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Most recent 20 results returned for keyword: lightsquared (Search this on MAP)

https://plus.google.com/112752092680856922747 Trade Divine : New post (Gikfun 3D LightSquared DIY Kit 8x8x8 3mm LED Cube White LED Blue Ray EK1568) has been published...
New post (Gikfun 3D LightSquared DIY Kit 8x8x8 3mm LED Cube White LED Blue Ray EK1568) has been published on Trade Divine - Arts & Crafts
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This LED cube suite is DIY, user need some electronic basis and welding ability. Parameters: Power supply voltage: 4.5~5.5V PCB size: 11.1*12.7CM Listing: PCB x1 3mm white blue LED x512 XH2.54-40P round female pin x2 20P IC socket x9 74HC573 DIP x9 USB to DC005 cable x1 DC005 power socket x1 18P IC socket x1 ULN2803 DIP x1 40P IC socket 1 STC12C5A60S2 (with code) 1 A09-103 Resisters x1 8*8 Self-locking switch x1 10uf 25V electrolytic capacitor x2...
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https://plus.google.com/111684822497797623517 Jerome Lofton :

LightSquared spectrum issues near resolution with GPS deals
LightSquared spectrum issues remain a work in progress with a handful of GPS deals, though challenges remain.
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https://plus.google.com/104110237061242797378 No1Mellenhead : 140 Obama Crimes Ever since Obama took office we have witnessed the dismantling of our nation by a ...
140 Obama Crimes
 
Ever since Obama took office we have witnessed the dismantling of our nation by a man who takes his golf game more seriously than his daily intelligence briefing. The sheer volume of his illicit actions is in many ways overwhelming. You might be able to come up with a few examples during a conversation, but who could possibly keep track of them all? So I have been keeping a list of every dastardly deed Obama has pulled since he made it into the public eye. From using massive voter fraud to steal the 2008 Democratic primary to his sponsoring of a Marxist inspired Kenyan constitution that is guaranteed to lead that country to ruin, they’re all here for your consideration.
For this post and others like it check out my blog Conservative Spotlight.
 
The Early Years
 
1.         Obama and Bill Ayers waste over $300 million in educational grants meant to improve minority academic outcomes on radicalizing school children.
2.         Obama didn’t write Dreams from My Father, Bill Ayers did.
3.         Directing tens of millions in Illinois state dollars to corrupt Chicago slumlords.
4.         Opposing legislation that required medical care for late-term abortion babies born with a “reasonable likelihood of sustained survival”.
5.         Michelle Obama’s patient dumping scheme at The University of Chicago Hospitals.
6.         Obama’s 2005 home purchase with the assistance of convicted felon Tony Rezko.
7.         Obama’s 2006 trip to Kenya to campaign for his “cousin” and mass murderer Raila Odinga.
 
The 2008 Campaign
 
8.         As the son of a foreign national Obama is not constitutionally eligible to be President of the United States.
9.         Obama’s theft of the 2008 Democratic primary.
10.       Providing up to date campaign donor lists to ACORN that were more complete than the ones he gave the FEC.
11.       Accepting millions in illegal foreign and domestic campaign contributions.
 
The First 100 Days
 
12.       The trillion dollar Obama stimulus program that was little more than a handout to public sector unions and down payment on the fictional “green energy” economy.
13.       Millions in stimulus funds spent on Democratic Party propaganda.
14.       The 40 plus White House czars who are not accountable to Congress or the American people.
15.       Reassigning control of the Census Bureau from the Commerce Department directly to the White House.
16.       Protecting union interests and defrauding bondholders during GM bankruptcy proceedings.
17.       Discriminatory practices against white and rural owned dealerships during the reorganization of GM and Chrysler.
18.       Interior Secretary Ken Salazar canceling 77 properly filed oil field development contracts approved by the Bush administration.
19.       First of many gold plated vacations on the taxpayer dime.
 
Department of Justice
 
20.       Abandoning the War on Terror.
21.       “Felony Stupid” Operation Fast and Furious.
22.       Race based voter fraud policies and dismissal of voter intimidation charges against the New Black Panther Party.
23.       Refusing to purge voter lists of dead and ineligible voters as required by law.
24.       Disenfranchising military voters by refusing to enforce the MOVE Act.
25.       Politically biased hiring practices in the Civil Rights Division that favors liberal candidates over attorneys with a conservative background.
26.       Unfounded criminal prosecution of CIA officers for torture.
27.       Unlawful dismissal of the CAIR terrorist cases.
28.       Trying to prosecute foreign caught terrorists in US civilian courts.
29.       Using the FACE Act to curb the free speech rights of abortion protestors.
30.       Suing an Illinois school district for not granting leave to a first year Muslim teacher who demanded three weeks off in middle of the semester for pilgrimage to Mecca.
31.       Persecuting Christians in Michigan in violation of the principles separating church and state.
32.       Attempting to intimidate the Gallop Organization from releasing unemployment data that was critical of the Obama administration.
 
Transparency
 
33.       Firing Inspector General Gerald Walpin for investigating sexual predator and Obama friend Sacramento Mayor Kevin Johnson.
34.       Politicization of the FOIA process by the Department of Homeland Security.
35.       Selective processing of FOIA requests based on political affiliation by the Department of Justice.
36.       Proposed FOIA regulation that would allow the government to lie about the existence of documentation.
37.       Obstruction of a Congressional investigation by the National Labor Relations Board.
38.       Blocking GAO investigations into fraud and abuse in the federal government.
 
State Department/Foreign Policy
 
39.       Failing to secure a US military presence in Iraq following the war.
40.       Massively escalating the war in Afghanistan.
41.       Obama’s shadow war in East Africa.
42.       The lopsided START agreement with Russia.
43.       Empowering Iran to stomp out the Green Revolution and pursue an industrial sized nuclear weapons program.
44.       Siding against the people and constitution of Honduras by demanding the reinstatement of legally deposed Honduran President Manuel Zelaya.
45.       Arming Israel’s enemies in the Middle East and endangering its military superiority in the region.
46.       Publicly revealing Israel’s involvement in the killing of Iranian nuclear scientists to NBC News.
47.       Making anti-Semitism cool again.
48.       Betraying Great Britain over the Falkland Islands.
49.       Spending $18 million to help produce a Marxist inspired Kenyan constitution that legalizes abortion, promotes Sharia Law and stamps out freedom of speech.
50.       Throwing Egypt to the Muslim Brotherhood wolves.
51.       Lying about not having prior knowledge on release of the Lockerbie Bomber and then trying to pin the blame on BP.
52.       Promising to support the establishment of an independent Palestinian state and then going back on his word.
 
The United Nations
 
53.       Unsanctioned by the US Senate war in Libya.
54.       Trying to hand over control of international arms sales to the UN.
55.       Making it illegal to go to war without UN permission and placing US military personnel at risk to international prosecution.
56.       Redistributing US income to the international community on a never before seen scale.
57.       Supporting international efforts to criminalize free speech criticism of Islam.
58.       UN supported slaughter of farmers in Honduras and Uganda to make land available for carbon credits and biofuel production.
 
Economy
 
59.       Increase in discretionary spending that began when Democrats took Congress in 2006 and accelerated under Obama to record levels that now make up the lion’s share of our current annual deficit.
60.       Expanding health care expenditures that according to the CBO will exceed all other federal discretionary spending by 2016.
61.       Overseeing a 46% increase in food stamp use that increases government dependence and creates millions of new loyal Democratic voters.
62.       Keeping his campaign promise to cause electricity (and gas) prices to “necessarily skyrocket”.
63.       Massive increase in federal regulations under Obama that will cost up to 3 million jobs and $488 billion.
64.       New IRS licensing regulation that could put up to 350,000 tax return preparers out of work.
65.       Doing absolutely nothing to address the biggest potential catastrophe facing our nation: the debt crisis.
 
Energy
 
66.       Preventing the extraction of up to 3 trillion gallons of oil buried under federal land in Colorado, Utah, and Wyoming, more than enough to end US dependence on foreign oil and supply our energy needs for a couple hundred years.
67.       Falsely indicating that a panel of experts had agreed with the Energy Department’s Gulf Coast drilling moratorium when in actuality none of them supported the measure.
68.       Implementing a third oil-drilling moratorium after the first two were thrown out of court creating a de facto Gulf Coast offshore drilling ban in opposition to two judicial rulings.
69.       Energy Department wasting billions on guaranteed to fail green energy companies and then lying about it to Congress.
70.       Putting off a decision on the Keystone XL pipeline that could bring affordable energy to the US and create thousands of jobs.
71.       Banking America’s financial future on a green energy economy that creates no jobs, is prohibitively expensive and will cause whatever manufacturing we have left to move overseas where energy is cheaper.
 
EPA/Environment
 
72.       Preventing US industries from taking full advantage of our rich oil, coal, natural-gas, and timber  natural resources with expensive and unnecessary regulations.
73.       EPA implementing multi-billion dollar cap and trade regulations even though they failed in Congress and will have almost no effect on global carbon emissions.
74.       Using disproven science to support EPA plans to regulate hydraulic fracturing.
75.       “Sue and Settle” fraud in which the EPA pays environmental groups to sue for regulations and then immediately settle out of court to implement green agenda they would not otherwise pursue on their own.
76.       Department of Interior attempt to grab control of millions of acres of public and private land in Western states by designating them national monuments.
77.       Implementing “green energy” regulations that will cost the US 1.44 million jobs.
78.       EPA cross-state air pollution rule that was struck down in federal court because it went far beyond the agency’s powers as granted by Congress.
79.       Shutting down the $30 billion national nuclear waste disposal site at Yucca Mountain for political reasons.
80.       Using fake data to make electric vehicles seem more fuel efficient than they really are.
81.       Handing over control of the oceans to the federal government via executive order.
 
National Security
 
82.       Obama’s pledge to Russian President Dmitry Medvedev that he will have “more flexibility” after the election to cave on contentious issues like missile defense.
83.       Diverting money away from a critically needed ballistic missile defense system due in 2013 for one that won’t be ready until 2020 at best.
84.       Ordering the FBI to read foreign caught terrorists their Miranda rights thus encouraging them to keep silent.
85.       UN Ambassador Susan Rice and the White House lying about the murder of Ambassador Chris Stevens in Libya, insisting it was a spontaneous mob action when in reality it was a well designed terrorist attack.
86.       Trying to give the federal government the right to detain American citizens for an indefinite period of time without due process.
87.       Declaring a drawdown date for Afghanistan before the surge was even implemented.
88.       Multiple national security leaks from the White House including details on cyberattacks against the Iranian nuclear weapons program and the Osama bin Laden raid.
89.       Disclosing the death of Osama bin Laden before reviewing information gathered at the Abbottabad compound for actionable intelligence.
90.       Catch and release policy for terrorists since the administration won’t lock them up at Guantanamo Bay.
91.       Department of Homeland Security spending millions on monitoring the web for critics of its policies.
92.       Trying to strip provisions out of the Iran Sanctions Bill that provides compensation to victims of the 1983 Hezbollah bombing of the Marine barracks in Beirut.
93.       Obama skipping out on more than half of his daily intelligence briefings instead relying on written reports distributed on his iPad.
94.       Forcing 157 Air Force Majors near retirement to retire early without full benefits in opposition to longstanding Department of Defense policy.
95.       Proposed nuclear scientist exchange program with China that was a golden invitation for espionage and would compromise our nuclear secrets.
 
Immigration
 
96.       Halting the deportation of young illegal immigrants via executive order after the DREAM Act stalled in Congress.
97.       ICE Director John Morton prohibiting officers from enforcing US immigration laws outside the institutional setting leading the ICE      union to vote “no confidence” in his leadership.
98.       Providing false data that made it seem illegal immigrant deportations were at an all time high under Obama.
99.       Failure to secure our borders and holding border states and residents politically hostage during a time they are being overrun by a narco-paramilitary invasion.
100.     Refusing to sue sanctuary cities for violating US immigration law while proceeding with a lawsuit against the State of Arizona for enforcing US immigration law.
101.     Proceeding with criminal charges against Border Patrol agent Jesus Diaz, Jr. for “violating the constitutional rights of an illegal alien drug smuggler” even though he had already been twice cleared by investigators.
102.     Labor Department PR campaign offering legal assistance for illegal immigrants facing wage discrimination.
 
Unions
 
103.     Obama recess appointment of union lawyer and activist Craig Becker to the National Labor Relations Board (NLRB) which is supposed to act as an unbiased arbiter between businesses and private sector employees.
104.     Politically motivated NLRB lawsuit against Boeing for establishing a 787 production line in the right to work state South Carolina and then lying about it to Congress.
105.     NLRB micro-union decision that allows as few as two to three employees within a company to unionize based on job description alone.
106.     Allowing “ambush elections” that cuts the time employers have to respond to a unionizing effort from 40 days to as few as 17.
107.     NLRB card check decision that bans secret ballot elections and opens up unionizing efforts to abuse.
108.     Secretary of Labor Hilda Solis overturning regulations that required unions to disclose financial information on executive compensation and data on “no-show” jobs.
109.     Appointment of former SEIU official John Lund to the Office of Labor-Management Standards where he proceeded to cut the number of labor union investigators by half and advise unions how to circumvent reporting requirements.
110.     Requiring replacement workers during a union strike to file their personal information with the Department of Labor making them vulnerable to retribution by union officials.
 
ObamaCare
 
111.     Using the reconciliation process meant for taxes, spending and debt legislation to pass ObamaCare in the Senate after Scott Brown won the special election in Massachusetts.
112.     Buying votes for ObamaCare including the “Cornhusker Kickback”, “Louisiana Purchase” and “Gator Aid” and spending $2.8 billion to secure the support of the AARP.
113.     Vastly underestimating the financial burden of ObamaCare that at will cost American taxpayers and businesses up to $1.8 trillion annually.
114.     Spending $8.3 billion on a phony “demonstration project” that puts off devastating cuts to Medicare Advantage until after the 2012 elections.
115.     DHS issuing over 1,200 waivers to politically connected businesses and unions making them exempt from expensive ObamaCare requirements while sticking the rest of America with the bill.
116.     Establishing a 15 member Independent Payment Advisory Board that will have nearly unchecked power to set prices, implement rationing and make whatever healthcare decisions they want without any meaningful oversight from Congress or input from the American people.
117.     Obama’s false promise that “if you like your health care plan, you can keep it” when in reality millions will lose their current coverage within 3 years according to the administration’s own estimates.
118.     Hiding the fact that ObamaCare is the largest tax increase in American history with 75% of the costs falling on those who make less than $120K a year.
119.     Legalizing taxpayer funding for abortion in violation of the Hyde Amendment.
120.     Making Catholic organizations pay for contraception in violation of their beliefs and the First Amendment which guarantees freedom of religion.
121.     The Community Living Assistance Services and Support provision of ObamaCare that is so prohibitively expensive that even HHS Secretary Kathleen Sebelius admits it is unworkable.
122.     HHS gutting of work requirements for able bodied adults receiving welfare as mandated by 1996 welfare reform law.
123.     Recess appointment of healthcare radical Donald Berwick as head of the Centers for Medicare and Medicaid Services (CMS) without even a token attempt to put him through the Senate nomination process.
124.     CMS threatening Texas and Indiana with loss of Medicare grants should they stop handing money over to Planned Parenthood.
 
Crony Capitalism
 
125.     White House pressuring a 4 star Air Force general to change his testimony when he was set to testify against Democratic donor owned LightSquared.
126.     Pressuring the OMB to approve $535 million loan for Obama donor owned Solyndra even though there wasn’t enough time for a proper risk assessment.
127.     Directing almost 80% of EPA green energy loans to Obama donors.
128.     $443 million purchase of an experimental, exceedingly expensive and totally unneeded smallpox vaccine from longtime Democratic donor Ronald O. Perelman.
 
Misc.
 
129.     Publicly calling out private citizens who oppose Obama’s reelection campaign as “betting against America”.
130.     New national education standards that call for sexual education to begin in kindergarten.
131.     Using No Child Left Behind waivers to cement control of public school education by the federal government.
132.     FCC second try at net neutrality regulations after their first attempt was thrown out of court.
133.     FCC abusing its power to approve telecom mergers to implement new regulations.
134.     Setting a new record for nominating unqualified judges to the federal courts.
135.     Rewriting the Export-Import Bank charter allowing it to compete in the domestic loan business even though Obama had no statutory power to do so.
136.     White House job offer to Rep. Joe Sestak to encourage him to drop out of the 2010 Pennsylvania Democratic Senate primary.
137.     Unlawful recess appointments in January 2012 while Congress was still in session.
138.     Desecrating 9/11 by renaming it National Day of Service to deflect attention away from pro-national defense conservatives towards anti-military community organizers.
139.     Making the Dalai Lama exit the White House through a service entrance past piles of garbage in an effort to appease China.
140.     Awarding the Medal of Freedom to Marxist Dolores Huerta while at the same time banning Polish anti-communist hero Lech Walesa from attending the ceremony.

Source:
http://www.redstate.com/…/fdar…/2012/10/03/140-obama-crimes/
3 months ago - Via Google+ - View -
https://plus.google.com/109327412457286143728 Satepedia : AMSC-1 (LightSquared ) Satellite Information - #DVBS #Geostationary #Satellite #Satepedia
AMSC-1 (LightSquared ) Satellite Information - #DVBS #Geostationary #Satellite #Satepedia
AMSC-1 @ 101.21° West - North & South America - Satellites - Satepedia
AMSC-1 Satellite : 6 L-band transponders and Ku-band capacity to provide mobile telephone, radio, facsimile, paging, position location, and data communications for US/Canada users on land, at sea, and in the air.
5 months ago - Via - View -
https://plus.google.com/105503476142354024461 GPS Tracking Solutions: The Eye in the Sky is EasyTracGPS : NovAtel: Proposed Ligado wireless network a concern for high-precision positioning #Ligado #Lightsquared...
NovAtel: Proposed Ligado wireless network a concern for high-precision positioning #Ligado #Lightsquared
NovAtel: Proposed Ligado wireless network a concern for high-precision positioning
NovAtel Inc. has submitted comments to the Federal Communications Commission (FCC) regarding Ligado Networks LLC’s (formerly New LightSquared LLC) License Modification Applications. NovAtel raises …
6 months ago - Via - View -
https://plus.google.com/100062233315921634067 Joshua Nahas : Recent Bankruptcy Rulings and Their Implications for Distressed Investors During this most recent bankruptcy...
Recent Bankruptcy Rulings and Their Implications for Distressed Investors

During this most recent bankruptcy cycle there have been a series of rulings impacting secured creditors in general, and in particular secured creditors seeking to gain control of a debtor through credit bidding. Whether creditors in cases such as Philadelphia Newspapers, Scotia Pacific and DBSD intended to loan-to-own from the outset, or opted to control to take control mid-process in order to maximize recoveries, the rulings that impacted them will shape both the court’s and creditors’ actions in the cycle to come. While the Chrysler case received much broader media attention, its implications are more limited given the unique constituencies and circumstances. That said, distressed investors in secured debt should consider carefully the risks when deploying capital in sectors with significant union concentration where the federal and state governments are going to bring significant influence to bear given the effects a bankruptcy has on working class voters and their communities.

This article is the first in a series of articles examining key legal decisions during last bankruptcy cycle. The purpose is to synthesize the voluminous array of legal analysis and opinions on these rulings and develop essential take aways for distressed investors. While distressed investors rely heavily on the advice and counsel of their FAs and attorneys, in the final analysis the PM must execute his strategy and be accountable for the results. Therefore, it is important to survey the legal landscape and be aware of some of the pitfalls distressed investors face. Particularly for funds that focus on control investments, or who have holdings concentrated in an industry that may result in them being deemed a “strategic investor”. Given the enormous growth in the leveraged loan market, particularly the 2nd lien loan market, many of the rulings in the last bankruptcy cycle were related to secured creditors. The focus of this article is on decisions impacting control distressed investments more commonly referred to as loan-to-own.

In late 2008 and early 2009 as the markets began a precipitous decline, credit, including traditional third party DIP financing from commercial banks, dried up. Many distressed investors were unable to deploy funds to capitalize on the markets’ dislocation. They were getting margin calls on the total return swaps, redemptions from investors and suffering significant mark-to-market losses.

For those players with sufficient dry powder and locked up capital, being the DIP provider gave them the most strategic position in the capital structure, and very often the DIP was the fulcrum security. DIP loans with stringent covenants and milestones calling for a POR or sale within 120 days, enabled the DIP lender’s to gain control of the company.

With traditional DIP lenders on the sidelines, first lien lenders seized the opportunity to roll-up their pre-petition debt into post-petition debt. Such actions are generally frowned upon by the courts because pre-petition debt effectively becomes cross-collateralized with post-petition assets. Moreover, some members of the first lien facility such as CLO’s or long only asset managers are precluded by their charters from originating or participating in DIP loans.

Those creditors who were left behind by the roll-up DIP objected to these loans on the basis that the rules and procedures of bankruptcy did not allow for members of the same class to leap frog them and obtain better recoveries and terms. Nevertheless, with no viable alternative the courts approved many of these loans, although frequently they amended some of the more egregious terms after some trial-and-error. Roll-up DIPs effectively became de facto bridge loans to a credit bid. In situations where the first lien lenders were not the DIP lender, the scenarios were far different and led to some interesting conflicts between debtors and secured creditors, particularly related to secured creditors’ right to credit bid their claims.

Philadelphia Newspapers

In 2006, Philadelphia Newspapers, LLC (debtor), acquired the Philadelphia Inquirer, Philadelphia Daily News, and philly.com for $515 million with a $295 million loan secured by a first priority lien on substantially all of the debtors’ assets. In February 2009, the debtors filed for Chapter 11 after defaulting on their loan agreements. The debtors’ proposed plan called for a sale of substantially all the debtors’ assets in an auction as well as a transfer of their Philadelphia headquarters to the secured lenders. The bid procedures required cash funding and specifically precluded the lenders from credit bidding. (1)

The Stalking Horse bidder in this case was an entity controlled by the local Carpenters Union pension fund and Bruce Toll, a personal friend of the debtor’s CEO. Additionally, until the day before the asset purchase agreement was signed, the Stalking Horse held 50% of the ownership interests in the parent of the debtor corporation. (2) Since the Newspaper properties represent iconic brands in Philadelphia, the debtor also engaged in a public relations campaign branding itself as David “local newspaper” vs. Goliath “Wall Street hedge funds”. This was ironic given that the CEO had mismanaged the leveraged buyout of the company, filed it for bankruptcy and instituted significant head count reductions effecting middle class working people while he earned an $800K annual salary. Nevertheless, the debtor successfully painted the banks as the villain.

The debtor’s POR included a 363 sale at public auction of substantially all the debtor’s assets free and clear of all liens. The sale would not include the debtor’s headquarters which would be transferred to the secured lenders in full satisfaction of their claim. Under the Plan, the purchase would generate approximately $37 million in cash for the Lenders. Additionally, the Philadelphia headquarters which was valued at $29.5 million and would be subject to a two-year rent free lease for the new owners (representing a recovery of about 20%). The Lenders would receive any cash generated by a higher bid at the auction. The plan also established a $750,000 to $1.2 million liquidating trust fund in favor of general unsecured trade creditors and provided for a distribution of 3% ownership to the GUCs if the senior lenders agreed to waive their deficiency claims. (3) Secured lenders objected to the plan because it required all bids on the sale to be in cash, thus if the secured lenders wanted to bid on the assets they would have to pay in cash only to receive the cash back under the plan. Although secured creditors would essentially be paying themselves with a cash bid, the group held firm to the principle of a secured creditors’ right to credit bid.

In October 2009, the bankruptcy court issued an order refusing to bar the lenders from credit bidding. The bankruptcy court reasoned that Section 1129(b)(2)(A) of the Bankruptcy Code (known as the cramdown provision), when read in conjunction with Sections 363(k) and 1111(b), required that a secured lender be able to credit bid in any sale of the debtors’ assets. This provision states that a plan is “fair and equitable” and thus confirmable over the objections of a secured class, provided that the secured class is given the “indubitable equivalent” of its secured interest. Moreover, before a court may “cram down” a plan over the objection of a dissenting creditor class, both the absolute priority rule and the fair and equitable standard must be satisfied. However, the debtor appealed and the district court reversed the bankruptcy court’s decision. The 3rd US Circuit Court of Appeals affirmed the district court’s ruling and addressed the issue of whether secured creditors have a statutory right to credit bid their claims in a 363 sale done in the context of a plan of reorganization. (4)

The 3rd Circuit upheld the POR relying on what is characterized as the “plain meaning” of the Bankruptcy Code Section 1129 (b)(2)(A). The court held the plan could be confirmed as it met the “fair and equitable” requirement of Section 1129 (b)(1) arguing that secured creditors received the “indubitable equivalent” of their claims under the plan. Section 1129(b)(2)(A) lists three alternative paths by which a plan may be “fair and equitable” to secured lenders:
the secured lenders retain their liens to the extent of the allowed claims and receive deferred cash payments equal to the allowed amount of their claim;
the property is sold free and clear of liens and the secured lenders attach their liens to the proceeds of a Section 363(k) sale (which specifically incorporates credit bidding);
OR the secured lenders realize the Indubitable Equivalent of their claims (does not mention credit bidding)(5)
http://www.ca3.uscourts.gov/opinarch/094266p.pdf

The court reasoned that according to the plain meaning of the statute, the use of the word “or” between the three subsections is a disjunctive clause which allows the debtor to choose one of the three alternatives when selling its assets free and clear of liens. Therefore, if the debtor offers the indubitable equivalent under subsection (iii), the secured lender’s right to credit bid is precluded. The court applied reasoning used by the 5th Circuit In Re Pacific Lumber Co. In the PALCO case the court terminated the debtor’s exclusivity after 1 year and confirmed a plan put forth by a joint bid by a secured creditor and competitor. Additionally, the plan paid the noteholders full cash value of their claims while precluding them from credit bidding on the assets.

The court rejected the secured creditors’ claim that they had the right to credit bid and commented that the credit bid was unnecessary given that noteholders were receiving the full cash value of their claim. The court in Philadelphia Newspapers cited the approach the 5th Circuit took in the PALCO case as one concerned with “fairness to creditors” rather than the mecanics of a cramdown. Moreover, the court emphasized that lenders retained the right to object to the plan at confirmation on the grounds that “the absence of a credit bid did not provide it with the ‘indubitable equivalent’ of its collateral.” (6)

http://business-finance-restructuring.weil.com/wp-content/uploads/2010/10/SCOPAC-09-40307-CV0-10-19-2010-USCA5.pdf

Judge Thomas Ambro of the 3rd Circuit wrote a strong dissenting opinion based on the principle of statutory construction; that specific principles prevail over general ones. (7) The legal reasoning employed in the dissent is beyond the scope of this article, however it provides some great insight and is worth reading.

The PALCO and Philadelphia Newspapers rulings have established that in the context of a plan of reorganization credit bidding is not a right (at least in the 3rd and 5th Circuits). This is significant in that the 3rd Circuit governs Delaware where many large corporate bankruptcies are overseen. However, the issue of the right to credit bid in a 363 sale outside of a plan was not addressed. The court remanded back to the bankruptcy court the issue of whether secured creditors were receiving the Indubitable Equivalent and that the plan met the Fair and Equitable test. That issue was never decided as creditors took matters into their own hands and won the auction with a cash bid of $138.9mm.

What these rulings demonstrate is that secured creditors have lost some strategic ground in being able exercise influence and take possession of the collateral through the right to credit bid. Funds employing a loan-to-own strategy should weigh carefully how these decisions may impact the timing and manner of deployment of capital in a distressed investment. Had the secured creditors been the DIP lenders in these situations, they would have been able to exert far more influence in determining the outcome. It is likely that during the next cycle banks will again be reeling from mark-to-market losses in their trading and CMBS books and will again not be able to deploy DIP capital as was the case in the 2008-2009 cycle. The early part of the cycle will be ripe with opportunities for those funds with dry powder to effectuate control through a third party or roll-up DIP loan.

DBSD

DBSD, a subsidiary of ICO Global, is a satellite communications company focused on S-Band spectrum that received authorization from the FCC to integrate an ancillary terrestrial component (ATC) into its MSS (Mobile Satellite Service) system allowing them to provide integrated mobile satellite and terrestrial communications services. While the spectrum has enormous value, the large capital expenditures required to launch satellites and fund the cash burn until they are operational, has forced two major players DBSD and Terrestar, majority-owned by Harbinger Management, to seek bankruptcy protection.

The strategic value of these assets has brought into conflict hedge funds such as Harbinger a major player in the space through its company LightSquared, and DISH Network, controlled by satellite mogul Charlie Ergen, who also owns Echo Star Communications. Mr. Ergen has tried to gain control of both DBSD and Terrestar through a loan-own-strategy by investing in the debt of these two companies. The prospect of a strategic buyer using a loan-own-strategy has generated a lot of controversy. In the case of DBSD, it led to a rare decision by Judge Robert E. Gerber of the United States Bankruptcy Court for the Southern District of New York to “designate” or disallow the vote of DISH, a ruling the Second Circuit Court of Appeals upheld.

The facts in the DBSD case are unique in that a strategic buyer (rival corporation) had purchased all of the debtors’ $40mm first-lien secured debt at par in addition to $111mm of $650mm 2nd lien debt not subject to a PSA (Plan Support Agreement). The purchases were made after the debtors had filed an amended plan of reorganization that would have satisfied the first lien debt in full with a new secured PIK note and modified liens.

The creditor’s admitted purpose in buying the debt was to vote against the plan and take control of the debtor. The court found that: “When an entity becomes a creditor late in the game paying 100 cents on the dollar, as here, the inference is compelling that it has done so not to maximize the return on its claim, acquired only a few weeks earlier, but to advance an ‘ulterior motive’ condemned in the case law.” (8)

Under section 1126(e) of the Bankruptcy Code, a court may, on request of a party in interest, “designate” (disqualify) the votes of an entity whose acceptance or rejection of a plan of reorganization is not in good faith. (9) The Bankruptcy Code does not define good faith, thus courts have developed a basis for determining actions that demonstrate a “badge of bad faith”. Such actions include, among other things, attempting to assume control of the debtor, to put the debtor out of business or otherwise gain a competitive advantage, or to destroy the debtor out of pure malice (10)

The court found that “DISH’s acquisition of First Lien Debt was not a purchase to make a profit or increase recoveries under a reorganization plan. Instead DISH made its investment in DBSD as a strategic investor looking ‘to establish control over this strategic asset.’ The Court cited evidence that DISH purchased the debt at par after an amended plan had been filed; and that internal DISH documents and sworn testimony revealed plans to use the purchase of debt to “control the bankruptcy process” and “acquire control” of the debtor, a “potentially strategic asset.” Therefore, Judge Gerber concluded that “DISH’s conduct is indistinguishable in any legally cognizable respect from the conduct that resulted in designation in Allegheny, and DISH’s vote must be designated for the same reasons.” (11)

http://www.scribd.com/doc/48438738/Second-Circuit-Ruling-in-DBSD-Case

Under the proposed plan, the first lien debt was to be restructured under an amended facility that extended the maturity of the Senior Debt from one year to four years, provided payment in kind (“PIK”) interest at 12.5 percent, with no cash payments until final maturity. In addition, the first lien creditors would receive liens on all of reorganized DBSD’s operating assets, but not on the securities, which were to be used to secure a working capital line and fund continuing operations. In determining whether the plan should be confirmed, the court analyzed whether the creditor was provided the indubitable equivalent of its claim. The court examined the issue of whether the secured creditors' claim would have the same level of protection as it did prior to confirmation, in other words, did the new note have sufficient collateral cushion. The court ruled that given the assets securing the debt had an enterprise value six times the amount of debt due at maturity, their level of protection was equal. (12)

DISH appealed Judge Gerber’s ruling and upon appeal, the United States District Court for the Southern District of New York affirmed his decision. The District Court held that the Bankruptcy Court’s finding that DISH had acted as a strategic investor seeking control over the debtor was not clearly in error, and rejected the argument by DISH that there was insufficient evidence to establish that they had displayed a lack of good to satisfy section 1126(e) of the Bankruptcy Code. (13) DISH appealed to the 2nd US Circuit Court the designation of its vote and in addition argued that they cannot be forced to accept a reduced collateral package that strips them of their lien on the securities with no substitution. (14) The Second Circuit upheld the District court’s ruling. However, it appears that Mr. Ergen is not going away quietly. It was announced recently that DISH struck a deal with DBSD’s management that would keep all of the debt unimpaired and allow DISH to acquire a controlling interest in the debtor.

While this ruling had unique circumstances given that the creditor was a strategic buyer who purchased its claim at par after a plan had been disclosed, it may provide ammunition to junior creditors seeking to assert leverage in a case where a control distressed hedge fund or private equity fund is seeking to obtain control through the debt. Would the decision be applicable if all the facts were the same except that the creditor in question was a large distressed fund?

At the very least distressed investors looking to acquire controlling interests need to be aware of the risks of being deemed a “strategic investor” It is likely that aggressive junior creditors seeking to avoid a cramdown will now cite this case as a basis for leaving senior creditors unimpaired or unable to vote. Moreover, Philly News and PALCO have left open the question of credit bidding outside of a plan. While not all distressed investors seek control when investing, very often it becomes the only effective means for exercising remedies and maximizing recoveries. In light of these rulings, control distressed investors should be prepared to face some challenges on several fronts in the next cycle. Praemonitus Praemunitus. (Forewarned is Forearmed)

Endnotes:

(1) In re Philadelphia Newspapers: Potential Ramifications for Secured Lenders in Debt Restructurings. McDermott Publications: 12.2.2009
(2) Ibid.
(3) Recent Decisions May Stop Secured Creditors from Credit Bidding. Elena González. http://www.abanet.org/litigation/committees/bankruptcy/articles/071310-gonzalez-credit-bidding-secured-creditors.html
(4) Ibid.
(5) Ibid.
(6) Ibid.
(7) Right To Credit Bid Denied In Philadelphia Newspapers, Dow Jones Daily Bankruptcy Review | 10. Wednesday, March 31, 2010. Marshall S. Huebner and Kevin J. Coco.
(8) Disenfranchising Strategic Investors in Chapter 11: “Loan to own” Acquisition Strategy May Result in Vote Designation Jones Day, Recent Developments in Bankruptcy and Restructuring.
(9) SDNY Bankruptcy Court Thwarts Takeover by Claims Purchaser. Cadwalder Restructuring Review April 2010. By Peter Friedman, Leslie W. Chervokas and Samuel S. Cavior.
(10) Ibid.
(11) Ibid.
(12) Ingredients for a Successful Cram Up Reorganization. New York Law Journal, March 1, 2010. Jeffrey Levitan.
(13) Ibid
(13) Ibid
www.ca3.uscourts.gov/opinarch/094266p.pdf

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https://plus.google.com/105092859818673892725 Ics ICStation : Good News to you!!! ICStation 3rd Anniversary Celebration Begins. Here Round 1 surprise for you: Free...
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https://plus.google.com/108609031221581881497 Ken Webster : Barack Obama Backs Down Over Operation Fast and Furious, Drops Executive Privilege Claim Over Some Documents...
Barack Obama Backs Down Over Operation Fast and Furious, Drops Executive Privilege Claim Over Some Documents
MATTHEW BOYLE | 8 Apr 2016 | Washington, DC | Breitbart News

President Barack Obama, after years of fighting to hide Operation Fast and Furious documents, finally relented and officially dropped his claim to executive privilege over them.

“Four years after asserting executive privilege to block Congress from obtaining documents relating to a controversial federal gun trafficking investigation, President Barack Obama relented Friday, turning over to lawmakers thousands of pages of records that led to unusual House votes holding Attorney General Eric Holder in contempt in 2012,” Politico’s Josh Gerstein wrote on Friday.

Fast and Furious remains the only scandal over which this president has used executive privilege power to hide documents from congressional investigators. Obama did not use the highly controversial power in any other scandal, including the following: Benghazi, IRS, Department of Justice phone-tapping, Pigford, General Services Administration (GSA), Solyndra, LightSquared, or EPA administrator email aliases.

Read More:
http://www.breitbart.com/big-government/2016/04/08/barack-obama-backs-operation-fast-furious-drops-executive-privilege-claim-documents/
Barack Obama Backs Down Over Operation Fast and Furious, Drops Executive Privilege Claim Over Some Documents - Breitbart
Barack Obama Backs Down Over Operation Fast and Furious, Drops Executive Privilege Claim Over Some Documents
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https://plus.google.com/104110237061242797378 No1Mellenhead : 140 Obama Crimes Ever since Obama took office we have witnessed the dismantling of our nation by a ...
140 Obama Crimes
 
Ever since Obama took office we have witnessed the dismantling of our nation by a man who takes his golf game more seriously than his daily intelligence briefing. The sheer volume of his illicit actions is in many ways overwhelming. You might be able to come up with a few examples during a conversation, but who could possibly keep track of them all? So I have been keeping a list of every dastardly deed Obama has pulled since he made it into the public eye. From using massive voter fraud to steal the 2008 Democratic primary to his sponsoring of a Marxist inspired Kenyan constitution that is guaranteed to lead that country to ruin, they’re all here for your consideration.
For this post and others like it check out my blog Conservative Spotlight.
 
The Early Years
 
1.         Obama and Bill Ayers waste over $300 million in educational grants meant to improve minority academic outcomes on radicalizing school children.
2.         Obama didn’t write Dreams from My Father, Bill Ayers did.
3.         Directing tens of millions in Illinois state dollars to corrupt Chicago slumlords.
4.         Opposing legislation that required medical care for late-term abortion babies born with a “reasonable likelihood of sustained survival”.
5.         Michelle Obama’s patient dumping scheme at The University of Chicago Hospitals.
6.         Obama’s 2005 home purchase with the assistance of convicted felon Tony Rezko.
7.         Obama’s 2006 trip to Kenya to campaign for his “cousin” and mass murderer Raila Odinga.
 
The 2008 Campaign
 
8.         As the son of a foreign national Obama is not constitutionally eligible to be President of the United States.
9.         Obama’s theft of the 2008 Democratic primary.
10.       Providing up to date campaign donor lists to ACORN that were more complete than the ones he gave the FEC.
11.       Accepting millions in illegal foreign and domestic campaign contributions.
 
The First 100 Days
 
12.       The trillion dollar Obama stimulus program that was little more than a handout to public sector unions and down payment on the fictional “green energy” economy.
13.       Millions in stimulus funds spent on Democratic Party propaganda.
14.       The 40 plus White House czars who are not accountable to Congress or the American people.
15.       Reassigning control of the Census Bureau from the Commerce Department directly to the White House.
16.       Protecting union interests and defrauding bondholders during GM bankruptcy proceedings.
17.       Discriminatory practices against white and rural owned dealerships during the reorganization of GM and Chrysler.
18.       Interior Secretary Ken Salazar canceling 77 properly filed oil field development contracts approved by the Bush administration.
19.       First of many gold plated vacations on the taxpayer dime.
 
Department of Justice
 
20.       Abandoning the War on Terror.
21.       “Felony Stupid” Operation Fast and Furious.
22.       Race based voter fraud policies and dismissal of voter intimidation charges against the New Black Panther Party.
23.       Refusing to purge voter lists of dead and ineligible voters as required by law.
24.       Disenfranchising military voters by refusing to enforce the MOVE Act.
25.       Politically biased hiring practices in the Civil Rights Division that favors liberal candidates over attorneys with a conservative background.
26.       Unfounded criminal prosecution of CIA officers for torture.
27.       Unlawful dismissal of the CAIR terrorist cases.
28.       Trying to prosecute foreign caught terrorists in US civilian courts.
29.       Using the FACE Act to curb the free speech rights of abortion protestors.
30.       Suing an Illinois school district for not granting leave to a first year Muslim teacher who demanded three weeks off in middle of the semester for pilgrimage to Mecca.
31.       Persecuting Christians in Michigan in violation of the principles separating church and state.
32.       Attempting to intimidate the Gallop Organization from releasing unemployment data that was critical of the Obama administration.
 
Transparency
 
33.       Firing Inspector General Gerald Walpin for investigating sexual predator and Obama friend Sacramento Mayor Kevin Johnson.
34.       Politicization of the FOIA process by the Department of Homeland Security.
35.       Selective processing of FOIA requests based on political affiliation by the Department of Justice.
36.       Proposed FOIA regulation that would allow the government to lie about the existence of documentation.
37.       Obstruction of a Congressional investigation by the National Labor Relations Board.
38.       Blocking GAO investigations into fraud and abuse in the federal government.
 
State Department/Foreign Policy
 
39.       Failing to secure a US military presence in Iraq following the war.
40.       Massively escalating the war in Afghanistan.
41.       Obama’s shadow war in East Africa.
42.       The lopsided START agreement with Russia.
43.       Empowering Iran to stomp out the Green Revolution and pursue an industrial sized nuclear weapons program.
44.       Siding against the people and constitution of Honduras by demanding the reinstatement of legally deposed Honduran President Manuel Zelaya.
45.       Arming Israel’s enemies in the Middle East and endangering its military superiority in the region.
46.       Publicly revealing Israel’s involvement in the killing of Iranian nuclear scientists to NBC News.
47.       Making anti-Semitism cool again.
48.       Betraying Great Britain over the Falkland Islands.
49.       Spending $18 million to help produce a Marxist inspired Kenyan constitution that legalizes abortion, promotes Sharia Law and stamps out freedom of speech.
50.       Throwing Egypt to the Muslim Brotherhood wolves.
51.       Lying about not having prior knowledge on release of the Lockerbie Bomber and then trying to pin the blame on BP.
52.       Promising to support the establishment of an independent Palestinian state and then going back on his word.
 
The United Nations
 
53.       Unsanctioned by the US Senate war in Libya.
54.       Trying to hand over control of international arms sales to the UN.
55.       Making it illegal to go to war without UN permission and placing US military personnel at risk to international prosecution.
56.       Redistributing US income to the international community on a never before seen scale.
57.       Supporting international efforts to criminalize free speech criticism of Islam.
58.       UN supported slaughter of farmers in Honduras and Uganda to make land available for carbon credits and biofuel production.
 
Economy
 
59.       Increase in discretionary spending that began when Democrats took Congress in 2006 and accelerated under Obama to record levels that now make up the lion’s share of our current annual deficit.
60.       Expanding health care expenditures that according to the CBO will exceed all other federal discretionary spending by 2016.
61.       Overseeing a 46% increase in food stamp use that increases government dependence and creates millions of new loyal Democratic voters.
62.       Keeping his campaign promise to cause electricity (and gas) prices to “necessarily skyrocket”.
63.       Massive increase in federal regulations under Obama that will cost up to 3 million jobs and $488 billion.
64.       New IRS licensing regulation that could put up to 350,000 tax return preparers out of work.
65.       Doing absolutely nothing to address the biggest potential catastrophe facing our nation: the debt crisis.
 
Energy
 
66.       Preventing the extraction of up to 3 trillion gallons of oil buried under federal land in Colorado, Utah, and Wyoming, more than enough to end US dependence on foreign oil and supply our energy needs for a couple hundred years.
67.       Falsely indicating that a panel of experts had agreed with the Energy Department’s Gulf Coast drilling moratorium when in actuality none of them supported the measure.
68.       Implementing a third oil-drilling moratorium after the first two were thrown out of court creating a de facto Gulf Coast offshore drilling ban in opposition to two judicial rulings.
69.       Energy Department wasting billions on guaranteed to fail green energy companies and then lying about it to Congress.
70.       Putting off a decision on the Keystone XL pipeline that could bring affordable energy to the US and create thousands of jobs.
71.       Banking America’s financial future on a green energy economy that creates no jobs, is prohibitively expensive and will cause whatever manufacturing we have left to move overseas where energy is cheaper.
 
EPA/Environment
 
72.       Preventing US industries from taking full advantage of our rich oil, coal, natural-gas, and timber  natural resources with expensive and unnecessary regulations.
73.       EPA implementing multi-billion dollar cap and trade regulations even though they failed in Congress and will have almost no effect on global carbon emissions.
74.       Using disproven science to support EPA plans to regulate hydraulic fracturing.
75.       “Sue and Settle” fraud in which the EPA pays environmental groups to sue for regulations and then immediately settle out of court to implement green agenda they would not otherwise pursue on their own.
76.       Department of Interior attempt to grab control of millions of acres of public and private land in Western states by designating them national monuments.
77.       Implementing “green energy” regulations that will cost the US 1.44 million jobs.
78.       EPA cross-state air pollution rule that was struck down in federal court because it went far beyond the agency’s powers as granted by Congress.
79.       Shutting down the $30 billion national nuclear waste disposal site at Yucca Mountain for political reasons.
80.       Using fake data to make electric vehicles seem more fuel efficient than they really are.
81.       Handing over control of the oceans to the federal government via executive order.
 
National Security
 
82.       Obama’s pledge to Russian President Dmitry Medvedev that he will have “more flexibility” after the election to cave on contentious issues like missile defense.
83.       Diverting money away from a critically needed ballistic missile defense system due in 2013 for one that won’t be ready until 2020 at best.
84.       Ordering the FBI to read foreign caught terrorists their Miranda rights thus encouraging them to keep silent.
85.       UN Ambassador Susan Rice and the White House lying about the murder of Ambassador Chris Stevens in Libya, insisting it was a spontaneous mob action when in reality it was a well designed terrorist attack.
86.       Trying to give the federal government the right to detain American citizens for an indefinite period of time without due process.
87.       Declaring a drawdown date for Afghanistan before the surge was even implemented.
88.       Multiple national security leaks from the White House including details on cyberattacks against the Iranian nuclear weapons program and the Osama bin Laden raid.
89.       Disclosing the death of Osama bin Laden before reviewing information gathered at the Abbottabad compound for actionable intelligence.
90.       Catch and release policy for terrorists since the administration won’t lock them up at Guantanamo Bay.
91.       Department of Homeland Security spending millions on monitoring the web for critics of its policies.
92.       Trying to strip provisions out of the Iran Sanctions Bill that provides compensation to victims of the 1983 Hezbollah bombing of the Marine barracks in Beirut.
93.       Obama skipping out on more than half of his daily intelligence briefings instead relying on written reports distributed on his iPad.
94.       Forcing 157 Air Force Majors near retirement to retire early without full benefits in opposition to longstanding Department of Defense policy.
95.       Proposed nuclear scientist exchange program with China that was a golden invitation for espionage and would compromise our nuclear secrets.
 
Immigration
 
96.       Halting the deportation of young illegal immigrants via executive order after the DREAM Act stalled in Congress.
97.       ICE Director John Morton prohibiting officers from enforcing US immigration laws outside the institutional setting leading the ICE      union to vote “no confidence” in his leadership.
98.       Providing false data that made it seem illegal immigrant deportations were at an all time high under Obama.
99.       Failure to secure our borders and holding border states and residents politically hostage during a time they are being overrun by a narco-paramilitary invasion.
100.     Refusing to sue sanctuary cities for violating US immigration law while proceeding with a lawsuit against the State of Arizona for enforcing US immigration law.
101.     Proceeding with criminal charges against Border Patrol agent Jesus Diaz, Jr. for “violating the constitutional rights of an illegal alien drug smuggler” even though he had already been twice cleared by investigators.
102.     Labor Department PR campaign offering legal assistance for illegal immigrants facing wage discrimination.
 
Unions
 
103.     Obama recess appointment of union lawyer and activist Craig Becker to the National Labor Relations Board (NLRB) which is supposed to act as an unbiased arbiter between businesses and private sector employees.
104.     Politically motivated NLRB lawsuit against Boeing for establishing a 787 production line in the right to work state South Carolina and then lying about it to Congress.
105.     NLRB micro-union decision that allows as few as two to three employees within a company to unionize based on job description alone.
106.     Allowing “ambush elections” that cuts the time employers have to respond to a unionizing effort from 40 days to as few as 17.
107.     NLRB card check decision that bans secret ballot elections and opens up unionizing efforts to abuse.
108.     Secretary of Labor Hilda Solis overturning regulations that required unions to disclose financial information on executive compensation and data on “no-show” jobs.
109.     Appointment of former SEIU official John Lund to the Office of Labor-Management Standards where he proceeded to cut the number of labor union investigators by half and advise unions how to circumvent reporting requirements.
110.     Requiring replacement workers during a union strike to file their personal information with the Department of Labor making them vulnerable to retribution by union officials.
 
ObamaCare
 
111.     Using the reconciliation process meant for taxes, spending and debt legislation to pass ObamaCare in the Senate after Scott Brown won the special election in Massachusetts.
112.     Buying votes for ObamaCare including the “Cornhusker Kickback”, “Louisiana Purchase” and “Gator Aid” and spending $2.8 billion to secure the support of the AARP.
113.     Vastly underestimating the financial burden of ObamaCare that at will cost American taxpayers and businesses up to $1.8 trillion annually.
114.     Spending $8.3 billion on a phony “demonstration project” that puts off devastating cuts to Medicare Advantage until after the 2012 elections.
115.     DHS issuing over 1,200 waivers to politically connected businesses and unions making them exempt from expensive ObamaCare requirements while sticking the rest of America with the bill.
116.     Establishing a 15 member Independent Payment Advisory Board that will have nearly unchecked power to set prices, implement rationing and make whatever healthcare decisions they want without any meaningful oversight from Congress or input from the American people.
117.     Obama’s false promise that “if you like your health care plan, you can keep it” when in reality millions will lose their current coverage within 3 years according to the administration’s own estimates.
118.     Hiding the fact that ObamaCare is the largest tax increase in American history with 75% of the costs falling on those who make less than $120K a year.
119.     Legalizing taxpayer funding for abortion in violation of the Hyde Amendment.
120.     Making Catholic organizations pay for contraception in violation of their beliefs and the First Amendment which guarantees freedom of religion.
121.     The Community Living Assistance Services and Support provision of ObamaCare that is so prohibitively expensive that even HHS Secretary Kathleen Sebelius admits it is unworkable.
122.     HHS gutting of work requirements for able bodied adults receiving welfare as mandated by 1996 welfare reform law.
123.     Recess appointment of healthcare radical Donald Berwick as head of the Centers for Medicare and Medicaid Services (CMS) without even a token attempt to put him through the Senate nomination process.
124.     CMS threatening Texas and Indiana with loss of Medicare grants should they stop handing money over to Planned Parenthood.
 
Crony Capitalism
 
125.     White House pressuring a 4 star Air Force general to change his testimony when he was set to testify against Democratic donor owned LightSquared.
126.     Pressuring the OMB to approve $535 million loan for Obama donor owned Solyndra even though there wasn’t enough time for a proper risk assessment.
127.     Directing almost 80% of EPA green energy loans to Obama donors.
128.     $443 million purchase of an experimental, exceedingly expensive and totally unneeded smallpox vaccine from longtime Democratic donor Ronald O. Perelman.
 
Misc.
 
129.     Publicly calling out private citizens who oppose Obama’s reelection campaign as “betting against America”.
130.     New national education standards that call for sexual education to begin in kindergarten.
131.     Using No Child Left Behind waivers to cement control of public school education by the federal government.
132.     FCC second try at net neutrality regulations after their first attempt was thrown out of court.
133.     FCC abusing its power to approve telecom mergers to implement new regulations.
134.     Setting a new record for nominating unqualified judges to the federal courts.
135.     Rewriting the Export-Import Bank charter allowing it to compete in the domestic loan business even though Obama had no statutory power to do so.
136.     White House job offer to Rep. Joe Sestak to encourage him to drop out of the 2010 Pennsylvania Democratic Senate primary.
137.     Unlawful recess appointments in January 2012 while Congress was still in session.
138.     Desecrating 9/11 by renaming it National Day of Service to deflect attention away from pro-national defense conservatives towards anti-military community organizers.
139.     Making the Dalai Lama exit the White House through a service entrance past piles of garbage in an effort to appease China.
140.     Awarding the Medal of Freedom to Marxist Dolores Huerta while at the same time banning Polish anti-communist hero Lech Walesa from attending the ceremony.
8 months ago - Via Google+ - View -
https://plus.google.com/100236442207520775449 Jim Noia :

Air Force Wary of GPS Interference from LightSquared, Ligado Networks
General John Hyten, head of Air Force Space Command, is reported to have voiced his concerns before a House Armed Services panel this week as LightSquared, now Ligado Networks, tries again to become a U.S. mobile provider.
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