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Saturday, December 31, 2011

Nasdaq Can Delist Chinese Company CleanTech, U.S. Judge Says

December 31, 2011, 12:37 AM EST

By Thom Weidlich

Dec. 31 (Bloomberg) -- Nasdaq Stock Market won a federal judge?s permission to delist a Chinese maker of wind towers over its objection that the procedures for kicking it out are marred by bias.

U.S. District Judge Richard J. Sullivan yesterday lifted the restraining order imposed against Nasdaq by New York State Supreme Court Justice Melvin Schweitzer on Dec. 20. Sullivan also denied a request by CleanTech Innovations Inc., based in Tieling, China, that he impose his own temporary restraining order.

?The court finds that the state court lacked jurisdiction to enter a temporary restraining order in a matter arising under? the federal securities law, Sullivan wrote in his order. The U.S. Securities and Exchange Commission on Dec. 28 also denied CleanTech?s request for a stay, which the company can appeal to the federal court rather than the court imposing its own restraining order, Sullivan said.

CleanTech has been fighting removal since January, when Nasdaq asserted that the company, which makes towers for wind turbines, intentionally withheld material information about $20 million in financing during its listing application. The company says it provided all necessary information in a timely manner.

CleanTech has retained as counsel former U.S. Senator Arlen Specter, who represented Pennsylvania as a Republican before becoming a Democrat in 2009.

?Discriminatory Actions?

?Judge Sullivan?s ruling is a technical procedural ruling that doesn?t touch on the substance of the discriminatory actions by Nasdaq against China-based reverse-merger companies,? Blair Fensterstock, a lawyer for CleanTech, said in a phone interview. ?The company intends to take every action possible to pursue the discriminatory actions of Nasdaq and its staff.?

CleanTech alleged the exchange violated its own rules and the company?s right to due process in ?arbitrarily and capriciously? seeking to remove it. Nasdaq?s practices are ?racially motivated? and ?blatantly discriminatory,? aimed at delisting Chinese companies, according to the complaint.

?The staff made it clear that they were looking through a different scope at China-based companies and that whether or not a company and or its advisers had a good reputation was irrelevant,? Fensterstock said.

Auditor Resignations

The court action is part of the fallout from a series of cases alleging fraud involving China-based companies. Chinese shares trading in the U.S. have lost more than $10 billion in market value this year after companies such as Longtop Financial Technologies Ltd. and China MediaExpress Holdings Inc. disclosed financial irregularities or auditor resignations.

Concern has focused on the more than 400 Chinese businesses that have used reverse mergers -- buying public shell companies to gain stock market listings in North America while avoiding the scrutiny of an initial public offering.

The SEC in June cautioned investors about buying stakes in reverse merger companies, saying they may be prone to ?fraud and other abuses.? From 2005 to 2010, Nasdaq approved the listing of more than 55 Chinese reverse mergers, according to a tally by Bloomberg News.

Nasdaq approved CleanTech?s listing in December 2010 and issued a delisting notice a month later, saying the company intentionally failed to disclose material information about bridge financing of $20 million that it received in December, just after the listing.

CleanTech has responded that it had no idea when or whether Nasdaq would approve the listing and that it disclosed the transaction as required without withholding any information.

The case is Cleantech Innovations Inc. v. Nasdaq Stock Market LLC, 11-cv-9358, U.S. District Court, Southern District of New York (Manhattan).

--With assistance from Dune Lawrence in New York. Editors: Mary Romano, Peter Blumberg

To contact the reporter on this story: Thom Weidlich in Brooklyn, New York, federal court at tweidlich@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

Source: http://c.moreover.com/click/here.pl?r5683672366&f=378

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Friday, December 30, 2011

PamSahota: I'm at Boston Sports Club (361 Newbury St., Boston) http://t.co/WRrPfjhE

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At back of the pack, Bachmann soldiers on (CNN)

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Thursday, December 29, 2011

Helicopter crash kills 3, puts transplant on hold

A Clay County Sheriff's deputy walks by smoldering brush on his way to wreckage from a helicopter crash in an area west of Green Cove Springs, Fla. Monday afternoon, Dec. 26, 2011. The helicopter was enroute to Gainesville from Mayo Clinic in Jacksonville to receive a heart for a transplant when it crashed. The three people who were in the helicopter died at the scene. (AP Photo/The Florida Times-Union, Kelly Jordan)

A Clay County fire official drives through smoldering brush on his way to wreckage from a helicopter crash in an area west of Green Cove Springs, Fla. Monday afternoon, Dec. 26, 2011. The helicopter was enroute to Gainesville from Mayo Clinic in Jacksonville to receive a heart for a transplant when it crashed. The three people who were in the helicopter died at the scene. (AP Photo/The Florida Times-Union, Kelly Jordan)

Clay County Sheriff's officials create a staging area about 150 yards from wreckage from a helicopter crash in an area west of Green Cove Springs, Fla. Monday afternoon, Dec. 26, 2011. The helicopter was enroute to Gainesville from Mayo Clinic in Jacksonville to receive a heart for a transplant when it crashed. The three people who were in the helicopter died at the scene. (AP Photo/The Florida Times-Union, Kelly Jordan)

Clay County Sheriff's deputies head deep into the woods on four wheelers in an attempt to locate wreckage from a helicopter crash in an area west of Green Cove Springs, Fla. Monday afternoon, Dec. 26, 2011. The helicopter was enroute to Gainesville from Mayo Clinic in Jacksonville to receive a heart for a transplant when it crashed. The three people who were in the helicopter died at the scene. (AP Photo/The Florida Times-Union, Kelly Jordan)

MIAMI (AP) ? A helicopter that was on its way to retrieve a heart for transplant crashed in northern Florida, killing all three on board and leaving the transplant patient having to wait for another organ to become available.

The helicopter departed from a Mayo Clinic in Jacksonville on Monday around 5:45 a.m. carrying a surgeon and a technician along with the pilot. But the helicopter never arrived at the Gainesville hospital, Shands at University of Florida, about 60 miles to the southwest, said Kathy Barbour, a spokeswoman for Mayo, which is based in Rochester, Minn.

Killed were heart surgeon Dr. Luis Bonilla, procurement technician David Hines and the pilot, whose name wasn't released.

The heart they were going to pick up could not be used in another transplant because its viability expired, and the patient who had been scheduled to receive it is waiting for a new organ, Mayo Clinic spokesman Layne Smith said.

The helicopter went down about 12 miles northeast of Palatka, Federal Aviation Administration spokeswoman Kathleen Bergen said. The town is about 40 miles east of Gainesville and about 45 miles south of Jacksonville.

The wreckage, which was in remote, densely forested area, was spotted around noon by another helicopter, said Clay County sheriff's Lt. Russ Burke. Debris was scattered around the crash site, which was hidden from the road by rows of pine trees.

The National Transportation Safety Board was investigating.

The National Weather Service in Jacksonville reported there was light fog with overcast conditions in the area but no rain.

"As we mourn this tragic event, we will remember the selfless and intense dedication they brought to making a difference in the lives of our patients," John Noseworthy, Mayo Clinic president and chief executive officer, said in a statement. "We recognize the commitment transplant teams make every day in helping patients at Mayo Clinic and beyond. Our thoughts and prayers are with the families."

FAA records show the Bell 206 helicopter is operated by SK Jets. The St. Augustine company released a statement: "The focus of our efforts at this time is to attend to the needs of our passengers, crew and their families and work with the NTSB and local public safety officials to determine the cause and extent of the accident."

Gary Robb, a Kansas City aviation attorney specializing in helicopter safety, said SK Jets is known as a careful and safe operator in the industry. The small, lightweight craft has low weight and speed capabilities and is primarily used by traffic reporters or police departments, Robb said.

"It's not usually used in donor flights," he said.

"If you're on a mission where time is sensitive, why use an engine that is low performance?" Robb said, adding that the helicopter has a cramped cabin.

An NTSB investigator will scour the crash site for clues and look into the pilot's experience and any factors that might have impaired the pilot, any environmental factors such as birds or low visibility that may have contributed to the crash, and any mechanical problems with the helicopter, he said.

The Bell 206 usually has an older engine no longer installed in new models, Robb said.

"We've seen a number of instances where that engine simply failed," Robb said.

The crash and others like it illustrate the delicate nature of transporting organs.

In 1990, a surgeon and an assistant flying to pick up a donor heart for a patient were killed in a plane crash in New Mexico. And in 2007, a twin-engine plane carrying a team of surgeons and technicians ? along with a set of lungs on ice being brought to a patient already prepped for surgery ? crashed into the choppy waters of Lake Michigan. Six were killed.

Doctors ultimately got another set of donor lungs that were transplanted into the patient.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/386c25518f464186bf7a2ac026580ce7/Article_2011-12-27-Helicopter%20Crash-Florida/id-dc0c9abd245541aca0f4067a474abbbf

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Wednesday, December 28, 2011

WASHINGTON WATCH: Yes, veterans, there is a Santa Claus

In my last column, I wrote about wishing that the Christmas spirit of Carson City would rub off on Congress so they could pull together and do some great things for America.

Well, you can imagine my astonishment to pick up my Nevada Appeal and see that Senate Majority Leader Harry Reid, a Democrat, and Sen. Dean Heller, a Republican, actually got together and sponsored a jobs bill that emphasizes and pushes for more job opportunities for veterans.

?This legislation is an example of what can get done when Congress engages in a real bipartisanship dialog. These joint efforts are long-overdue,? Heller said.

Reid noted that the jobs bill had been a priority of his for a long time and he was pleased to have Heller sign on. I just hope that this bipartisanship can continue and that Reid and Heller can set an example for the rest of Congress that good things can happen when people work together, rather than have the constant bickering that accomplishes nothing and which America is sick of.

A tip of the hat and kudos to the two senators, and let this not be just one shot at compromise or a re-election ploy, as suggested by Jon Ralston on ?Face to Face,? but an honest attempt at ?getting along,? which I truly wish to believe.

On a less happy subject, I see that the Republican-controlled House on Monday dropped its objections to a two-month extension of the Social Security payroll tax cut that President Obama called ?the only viable way? to prevent a drop in take-home pay for 160 million workers on Jan. 1.

The standoff had caused confusion in business as the clock ticked on the need to adapt to any new payroll tax measures.

In the meantime, stay vigilant, as Social Security, Medicare and Medicaid still are on the chopping block come 2012 and don't let anyone tell you differently. Don't be caught napping.

I hope all of you had a wonderful Christmas, and let's hope for the best in 2012. Stay tuned.

? Janice Ayres is president of Nevada Senior Corps Association.

Source: http://www.nevadaappeal.com/ARTICLE/20111227/NEWS/111229843/1029/RSS

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California (7-5) vs. Texas (7-5) (ET)

GAME NOTES: This year's Bridgepoint Education Holiday Bowl features two storied programs as the California Golden Bears of the Pac 12 and the Texas Longhorns of the Big 12 will square off at Qualcomm Stadium in San Diego.

Jeff Tedford is the winningest coach in Cal football history and led his squad to a 7-5 overall record in 2011. The Golden Bears had big wins over Utah and Arizona State and took Stanford to the wire in a 31-28 battle. California won three of its last to finish 4-5 in the new look Pac 12 Conference.

Tedford is 1-1 in Holiday Bowls with the Golden Bears, who are 10-9-1 all-time in postseason play. California's last bowl game appearance came in the 2009 Poinsetta Bowl, a 37-27 loss to Utah, snapping a four-game bowl win streak for the Golden Bears.

Texas had a good season by most standards, but it was a letdown due to the high expectations Mack Brown has established since taking over in Austin in 1998. Texas is happy to be playing a postseason game after last year snapped an 18-year streak of being invited to the bowl season. During his tenure, the Longhorns set a record with nine straight seasons of 10 wins or more, including winning the 2005 BCS National Championship.

This marks the fifth all-time meeting between these two teams on the gridiron. Texas has won all four previous matchups, with the last one coming way back in 1970.

This will not be the first Holiday Bowl appearance for Brown and Texas, as his team played in the postseason matchup in 2000, 2001, 2002, and 2007. Brown is 2-2 in Holiday Bowls. Texas is 25-22-2 in bowl games overall, with its last one being a 37-21 loss to Alabama for the 2010 BCS Championship.

California's late season burst can be attributed to the development of its offensive stars Zach Maynard and Isi Sofele. Tedford commented on Maynard's progression

"He is a first-year player in our program. I really felt like if you look at the last half of the season and took the UCLA game out of it he completed close to 69 percent of his passes with 159 passing efficiency. He played really, really well and didn't turn the football over. I think it was key for him the manage the game and we got our run game going which really helped us finish the year strong".

Maynard threw for 763 yards and five touchdowns with just one interception in his last four games. He did throw three or more interceptions in two games this season, but seems to have grasped the offense better with experience. Maynard's top target this year was his brother Keenan Allen. The sophomore wideout finished the regular season with 1,261 yards and six receiving touchdowns. Allen's 7.4 catches per game ties for 12th in the nation. The duo will have his its work cut out as it faces the Big 12's top passing defense.

Sofele is the key component of Cal's attack. The junior tailback rushed for 1,270 yards and nine touchdowns on 232 carries in the regular season. Sofele is a workhorse as he has carried the ball over 20 times in each of his last four games. California's balanced attack gives it the 37th best offense in the nation with an average of 418.7 total yards of offense per game.

Despite playing in the Pac 12 with the likes of Oregon and Stanford, the Golden Bears are ranked 26th in the nation in total defense (339.4 yards allowed per game). Tedford's defense is very aggressive and ranks 17th in sacks (2.67 per game) and fifth in tackles for loss (7.67 per game). Cal's defense is led by the Pac-12 Defensive Player of the Year Mychal Kendricks, all-conference second-team selection Trevor Guyton, and team captain D.J. Holt.

The Longhorns' offense is decent with averages of 404.0 yards of total offense per game and 28.7 ppg. The offense's key players are all very young, however. Case McCoy, younger brother of Texas alum Colt McCoy, emerged as the team's starting quarterback late in the year. McCoy set career highs in all of the following categories in the regular season finale against Baylor as he completed 24-of-39 pass attempts for 356 yards with three touchdowns and four interceptions. David Ash could see some time under center as both young quarterbacks continue to develop.

The Longhorn's top rusher Malcolm Brown missed the team's last game. The freshman star gained 707 yards on the ground despite missing three games. Joe Bergeron, also a freshman, reeled off back to back 100-yard performances in the middle of the year, but missed the last two games with injury. Although banged up, Brown and Bergeron have been practicing and are expected to split the carries against the Golden Bears' stifling rush defense.

Mike Davis is the team's top receiving option as he racked up 609 yards on 45 catches so far in his sophomore season. Freshman wideout Jaxon Shipley submitted his second 100-plus yard receiving performance of the year against Baylor with 121 yards on four catches.

The Longhorn defenders experienced a learning curve under first-year defensive coordinator Manny Diaz. Cornerback Carrington Byndom spoke about the team's progression during the course of the year

"I think we have come a long way. Definitely in the beginning of spring, it was a little difficult with trying to learn a new system. He put in his time with it during our 13 or 15 practices in the spring, and then in our two-a- days we had to learn and pick up the system. As the season went on, I think everyone started to buy in and started to see the concepts of the defense."

Diaz did a tremendous job as his defense is tops in the Big 12 with 315.3 yards of total offense allowed per game (15th nationally) and ranks first against the run and the pass. The aggressive gameplan has resulted in three players with double-figure stops for losses - end Jackson Jeffcoat (14), linebacker Emmanuel Acho (13.5), and end Alex Okafor (12.5). Acho leads the team with 102 total tackles and was named to the 2011 All-Big 12 First-Team.

While California seemed to click as the season went on, Texas dealt with injuries that took a toll on its late season run. With a few weeks rest, Texas should be fresh. The Longhorns will win this one with exceptional defense and a strong freshmen tandem at tailback.

Sports Network Predicted Outcome: Texas 24, California 20

Source: http://www.thenewstribune.com/2011/12/26/1959176/california-7-5-vs-texas-7-5-et.html?storylink=rss

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Tuesday, December 27, 2011

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