Politics, Policy, Economics - Since 2010

China Economic Blight Endure... China Economic Blight Endures adding worse to an already war torn economy and global newsline. Just one ...

China Economic Blight Endures

China Economic Blight Endure...


China Economic Blight Endures adding worse to an already war torn economy and global newsline.
Just one hour ago China's PMI index was released and while it was better than expected, the increase showed more signs of deterioration. Contraction is continuing on a monthly basis.

From Reuters Eikon:
The government is due to release third-quarter GDP data on Oct 19 and many economists expect growth to dip below 7 percent, which would be the weakest since the global financial crisis.
Some China watchers believe current growth levels are already much weaker than official data suggest.
A summer stock market crash and China's surprise currency devaluation in August have raised fears of shocks to the economy which could see it slowing more sharply than earlier expected, jeopardising the fragile global recovery.
Since the devaluation, top Chinese officials have repeatedly tried to reassure nervous global investors that they are in control of the economy and denied that it is at risk of a hard landing.

It was inside the emissions control. A simple engine emissions control software that changed and deceived testing during emissions checks. B...

VW Cheating - Corporate Criminal America

It was inside the emissions control. A simple engine emissions control software that changed and deceived testing during emissions checks. Back on the open road emissions were blowing out at alarming levels. Emissions were in fact up to 40x higher than anticipated. 
However, there must be a massive paper trail. A cheating engine management software piece was developed. It was created to dodge emissions and make the auto everything it was marketed to not be. This is a massive scandal. 
Many consumers - if not every singe one - will be left with a financial burden. 
This is an ideal test case, perhaps. Criminal or civil liability for the corporation and individuals who were behind this is inevitable. But this is rumoured to be the standard in Europe? Sanctions are allowed in the US but not in Europe. What standards will be enforced and will this change the European and US market? 
The stock has also tanked, so that opens the door to shareholder lawsuits. 

Liability is being estimated at $18B or more. I agree with estimates that this scandal will topple BP's gulf disaster, and think liability will be over $50 billion. 

Corporate criminal liability? Go-go carbon finance.

"...market-based inflation expectations are poor predictors of future inflation. This suggests that these measures contain little forwa...

Fed (San Francisco): Can We Rely on Market-Based Inflation Forecasts?

"...market-based inflation expectations are poor predictors of future inflation. This suggests that these measures contain little forward-looking information about future inflation...

http://www.frbsf.org/economic-research/publications/economic-letter/2015/september/market-based-inflation-forecasting-and-alternative-methods/

85% OF BRITISH POWER CAN BE VIA RENEWABLES BY 2030, SAYS GREENPEACE THEGRD 9/21/15 07:24 Britain can produce 85% of its power via renewable ...

Green Finance - UK Renewables 85% by 2030

85% OF BRITISH POWER CAN BE VIA RENEWABLES BY 2030, SAYS GREENPEACETHEGRD

9/21/15 07:24

Britain can produce 85% of its power via renewable energy by 2030 provided it undergoes significant changes in energy production and use, according to a new study by Greenpeace.


The study attempts to counter the argument that only fossil fuels and nuclear power can keep the lights on for the next few decades. It foresees wind leaping from today's level of 13 gigawatts (GW) of wind farms in operation – enough to power around 10 million homes – to a level of 77GW in 2030, with solar rising from just more than 5GW to 28GW.


However, the renewables drive would need to be accompanied by a 60% reduction in demand for domestic heating through a home insulation programme and other initiatives, according to the report by energy system analysts, Demand Energy Equality.


"For a long time the government and the fossil fuel industry have peddled the argument that renewables can't keep the lights on if the wind's not blowing. This hasn't been based on evidence, but out of date instincts seemingly from staring out the window to see how windy it is," said Doug Parr, chief scientist at Greenpeace .


"For the first time, we have the evidence showing it is possible to keep the power system working and decarbonise the electricity system. We need to go for renewable energy with the help of new smart technology and reducing demand for power too.


"It is hugely ambitious but definitely doable, and it will take the same kind of enthusiasm and financial support from government, normally the sole preserve of the nuclear and fossil fuel industries."


The plan, which would require a major change in government policies, envisages fossil fuels playing a role via combined gas-fired heat and power projects. Many homes and buildings would also need to move away from gas-fired boilers to their own ground source heat pumps or an electricity source.


The report is published in the run up to the UN-sponsored climate change talks in Paris and at a time when the Conservative government has axed a series of green subsidy schemes to wind and solar on the grounds of cost.


The feasability of decarbonising the UK's power generation system, which was dependent for a long time on carbon-heavy coal, has long been argued over. Few believe that carbon dioxide can be eliminated entirely from energy production, or at least in the short term.


In 2014, around 30% of UK electricity was generated by coal-fired power plants, 30% by gas, 19% by nuclear and around the same amount by renewables, according to the Department of Energy and Climate Change.


The new analysis shows a low-carbon energy sector is possible but only if our relationship with energy changes at the national, household and personal level.


There would have to be a huge increase in building efficiency and in the use of smart meters, so that demand could be dialled down when needed.


The cost of the transformation programme is not spelled out, but the Greenpeace report notes that a similar study done in 2011 by Poyry consultants for the parliamentary climate change committee produced a price tag of between £126bn and £227bn to achieve 65% renewable penetration by 2030.


Wind would play the greatest role in energy production in the new low carbon world envisaged by Greenpeace. The 55GW of offshore wind and 22GW of onshore wind would require a significant increase in investment.


The wind lobby group RenewableUK said there was no reason why more wind farms should not be built. "There is no technical or logistical barrier to the UK installing up to 55GW by 2030, but it needs political will – a supportive policy framework from government, especially sufficient financial support allocated in the offshore wind pot," said a spokesman.


David Infield, a professor of electrical engineering at University of Strathclyde, who had read the Greenpeace report, said it was a serious document that deserved attention.


"This is a useful report dealing with the complex issue of absorbing high penetrations of renewable power generation in line with achieving challenging reductions in carbon emissions," he said.


The big difference is that the energy department's forecasts are based on what it believes is feasible under certain circumstances by 2050, rather than the 2030 time period used by Greenpeace. This makes a huge difference in mobilising capital and undertaking the work necessary.


The Greenpeace study has ruled out nuclear because of the financial and environmental cost of building new plants, such as Hinkley Point C, and dealing with the legacy of their waste. Equally, carbon capture technology – where carbon dioxide is stored underground as soon as it is emitted – has been excluded as it is deemed an unproven method.

Copyright (c) 2015 theguardian.com

© Thomson Reuters 2015. All rights reserved.

Is this too fantastic or what (from Right Wing News)? An influx of 30-35 million people will bust EU nations at the seams! - CH ---- ...

30-35 Million People Will Be Coming Thru

Is this too fantastic or what (from Right Wing News)?
An influx of 30-35 million people will bust EU nations at the seams! - CH
----


by John Binder

20-Sep-2015 15:29:44

Copyright (c) 2015 Right Wing News


English

343 words


Sep 20, 2015

The Syrian refugee crisis is already a disaster that has been caused by a disaster in the Middle East.

However, this is nothing compared to what the world will eventually see, according to Hungary officials who say the crisis is about to get much, much worse.


But according to Hungary's minister for foreign affairs and trade Peter Szijjártó, it's going to get much, much worse.

As the Express reports, Szijjártó said "it is a self delusion to call this situation a migration crisis; it is a massive migration of nations, with inexhaustible reserves.

"I don't think that the analysis results, stating that 30-35 million people out there could possibly become migrants, would be an exaggeration.

Libya, Yemen, Syria, Iraq and Afghanistan are all countries with a huge population and an extremely unstable situation. The recent international political decisions created an unstable situation around Europe that makes sure that the amount of people won't decrease."

"This is why it's extremely important to protect our borders. This issue wasn't this important until now, so the European Union neglected it a little bit. It became clear that – though its border of Schengen – Greece couldn't protect the border of the European Union. The European Union just realized what the Schengen border means.

If we want to keep the freedom of movement in the European Union, we have to protect the outer borders."

Why is it that every single other country in the world seems to understand the importance of securing its borders…except US?

Imagine an entire country of people picking up and moving into other countries across Europe. That is what is taking place overseas right now.

Naturally, the American press will downplay the numbers and the widespread chaos it is causing, in favor of making it a pure humanitarian issue, rather than an issue that needs to be solved and remedied as quickly as possible.Also see...John Binder

John Binder is a news and political blogger for Right Wing News. Additionally, he is a New Orleans political reporter for TheHayride.com.

Federal Reserve issues FOMC statement http://www.federalreserve.gov/newsevents/press/monetary/20150917a.htm Information received since the F...

Fed Monetary Policy Notes 09/17/2015


Federal Reserve issues FOMC statement

http://www.federalreserve.gov/newsevents/press/monetary/20150917a.htm

Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. Household spending and business fixed investment have been increasing moderately, and the housing sector has improved further; however, net exports have been soft. The labor market continued to improve, with solid job gains and declining unemployment. On balance, labor market indicators show that underutilization of labor resources has diminished since early this year. Inflation has continued to run below the Committee's longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation moved lower; survey-based measures of longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term. Nonetheless, the Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate. The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced but is monitoring developments abroad. Inflation is anticipated to remain near its recent low level in the near term but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of declines in energy and import prices dissipate. The Committee continues to monitor inflation developments closely.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams. Voting against the action was Jeffrey M. Lacker, who preferred to raise the target range for the federal funds rate by 25 basis points at this meeting.

BTC is now a commodity -  " If a company wants to operate a trading platform for Bitcoin derivatives or futures, it will need to regist...

Bitcoin The Commodity - BTC

BTC is now a commodity - 

"If a company wants to operate a trading platform for Bitcoin derivatives or futures, it will need to register as a swap execution facility or designated contract market, just like the CME Group."

Rates should have been raised - Chad From Yahoo Finance: David Stockman is not a fan of the Fed. In fact he claims that the Fed is on a “jih...

Fed Holding America Hostage - A Huge Correction Predicted


Rates should have been raised - Chad

From Yahoo Finance:

David Stockman is not a fan of the Fed. In fact he claims that the Fed is on a “jihad” against retirees and savers.

The former Reagan budget director and author of “The Great Deformation: The Corruption of Capitalism in America” visited Yahoo Finance ahead of the Fed announcement to discuss his predictions and the potential impact of today’s interest rate decision. “80 months of zero interest rates is downright crazy and it hasn’t helped the Main Street economy because we’re at peak debt,” he says.


Businesses in the U.S. are $12 trillion in debt. That’s $2 trillion more than before the crisis, but “all of it has gone into financial engineering—stock buybacks, mergers and acquisitions and so forth,” according to Stockman. “The jig is up; [the Fed] needs to get on with the business of allowing interest rates to find some normalized level.”


While Stockman believes that the Fed should absolutely raise rates today, he isn’t so sure that they will. But even if they do, he says they’ll muddle the effect by saying “‘one and done’ or ‘we’re going to sit back and watch this thing unfold for the next two or three months.’”


This all fuels an inflationary bubble on Wall Street, according to Stockman. “This massive money printing we’ve had has never gotten out of the canyons of Wall Street. It’s sitting there as excess reserves.”


According to Stockman, the weakness of the U.S. economy has been due to a lack of investment over the past 15 years and inflated labor costs in America that can’t compete on a global scale. “Simply printing more money and keeping interest rates at zero do not help that problem.”


Zero interest policies, says Stockman, are leading to the global economic turmoil we are currently experiencing. “In the last 15 years China took its debt from $2 trillion to $28 trillion… it’s a house of cards with an enormous overcapacity and enormous speculation and gambling that is beginning to roll over,” he says. “It’s just the leading edge of a global deflation that I think is underway as a consequence of all this excess credit growth that we’ve had.”


If the Fed raises rates and doesn’t mince words there’s going to be a long-running market correction, says Stockman. If the Fed doesn’t raise rates there will be a short-term relief rally but eventually the markets will lose confidence in the central bank bubble and we’ll be in store for a “huge correction.”


Full Article

Fed holds rates steady in nod to global economic weakness US - FOMC 17-SEP-2015 14:00:00 (Recasts with Fed policy statement) Federal funds r...

Fed holds rates steady in nod to global economic weakness - Rueters


Fed holds rates steady in nod to global economic weakness US - FOMC


17-SEP-2015 14:00:00

(Recasts with Fed policy statement)
Federal funds rate remains unchanged
Fed defers to global economic volatility
Yellen to hold news conference at 2:30 p.m. EDT (1830 GMT)


By Howard Schneider and Ann Saphir

WASHINGTON, Sept 17 (Reuters) - The U.S. Federal Reserve kept interest rates unchanged on Thursday in a nod to concerns about a weak world economy, but left open the possibility of a modest policy tightening later this year.

In what amounted to a tactical retreat, the U.S. central bank said an array of global risks and other factors had convinced it to delay what would have been the first rate hike in nearly a decade.

"Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term," the Fed said in its policy statement following the end of a two-day meeting. It added the risks to the U.S. economy remained nearly balanced but that it was "monitoring developments abroad."

However, the central bank maintained its bias towards a rate hike sometime this year, while lowering its long-term outlook for the economy. Fresh economic projections showed 13 of 17 Fed policymakers still foresee raising rates at least once in 2015, down from 15 at the last meeting in June. Four policymakers now believe rates should not be raised until at least 2016, compared to two who felt that way in June.

The Fed has policy meetings in October and December.

In deciding when to hike rates, the Fed repeated that it wanted to see "some further improvement in the labor market," and be "reasonably confident" that inflation will increase.
Taken as a whole, the latest Fed projections of slower GDP growth, low unemployment and still low inflation suggest that concerns of a so-called secular stagnation may be taking root among Fed policymakers. One policymaker even suggested a negative federal funds rate. The median projection of the 17 policymakers showed the Fed expects the economy to grow 2.1 percent this year, slightly faster than previously thought. However, its forecasts for GDP growth in 2016 and 2017 were downgraded. Policymakers also forecast inflation to creep only slowly toward the Fed's 2 percent target even as unemployment dips lower than previously expected. They now expect the unemployment rate to hit 4.8 percent next year, remaining at that level for as long as three years. The Fed's projected path of interest rates shifted downward, with the long-run federal funds rate now seen at 3.5 percent, compared to 3.75 percent at the last policy meeting. Fed Chair Janet Yellen was scheduled to hold a press conference later Thursday afternoon to elaborate on the decision.


The vote on the policy statement was a sign of how China's economic slowdown and market slide left Fed officials unnerved about the state of the world economy. Only Richmond Fed President Jeffrey Lacker dissented.

In recent months Fed officials like board member Jerome Powell and Atlanta Fed President Dennis Lockhart had publicly endorsed a September rate hike, forming a near majority along with longstanding inflation hawks like Lacker.

In the end, however, they were left with a muddled picture marked by low U.S. unemployment and steady economic growth, but no sign that inflation has begun to rise towards the Fed's target.


(Reporting by Howard Schneider; Editing by Paul Simao)

"S&P's diagnosis about the uncertain economic outlook means that prospects for fiscal consolidation are becoming uncertain,&quo...

Japan Downgrade

"S&P's diagnosis about the uncertain economic outlook means that prospects for fiscal consolidation are becoming uncertain," said Toru Suehiro, senior market economist at Mizuho Securities.

Silver to gold strong.... GOLD - Uptrend is losing momentum Short-term losses possible. The eagerly awaited US jobs data on Friday provided ...

Precious Metals Update

Silver to gold strong....

GOLD - Uptrend is losing momentum

Short-term losses possible.

The eagerly awaited US jobs data on Friday provided a mixed picture. Although August figures were disappointing, data ​​for June and July were revised upwards at the same time. The price of Gold initially rose to 1,130 $/oz, but could not hold those gains and closed the week trading at 1,122.60 $/oz. A rate hike in the US currently moves to the distant future. Meanwhile there is market consensus that the Fed will not turn the interest rate screw in their meeting next week. A rate hike in December or even at the beginning of 2016 is becoming increasingly likely. Quite different situation in the Euro area: the ECB emphasized on Thursday that it is prepared to continuously increase liquidity of the financial system. Apart from the uncertainties around China and the situation in the emerging countries, the adjustment of the inflation forecast for the coming year from 1.5% to 1.1% is considered as the main driver. After Gold has not managed to test its mid-August highs, we now no longer rule out short-term losses, a drift down to 1,110 $/oz is possible. The next support is then at 1,080 $/oz, resistance forms around 1,148 $/oz and 1,170 $/oz. The subdued physical demand in Europe is accompanied by a stable demand in Hong Kong at a low level. Although market participants use price corrections to stock up, but we are not seeing any extensive buying interest.

 

SILVER - Little price movement

Silver shows most stable performance among precious metals.

Last week, Silver could recover from its lows just below 14 $/oz, but on its way up found resistance at 15 $/oz and did not manage to overcome this mark. Volatility over the week was relatively low, obviously the market is unclear about the direction in which to proceed. Compared to the other precious metals, Silver performed relatively strong and, as a result, the Gold/Silver-ratio moved away from its peak at 80 and is now again around 76.

We continue to observe high physical demand for bullion and grains, especially from Germany and the US.

The possible extension of quantitative easing measures by the ECB led to a loss of the Euro against the US dollar, therefore the Silver prices gained more clearly in the common currency.

 

PLATINUM - Demand remains subdued

Mining industry facing considerable changes.

Last week, Platinum established itself above the 1,000 $/oz mark, but suffered some profit-taking at the end of the week. However, a drop far below the $ 990 $/oz mark is currently not expected. The metal is now trading in a range between 990 $/oz and 1,020 $/oz, a break-through above 1,025 $/oz could result in an upward movement to over 1,040 $/oz. Support is currently at 945 $/oz. Industrial demand generally remains subdued, the weaker Chinese economic expectations are still in focus.

Recent news from South Africa reflects the growing pressure on Platinum producers. Although the government and mines agreed on concrete measures to avoid job cuts last week, experts doubt whether these actions may be effective due to the overall tense situation. At the same time, Impala’s announcement attracted quite some attention. Due to the low price level, the second largest Platinum producer will close shafts scaling back output by 180 koz of Platinum over the next 5 years.

 

PALLADIUM - Volatility continues

Prices above 600 $/oz currently not in sight.

Particularly in the beginning of the week we saw a high price volatility in Palladium. On Monday the metal traded in a range of 25 $/oz. Technically, support for Palladium is now at 572 $/oz, while resistance forms at 604 $/oz. Despite lower prices, we cannot observe increased demand for the metal. ETF holdings decreased significantly, we recorded total outflows of more than 34 koz. Even an overall strong demand from the United States in the course of the year seems unable to stimulate the palladium price. According to recent news, analysts now calculate with sales of 17.8 million vehicles for the full year 2015. This represents an increase of 500,000 units compared to the previous forecast and would represent the strongest year since 2001.

 

RHODIUM, RUTHENIUM, IRIDIUM - Rhodium in downtrend

Slight rise in prices for Ruthenium and Iridium.

The downward trend in Rhodium continues and the price dropped by another 25 $/oz last week. Consumers seem to have little confidence in lower prices, since the metal is on a multi-year low and in recent weeks, rallies were rather used to sell instead of making further purchases. Trading activity is on a relatively low level, but interest of the manufacturing industry, such as automotive and chemical industry, is definitely present.

Demand for Ruthenium has picked up noticeably, which is also reflected in a slightly firmer price. The price is relatively well supported as Ruthenium trades on a 11.5-year low. Purchases have been completed both by consumers from the electrochemical as well as from the electronics industry.

After some quieter weeks of "summer lull" we could also observe greater interest in Iridium. The price has gained some momentum and now trades around 15-20 $/oz higher than in the precedent week.

Have a great week!

 

Martina Fischer
Head of Marketing & Communications

 

Global Business Unit

Heraeus Metal Management

Marketing & Communications

 

Heraeus Deutschland GmbH & Co. KG
Heraeusstrasse 12-14

63450 Hanau, Germany

 

Phone: + 49 6181 / 35-9648

Mobile: + 49 1590 / 4010522

E-Mail:  martina.fischer@heraeus.com

Web:     www.heraeus.com

 

Note: For some time I have been meaning to publish my research and thoughts on the U.S. LLC - a vehicle I use for operating entities and SPV...

A History of the U.S. LLC

Note: For some time I have been meaning to publish my research and thoughts on the U.S. LLC - a vehicle I use for operating entities and SPVs religiously, aside from advisory holding corps. Regardless, my output of info will come eventually. Here is a general overview from LLC-Reporter.com

The limited liability firm is a triumph of comparative law in action. The origin of this relatively new institution is generally attributed to the German law of 1892, authorizing the Gesellschaft mit beschrnkter Haftung... . While drawing some inspiration from the English practice of the private limited company, it was nevertheless an original creation. However, the claim that it was without precedent is negated by the fact that the State of Pennsylvania had enacted a law in 1874 authorizing the limited partnership association, which was extensively used. This form of business organization, as we shall note later, bears a striking resemblance to the limited liability firm current today in Europe and Latin America. Eder, Limited Liability Firms Abroad, 13 Univ Pitt L Rev 193 (1952). LLCs are neither new nor strange to the business community in the civil law countries of Europe and Latin America. This business form has its origin in the 1892 German company law known as Gesellschaft mit beschrnkter Haftung (GmbH). German not only was the first civil code country to enact this legislation, but Germany's enactment became the discussional focal point for the countries which subsequently adopted this commercial enterprise. Molitor, Die Auslandisch Regelung der G.m.b.H. und die deutsch Reform, (1927); and 12 Zeitscrift fur auslandisches and internationales Privatrecht 341 (1938). Once established in Germany, the concept of the LLC had a very active and fast growth. Success in Germany soon caused the German model act to become the focus of extensive debate. Within a short period of time after enactment in Germany, the following countries joined the limited liability bandwagon: Portugal (1917); Brazil (1919); Chile (1923); France (1925); Turkey (1926); Cuba (1929); Argentina (1932); Uruguay (1933); Mexico (1934); Belgium (1935); Switzerland (1936); Italy ( 1936); Peru (1936); Columbia (1937); Costa Rica (1942); Guatemala (1942); and Honduras (1950). In France, by the late 1940's, the limited liability entity known as "societes de responsabilite limitee" was more popular than the more traditional stock corporation and comprised approximately one-third of all French societes. Eder, Limited Liability Firms Abroad, 13 Univ Pitt L Rev 193 (1952). 
In addition to the limited liability, the LLC laws of each of the above countries have the following four basic characteristics which distinguish this entity from other business forms: (1) all require some use of the word "limited" in the entity's name; (2) the entity is given full juristic personality; (3) the partnership concept of "delectus personae," permitting a member to control admission of new members to the entity; and, (4)codes that allow limited liability firms to be dissolved by death of a member, unless otherwise expressly stated in the articles of association; in addition, some provide for probate or sale of a deceased's share. Eder, Limited Liability Firms Abroad, 13 Univ Pitt L Rev 193 (1952); for additional information on foreign LLCs, see Devries & Juenger, Limited Liability Contract; The GmbH, 13 U Pitt L Rev 193 (1952) and Bagts, Reforming the "Modern" Corporation: Perspectives from the German, 80 Harv L Rev 23 (1980). 

In the United States, several states passed legislation creating entities similar to the LLC. In the last quarter of the nineteenth century, Pennsylvania, Virginia, New Jersey, Michigan and Ohio enacted legislation permitting "limited partnership associations" or "partnership associations." These associations were created to provide a form of limited liability coupled with some of the beneficial characteristics of the partnership association. Burke and Sessions, The Wyoming Limited Liability Company: An Alternative to Sub S and Limited Partnerships, 54 J Tax'n 232 (1981). The enabling legislation for these associations requires that either the principal office or place of business be located in the enacting state. As a consequence of this restrictive legislation, these associations were not attractive to many entities active outside of these localities. They have not been used extensively. In 1977, Wyoming became the first American state to enact a true LLC act modeled after the 1892 German GmbH Code and the Panamanian LLC. The Wyoming LLC Act permits the formation of LLCs organized for any lawful purpose execpt the business of banking and insurance. Wyo Stat §17-15-103. In addition to limited liability, the Wyoming Act has the same four basic characteristics of the European and Latin American codes that distinguished this entity. First, WYoming requreis a form of the word "limited" in the entity's name. Second, the entity is given full juristic personality. THierd, the partnership concept of "delectus or intuitus personae" which permits a partner to control addmission of new partners to the partnership is present. Fourth, Wyoming's Act provides that LLCs must be dissolved by death of a member and provides for probate or sale of a deceased's share. In addition, the Wyoming Act contains a provision that excludes members or managers from litigation involving the business. Most LLC acts have followed this lead.

From Reorg Research -  Puerto Rico got some good news this week as PREPA reached a restructuring deal with its forbearing bondholders - thou...

Puerto Rico News

From Reorg Research - 
Puerto Rico got some good news this week as PREPA reached a restructuring deal with its forbearing bondholders - though MBIA has not yet signed on to the deal. The commonwealth's House minority leader, meanwhile, has filed a lawsuit against the government seeking documents relating to PREPA's new fuel contracts. The offshore drilling sector drove the energy news, with Vantage Drilling announcing on Tuesday that Brazilian oil giant Petrobras was canceling its contract for the drillship Titanium Explorer while bondholders have organized hiring advisors from Blackstone and Milbank Tweed. 

Brilliance from Bloomberg - On March 30, 1999, an 11-month-old, money-losing Internet company called Priceline.com went public, to the great...

How Priceline.com Went Bust And Then Bust And Then Became A Super Unicorn

Brilliance from Bloomberg -

On March 30, 1999, an 11-month-old, money-losing Internet company called Priceline.com went public, to the great excitement of investors. By the close of trading the stock price had more than quadrupled and the company was, as Saul Hansell put it in the New York Times the next day, “worth more than United Airlines, Continental Airlines and Northwest Airlines combined.”

For the next year or so, Priceline.com was one of the most-cited examples of, depending on one’s inclination, either the import or insanity of the Internet boom. Its ubiquitous TV ads featuring William Shatner also got lots of attention, as did founder Jay Walker’s claims that the company’s name-your-price model would “reinvent the environmental DNA” of business. But it was its market valuation that drove the fascination, and after the stock price collapsed from a high of $974.25 a share in April 1999 to $6.75 in December 2000, people mostly stopped talking about Priceline.com.