RMT) will each receive just 11.4% of the amount they are due.This will come from the final proceeds of $27m, according to an update on the winding-up process.The trustee manager of Singapore-headquartered RMT announced it had completed the sale of the remaining fleet of nine vessels to Greek shipowner Navios, secured against mortgages from HSH Nordbank and DBS Bank.A total of $54m, plus operational expenses, was paid by Navios, which, according to vesselsvalue.com data, is just above the ships’ scrap value and far below the market value of $67m.last_img read more

Merriam begins exploring moves to jump start redevelopment of old Kmart site along Shawnee Mission Parkway

first_imgThe old Kmart building in Merriam would have been torn down and replaced with a Menards under the plan that was abandoned earlier this year.Merriam is starting to look at how it might set in motion the potential redevelopment of the old Kmart site along heavily-traveled Shawnee Mission Parkway.Earlier this year, Menards walked away from a plan to demolish the Kmart building and construct a store that was billed to be the largest home improvement store in Kansas. By the time it scuttled the plans, Menards had already asked the city to expand the redevelopment district that ends just across the street to the west of the property and had filed a $6 million Tax Increment Financing (TIF) application.The building has now been vacant for three years, Merriam City Administrator Phil Lammers told the city council Monday night. “Someone is going to ask for incentives.” Both Lammers and Mayor Ken Sissom said the property will be expensive to develop.“This is an example of a piece of property that does need a TIF incentive,” Sissom said. “I can’t imagine them saving that building.” The steep grade and potential excavation issues may have played a part in the Menards decision.The city is considering extending the nearby TIF district even before a proposal is made on the property. That would begin removing the hurdles to redevelopment. The council agreed that city staff should begin conversations with other taxing units, especially the school district and county, about the possibility of a TIF development. Both the school district and county can veto the establishment of a TIF district, but do not have control over a subsequent development agreement.Redevelopment of the property is part of the council goals. The city’s comprehensive plan includes a vision for the property as potentially a more dense, mixed use redevelopment, Lammers said. Sharing that plan would be part of the discussion with the schools and county.The approximately 13-acre property is smaller than the 16.2 acres at the Mission Gateway or the Village and Corinth shops which both run more than 17 acres each.last_img read more

Fingerprints sometimes lie

first_imgIt still surprises me that when you say you were a defence lawyer (nb never a criminal lawyer) how many people ask how you could defend people you knew were guilty. The great thing about defending professional criminals was that in the teeth of the evidence – caught on camera, the swag behind the fireplace, a written confession and fingerprints all over the bank counter – they would still try to explain it away. Mysterious identical twin brothers; verballed up; minding a bag for a man with red hair called Jimmy whom they met in a pub; police brutality – perm any three from four. As for the fingerprints, my clients used to shy away from ever saying these were planted, going to the most extraordinary lengths to explain, however improbably, that their fingerprints had been found in the wrong place. In fact they might have done better to allege they had been planted. As long ago as January 1938 David Pearce was accused of breaking into a club pavilion in Surrey. The evidence against him was that of his co-accused and a fingerprint. In his defence, Pearce demonstrated how a print could be taken and planted. He produced a small mirror and pad of a plastic substance into which he pressed the finger of a warder. He then pressed the substance on the mirror producing a perfect print. He was acquitted. Now fingerprints are regarded with some scepticism. ‘Nothing is foolproof’ said an American prosecutor after one recent debacle. ‘Anything that has human involvement has to be questioned like any other evidence in a criminal case.’ Think of the latest magic bullet, DNA. At least professionals, even after an acquittal, never admitted their guilt. I can recall only one man doing so. Accused of a bank robbery he swore blind he was innocent, weeping and begging, swearing on a number of relatives’ lives, some of whom were already dead. He was acquitted and then triumphantly told me afterwards that indeed he had not been the man across the counter as the police alleged, but had in fact been the getaway driver. Curiously, he was killed in a road accident a few months later. When I heard of this I thought of Steinie Morrison, convicted of the murder of Leon Beron on Clapham Common, who always maintained he had been verballed. When he heard of the death of the inspector in his case he remarked: ‘I had become convinced there was no God but I think I shall alter my opinion after this.’last_img read more

Ander Herrera: Man Utd should approach Arsenal game like a cup final

first_imgAdvertisement 8kc3bNBA Finals | Brooklyn Vsj5k3Wingsuit rodeo📽Sindre Eko6g6( IG: @_aubreyfisher @imraino ) 2qbtgaWould you ever consider trying this?😱1owdCan your students do this? 🌚1xpnRoller skating! Powered by Firework Things are getting out of hand at Old Trafford and time is running short for once ‘The Special One’. When time is high and demanding for a comeback , there comes a season defining Arsenal game who’re riding an undefeated wave.Advertisement After the 2-2 draw against Southampton , most faces of the Manchester outfit were expressionless and exhibited silence as a defence mechanism against scrutiny. However, Ander Herrera did try his best to put their troughs in words.Advertisement “I think half-time came at the wrong time but it is not an excuse,” he said. “We were in a good moment and should have kept that energy. But the only thing we can do is give everything on Wednesday against Arsenal and then Saturday against Fulham.“I know we are far from the top four but we should forget right now about the table, we should try to win every game. That’s how we will reach the top four. We should approach the Arsenal game like a final.”Advertisement The Reds showed glimpses of quality as they came back from 2 goals down after 20 minutes but failed to ride the momentum to a victory.“We have a lot of positives to take from this game that we need to remember for the next one,” Portugal defender Cedric said. “We were all alive today, we were all together. We worked hard as a unit. We need a bit of luck. It’s just a very fine line that is not letting us reach the three points.” added the Spaniard.Arsenal will looking to extend their unbeaten run as they seem to be in cruise control under revolutionary Emery. Advertisementlast_img read more

Jaunt’s Virtual Reality Cinema Takes VR Beyond Gaming

first_img4 Ways Big Data & VR Are Changing Professi… Related Posts signe brewster You Think Your Employees WANT to Wear That Devi… Jaunt’s virtual reality cameraIn the year since cinematic virtual reality startup Jaunt launched, the world of VR has once again turned upside down. There are new headsets, new industries interested and, finally, definite plans to release it to consumers. The race is on to determine which content will define the world’s first experiences with the medium.Jaunt CEO Jens Christenson can’t help but get excited about all the activity and identify one of its greatest opportunities: I think technology has gotten to the point [where] people are excited about it. They’re going to get the headsets, especially mobile headsets. The biggest overarching thing is just creating enough content so we can have what I call critical mass of content in 2015. So when people get their headsets, there is great content they can view, but also fresh content coming every day, every week, so they keep coming back.At the South By Southwest festival, Christensen had a fresh reel of content to show me, including aerial shots of rock climbers and an on-stage view of a Paul McCartney concert. Jaunt’s custom camera captures 360 degrees of 3D video that pulls on the emotional strings that make virtual reality feel so real. VR Films Are No Laughing MatterJaunt’s founders take a moment to yuck it up for the cameras.It’s clear that Jaunt is beginning to experiment with new forms of video. Back when the company was still in stealth mode, its clips felt mostly like home movies—simple shots of a children’s choir, BMX bikers and a tranquil yard. There was one experimental scene from a horror film.Today, the production value feels much higher. In one scene from “Other Space,” the upcoming Yahoo comedy by the creator of “Freaks and Geeks,” characters lobbed mildly humorous insults and got in my face while examining me aboard their spaceship. See also: 6 Ways The HTC Vive Will Freak Out Virtual-Reality GeeksThis was the first comedy I’ve seen in virtual reality. While I don’t have great things to say about the script writing, it raised some interesting thoughts. Oculus Rift, one of several headsets that Jaunt films will support.You know how people like to keep a little distance between themselves and other people or objects? Your desire for personal space in real life still exists in VR. But the scene didn’t ask me to laugh at some character on the screen getting poked and prodded—it asked me to laugh at myself. It was a conflicting feeling of discomfort and amusement. Another clip, “Stress Level Zero,” is Jaunt’s first piece to feature computer-generated material. An animated alien in a spacesuit lands and begins performing a DJ set, while live-action FBI agents shout at it to freeze. The combination felt natural in VR. Virtual Opportunity—And CompetitionJaunt plans to remain goggle agnostic, but its biggest boost may come from mobile headsets, which eliminates wires by using a phone as their screen. “We’re very excited about the mobile solution,” Christensen said. “The thing that’s so great about mobile for us is, it plays video really well. It’s really not that suited for video games.”Jaunt CTO Arthur van Hoff, vice president of engineering Tom Annau and CEO Jens Christensen.That means less competition for eyeballs on the platform that could be the first VR experience for millions of people. Films run just fine on headsets like Oculus Rift and Sony’s Project Morpheus, which have higher-quality screens, but they were born for gaming and need to be tethered to a computer. Samsung and Oculus’ Gear VR headset is made to be out in the world getting strapped onto as many heads as possible. Christensen said he is even excited about Cardboard, Google’s inexpensive headset that is literally made out of cardboard. I agree with Christensen that it’s all about content now. Even today, you can have a great experience in VR whether you’re using Gear or HTC’s new Vive, which was the hit of the 2015 Game Developers Conference. Jaunt is under similar pressure. While it has the intellectual property rights to protect its camera, plus its editing and distribution software and apps, it is no longer the only company creating high-quality videos for VR. See also: Samsung Is Getting Serious About Producing Its Own Virtual-Reality VideosBut Jaunt’s latest demos convinced me that its inventiveness could still give it the edge. The company provides evolving creation tools to artists and developers, and it’s clearly thinking hard about what VR cinema should feel like. Christensen’s team is also considering how to make watching VR videos more social, to beat back the feelings of isolation common in virtual reality environments. The questions that remain for cinematic VR creators will take years to answer. But hopefully, when the first headsets emerge later this year, the industry will have a compelling start.Camera photo and color shot of founders by Signe Brewster for ReadWrite; all others courtesy of Jauntcenter_img The Key to Mass Adoption of Wearables How Wearables Will Take Health Monitoring to th… Tags:#Jaunt#SXSW#SXSW 2015#virtual reality#VR last_img read more

Masters World Cup Nomination Information

first_imgTouch Football Australia (TFA) would like to notify all interested members that the nomination process for Masters World Cup Squads remains open. By clicking on the following link you will be directed to the online nomination process where you can nominate yourself for selection into a World Cup Training Squad:https://reg.sportingpulse.com/v6/regoform.cgi?formID=36057Although squads/teams will be named and preparation will begin, nominations for inclusion in the Masters Training Squad may be considered up until the end of March 2015. Therefore although teams will be selected TFA reserves the right to judge form and fitness status at the 2015 National Touch League which may result in changes or additions if the coach/High Performance Panel deem the player not to be at the appropriate level for World Cup representation. Please see attached original nomination information for more detail.TFA has also been advised by the Federation of International Touch (FIT) of a change to the age eligibility requirements and divisions within the World Cup event. Please see attached letter from FIT outlining the change made to the age division of Senior Women from Women’s 30’s to Women’s 27’s. This will mean to be eligible that female players must be aged 27 or over by 31 December, 2014.TFA would also like to notify that the previously tentative dates set for the Masters World Cup Training Squad camps in June/July of this year will now be moved to a later date. This will give us the required time to reassess the Senior Women’s division and selections for that squad. Tentative dates of Saturday, 8 and Sunday, 9 November 2014 in Sydney have now been set.  When final arrangements are made all selected training squad athletes will be notified.Formal notification of the athletes selected into all Masters World Cup Squads other than Women’s 27’s will be forthcoming in the next month. Please contact Wayne Grant for any further queries.For more information, please click on the attachments below. Related Filesfit_world_cup_memo_-_may_2015-pdfmasters_world_cup_nomination_information-pdftfa_2015_world_cup_masters_squads_nominations-pdfRelated LinksMasters World Cuplast_img read more

Industry Minister Justifies January Resumption of Scrap Metal Trade

first_imgIndustry, Investment and Commerce Minister, Hon. Anthony Hylton, has outlined the rationale for resuming the local scrap metal trade, come January 2013. Speaking at Wednesday’s (December 19) Jamaica House Media Briefing at the Office of the Prime Minister (OPM), Mr. Hylton pointed out that at its “zenith,” the scrap metal trade provided employment for over 10,000 persons, particularly among the lower socio-economic group. Additionally, he said the sector “proved itself” a viable foreign exchange earner, and at the height of its operations in 2006, grossed US$100 million. “My position on the trade in scrap metal has been as consistent as it has been clear. The trade is an important contributor to economic activity in Jamaica…we need the scrap metal trade. It provides jobs. It earns foreign exchange and clears the environment of derelict vehicles and scrap metal. We must also recognize that certain mineral deposits are declining and are not renewable. (As such) recycling of non-renewable resources is important for sustainable living,” the Minister argued. However, Mr. Hylton lamented the significant dislocation, consequent on illicit activities such as theft, which the country suffered, particularly during the height of the industry’s operations in 2006. “There was evidence of wanton disregard for public infrastructure and personal property and the level of theft and vandalism was at an all time high. So, while the trade was earning a significant amount of foreign exchange and creating employment, losses from theft over the past four years totalled approximately $1 billion. This does not include the dislocation to businesses and the amount of security measures that companies have to institute to prevent theft,” he indicated. As a result of this and other developments, the sector’s activities were suspended earlier in the year for reviewing and development of a new regime and measures to govern its operations, which have been approved by Cabinet. The trade is now set to resume by the third week in January, 2012 the Minister advised journalists at Wednesday’s briefing. “Let me make it patently clear, this activity will be guided by very stringent rules and regulations with appropriate penalties for non-compliance. It cannot be an ad hoc approach, where traders and exporters do as they please. That will not happen under my watch,” Mr. Hylton asserted.last_img read more

Worker Dies Aboard Petrobras Drillship

first_imgA worker died on board one of the drillships operated by Brazil’s oil and gas producer Petrobras.The accident occurred on Petrobras America’s drillship Petrobras 10000 in the Gulf of Mexico on December 2.As informed, medical assistance was provided immediately to the man but he died.No other details have been disclosed except that the man was an employee of the company Spencer Ogden.Relevant authorities have been informed and an investigation into the accident has been launched, Petrobras said.The 2009-built vessel, owned by Switzerland-based company Transocean, is scheduled to remain in the US Gulf of Mexico until January 18 before it leaves for Brazil.World Maritime News Stafflast_img

Fed raises key rate and foresees 2 more hikes this year

first_imgWASHINGTON – The Federal Reserve raised its key interest rate Wednesday in a vote of confidence in the U.S. economy’s durability while signalling that it plans to continue a gradual approach to rate hikes for 2018 under its new chairman, Jerome Powell.The Fed said it expects to raise rates twice more this year. And it increased its estimate for rate hikes in 2019 from two to three, reflecting more optimistic expectations for growth and low unemployment.In a statement after its latest policy meeting, the Fed said it boosted its key short-term rate by a modest quarter-point to a still-low range of 1.5 per cent to 1.75 per cent. It also said it will keep shrinking its bond portfolio. The two moves mean that many consumers and businesses will face higher loan rates over time.Taken together, the Fed’s actions and forecasts suggest a belief that the economy remains sturdy even nearly nine years after the Great Recession ended.The Fed’s latest rate hike marks its sixth since it began tightening credit in December 2015, after having kept its benchmark rate at a record low near zero for seven years to help nurture the economy’s recovery from the recession. Wednesday’s action was approved 8-0, with the Fed avoiding any dissents at the first meeting Powell has presided over as chairman since succeeding Janet Yellen last month.Bond yields and stocks initially rose after the Fed’s announcement. But after wobbling for much of the afternoon, both ended modestly lower.The Dow, having initially jumped as much as 250 points, ended down 44. The 10-year Treasury yield, a benchmark for mortgages and other loans, wound up at 2.88 per cent, down from 2.90 per cent a day earlier. It had traded as high as 2.93 per cent after the Fed’s statement came out.Economists said the decision to raise rates despite some recent sluggish data in areas like consumer spending showed that the Powell-led Fed has faith in the economy’s resilience.“The Fed has more confidence in the economy’s underlying momentum and appears to be more determined to normalize interest rates,” said Mark Vitner, senior economist at Wells Fargo.Vitner predicted that the central bank will end up raising rates four times this year despite its forecast for three.Some investors had speculated that Powell might move to impose his mark on the Fed by signalling a faster pace of rate hikes for 2018. But the Fed’s new economic forecasts, which include a median projection for the path of future increases, made no change to its December projection for three hikes this year.If the Fed does stick with its forecast for three rate increases this year and three in 2019, its key policy rate would stand at 3.4 per cent after five years of credit tightening. Wednesday’s forecast put the Fed long-term rate — the point at which its policies are neither boosting the economy nor holding it back — at 2.9 per cent.At a news conference after the meeting, Powell said the Fed hasn’t lowered its forecasts for growth because of the Trump administration’s decision to impose tariffs on steel and aluminum imports. But he said the Fed’s regional bank presidents have heard concerns from businesses about the consequences of the tariffs.“Trade policy has become a concern going forward for that group,” the chairman said, referring to business leaders.But among the Fed officials who met in Washington this week, Powell said, “there’s no thought that changes in trade policy should have any effect on the current outlook.”Powell’s first news conference ended 15 minutes earlier than the roughly hour-long sessions Yellen typically held, primarily because he kept his answers shorter. Powell said he might choose to hold a news conference after each of the Fed’s eight meetings each year, up from four now, but that he hadn’t yet decided.Wednesday’s statement showed only minor changes from the text the Fed had issued in January after Yellen’s final meeting. The statement described economic activity as rising at a “moderate rate,” a slight downgrade from January, when the Fed described the economy as rising at a “solid rate.”The statement did not mention the extra government stimulus that has been added since the Fed’s most recent economic forecast in the form of a $1.5 trillion tax cut and a budget agreement that will add $300 billion in government spending over two years.But the Fed’s new forecast does envision somewhat stronger economic growth compared with its previous estimate: It raises the estimate to 2.7 per cent growth this year, up from 2.5 per cent in the December projection, and 2.4 per cent in 2019, up from 2.1 per cent.Those higher estimates may reflect the expected impact of the additional government spending. But they fall far short of the 3 per cent annual growth that the Trump administration has argued will be achieved with the implementation of its economic program.The U.S. unemployment rate, now at a 17-year low of 4.1 per cent, is expected to keep falling to 3.8 per cent at the end of this year and 3.6 per cent at the end of 2019, which would be the lowest rate in a half-century. The Fed expects inflation, which has run below its 2 per cent target for six years, to stay at 1.9 per cent this year and reach 2 per cent in 2019.A healthy job market and a steady if unspectacular economy have given the Fed the confidence to think the economy can withstand further increases within a still historically low range of borrowing rates.___AP Economics Writer Christopher Rugaber contributed to this report.last_img read more