Data wars: Return of the performance debate

Data wars: Return of the performance debate

Chris Higson, a professor in accounting at the Coller Institute of Private Equity at London Business School, and Rüdiger Stucke, a professor at the University of Oxford, last week published a report entitled ‘The Performance of Private Equity,’ in which they reiterated concerns first made by Stucke in December about the quality of Thomson Reuters’ data on a sample of US private equity funds.
Higson and Stucke claimed that in 2010, performance data for more than 40% of the private equity funds in a Thomson Reuters sample of US funds raised between 1980 and 2005 was out of date. They added that incomplete data on these funds had led to a downward bias, therefore making it easier for many funds to claim they outperform the index.
Higson said: “It turns out the [Thomson Reuters] data is wrong, significantly biased. As far as we can tell it’s that whoever was looking after the data simply didn’t update it.”
But Leon Saunders Calvert, head of global deals and private equity at Thomson Reuters, told Financial News this week : “We have already emphasised those claims are not substantiated and not valid. Coller appear to have taken the opportunity to highlight suggested problems which are unsupported by our data.”
He added that Coller had not “contacted us or spoken to us” and that Thomson Reuters continues to discuss its data with private equity firms to ensure it can “reflect their market accurately”.
Higson said in the report last week: “The performance is measured in terms of net asset values. Because there are so many incomplete records in Thomson Reuters’ [data], those net asset values got frozen and significantly understated the performance of the funds.”
Calvert said there had been no errors in its system and the incomplete data was as a result of its researchers being unable to obtain the latest cash flows of some funds. He said Thomson Reuters had criteria for what defined a so-called “stale fund” so they could be stripped out and its research currently included no funds it deemed to be stale. He added the company’s clients were aware the data’s methodology included some funds with incomplete data.
He declined to disclose the number of researchers responsible for updating the company’s system on the grounds that the information was commercially sensitive.
He added that because Thomson Reuters had not supplied Higson and Stucke with the underlying cash flows of the funds in its sample because they were confidential, “to come to some of their conclusions, which we know are wrong, they have to have made a number of assumptions about the data”.
The comment highlights the continuing debate in the buyout industry over the credibility of performance and valuation figures. Last week, members of the private equity industry criticised valuation methods following news that US regulator the Securities and Exchange Commission had launched an informal inquiry into how valuations are calculated.
In May, trade body the European Private Equity and Venture Capital Association for the first time made its complete market research publicly available as it attempts to improve its transparency and the credibility of its data.
–write to jennifer.bollen@dowjones.com
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W. P. Carey Announces Proposed Acquisition of CPA:15 and Conversion to REIT

NEW YORK, NY–(Marketwire -02/21/12)- Investment firm W. P. Carey & Co. LLC (“W. P. Carey“) announced today that its Board of Directors has approved its conversion to a real estate investment trust (“REIT”) and that its Board of Directors and the Board of Directors of its publicly held, non-traded REIT affiliate, Corporate Property Associates 15 Incorporated (“CPA®:15″), have unanimously approved a definitive merger agreement pursuant to which W. P. Carey will acquire CPA®:15 immediately following the REIT conversion. Under the terms of the proposed merger, CPA®:15 stockholders will receive $1.25 in cash and 0.2326 of a share of W. P. Carey common stock for each CPA®:15 share at closing. The transaction values CPA®:15 at $2.6 billion, including the assumption of CPA®:15 debt of $1.2 billion, as of December 31, 2011. The new REIT, to be named W. P. Carey Inc., will continue to trade on the New York Stock Exchange under the symbol WPC (NYSE: WPC – News). The conversion to a REIT is subject to the approval of W. P. Carey shareholders and the merger is subject to approval of both the shareholders of W. P. Carey and the stockholders of CPA®:15.
Following the merger, W. P. Carey Inc. is expected to have a total equity market capitalization of approximately $3 billion, total market capitalization of $5 billion and a portfolio of 43 million square feet of corporate real estate leased to 135 companies around the world. W. P. Carey Inc. will continue to manage the firm’s Corporate Property Associates (CPA®) series of publicly held, non-traded REITs.
The proposed merger is expected to be accretive to both AFFO per share and CAD per share for W. P. Carey. W. P. Carey currently anticipates that, following the transactions, the new REIT will increase its annual dividend to $2.60 per share to maintain compliance with REIT tax requirements.
W. P. Carey believes that the benefits of the proposed merger and conversion to REIT status include:

• Significant increase in W. P. Carey Inc.’s scale and real estate under ownership
• Increased financial strength and flexibility to access capital for growth
• Enhanced cash available for continued dividend growth
• Simplified tax reporting for shareholders
• Further diversification of its shareholder base over time, including from active and passive REIT investors

W. P. Carey President and CEO Trevor Bond commented, “We believe that the proposed merger and REIT conversion are in the best interests of both W. P. Carey and CPA®:15 investors. In addition to providing liquidity for CPA®:15 investors, this transaction will enhance our strength and flexibility, with a larger balance sheet and more diversified portfolio. Over the long-term, we believe it will allow us to capitalize on new opportunities that are consistent with our established investment parameters and our overall business strategy of growing assets under ownership and enhancing shareholder value.”
BofA Merrill Lynch is acting as financial advisor to W. P. Carey and DLA Piper US LLP is acting as the legal advisor to W. P. Carey. Deutsche Bank is acting as financial advisor to CPA®:15 and Clifford Chance LLP is acting as legal advisor to CPA®:15.
A joint proxy statement/prospectus will be filed on Form S-4 with the Securities and Exchange Commission, which will describe the proposed merger and REIT conversion. Completion of the transactions is subject to receipt of all third-party consents as well as the approval of shareholders and stockholders of both companies and satisfaction of customary closing conditions. The transactions are currently expected to close by the third quarter of 2012, although there can be no assurance of such timing.
CONFERENCE CALL & WEBCAST
Please call at least 10 minutes prior to call to register.
Time: Wednesday, February 22 at 10:30 AM (ET)
Call-in Number: 1-866-524-3160
(International) + 1-412-317-6760
Webcast: www.wpcarey.com/merger
W. P. Carey & Co. LLCW. P. Carey & Co. LLC (NYSE: WPC – News) owns and manages a global investment portfolio of approximately $12 billion. W. P. Carey provides companies worldwide with long term sale leaseback and build to suit financing and engages in other types of real estate-related investment. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of income-generating, non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, comprising contractual agreements with approximately 288 long term corporate tenants spanning 28 industries and 18 countries. www.wpcarey.com
Cautionary Statement Concerning Forward-Looking Statements:
Certain of the matters discussed in this communication constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, among other things, statements regarding the intent, belief or expectations of W. P. Carey and can be identified by the use of words such as “may,” “will,” “should,” “would,” “assume,” “outlook,” “seek,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast” and other comparable terms. These forward-looking statements include, but are not limited to, statements regarding the benefits of the REIT Conversion and the Merger, integration plans and expected synergies, the expected benefits of the REIT Conversion, anticipated future financial and operating performance and results, including estimates of growth, and the expected timing of completion of the proposed REIT Conversion and the Merger. These statements are based on the current expectations of the management of W. P Carey. It is important to note that W. P. Carey’s actual results could be materially different from those projected in such forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the combined company. Discussions of some of these other important factors and assumptions are contained in W. P. Carey’s filings with the SEC and are available at the SEC’s website at http://www.sec.gov, including: (a) Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2010 as filed with the SEC on February 25, 2011 and (b) in the Current Report on Form 8-K filed with the SEC on June 10, 2011. These risks, as well as other risks associated with the proposed merger, will be more fully discussed in the joint proxy statement/prospectus that will be included in the Registration Statement on Form S-4 that W. P. Carey will file with the SEC in connection with the proposed REIT Conversion and the Merger. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this communication may not occur. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Except as required under the federal securities laws and the rules and regulations of the SEC, W. P. Carey does not undertake any obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances after the date of this communication or to reflect the occurrence of unanticipated events.
Additional Information and Where to find it:
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. W. P. Carey intends to file a registration statement on Form S-4 that will include a joint proxy statement / prospectus and other relevant documents to be mailed by W. P. Carey and CPA®:15 to their respective security holders in connection with the proposed REIT Conversion and the Merger. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/ PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT W. P. CAREY, CPA®:15 AND THE PROPOSED REIT CONVERSION AND MERGER. INVESTORS ARE URGED TO READ THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY. Investors will be able to obtain these materials (when they become available) and other documents filed with the SEC free of charge at the SEC’s website (http://www.sec.gov). In addition, these materials (when they become available) will also be available free of charge by accessing W. P. Carey’s website (http://www.wpcarey.com) or by accessing CPA®:15′s website (http://www.cpa15.com). Investors may also read and copy any reports, statements and other information filed by W. P. Carey or CPA®:15, with the SEC, at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC’s website for further information on its public reference room.
Participants in the Proxy Solicitation:
Information regarding W. P. Carey’s directors and executive officers is available in its proxy statement filed with the SEC by W. P. Carey on April 29, 2011 in connection with its 2011 annual meeting of shareholders, and information regarding CPA®:15′s directors and executive officers is available in its proxy statement filed with the SEC by CPA®:15 on April 29, 2011 in connection with its 2011 annual meeting of stockholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
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FTTN to Scout New Targets at Investment Banking Conference

BRADENTON, Fla.–(BUSINESS WIRE)–
The executive leadership of First Titan Corp. (OTCBB: FTTN.OB – News) will seek out lucrative new business opportunities at the National Investment Banking Association (NIBA) Conference this week in New Orleans.
The conference will provide a forum for emerging companies seeking financing or exposure to present their story to venture capitalists, early-stage investors and industry leaders. The organization’s 121^st conference, it is planned to be a comprehensive showcase of cutting-edge, innovative entrepreneurs and businesses from across the country, including up-and-comers in the energy sector.
First Titan is in search of potentially lucrative new partnerships, joint venture candidates and possible acquisitions that will increase the company’s developing foothold in the energy industry. The NIBA Conference will offer a prime opportunity for the company to network with rising stars in need of assistance in funding, marketing and distributing their projects.
The conference runs Thursday through Friday at the Le Pavillon hotel.
For more information on FTTN’s energy exploration initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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United Silver Corp. and Hale Capital Partners Complete Financing

VANCOUVER, BRITISH COLUMBIA–(Marketwire -02/01/12)- United Silver Corp. (“USC” or the “Company”) (TSX: USC.TO – News)(OTCQX: USCZF.PK – News) and Hale Capital Partners (“Hale” or the “Lender”) are pleased to announce that, subject to final approval from the Toronto Stock Exchange (the “TSX”), they have successfully closed their previously announced financing transaction. USC is now in a position to begin its four-year exploration and development plan to test the mineralization of the South Vein and Alhambra Vein at depth and along the east/west strike extensions of the veins.
In the financing transaction, USC issued to Hale a convertible note (the “Convertible Note”) in the principal amount of USD$6,300,000 (being the Canadian equivalent of $6,332,760.00, based on the Bank of Canada noon rate on January 31, 2012) evidencing a loan the proceeds of which were advanced by Hale pursuant to the Convertible Note and a securities purchase agreement (the “Securities Purchase Agreement”) entered into among a wholly owned subsidiary of Hale, as agent and initial purchaser, and USC. USC also issued to Hale 5,040,000 common share purchase warrants (the “Warrants”). Hale will have the right at any time to convert any or all of the principal owing under the Convertible Note into common shares (“USC Common Shares”) of USC at a conversion price of USD$0.50 (being the Canadian equivalent of $0.50, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share. In addition, Hale will have the right at any time to convert any or all of the accrued and unpaid interest that USC has elected (provided that USC has satisfied certain conditions set out in the Convertible Note) to add to the principal amount of the Convertible Note (“PIK Interest”). The conversion price with respect to PIK Interest will be an amount equal to the “market price” (as defined in the Toronto Stock Exchange Manual) on the applicable interest payment date, subject to the approval of the TSX in each instance. Each whole Warrant will entitle the holder to acquire one USC Common Share at an exercise price of US$0.42 (being the Canadian equivalent of $0.42, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share for a period of four years from the date of issuance.
If the principal amount of the Convertible Note is fully converted, Hale would hold 12,600,000 or 14.4% of the total number of issued and outstanding USC Common Shares. In the event that all of the Warrants are also exercised, Hale’s holdings would increase to 17,640,000 or 19% of the total number of issued and outstanding USC Common Shares. As the number of USC Common Shares issuable to Hale in respect of PIK Interest, if any, is contingent, in part, upon future values and share prices, the number of USC Common Shares which Hale may acquire should it exercise its conversion rights in respect thereof cannot be determined at this time.
None of the Convertible Note, the Warrants or the USC Common Shares that may be issued upon conversion or exercise, respectively, of these securities, have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Under the terms of the Securities Purchase Agreement, USC is required to appoint to its board a person mutually agreed upon with Hale and to permit an observer from Hale to attend its Board meetings, subject to conditions.
Hale has filed an early warning acquisition report on SEDAR. A copy of the report may be obtained by contacting Martin Hale at (212) 751-8228.
USC intends to use the net proceeds from the financing for exploration and development and working capital purposes. The loan proceeds will allow USC to continue its exploration and development drifting, bulk sampling and test mining on the South Vein. USC proposes to mill ore from the bulk sampling and test mining under a milling JV agreement with New Jersey Mining Company and to refine it under a contract with Formation Metals at its refinery located less than three miles from the mill. USC intends to use cash generated from operations, including the bulk sampling and test mining activities, to fund an extensive surface and underground drilling program to test the mineralization of the entire Crescent property and develop a property-wide mine plan without further equity raises and dilution.
Hale may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors material to Hale’s investment decisions and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time and to engage in hedging or similar transactions with respect to the securities.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho’s prolific Silver Belt – directly between two of the world’s historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC’s common shares trade on the Toronto Stock Exchange under the symbol “USC”. For more information about USC, please visit: www.unitedsilvercorp.com.
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners’ team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners’ mining portfolio spans all stages of mine development from exploration to commercial production.
Hale’s contact information is as follows:

Hale Capital Partners, L.P.
570 Lexington Avenue, 49th Floor
New York, NY 10022
Attn: Martin Hale, CEO and Portfolio Manager

ON BEHALF OF UNITED SILVER CORP.
Graham Clark, Chairman and Interim CEO
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward-looking statements in this press release include statements about USC’s intended use of the net proceeds and that they will enable USC to continue its exploration and development activities, its proposal to mill ore under a milling agreement with New Jersey Mining Company and refine it under a contract with Formation Metals, its intent to use cash from operations to fund an extensive surface and underground drilling program and that it can develop a property-wide mine plan without further equity raises and dilution. These forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. These assumptions include management’s assumption that the net proceeds of the financing, together with revenue from operations, will generate sufficient cash flow to fund the budget and that the price for metals will continue to make the Company’s activities economically feasible. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include the risks inherent in the Company’s activities and the risks identified in the Company’s periodic disclosure filings on the SEDAR website maintained by the Canadian Securities Administrators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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EntreMed Secures $10 Million Financing

More Topics:
Posted January 23, 2012
ROCKVILLE, Md. — EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has secured $10 million in financing with strategic accredited investors, including IDG-Accel China Growth Fund II L.P., Emerging Technology Partners, LLC, and Dr. Tak W. Mak, Director of The Campbell Family Institute for Cancer Research.
The Company entered into purchase agreements with the investors, pursuant to which the Company has agreed to issue and sell to the investors convertible notes in the aggregate principal amount of $10 million. The investors also will be issued warrants covering a number of shares of common stock equal to 20% of the principal amount of the notes, divided by $1.15. The warrants are exercisable at $1.40 per share. The closing of the transaction is anticipated to occur on or about January 27, 2012 upon the satisfaction of certain conditions.
At the closing, IDG and ETP have the right to designate in the aggregate two members of the Company’s Board of Directors. In addition, it is expected that the Company will select an interim Chief Executive Officer.
Subject to the approval of the Company’s stockholders at the 2012 stockholder meeting, the notes will automatically and immediately convert into shares of common stock and the warrants will become exercisable. The notes have a maturity date of August 31, 2012, bear an interest rate of 6% and will convert at a conversion price of $1.15 per share. The conversion price reflects the 10-day average closing sale price ending on January 20, 2012. The notes are not convertible, and the warrants are not exercisable, prior to receiving stockholder approval. If stockholder approval is not obtained, the Company will be required to pay liquidated damages to the note purchasers equal to an aggregate of $1.2 million.
“We are very pleased to have the support from a group of knowledgeable investors and the validation of the potential of ENMD-2076. The proceeds from the notes will allow the Company to accelerate and expand its research and development activities, fund additional trials, initiatives and long term strategic plans,” said Michael M. Tarnow, the Company’s Executive Chairman.
After deducting transaction fees and expenses, the net proceeds to the Company will be approximately$9.3 million. The convertible notes, the warrants and the common stock into which the notes and warrants are convertible have not been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About ENMD-2076
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently in a Phase 2 trial for ovarian cancer, and preclinical and clinical activities are ongoing in assessing the compound’s applicability for other forms of cancer.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in a multi-center Phase 2 study in ovarian cancer and in several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).
About IDG-Accel Fund
IDG-Accel Fund is a private equity investment fund focused on investment in various sectors and is managed by IDG Capital Partners, a leading investment management team in China with over 18-years of investment experience and industry knowledge.

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SEC charges BankAtlantic Bancorp, CEO

WASHINGTON (AP) — Federal regulators have accused BankAtlantic Bancorp Inc., the parent of one of Florida’s biggest banks, and its chief executive of misleading investors about the bank’s financial health as its holdings of commercial real estate loans soured in 2007.
The Securities and Exchange Commission announced it filed civil charges Wednesday against the company and its CEO and Chairman Alan Levan. The SEC said the bank and its chief used accounting gimmicks to hide losses on a key group of loans. The SEC is seeking unspecified penalties.
BankAtlantic Bancorp, based in Fort Lauderdale, Fla., is the parent of BankAtlantic, a savings bank with $3.7 billion in assets as of Sept. 30. In a statement, Levan disputed the charges and said the parent company will contest them in court.
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The Motley Fool financial advice

ASK THE FOOL
Explaining the prime number
Q: What’s the prime rate? – T.W., Norwich, Conn.
A: It’s the interest rate that banks charge their best (lowest-risk) commercial customers. It matters because many other interest rates, such as those for mortgages, home equity loans, credit cards and other business loans, take their lead from the prime rate. A car loan rate, for example, might be calculated by taking the current prime rate and adding a certain amount to it.
The prime rate doesn’t change every day. It stays put for a while until major banks change their rates, generally moving in step with economic conditions. (That often happens when the Federal Reserve changes its discount rate, which is what it charges banks that borrow short-term money.)
There actually isn’t a single prime rate. Each bank may set its own, but the major commercial banks tend to use the same one most of the time. You’ll find the prime rate in most newspapers’ business sections.
Who’s in charge here, anyway?
Q: How can I find out who’s on a company’s board of directors? – N.B., Ashland, Ky.
A: You’ll frequently find a list of a company’s board members on its website. Look for links labeled something like “Company Information,” “About Us,” “Investor Relations” or “Corporate Governance.” You can also just call the investor relations department and ask.
Most annual reports list the members of the board, often with a glossy color photo. Another option is to check out the reports that the company files with the Securities and Exchange Commission (SEC). The annual 10-K report is your best bet, and you can get it by entering the company’s name or ticker symbol at http://finance.yahoo.com. It’s a long and informative document.
Foolish Trivia
Name that company
Founded in 1865 and based in Minneapolis, I started as an Iowa grain storage warehouse. Today I’m a global giant in food, agricultural, financial and industrial products and services. My offerings include grains, oilseeds, sugar, meats, salt, cotton and animal nutrition products. I’m versatile. With corn alone, I’ve traded it, processed it into ethanol and fructose, and created renewable products such as plastics and fiber from it. I employ roughly 140,000 people and rake in about $120 billion annually. You can’t buy stock in me, because I’m a privately held company – America’s largest one, in fact. Who am I?
Last week’s answer: Gannett
THE TAKE
AT&T in 2012
The proposed $39 billion merger between AT&T (NYSE: T) and Deutsche Telekom’s T-Mobile USA is history, but AT&T’s future still holds promise.
AT&T had hoped to increase the number of its radio frequency licenses with the merger. Instead, as part of a breakup fee in the agreement, AT&T will have to fork over $3 billion worth of spectrum and roaming agreements to T-Mobile, along with $3 billion in cash.
So job No. 1 for AT&T in the new year will be to gain additional spectrum just to tread water. It’s waiting for the FCC to OK its deal to buy $1.9 billion worth of spectrum from Qualcomm.
The biggest reason AT&T is going to need as much spectrum as it can get is to catch up to Verizon in the race to smother the country with 4G LTE coverage. Verizon seems to have quite a head start in that regard. Its LTE network covers 179 cities across the country, vs. just 15 cities for AT&T.
The coming year is definitely going to be challenging for AT&T, but it’s certainly not in dire straits. The company just upped its quarterly dividend for the 28th year in a row.
Think twice before selling off your AT&T shares in a panic. That 6 percent dividend yield can be quite effective as an anti-anxiety pill. (The Motley Fool owns shares of Qualcomm.)
Write to us. Send questions for Ask the Fool and your trivia entries to: The Motley Fool c/o Houston Chronicle P.O. Box 4260 Houston, TX 77210 Universal Press Syndicate
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AG Mortgage Investment Trust, Inc. Announces Public Offering of Common Stock

NEW YORK–(BUSINESS WIRE)– AG Mortgage Investment Trust, Inc. (NYSE: MITT – News) (the “Company”) announced today that it is commencing an underwritten public offering of 4,000,000 shares of common stock. MITT expects to grant the underwriters a 30-day option to purchase up to 600,000 additional shares of common stock to cover overallotments.
The Company intends to use the net proceeds of the offering to make, as market conditions warrant, additional acquisitions of agency securities, non-agency residential mortgage-backed securities and other target assets, and for general corporate purposes.
Deutsche Bank Securities Inc., BofA Merrill Lynch and Stifel Nicolaus Weisel are acting as joint book-running managers for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
The offering will be made solely by means of a prospectus, copies of which may be obtained, when available, from: Deutsche Bank Securities Inc., Attention: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, by calling (800) 503-4611, or by emailing prospectus.cpdg@db.com; BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attention: Prospectus Department, or by e-mail at dg.prospectus_requests@baml.com; or Stifel Nicolaus Weisel, One Montgomery Street, Suite 3700, San Francisco, California 94104, telephone: (415) 364-2720.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of the Company’s securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities. Please visit the Company’s website at www.agmortgageinvestmenttrust.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability and terms of financing, changes in the market value of our assets, general economic conditions, market conditions, conditions in the market for agency securities, and legislative and regulatory changes that could adversely affect the business of the Company. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements, are included in the Company’s periodic reports filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. All written or oral forward-looking statements that the Company makes, or that are attributable to the Company, are expressly qualified by this cautionary notice. The Company expressly disclaims any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate
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House Republicans got discounted mortgage loans

(AP)
WASHINGTON – Two veteran House Republicans received discounted mortgage loans from the now-defunct Countrywide Financial Corp. under a VIP program, a congressional official said Friday.
The discounts went to Reps. Howard McKeon and Elton Gallegly of California, said the official, who was not authorized to speak publicly about the loans and requested anonymity. Their identities were first reported by The Wall Street Journal.
The House Oversight and Government Reform Committee has been investigating whether members of Congress received VIP discounts. The Associated Press reported previously that four House members had received the discounts. One of the four remains unidentified publicly.
Records show that Rep. Edolphus Towns, D-N.Y, also received discounts. Towns told the AP previously that he was not aware of receiving any discounts. McKeon and Gallegly told the Journal that they also were not aware of receiving discounted loans and did not know their mortgages were processed by the VIP unit.
The Journal said the 1998 loan to McKean, who is chairman of the Armed Services Committee, totaled $315,000. Gallegly’s 2005 loan totaled $77,000 in 2005.
Rep. Darrell Issa, R-Calif., chairman of the oversight committee, informed both lawmakers that documents received from Bank of America — it bought Countrywide — showed they went through the special unit.
Issa has sent the information to the House Ethics Committee, which determines whether House members violated standards of conduct. A discounted loan could be considered a gift. Gifts are virtually banned under House rules.
None of the lawmakers has been accused by the ethics panel of any wrongdoing, and may never be if they convince investigators they had no knowledge of the discounts.
Countrywide was the nation’s largest mortgage company and played a major role in the U.S. financial crisis by issuing subprime loans. The company also had its VIP program, with some of the favored customers known as “Friends of Angelo” — a reference to chief executive Angelo Mozilo.
Mozilo in 2010 agreed to more than $67 million in penalties in a settlement with the Securities and Exchange Commission

AP source: House Republicans got discounted loans

WASHINGTON (AP) — Two veteran House Republicans received discounted mortgage loans from the now-defunct Countrywide Financial Corp. under a VIP program, a congressional official said Friday.
The discounts went to Reps. Howard McKeon and Elton Gallegly of California, said the official, who was not authorized to speak publicly about the loans and requested anonymity. Their identities were first reported by The Wall Street Journal.
The House Oversight and Government Reform Committee has been investigating whether members of Congress received VIP discounts. The Associated Press reported previously that four House members had received the discounts. One of the four remains unidentified publicly.
Records show that Rep. Edolphus Towns, D-N.Y, also received discounts. Towns told the AP previously that he was not aware of receiving any discounts. McKeon and Gallegly told the Journal that they also were not aware of receiving discounted loans and did not know their mortgages were processed by the VIP unit.
The Journal said the 1998 loan to McKean, who is chairman of the Armed Services Committee, totaled $315,000. Gallegly’s 2005 loan totaled $77,000 in 2005.
Rep. Darrell Issa, R-Calif., chairman of the oversight committee, informed both lawmakers that documents received from Bank of America — it bought Countrywide — showed they went through the special unit.
Issa has sent the information to the House Ethics Committee, which determines whether House members violated standards of conduct. A discounted loan could be considered a gift. Gifts are virtually banned under House rules.
None of the lawmakers has been accused by the ethics panel of any wrongdoing, and may never be if they convince investigators they had no knowledge of the discounts.
Countrywide was the nation’s largest mortgage company and played a major role in the U.S. financial crisis by issuing subprime loans. The company also had its VIP program, with some of the favored customers known as “Friends of Angelo” — a reference to chief executive Angelo Mozilo.
Mozilo in 2010 agreed to more than $67 million in penalties in a settlement with the Securities and Exchange Commission

AP source: 2 veteran House Republicans got discounted loans from Countrywide Financial Corp.

WASHINGTON
– Two veteran House Republicans received discounted mortgage loans from the now-defunct Countrywide Financial Corp. under a VIP program, a congressional official said Friday.
The discounts went to Reps. Howard McKeon and Elton Gallegly of California, said the official, who was not authorized to speak publicly about the loans and requested anonymity. Their identities were first reported by The Wall Street Journal.
The House Oversight and Government Reform Committee has been investigating whether members of Congress received VIP discounts. The Associated Press reported previously that four House members had received the discounts. One of the four remains unidentified publicly.
Records show that Rep. Edolphus Towns, D-N.Y, also received discounts. Towns told the AP previously that he was not aware of receiving any discounts. McKeon and Gallegly told the Journal that they also were not aware of receiving discounted loans and did not know their mortgages were processed by the VIP unit.
The Journal said the 1998 loan to McKean, who is chairman of the Armed Services Committee, totaled $315,000. Gallegly’s 2005 loan totaled $77,000 in 2005.
Rep. Darrell Issa, R-Calif., chairman of the oversight committee, informed both lawmakers that documents received from Bank of America — it bought Countrywide — showed they went through the special unit.
Issa has sent the information to the House Ethics Committee, which determines whether House members violated standards of conduct. A discounted loan could be considered a gift. Gifts are virtually banned under House rules.
None of the lawmakers has been accused by the ethics panel of any wrongdoing, and may never be if they convince investigators they had no knowledge of the discounts.
Countrywide was the nation’s largest mortgage company and played a major role in the U.S. financial crisis by issuing subprime loans. The company also had its VIP program, with some of the favored customers known as “Friends of Angelo” — a reference to chief executive Angelo Mozilo.
Mozilo in 2010 agreed to more than $67 million in penalties in a settlement with the Securities and Exchange Commission

Saratoga Investment Corp. to Report Q3 2012 Financial Results and Hold Conference Call on Jan. 13, 2012

NEW YORK, Jan. 11, 2012 /PRNewswire/ – Saratoga Investment Corp. (NYSE: SAR), a business development company, will report its financial results for the quarter ended Nov. 30, 2011, on Friday, Jan. 13, 2012, at approximately 11:00 a.m. (ET).  A conference call to discuss the financial results will be held on the same day.  Details for the conference call are provided below.

Who:	Christian L. Oberbeck, Chief Executive Officer Richard A. Petrocelli, Chief Financial Officer
When:	Friday, Jan. 13, 2012 11:00 a.m. Eastern Time (ET)
How:	Call: Interested parties may participate by dialing (877) 312-9208 (U.S. and Canada) or (678) 224-7872 (outside U.S. and Canada). A replay of the call will be available from 2:00 p.m. ET on Friday, Jan. 13, 2012 through 11:59 p.m. ET on Wednesday, Jan. 18, 2012 by dialing (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (outside U.S. and Canada), passcode for both replay numbers: 42061505.
	Webcast: Interested parties may also access a simultaneous webcast of the call by going to http://ir.saratogainvestmentcorp.com/events.cfm.
Information:	Saratoga Investment Corp.’s Form 10-Q for the quarter ended Nov. 30, 2011 will be filed on Jan. 12, 2012 with the Securities and Exchange Commission.

About Saratoga Investment Corp.
Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses.  The Company invests primarily in mezzanine debt, leveraged loans and, to a lesser extent, equity.  Saratoga Investment Corp.’s investment objective is to create attractive risk-adjusted returns by generating current income from its debt investments and capital appreciation from its equity investments.  The Company partners with business owners, management teams and financial sponsors to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives. It has elected to be regulated as a business development company under the Investment Company Act of 1940.
About Saratoga Investment Advisors, LLC
Saratoga Investment Advisors, LLC is a New York-based investment firm formed to focus on credit-driven strategies.  It is the external investment adviser to Saratoga Investment Corp. and is affiliated with Saratoga Partners, a middle-market private equity investment firm that primarily invests in businesses with strong management teams and valuations of between $50 million and $500 million.  Saratoga Partners’ investment strategy focuses on companies in manufacturing and business services and it has significant experience in special situations and distressed investing.
Since Saratoga Partners was founded in 1984 as a division of the New York investment firm Dillon, Read & Co., Inc., it has invested in 35 companies with an aggregate value of more than $3.7 billion.  It has been an independent firm since its spinoff in 1998 after Dillon Read was acquired by Swiss Bank Corporation (a predecessor to UBS AG).

Contact:	Rich Petrocelli
	Saratoga Investment Corp.
	212-906-7800
	Roland Tomforde
	Broadgate Consultants
	212-232-2222

SOURCE Saratoga Investment Corp.
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Keating Capital Announces Conference Call to Discuss Investment Strategy

GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)– Keating Capital, Inc. (Nasdaq: KIPO – News) (the “Company”) announced that it will host a conference call on two different dates to provide a perspective and review of Keating Capital’s investment policy, objectives and strategy and to assess the fund’s achievements. Stockholders, prospective stockholders, analysts and other interested parties must pre-register online at least 10 minutes prior to the start of the call as set forth below. Upon successful registration participants will receive information to access the call via telephone and Internet. The telephone numbers to access the calls are also listed below:
An archived audio recording of the call together with the slide presentation to be used will be available within approximately three hours of completion of the call at http://ir.keatingcapital.com/events.cfm. This archived audio recording and slide presentation will be available until the Company’s next quarterly conference call which has been tentatively scheduled for March 2012.
About Keating Capital, Inc.
Keating Capital (www.KeatingCapital.com) is a business development company that specializes in making pre-IPO investments in innovative, high growth private companies that are committed to and capable of becoming public. Keating Capital provides individual investors with the ability to participate in a unique fund that invests in a private company’s later stage, pre-IPO financing round — an opportunity that has historically been reserved for institutional investors. Keating Capital shares are traded on Nasdaq under the ticker symbol KIPO.
To be added to Keating Capital’s email distribution list to receive quarterly newsletters and other announcements, go to www.KeatingCapital.com/contact.
Forward-Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect Keating Capital’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in Keating Capital’s Form 10-K and Form 10-Q filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to Keating Capital’s SEC filings for a more detailed discussion of the risks and uncertainties associated with its business, including but not limited to the risks and uncertainties associated with investing in micro- and small-cap companies. Except as required by the federal securities laws, Keating Capital undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to Keating Capital’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
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EdR Announces Update to its Brand and Logo

MEMPHIS, Tenn.–(BUSINESS WIRE)– Education Realty Trust Inc (NYSE:EDR – News), one of the nation’s largest developers, owners and managers of collegiate housing, today announced the company will conduct business in the future as EdR and launch a new logo and branding campaign.
“Within the last two years, the company has repositioned its portfolio, enhanced operating systems and realigned goals and management team with significantly positive results,” said Tom Trubiana, EdR’s chief investment officer and executive vice president. “We needed a new brand and logo that would portray this new attitude and spirit to our customers and employees, and also remove any corporate identity issues.”
Since its founding in 1952, the company has conducted business and marketed through several names, such as, Allen & O’Hara Education Services, Inc. and Allen & O’Hara Development LLC. In 2005, the company went public as Education Realty Trust and adopted EDR as its stock ticker symbol but still operated under several different Allen & O’Hara names.
“Being known simply as EdR and launching a new brand and logo will help alleviate any confusion in the marketplace, and unite the company’s different service lines and departments—financing, development, construction and management—under one name,” said Trubiana.
The new name and logo was created by John Malmo Marketing Consulting after extensive interview, research and development activities.
“Our goal was to unite all of the different entities of Education Realty Trust under one name with a visual identity that would reflect the innovative and dynamic spirit of today’s company with the integrity, reliability and quality reputation we have enjoyed for more than 50 years,” said Susan Jennings, vice president of corporate communications and marketing.
“Many people, both internally and externally, referred to us as EDR—the initials in our stock ticker symbol,” added Jennings. “The d became lower case because it did not represent a separate word, but was part of education, and our new logo was born.”
The marketing consultant then created the logo which is solid, innovative and fresh. The color green is a nod to our financial services and dependability as well as the focus on creating sustainable buildings and operations so necessary in today’s on- and off-campus collegiate housing.
The various properties EdR owns or manages across the United States will retain their individual names for marketing and identity purposes. The Allen & O’Hara name will continue as Allen & O’Hara, Inc., an independent company which specializes in procurement services of furniture, fixtures, equipment and operating supplies for a diverse group of clients that own hotels, apartments, senior living facilities and student housing. Allen & O’Hara, Inc. is not an affiliate of EdR or Education Realty Trust Inc.
About EdR
EdR (NYSE:EDR – News) is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 61 communities in 23 states with over 34,700 beds within more than 11,200 units. For more information please visit the company’s web site at www.educationrealty.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements about the company’s business that are not historical facts are “forward-looking statements.” Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company’s future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions “Item 1A. Risk Factors” and “Forward-Looking Statements” in our annual report on Form 10-K and under the caption “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and the company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise


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Horizon Technology Finance Named to NASDAQ Global Select Market

FARMINGTON, Conn., Jan. 3, 2012 (GLOBE NEWSWIRE) — Horizon Technology Finance Corporation (Nasdaq:HRZN – News) (the “Company” or “Horizon”), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, today announced that its shares of common stock have been upgraded to the NASDAQ Global Select Market, effective January 3, 2012. The Company will continue to trade under the same ticker symbol, “HRZN.”
“We are pleased to join the Nasdaq Global Select Market along with some of the most respected companies in the world,” said Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer of Horizon Technology Finance. “By meeting the enhanced qualifications for this listing, we are positioned to increase our visibility in the financial markets.”
Horizon’s selection to the NASDAQ Global Select Market from the NASDAQ Global Market was based upon an annual review by NASDAQ, which concluded that Horizon satisfied its highest initial financial and liquidity requirements.
About Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, CT, with a regional office in Walnut Creek, CA, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. To learn more, please visit www.horizontechnologyfinancecorp.com.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

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Capital Financial Global Signs Letter of Intent with Mining Operator for St. Louis Mine

SALT LAKE CITY , Jan. 3, 2012 /PRNewswire/ — Capital Financial Global, Inc. (OTC:CFGX.PK – News), announced today that it has signed a letter of intent with Gambit Trade Worldwide, a mobile precious metals retrieval and processing company, to mine its distressed St. Louis Mine.
“We are delighted to be in negotiations with Gambit to work our distressed St. Louis Mine,” said Mr. Paul Norat , CEO of Capital Financial Global, Inc.  “Gambit has agreed in concept to finance its part of the operation for a split of the end proceeds, which puts us at much lower risk. Based on mining efforts in the surrounding area, Gambit feels it can pull and process enough ore with sufficient precious metals yield to make this the deal of the century for both of our companies.”
“Furthermore, this goes to show that our business model of acquiring distressed loan related assets works,” said Mr. Norat. “If borrowers can successfully complete the loan work-out process we will make money; If they can’t, we will still make money by converting the related collateral to cash.”
The St. Louis mine is comprised of 85.5 acres near Searchlight, Nevada , containing 5 patented lode mining claims.  For more information about the mine, please visit our “Investor Center” at http://www.capfiglobal.com/investor-center/projects.
For additional information, please contact our Investor Relations team headed by Mr. Michael Keller by calling toll free at 888-801-9715 or by emailing ir@capfiglobal.com.
For further information regarding Gambit Trade Worldwide, please visit http://gambittrade.com.
About Capital Financial Global, Inc.
Capital Financial Global, Inc. (OTC:CFGX.PK – News) is a specialty finance company that, unlike traditional banks, helps organizations obtain needed liquidity by using an asset-backed approach rather than a traditional credit approach to originating new loans, buying and selling existing loans, and by converting distressed collateral into cash or trade-able form. The company is publicly traded on the OTC Markets trading system under the symbol “CFGX”.
Our Business Model
The Company makes money by originating new loans, buying and selling existing loans, and by converting distressed collateral into cash or trade-able form.
Market Segments
The market segments the Company operates in are: insurance trusts and pension funds, residential & commercial real estate, precious metals, and investment grade government securities. The Company will also aggressively pursue any other opportunities that fall within its overall strategy.
Forward-looking statements:
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
For more information please contact:
Capital Financial Global, Inc.
Investor Relations
Mike Keller
Tel: 888-801-9715
Email: ir@capfiglobal.com
http://www.capfiglobal.com/

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Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Dec …

LEAWOOD, Kan.–(BUSINESS WIRE)– Tortoise Energy Capital Corp. (NYSE: TYY – News) today announced that as of Dec. 31, 2011, the company’s unaudited total assets were approximately $859.8 million and its unaudited net asset value was $532.3 million, or $27.16 per share.
As of Dec. 31, 2011, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 580 percent, and its coverage ratio for preferred shares was 411 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.
The company issued 17,300 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $0.5 million during the month of December 2011.
Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2011, and a summary of its top 10 holdings.
Unaudited Balance Sheet

			(in Millions)			Per Share
Investments			$857.8			$43.77
Cash and Cash Equivalents			0.1			0.01
Receivable for Investments Sold			0.5			0.02
Other Assets			1.4			0.07
Total Assets			859.8			43.87
Short-Term Borrowings			17.3			0.88
Senior Notes			104.1			5.31
MRP Shares			50.0			2.55
Total Leverage			171.4			8.74
Payable for Investments Purchased			0.4			0.02
Other Liabilities			2.7			0.14
Deferred Tax Liability			153.0			7.81
Net Assets			$532.3			$27.16

19.60 million common shares currently outstanding.
Top 10 Holdings (as of Dec. 31, 2011)

Name			Market Value (in Millions)			% of Investment Securities(1)
Sunoco Logistics Partners L.P.			$ 63.0			7.3%
Enterprise Products Partners L.P.			58.9			6.9%
Magellan Midstream Partners, L.P.			51.9			6.0%
Williams Partners L.P.			49.3			5.7%
Kinder Morgan Management, LLC			46.5			5.4%
Buckeye Partners, L.P.			45.8			5.3%
Enbridge Energy Partners, L.P.			45.6			5.3%
ONEOK Partners, L.P.			44.8			5.2%
El Paso Pipeline Partners, L.P.			43.4			5.1%
Plains All American Pipeline, L.P.			40.7			4.7%
Total			$ 489.9			56.9%

⁽¹⁾ Percent of Investments and Cash Equivalents.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Nov. 30, 2011, the adviser had approximately $7.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
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Synthesis Energy Systems Provides Progress Update on Strategic Equity Investment and Collaboration in China

HOUSTON , Dec. 30, 2011 /PRNewswire/ — Synthesis Energy Systems, Inc. (NASDAQ: SYMX – News) (“SES”) today announced that it, China Energy Industry Holding Group Co. and Zhongjixuan Investment Management Company Ltd. (“ZJX”) have mutually agreed to an extension of the closing period of their share purchase agreement dated March 31, 2011 and amended on August 17, 2011 , through March 31 , 2012.  While the parties have indicated their support for this investment, this extension was necessary in order to allow time for Yima Coal Industry Group Co., Ltd. (“Yima”) and its advisors to complete their due diligence and reviews of its proposed investment, including evaluating efficient structures for the proposed transactions. The parties believe that these steps will allow for optimal structuring and capital funding at the project and regional levels, which will be required for the large scale future investments in China anticipated by the parties.
“Although the transactions will not be submitted for governmental approval before December 31 of this year, good progress has been made in the past few weeks.  We believe the interests of the parties are aligned and we remain confident in the short and long term value we believe can be realized by working together with them,” commented Robert Rigdon , President and CEO of SES. ”While the parties require additional time to complete the reviews, processes and governmental approvals necessary to make an investment into a foreign entity such as SES, we believe that each of the parties is taking this investment very seriously as evidenced by their diligence in working toward finalizing the deal.”
“We remain confident that the parties will proceed quickly to complete this important strategic investment into SES,” said Feng Feng , Chairman and CEO of ZJX.
About Synthesis Energy Systems, Inc.
SES provides technology, equipment and engineering services for the conversion of low rank, low cost coal and biomass feedstocks into energy and chemical products.  Its strategy is to create value through providing technology and equipment in regions where low rank coals and biomass feedstocks can be profitably converted into high value products through its proprietary U-GAS® fluidized bed gasification technology, which SES licenses from the Gas Technology Institute.  U-GAS® gasifies coal cost effectively, without many of the harmful emissions normally associated with coal combustion plants.  The primary advantages of U-GAS® relative to other gasification technologies are (a) greater fuel flexibility provided by the ability of SES to use all ranks of coal (including low rank, high ash and high moisture coals, which are significantly cheaper than higher grade coals), many coal waste products and biomass feed stocks; and (b) the ability of SES to operate efficiently on a smaller scale, which enables the construction of plants more quickly, at a lower capital cost, and, in many cases, in closer proximity to coal sources.  SES currently has offices in Houston, Texas , and Shanghai, China . For more information on SES, visit www.synthesisenergy.com or call (713) 579-0600.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the early stage of development of SES, its estimate of the sufficiency of existing capital sources, its ability to successfully develop its licensing business, its ability to raise additional capital to fund cash requirements for future investments and operations, its ability to reduce operating costs, the limited history and viability of its technology, the effect of the current international financial crisis on its business, commodity prices and the availability and terms of financing opportunities, its results of operations in foreign countries and its ability to diversify, its ability to maintain production from its first plant in the ZZ joint venture, its ability to complete the expansion of the ZZ project, its ability to obtain the necessary approvals and permits for its Yima project and other future projects, the estimated timetables for achieving mechanical completion and commencing commercial operations for the Yima project, its ability to negotiate the terms of the conversion of the Yima project from methanol to glycol, the sufficiency of internal controls and procedures and the ability of SES to grow its business as a result of the China Energy and Zuari transactions as well as its joint venture with Midas Resource Partners. Although SES believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. SES cannot assure you that the assumptions upon which these statements are based will prove to have been correct.
Important Notice
In connection with the proposed transaction, SES has filed a preliminary proxy statement, and intends to files a definitive proxy statement, with the SEC and intends to mail the definitive proxy statement to the stockholders of SES. SES and its directors and officers may be deemed to be participants in the solicitation of proxies from the stockholders of SES in connection with the transaction. Information about the transaction is set forth in the preliminary proxy statement filed, and will be set forth in the definitive proxy statement to be filed by SES with the SEC.
When available, you may obtain the preliminary and definitive proxy statements for free by visiting EDGAR on the SEC website at www.sec.gov. Investors should read the definitive proxy statement carefully before making any voting or investment decision because that document will contain important information.

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Ziegler Closes $28 Million MRC Crestview Financing

CHICAGO, IL–(Marketwire -12/14/11)- Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $28,295,000 non-rated bond issue for MRC Crestview. MRC Crestview, d/b/a Crestview Retirement Community, is located on 14 acres in Bryan, Texas. Ziegler served as sole manager for the Series 2011 Bonds.
MRC Crestview is a Texas non-profit corporation originally formed in 1962. In 1970, Crestview became part of Methodist Retirement Communities (MRC), a Texas non-profit system that provides management and related support services to MRC Crestview and other affiliated entities. MRC ranks #88 on the LeadingAge Ziegler 100, a list of the largest not-for-profit senior living providers in the nation.
Due to the aging of the existing community, MRC Crestview engaged Greystone Communities to assist in providing development services towards implementing a repositioning of the campus in a two-phased approach. The improvements which constituted Phase I, which was funded with a Ziegler underwritten Series 2010 bond issue, consisted of the construction of an assisted living center with 48 assisted living suites and 18 memory support suites, as well as a health center consisting of 48 skilled nursing beds and related common areas undertaken on seven acres of undeveloped land.
Proceeds of the Series 2011 Bonds will be used to fund Phase II of the redevelopment plan consisting of demolishing the existing community and constructing 92-entrance fee based independent living units and additional common areas for the residents. The new independent living units are 100% pre-sold with a waiting list of more than 40 persons at the time of pricing of the Series 2011 Bonds. Additionally, bond proceeds will be used to fund debt service reserve funds for the Series 2011 Bonds, fund capitalized interest for 22 months, and pay a portion of the costs of issuance.
The Series 2011 Bonds consist of $11,500,000 in temporary debt to be redeemed from initial entrance fees after establishing reserves and $16,795,000 in permanent debt that will amortize with the Series 2010 Bonds to provide aggregate level annual debt service. As with the Series 2010 Bonds, there will be a funded liquidity support agreement in the amount of $1,000,000.
Ziegler is one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offering investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “Crestview has had a 40 year reputation for providing quality senior services in the Bryan/College Station market. The influence of a new management team at MRC is clearly seen on this complex repositioning which will improve the quality and breadth of services that MRC will be able to provide in that market area.”
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.

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BTB Real Estate Investment Trust announces a $12,850,000 mortgage financing

MONTREAL, Dec. 1, 2011 /CNW Telbec/ – BTB Real Estate Investment Trust (TSXV: BTB-UN.V – News) (“BTB“) is proud to announce that it has entered into a mortgage financing agreement of $12,850,000 with Otéra Capital/Hypothèques CDPQ.
This mortgage financing pertains to three recently acquired properties, namely:

• 2175 Des Entreprises Boulevard, Terrebonne, Québec
• 2205-2225 Des Entreprises Boulevard, Terrebonne, Québec
• 5600 Côte-de-Liesse, Town of Mount-Royal, Québec

This mortgage financing bears interest at the rate of 3.5% for a term of five years.
About BTB
BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $365 M, its real estate portfolio constitutes 53 properties totaling more than 3.2 million square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188
ext. 228