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Wednesday, February 15, 2012
Agricultural Marketing Service - USDA Lifts PACA Reparation ...
[unable to retrieve full-text content]USDA Lifts PACA Reparation Sanctions on Maryland Produce Business. AMS No. 044-12. Nadine Wilkins (202)720-8998. Nadine.wilkins@ams.usda.gov. WASHINGTON, Feb. 13, 2012 ? The U.S. Department of Agriculture (USDA) ...
Monday, February 13, 2012
In complicating move, al-Qaida backs Syrian revolt
Mourners carry the body of a Syrian rebel the day after he was killed in fighting in Idlib, Syria, Sunday, Feb. 12, 2012. The Arab League will call on the U.N. Security Council to pass a resolution creating a joint peacekeeping force for Syria. According to a draft resolution to be adopted by Arab League foreign ministers meeting in Cairo on Sunday, the 22-member group will also call for an immediate cease-fire in Syria. It demands that regime forces lift the siege on neighborhoods and villages and pull troops and their heavy weapons back to their barracks.(AP Photo)
Mourners carry the body of a Syrian rebel the day after he was killed in fighting in Idlib, Syria, Sunday, Feb. 12, 2012. The Arab League will call on the U.N. Security Council to pass a resolution creating a joint peacekeeping force for Syria. According to a draft resolution to be adopted by Arab League foreign ministers meeting in Cairo on Sunday, the 22-member group will also call for an immediate cease-fire in Syria. It demands that regime forces lift the siege on neighborhoods and villages and pull troops and their heavy weapons back to their barracks.(AP Photo)
Arab League chief Nabil Elaraby, left, and Qatari Prime Minister Sheikh Hamad Bin Jassim Althani, right, are seen during a meeting in Cairo, Egypt Sunday, Feb. 12, 2012. The Arab League is considering a proposal Sunday to revive its suspended observer mission in Syria by expanding it to include monitors from non-Arab, Muslim nations and the United Nations, officials from the 22-member group said. (AP Photo/Nasser Nasser)
Syrian rebels are seen outside of Idlib, Syria, Saturday, Feb. 11, 2012. (AP Photo)
Syrian rebels are seen outside of Idlib, Syria, Saturday, Feb. 11, 2012. (AP Photo)
A Syrian rebel stands with his weapon outside of Idlib, Syria, Saturday, Feb. 11, 2012. (AP Photo)
BEIRUT (AP) ? Al-Qaida's leader has called for the ouster of Syria's "pernicious, cancerous regime," raising fears that Islamic extremists will try to exploit an uprising against President Bashar Assad that began with peaceful calls for democratic change but is morphing into a bloody, armed insurgency.
The regime has long blamed terrorists for the 11-month-old revolt, and al-Qaida's endorsement creates new difficulties for the U.S., its Western allies and Arab states trying to figure out a way to help force Assad from power. On Sunday, the 22-nation Arab League called for the U.N. Security Council to create a joint peacekeeping force for Syria, but Damascus rejected it immediately.
In an eight-minute video message released late Saturday, al-Qaida chief Ayman al-Zawahri called on Muslims to support Syrian rebels.
"Wounded Syria is still bleeding day after day, and the butcher (Bashar Assad) isn't deterred and doesn't stop," said al-Zawahri, who took over al-Qaida after Osama bin Laden was killed by U.S. special forces last May. "However, the resistance of our people in Syria is escalating and growing despite all the pains, sacrifices and blood."
The United Nations estimates more than 5,400 people have been killed in Syria since the uprising began in March. But that figure is from January, when the U.N. stopped counting because the chaos in the country has made it all but impossible to check the figures.
While many of the anti-government protests sweeping the country remain peaceful, the uprising as a whole has become more violent in recent months as frustrated demonstrators and army defectors take up arms to protect themselves from the steady military assault. An increasing number of army defectors known as the Free Syrian Army have launched attacks, killing soldiers and security forces.
Syria now has become one of the deadliest conflicts of the Arab Spring, and many fear the country of 22 million at the heart of the Arab world is on the verge of a civil war that could engulf the region.
In a grave escalation of the violence, a string of suicide attacks have killed dozens of people since late December. The latest, twin bombings in the major northern city of Aleppo, killed at least 28 people on Friday, the government said. Some 70 people were killed in earlier attacks in the capital, Damascus, on Dec. 23 and Jan. 6. All the blasts struck security targets.
Nobody has taken responsibility for the attacks, but the regime said they have the hallmarks of al-Qaida and immediately blamed the global terror group.
Saturday's statement by al-Zawahri appears to bolster Assad's accusations, but the Syrian opposition and the Free Syrian Army reject the government's claims entirely. They accuse forces loyal to the regime of setting off the blasts to smear the opposition, terrify people into submission and exploit fears of chaos and sectarian warfare.
For many Syrians, the uncertainty over the future is cause for alarm in a country that has watched neighboring Lebanon and Iraq descend into bloody wars over the years. Syria is a fragile jigsaw puzzle of Middle Eastern backgrounds including Sunnis, Shiites, Alawites, Christians, Kurds, Druse, Circassians, Armenians and more.
After Friday's bombings in Aleppo, Zuheir al-Atasi, a member of the opposition Syrian National Council, accused the government of staging the attacks.
"After the heavy explosions, members of the opposition went to the site to film it. There were ambulances but no corpses. We documented that on tape," he said in Vienna during a gathering of Syrian opposition groups. "When the Syrian National TV arrived they started to bring out corpses. Once again we witnessed a theater play."
There is virtually no way to determine who was behind the attacks or to perform an independent investigation in Syria, one of the most authoritarian states in the Middle East. Assad has largely sealed off the country and prevented reporters from moving freely. The Arab League sent a now-suspended observer mission into the country to provide an outside view, but government minders accompanied the team.
Salman Shaikh, director of the Brookings Doha Center, a think tank in the Qatari capital, said prolonged chaos in Syria could open the door to extremist forces like al-Qaida.
"The longer this goes on, we may get a more permissive environment in Syria for these kinds of characters as the Syrian people get more and more desperate," he said. "I don't think they would be welcomed in Syria but there may be desperate people in Syria who are looking for any kind of help."
Still, Shaikh is not convinced that Saturday's al-Qaida statement was anything more than the terrorist group trying to reassert its influence in the Middle East, now that the Arab Spring uprisings have, in many ways, pushed it to the sidelines.
"Al-Zawahri's pronouncement, to me, is a propaganda effort that says, 'We're alive and well in the Mideast,'" he said.
He acknowledged that the suggestion that al-Qaida could become involved in the uprising could have a "chilling effect" on efforts by the West to stem the bloodshed.
"Certainly the U.S. policymakers are advised by their last experience and their last experience is Iraq. So yes, I presume there would be alarm and hesitation in getting further involved," he said.
In Saturday's Internet posting, al-Zawahri asked Muslims in Iraq, Jordan, Lebanon and Turkey to join the uprising against Assad's regime, saying Syrian rebels must not rely on the West.
"Don't depend on the West and Turkey, which had deals, mutual understanding and sharing with this regime for decades and only began to abandon it after they saw it faltering," he said. "Instead, depend on Allah alone and then on your sacrifices, resistance, and steadfastness."
He urged Syrians to oppose help from the Arab League and "its corrupt agent governments."
Hours later, a Sunni sheik in Iraq's northern Kurdish region said a group of clerics in the area is calling for a Muslim jihad, or holy war, against Assad's regime.
"Jihad is the duty of every Muslim against the Assad regime," said Sheik Abdul-Rahman Abdul-Karim Barzanji, describing the edict issued by the Union of the Scholars of Islam in Kurdistan. "Any support from any Muslim or country is forbidden."
Syria has a large population of Kurds, who have mostly stayed on the sidelines of the uprising since Assad's regime began giving them long-denied citizenship as a gesture to win support.
The Arab League has been at the forefront of regional efforts to end the bloodshed in Syria.
On Sunday, the Arab League called for the U.N. Security Council to create a joint peacekeeping force for Syria. The resolution adopted by the League also demanded that Syrian regime forces lift the siege on neighborhoods and villages and pull troops and their heavy weapons back to their barracks.
The central city of Homs has seen some of the worst violence of the uprising, and activists said regime forces were shelling rebellious neighborhoods on Sunday. Hundreds are believed to have been killed since the latest assault in Homs began more than a week ago.
The Arab League resolution also calls on Syrian opposition groups to unite ahead of a Feb. 24 meeting of the "Friends of Syria" group," which includes the United States, its European allies and Arab nations working to end the conflict.
Syria's ambassador to Egypt, Ahmed Youssef, swiftly rejected the resolution, saying it showed the collective Arab will has been "hijacked" by states led by Saudi Arabia and Qatar, which are opposed to Assad's regime.
Syria's ambassador to the Arab League, Ahmed Youssef, was quoted in Syria's state media as saying that Qatar and Saudi Arabia were "living in a state of hysteria after their last failure at the U.N. Security Council to call for outside interference in Syria's affairs and impose sanctions on the Syrian people."
The regime's crackdown has left it almost completely isolated internationally, except for key support from Russia and China, which delivered a double veto to block a U.N. resolution calling on Assad to leave power.
Moscow's stance is motivated in part by its strategic and defense ties, including weapons sales, with Syria. Russia also rejects what it sees as a world order dominated by the U.S. Last month, Russia reportedly signed a $550 million deal to sell combat jets to Syria.
The veto prompted Western and Arab countries to consider forming a coalition to help Syria's opposition, though so far there is no sign they intend to give direct aid to the Free Syrian Army.
On Sunday, President Barack Obama's chief of staff, Jacob Lew, said it's only a matter of time before Assad's government collapses.
Speaking to "Fox News Sunday," Lew said: "There is no question that this regime will come to an end. The only question is when."
__
Associated Press writers Lara Jakes and Qassim Abdul-Zahra in Baghdad, Hamza Hendawi in Cairo, Philipp Jenne in Vienna and Kimberly Dozier in Washington contributed to this report.
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Washington DC Weddings with Rev. SJ Burns: Clergy United in ...
Many clergy came together on Friday, February 10, 2012 in support of our gay and lesbian people?to legally marry in Maryland.? Pictured here is the first group.? Others came later to give their testimony.
Some of us were there from 1:00 pm until 12:00 midnight waiting to testify in favor of HB 438.? My testimony was at 7:45 pm.? And I arrived at 2:30 pm for a 3 pm - 4 pm time slot.
Here is my testimony.
I am, Rev. Starlene Joyner Burns of SJB Ministries LLC in Bowie Maryland.
When I started my ministry in 2006, it was to serve everyone without a church home; including our gay and lesbian people.? My ministry serves those needing pastoral guidance, spiritual healing, relationship coaching, or officiating service for their nuptial.
Because of this work, I can tell you today, that there is no difference between gay relationships and straight ones.? Gay and lesbian couples have the same problems, same hopes, same dreams; that straight couples have for their relationship and their family.?
The only thing that?s missing here in Maryland is that they cannot legally get married and provide the kind of protection that a marriage certificate brings.?
Yes, that piece of paper that's so meaningless to some.?? Has a whole lot of meaning for those who can't get it.?
Can you image being with someone for 30 years and that person was suddenly taken out of this world.? Try to keep in mind that she?s the sole provider. And you had nothing to worry about, other than taking care of the family.
The mortgage was paid every month, all the bills were paid on time, including the kids' college tuition, your credit cards, and that expensive car note.?
In a heterosexual marriage scenario, like this one; the financial fear wouldn't exist, because the surviving spouse would know of her entitlements.? Other than grieving the lost of her spouse, she would still have health insurance, survival compensation, a house that becomes hers, and all the bells and whistles that go with being a widow.?
In a same sex couples relationship, survival benefits don't exist.? There would be no health insurance to roll over, no social security, no pension, and definitely no retirement benefits to collect from the lost of a partner.
That?s why; we need this change.?
While these protections are vital to families, marriage is about a whole lot more.??Marriage makes families stronger.
It allows two people the opportunity to stand before their family and friends and make the public commitment to take on the responsibilities that marriage affords.
God created all of us to be equal, straight, gay, lesbian.
We?re all created in absolute perfection.
I support this bill because it recognizes that religious freedom and marriage equality go hand in hand.
Therefore I hope you pass HB? 438, and make Maryland an equal and just state.
Thank you
The end
_______________________________
To all our gay and lesbian people;
I can only?pray that you do not loose hope in religion and do not associate religious equality leaders?with those who oppose your divine self.?
God loves all, and does not discriminate.?
Man is the only being on earth?who is capable of destroying a race or a?group of like minded people.???
I'm not asking you to forgive those who have persecuted you?right now.?
But I am asking you to start?the healing process, by forgiving yourself for feeling?shame, unworthiness, frustration, and even hate that has been created within your?by those claiming?to represent our God (giving,?loving, caring).
posted by,
Reverend Starlene Joyner Burns
Court Authorized Officiant, Ordained Minister
Marriage Equality Supporter
202.253.3629
revsjb@comcast.net
www.startum.com/weddings.htm
Follow me on Twitter and Facebook
http://tinyurl.com/2erhsp8
http://twitter.com/#!/revsjb
? 2012 SJB Ministries LLC????
Source: http://washingtondcweddings.blogspot.com/2012/02/clergy-united-in-support-of-marriage.html
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Sunday, February 12, 2012
Lift up your Degree of Happiness With one of these Self-help Tips ...
Self-help could mean everything from visiting a licensed doctor being a psychologist to collecting a great book on the subject. Whatever boat you have, you will need to enter into it with the correct know-how so that in in search of selfhelp you get the assistance that you are in search of.
Take small actions browse the grow taller 4 idiots you might find it useful. It can be overwhelming to possess targets that are substantial , nor appear simple to accomplish. Break your targets into smaller actions that you are comfortable with, and commence small. Perform a bit every day and ultimately you can see your dreams realized as well as your targets met.
While you attempt any self improvement program, you will be greater ready in case your body-mind have the freedom from artificial influences. Eliminate habits and vices, such as tobacco, caffeine, recreational drugs, and then any other substances that may alter your perception and affect your focus. As a possible additional advantage, you will be healthier and proud of your time and efforts!
Educate yourself on the power of saying ?no? when you really need to. This isn?t quick at all, but it is the only way to remain focused on the significant things in your life. Tallying to almost everything may lead to losing capability to agree the best things. Decline more regularly and restore the treating your schedule as well as your life.
When you have developed a choice to break a negative habit, then focus on to breaking it. Actually need yourself break this habit again and again. This is important if you want to change to an easier way of life. If you don?t commit, you will be tied to unhealthy habit and you?ll resent yourself for this.
Spend time naturally. The entire world is driven by technologies and it is simple to devote a lot of time getting together with men and women and machines. Spending time naturally is a superb approach to unwind and to reconnect with yourself. Notice the breeze, see the sky and pay attention to the birds. You?ll like it.
One particular crucial self improvement tip that people ought to learn is always to have self manage. Self manage will not come readily to every person however it is a trait which can be enhanced. Do your best to curb any desires you are aware will not assist you by any means.
Determine locations for improvement. Whenever you take the time to analyze locations in your life that are within your manage and need improving, you acknowledge that you are not great, and you also have permission to improve. It assists to to jot down what you would like to improve and it inside a spot where you cannot help but frequently view it.
One particular quite interesting approach to strengthen yourself, your skills and even your job is always to become familiar with a second language. The marketplace is quite competitive at this time and then any differential that you can have will be really useful against other people attempting to receive the very same position. Spanish is among the finest choices.
Structuring your day is definitely an helpful self-help strategy for overcoming anxiousness. Whenever you leave your day to likelihood, you can often turn into overwhelmed and stressed. By organizing crucial events every day, you are able to take with additional control over your daily life. Also, by continuing to keep yourself busy with planned activities, it really is not as likely you will direct your attention towards other thoughts that could cause you anxiousness.
This short article presented guidance with regards to in search of selfhelp. Lots of people, for many distinctive factors at distinctive points within their lives seek help. Each and every circumstance and treatment for every issue is distinctive. By scanning this write-up you should have the data to find the help that you need when it?s needed.
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Source: http://youvebeenrobbed.net/?p=1637
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Saturday, February 11, 2012
Blow the Scent of Failure From Your Life With a Big Wooden Fan [Desired]
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New book about fuzzy hierarchical decision modeling from NJIT professor
![[ Back to EurekAlert! ]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uEcEz9P3b8iibI7-_wAoecOnoul7x5Fd0oVc5mBDZG0i0F28N9crh1Ah3JSgi0odjo5BxDP0p3p1TVuq5MfAD2d70_TFzxv_TWVSkJ4Ao=s0-d){kind=small}
Public release date: 10-Feb-2012[ | E-mail |
Share ] Contact: Sheryl Weinstein
973-596-3436
New Jersey Institute of Technology
'Fuzzy Hierarchical Decision Modeling' by NJIT Associate Professor Michael Khader has been re-issued by Lambert Publishing Company in a soft-bound text. The book, originally published in 2009 by Walden University, focuses on applying decision modeling rooted in fuzzy theory and hierarchical analysis to complex problems in networks' design and acquisition.
The book features the analytical hierarchy process and fuzzy sets which can be used to deconstruct a complex decision with incomplete information into a set of factors and solutions. The factors and solutions are based on business-related goals and objectives to fit business growth and continuity in changing markets. This is especially believed to be true in the telecommunication market, where established players are leaving and new ones entering.
Using the described model allows key decision-makers to arrive at conclusions with a high degree of confidence although the information used in the decision-making process remains uncertain. The model is designed for a single decision and group decision-makers. The model is important because unlike other models based on well-defined factors and well-defined solution alternatives this model is based on incomplete and uncertain information. The model's use is not limited to the networking and telecommunications fields, but also can be applied to areas of business and social significance such as choices of alternative energy, real-time fuzzy control, as well as budget and resource allocations.
Khader is the coordinator for telecommunications management technology at the NJIT Department of Engineering Technology in Newark College of Engineering. See more at http://engineeringtech.njit.edu/academics/tmt.php.
Khader's research interests focus on multi-criteria decision modeling and fuzzy decision support systems; modeling with queuing systems; distance learning especially finding a solution to teach engineering laboratory coursework in a distance learning setting; web access for remote sensing; fuzzy pattern recognition; medical instrumentation and performance modeling of telecom systems.
He has worked for more than 14 years either on the engineering staff or as a consultant for Bell Labs, Lucent Technology, Allied Signal, and Harris Corporation. In those companies, he's filled positions from senior engineer to project manager or developer.
Among his awards are: Lucent Technology, First Requirements' Team to Introduce Multimedia Conferencing; the International Association of Telecom's Best Embedded Telecom System; and Walden University, Best Knowledge Area Module (2007). He received his doctorate from Walden University, his master's degree in computer science from Stevens Institute of Technology and two bachelor's degrees from Cairo University and Polytechnic Institute of New York.
###
NJIT, New Jersey's science and technology university, enrolls more than 9,558 students pursuing bachelor's, master's and doctoral degrees in 120 programs. The university consists of six colleges: Newark College of Engineering, College of Architecture and Design, College of Science and Liberal Arts, School of Management, College of Computing Sciences and Albert Dorman Honors College. U.S. News & World Report's 2011 Annual Guide to America's Best Colleges ranked NJIT in the top tier of national research universities. NJIT is internationally recognized for being at the edge in knowledge in architecture, applied mathematics, wireless communications and networking, solar physics, advanced engineered particulate materials, nanotechnology, neural engineering and e-learning. Many courses and certificate programs, as well as graduate degrees, are available online through the Office of Continuing Professional Education.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Public release date: 10-Feb-2012[ | E-mail |
Share ] Contact: Sheryl Weinstein
973-596-3436
New Jersey Institute of Technology
'Fuzzy Hierarchical Decision Modeling' by NJIT Associate Professor Michael Khader has been re-issued by Lambert Publishing Company in a soft-bound text. The book, originally published in 2009 by Walden University, focuses on applying decision modeling rooted in fuzzy theory and hierarchical analysis to complex problems in networks' design and acquisition.
The book features the analytical hierarchy process and fuzzy sets which can be used to deconstruct a complex decision with incomplete information into a set of factors and solutions. The factors and solutions are based on business-related goals and objectives to fit business growth and continuity in changing markets. This is especially believed to be true in the telecommunication market, where established players are leaving and new ones entering.
Using the described model allows key decision-makers to arrive at conclusions with a high degree of confidence although the information used in the decision-making process remains uncertain. The model is designed for a single decision and group decision-makers. The model is important because unlike other models based on well-defined factors and well-defined solution alternatives this model is based on incomplete and uncertain information. The model's use is not limited to the networking and telecommunications fields, but also can be applied to areas of business and social significance such as choices of alternative energy, real-time fuzzy control, as well as budget and resource allocations.
Khader is the coordinator for telecommunications management technology at the NJIT Department of Engineering Technology in Newark College of Engineering. See more at http://engineeringtech.njit.edu/academics/tmt.php.
Khader's research interests focus on multi-criteria decision modeling and fuzzy decision support systems; modeling with queuing systems; distance learning especially finding a solution to teach engineering laboratory coursework in a distance learning setting; web access for remote sensing; fuzzy pattern recognition; medical instrumentation and performance modeling of telecom systems.
He has worked for more than 14 years either on the engineering staff or as a consultant for Bell Labs, Lucent Technology, Allied Signal, and Harris Corporation. In those companies, he's filled positions from senior engineer to project manager or developer.
Among his awards are: Lucent Technology, First Requirements' Team to Introduce Multimedia Conferencing; the International Association of Telecom's Best Embedded Telecom System; and Walden University, Best Knowledge Area Module (2007). He received his doctorate from Walden University, his master's degree in computer science from Stevens Institute of Technology and two bachelor's degrees from Cairo University and Polytechnic Institute of New York.
###
NJIT, New Jersey's science and technology university, enrolls more than 9,558 students pursuing bachelor's, master's and doctoral degrees in 120 programs. The university consists of six colleges: Newark College of Engineering, College of Architecture and Design, College of Science and Liberal Arts, School of Management, College of Computing Sciences and Albert Dorman Honors College. U.S. News & World Report's 2011 Annual Guide to America's Best Colleges ranked NJIT in the top tier of national research universities. NJIT is internationally recognized for being at the edge in knowledge in architecture, applied mathematics, wireless communications and networking, solar physics, advanced engineered particulate materials, nanotechnology, neural engineering and e-learning. Many courses and certificate programs, as well as graduate degrees, are available online through the Office of Continuing Professional Education.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2012-02/njio-nba021012.php
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Friday, February 10, 2012
The proprietor of this website! | Austin DWI lawyer today this
Pre-Paid Legal (PPD) offers what amounts to ?legal insurance?, where customers purchase a membership subscription and in return receive legal coverage for such incidents as traffic violations, trial defense, will preparation, identify theft, and so forth. Memberships are mainly sold to middle income individuals or families, and monthly fees range from about $15-25, with some products, such as the identity theft shield, extra. The company contracts with small legal firms around the U.S. and Canada, usually driving the bulk of business for these firms through customer referrals. This makes the relationships pretty solid, with most of the firms with PPD for over 8 years. Pre-Paid Legal pays these firms a monthly fixed fee that does not change based on the benefits realized by subscribers.
This fact eliminates nearly all claims risk that most insurance companies face, making Pre-Paid less of an insurance provider and more of a referral company.
Let s address the positives first. Financially, Pre-Paid Legal s business model is an attractive one. Capital requirements are low for this kind of product, which allows the company to put up nice MFI return on capital (108%) and free cash flow (14% free cash margin) numbers. Management has been generous with this free cash flow, returning it to shareholders by aggressively repurchasing shares over the past 5 years.
Shares outstanding have declined at a 6.7% per year clip in that period. Competitively, there are virtually no prepaid legal plan providers that target individual families. Nearly all competitors focus on larger employer groups, creating a nice niche for Pre-Paid to operate in.
The company s marketing structure is very low cost and scales up and down naturally with the number of subscriptions sold.
Speaking of the marketing plan though, it s a multi-level marketing (MLM) strategy ? also known as a ?pyramid scheme?. Pre-Paid recruits independent salespeople who sell the product and recruit associates to do the same, earning commissions on both their own and their associate s sales. If you ve ever been roped into Amway or Avon (AVP), you know how this works. it usually doesn t! About 98% of its ?associates? earn less than $250 per year selling product. As a result, Pre-Paid has to consistently renew its salesperson base, as generally over half of it turns over every year. While this leads to new one-time enrollment fee payments for new salespeople, it also leads to a lot of inexperienced and unqualified people hawking the product.
This turns prospective customers off to the company and creates a bad reputation.
Scour Google and you will find no shortage of complaints against the company (here for starters). It s not just the obnoxious MLM marketing, either. At least Amway and Avon have respected products.
Pre-Paid s legal coverages are fairly narrow. Hours covered in pre-trial expenses are anemic, usually less than 3 hours, with the rest fully payable by the member. Alcohol related vehicle incidents, a rather common occurrence, are not covered at all. IRS audit protection and will preparation coverage are both of little value; audit protection is usually provided by tax prep firms, and will creation can be easily done using computer software. I just don t see much value in these memberships.
Few individuals or families will face a need for these protections in any given year.
Recently, the company has run into even more problems. The FTC and SEC are currently investigating the company. The FTC is concerned with the issues outlined above regarding the product and treatment of associates. The SEC is investigating the company s stock repurchase plan, which as mentioned above is very aggressive.
One concern here is that Pre-Paid issues generous amounts of stock to management, who then sell it through the repurchase program at higher prices. Another concern is over the abrupt resignation of founder and long-time CEO Harland Stonecipher at the beginning of March. The timing is suspect, to say the least, as the government began to turn up the heat on what is clearly a questionable business strategy.
Add to these concerns the fact that operational metrics have been weak, and you have a MFI stock that is probably best avoided. Pre-Paid Legal has been seeing increasing weakness in their subscriber base numbers. New memberships have failed to cover the number of memberships cancelled, leading to slight declines in net subscribers.
Legal services are increasingly becoming more available to individuals through online based providers. Revenue fell 1.3% in 2009, and sales growth will probably be right around 0% in 2010. MagicDiligence does not see any compelling growth or moat argument for this company.
Last but not least, Pre-Paid Legal is not particularly strong financially. Cash is about $36 million, debt about $42 million, with the debt-to-equity ratio high at 110% (I like to see 75% or lower). While it is far from the biggest concern, it is yet another strike against the stock.
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Joel Greenblatt and are not associated in any way with this website. Neither Mr. Greenblatt or endorse this website?s investment advice, strategy, or products. Investment recommendations on this website are not chosen by Mr.
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The information on this website is for informational purposes only. No warranty is provided or implied as to the accuracy, completeness, or timeliness of this information. This information may not be construed as investment advice of any kind.
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Steve, Did the short sellers hire you to write this? It s quite the hatchet job. In PPD s latest conference call they claim to have 47 million in cash and 32 million in debt. Your numbers are quite different to say the least.
I m not sure what your distaste for MLM sales techniques has to do with the cash flow of PPD. As far as operational metrics, PPD has experienced only the slightest of membership decline in the worst recession since the great depression. Quite impressive considering their customer is Joe Everyman who is suffering the woes of 10% unemployment. Also, who are you and why should anyone pay attention to what you write?
I see no links to you anywhere on the site.
The article represents my take on the investment given the facts available, which are all public record. They filed the latest quarterly yesterday, after I wrote the article, my numbers are from the previous quarter. So, kudos to PPD on paying down more of the debt.
I am a completely independent private investor with well over a decade of experience in portfolio management. As such, I have the ability to provide an unbiased and independent opinion of MFI stocks, without the extraneous motivations of those ?in the business?.
Source: http://xsiawyer.info/?p=273
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