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NORTH AMERICAN SCIENTIFIC post Finances (NASM)
http://finance.yahoo.com/news/North-American-Scientific-bw-14199943.html
North American Scientific Reports Fiscal Fourth Quarter and Full Year Fiscal 2008 Financial Results
Thirteenth Consecutive Quarter of Year-Over-Year Radiation Sources Revenue Growth Company Experiences 22% Growth in Prostate Therapeutic Sales
Thursday January 29, 2009, 4:15 pm EST
North American Scientific Inc.
CHATSWORTH, Calif.--(BUSINESS WIRE)--North American Scientific, Inc. (Nasdaq: NASM - News), operating as NAS Medical, today announced financial results for its fiscal fourth quarter ended October 31, 2008. For the fourth quarter of fiscal 2008, the Company reported revenues from continuing operations of approximately $3.3 million, a 2% increase over the fourth quarter of the prior year, and a net loss from continuing operations of $2.8 million, or $0.15 per share, compared to the net loss from continuing operations for the fourth quarter of the prior fiscal year of $3.5 million, or $0.60 per share. Continuing operations exclude the discontinued operations of the NOMOS® Radiation Oncology business sold in September 2007 and the sale of our Non-Therapeutic product line completed in September 2008.
Related Quotes
Symbol Price Change
NASM 0.30 +0.02
“During the 4th quarter, we continued to execute in our base prostate business,” said John Rush, President and Chief Executive Officer of North American Scientific. “We grew our prostate business for the 13th quarter in a row, we increased our margins by more than 20% over the prior year’s quarter, and in the fourth quarter of 2008 we reduced our cash burn from operations by $1.1 million as compared to the fourth quarter of 2007. Additionally, we initiated and subsequently completed the sale of our Non-Therapeutic business allowing us to focus on our treatment opportunities, and we continued to gain experience with our ClearPath HDR device for breast cancer local radiation treatment, with the expectations of a 2009 launch of the product.”
Fourth Quarter Financial Results
For the fourth quarter of fiscal 2008, the Company reported revenues from continuing operations of approximately $3.3 million compared with revenues from continuing operations of $3.2 million for the fourth quarter of fiscal 2007. The 2% increase from the prior year was primarily due to a $0.1 million increase in sales of the Company’s palladium brachytherapy seeds.
The net loss from continuing operations for the fourth quarter of fiscal 2008 was $2.8 million, or $0.15 per share, compared with the net loss from continuing operations for the fourth quarter of fiscal 2007 of $3.5 million, or $0.60 per share. The $0.7 million decrease in the net loss from continuing operations was primarily due to a $0.1 million increase in gross profit combined with decreases in General & Administrative costs of $0.5 million and a $0.3 million decrease in interest and other expenses, which was offset by a $0.2 million increase in selling expenses.
At the end of the fourth quarter of fiscal 2008, the Company had $2.3 million in cash and cash equivalents, compared with $0.6 million at the end of fiscal year 2007. Through the fourth quarter of fiscal 2008, the Company used $2.5 million cash to fund continuing operations, compared with $3.6 million in the fourth quarter of the prior year. As of October 31, 2008, the Company had $1.4 million in interest-bearing debt outstanding. The Company’s independent registered public accounting firm's report on the Company's financial statements for the fiscal year ended October 31, 2008 will include a going concern qualification. The Company believes that its current cash balances combined with borrowing available under its credit facility will allow it to continue operations through March, 2009, by which time the Company will need to raise additional financing.
Full Year 2008 Financial Results
For the fiscal year ended 2008, the Company reported revenues from continuing operations of approximately $13.9 million compared with revenues of $11.4 million for the fiscal year ended 2007, a 22% increase. The increase in revenues primarily reflects an increase in sales volume and a shift in product mix to our palladium brachytherapy seeds.
The net loss from continuing operations for fiscal year ended 2008 was $16.2 million, or $1.02 per share, compared with the net loss from continuing operations for the fiscal year ended 2007 of $12.1 million, or $2.06 per share. The $4.1 million increase in net loss from continuing operations was due to a $0.9 million increase in selling expenses, a $0.6 million increase in General & Administrative costs, $2.0 million increased spending on research and development related to ClearPath devices, $1.4 million increase in severance costs, a $0.6 million increase in interest and other expenses and a $0.3 million increase in fair value for derivatives, offset by a $1.7 million increase in gross profit.
Conference Call
The Company will host an investor conference call to review its fiscal fourth quarter 2008 financial results and latest corporate developments today, beginning at 1:30 PM PST. The dial-in number for the conference call is 800-706-7748 for domestic participants and 617-614-3473 for international participants, using the pass code 81381920.
A live webcast of North American Scientific's conference call will be available over the Internet through its website at www.nasmedical.com in the Investor Center. For those who cannot listen to the live webcast, a taped replay of the call will be available beginning approximately one hour after the call’s conclusion and will remain available for seven days. It can be accessed at the same site shortly after the call, or by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers, using the passcode 70394270.
About North American Scientific
North American Scientific is a leader in radiation therapy in the fight against cancer. Its innovative products provide physicians with tools for the treatment of various types of cancers. They include Prospera® brachytherapy seeds and SurTRAK™ needles and strands used primarily in the treatment of prostate cancer. In addition, the Company has continued to gain clinical experience with its ClearPath™ multi-channel catheter breast brachytherapy devices. They are the only such devices approved for both high dose and continuous release, or low dose, radiation treatments. The devices are designed to provide flexible, precise dose conformance and an innovative delivery system that is intended to offer the more advanced form of brachytherapy for the treatment of breast cancer. Please visit www.nasmedical.com for more information.
Statements included in this release that are not historical facts may be considered forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company including, but not limited to, the impact of competitive products and pricing, technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, the ability of the Company to successfully directly market and sell its products, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes, research and development estimates, market opportunities, risks associated with strategic opportunities or acquisitions the Company may pursue and the risk factors included in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statements contained in this news release speak only as of the date of this release, and the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future results or otherwise.
NORTH AMERICAN SCIENTIFIC, INC.
it worked for me this morning @ 4:30am EST but now its timing out for me also, maybe high traffic or ATT is blocking it also, I will try later
link to M Lab
http://www.measurementlab.net/
Google, universities offer tool to detect Net filtering, blocking
Posted by Stephanie Condon Font size Print E-mail Share 14 commentsYahoo! Buzz WASHINGTON--Is your Internet provider interfering with your network traffic, and perhaps even running afoul of Net neutrality principles? Google and some like-minded folks believe they've come up with what amounts to an early warning system.
The idea behind the so-called Measurement Lab, or M-Lab, is that just about anyone interested in Internet regulation--including consumers, regulators, and content providers--could use more details about their network's performance. Google, the Democratic Party-affiliated New America Foundation, and the PlanetLab Consortium (a university-business consortium devoted to next-generation networks) announced M-Lab on Wednesday.
The launch's timing is probably no coincidence: M-Lab may become especially relevant if the Net neutrality wars between Google and broadband providers in Washington heat up again. If Democratic legislators get their way, the so-called stimulus package expected to become law will require federal regulators to define and enforce "open access" rules for certain broadband and wireless networks. The 2007 discovery that Comcast was throttling BitTorrent traffic showed that it can be difficult to determine when network providers are interfering.
(Credit: M-Lab)M-Lab aims to bring more transparency to network activity by allowing researchers to deploy Internet measurement tools and share data. The platform launched Wednesday with three Google servers dedicated to the project, and within six months, Google will provide researchers with 36 servers in 12 locations around the globe. All the data collected will be made publicly available.
Sascha Meinrath, research director of the New America Foundation's Wireless Future Program, said his organization's role in M-Lab is to translate the data collected into meaningful and understandable information for policymakers. M-Lab founders and supporters told an audience here at the New America Foundation headquarters that more information would lead to better policymaking from anyone's perspective.
"I'm going to argue no matter what position you take on Net neutrality, you should be happy things like M-Lab are being built," said Ed Felten, a computer science and public affairs professor from Princeton and the director of the Center for Information Policy.
"If you believe the government should take more active steps to mandate Net neutrality...it will help you gather the evidence you need" to support such policies, he said. On the other hand, he said, more transparent networks would give Internet service providers true market incentive to behave in consumer-friendly ways.
Meinrath, however, said they do not intend to use M-Lab data for any kind of political agenda.
"The goal is not to be actively involved in using that ammunition," he said. "It's just creating results."
For now, M-Lab is running three diagnostic tools for consumers: one to determine whether BitTorrent is being blocked or throttled, one to diagnose problems that affect last-mile broadband networks, and one to diagnose problems limiting speeds.
Vint Cerf, Google's chief Internet evangelist, said that while such information may be hard for some consumers to understand, it would help them explain their Internet problems to people with more expertise.
"This data could be made available to someone who is trying to help you," he said, "but instead of getting anecdotal information like, 'Gee, this is slow,' you could actually send this data."
"You'd have some raw data coming from the customer's point of view," he continued. "Maybe it will allow people to start businesses like 'Call a Geek' to figure out what's wrong with their Internet connection."
CNET's Declan McCullagh contributed to this report
check out Ohio's trans dept weather map
http://www.buckeyetraffic.org/
I emailed this guy this morning with 3 questions
1 will our shares be worthless
2 when will the Q be added
3 what exchange will we trade on
Legal
Smurfit-Stone
Container Corporation
Craig A. Hunt
150 North Michigan Ave.
Chicago, IL 60601 Phone: (312)-580-4577
Fax: (312)-580-2299
E-mail: chunt@smurfit.com
The Swazi King: Bare-Chested Brides and Rolls Royces
Royal Life in the African Kingdom Matches Traditonal Rituals With Modern Luxury
By DANA HUGHES
Dec. 17, 2008
Every year around 75,000 young women in Swaziland flock to its capital to participate in the Reed festival, in which bare-chested virgins cut off a reed and dance for the king of the country, many of them hoping to be plucked from the crowd to be his newest bride.
To the Western world, the dance is seen as exotic and even exploitive, but to Swazis it's a centuries-old custom and way to maintain, in a modern world, the country's deeply traditional beliefs.
Swaziland's focus on tradition extends beyond the annual festival. Here, everything is about the king.
The tiny southern African country with a population of 1 million is one of the last absolute monarchies in the world. Unlike royal families in Europe, the kingship is not a ceremonial role. He is the law and it is only he who has supreme authority.
The current king, Mswati III, 40, has ruled Swaziland since 1986. His father, King Sobhuza II, ruled for nearly 83 years. King Sobhuza's reign was the longest on record in modern history. He believed deeply in maintaining what, in his view, was the essence of Swazi culture, including polygamy.
According to the Swaziland National Trust Commission, King Sobhuza II "married 70 wives and had 210 children between 1920 and 1970."
He is survived by nearly 100 children and 1,000 grandchildren, all considered part of the royal family. He also believed an absolute monarchy was central to Swaziland culture. After independence from Britain in 1968, Swaziland was initially set up as a constitutional monarchy. There would be a king, but also a constitution and a parliament.
Within five years, however, King Sobhuza had dissolved the parliament and repealed the constitution.
He made all decisions regarding the country's economy, justice system, education. He regarded political parties, voting, and government checks and balances as "alien" to the traditions of Swaziland.
His son, King Mswati, is reportedly taking after his father in many respects. Though he re-established a constitution nearly three years ago and allowed Swazis to vote in a parliament for the first time in more than 30 years last September, democracy experts say Swaziland hasn't changed much.
Opposition parties are still essentially illegal in the country and both the president and the prime minister are appointed by the president.
"I think it's a bit of a façade," says Robert Hermann, programs director for Freedom House, an organization tracking democracy world-wide. "It's not democracy in any way the way we think about it. These elections fit in a way that all these people are going to be loyal to the king," he told ABC News.
Political dissension is not tolerated, and speaking against the king is considered a treasonable offense. Last month Mario Masuko, an outspoken critic of the monarchy who has spent years campaigning to make Swaziland a multi-party democracy, was charged with supporting terrorism.
Masuko leads the People's United Democratic Movement, known as Pudemo. The group is accused of being behind a failed bomb plot after September's elections. The king promptly had a new anti-terror law passed, banning Pudemo and three other opposition groups. If convicted Masuko could face 25 years in prison.
The Swazi government has defended the new law, with the attorney general telling the BBC that "The idea is not to punish eminent political opponents; it is to punish entities and persons involved in terrorist acts."
But Hermann says that the law has very little to do with terrorism. "They're using the terrorist term as a weapon against political opponents," he says.
The monarchy claims that Swazi people don't want a Western-style democracy, that it's incompatible to Swaziland tradition. The king does remain popular with the masses, but cracks in his support are beginning to show.
While the rule of law under King Mswati may be traditional, the lifestyle of the royal family is decidedly modern – and lavish. He reportedly has as many as 14 wives and more than 30 children. Royal protocol makes it impossible to know exactly how much money the royal family has and how it is being spent, but according to the Freedom House's "Countries at the Crossroads" report last year, the king requested state funds to purchase a private jet and build new royal palaces for his wives.
He is known to own several luxury cars including a Daimler Chrysler Maybach, worth about $700,000. Earlier this year Princess Sikhanyiso, King Mswati's eldest daughter, was number 20 in Forbes Magazine's "20 Hottest Young Royals" list, sharing the title with Britain's Princes William and Harry, among others.
The magazine compiled the list by ranking "international Web and media presence as well as family wealth." Though she has spoken out in the past against some Swazi traditions, like polygamy, she also benefits from her position. Unlike most college age kids in Swaziland, she is able to acquire schooling abroad and currently studies at Biola University in California.
But some Swazis are beginning to publicly question King Mswati's extravagance. Last September, the king celebrated his 40th birthday and the nation's 40 years of independence by throwing a nationwide party reportedly costing more than $10 million.
A month prior the local press reported that nine of the king's wives had chartered a plane to go on a shopping trip to Europe and Dubai.
Both instances sparked protests by activists who said the money could be better spent improving the lives of Swaziland citizens, some of the poorest in the world.
Life for ordinary Swazis is by most accounts extremely hard.
The country boasts the highest HIV/AIDS rate in the world. In 2005 the Swazi Ministry of Health released a survey finding that nearly half the country was infected with disease. The numbers have fallen recent in years, but still today more than a quarter of adult Swazis are living HIV/AIDS. But they aren't living long -- the disease has devastated the population, with the average life expectancy rate at 32 years old. More than 70 percent of Swazi citizens live in poverty, a sharp contrast to the life of the royal family. That is something more and more Swazis, who are struggling to survive, are noticing.
"People I talked to say that the former king didn't live such a lavish lifestyle, at least not publicly" says Hermann. "Ordinary Swazis are beginning to ask: where in our tradition does it say the king needs to drive a Rolls Royce?"
Dead athletes' brains show damage from concussionsStory Highlights
NEW: Researchers find start of brain damage in 18-year old athlete who died
NEW: Same type of brain damage found in sixth dead NFL player
Damage from repeated concussions is called chronic traumatic encephalopathy
Symptoms can include depression, sleep disorders, headaches
By Stephanie Smith
CNN Medical Producer
(CNN) -- For years after his NFL career ended, Ted Johnson could barely muster the energy to leave his house.
In healthy brain tissue, virtually no protein tangles, which show up as brown spots, are visible.
1 of 2 "I'd [leave to] go see my kids for maybe 15 minutes," said Johnson. "Then I would go back home and close the curtains, turn the lights off and I'd stay in bed. That was my routine for two years.
"Those were bad days."
These days, the former linebacker is less likely to recount the hundreds of tackles, scores of quarterback sacks or the three Super Bowl rings he earned as a linebacker for the New England Patriots. He is more likely to talk about suffering more than 100 concussions.
"I can definitely point to 2002 when I got back-to-back concussions. That's where the problems started," said Johnson, who retired after those two concussions. "The depression, the sleep disorders and the mental fatigue."
Until recently, the best medical definition for concussion was a jarring blow to the head that temporarily stunned the senses, occasionally leading to unconsciousness. It has been considered an invisible injury, impossible to test -- no MRI, no CT scan can detect it.
But today, using tissue from retired NFL athletes culled posthumously, the Center for the Study of Traumatic Encephalopathy (CSTE), at the Boston University School of Medicine, is shedding light on what concussions look like in the brain. The findings are stunning. Far from innocuous, invisible injuries, concussions confer tremendous brain damage. That damage has a name: chronic traumatic encephalopathy (CTE).
CNN American Morning
Watch more on concussions and the brain Wednesday
6 a.m. - 9 a.m.
CNN American Morning »
On Tuesday afternoon, researchers at the CSTE released a study about the sixth documented case of CTE in former NFL player Tom McHale, who died in 2008 at the age of 45, and the youngest case to date, an 18-year-old multi-sport athlete who suffered multiple concussions.
While CTE in an ex-NFL player's brain may have been expected, the beginnings of brain damage in an 18-year-old brain was a "shocking" finding, according to Dr. Ann McKee, a neuropathologist at the Veterans Administration Hospital in Bedford, Massachusetts, and co-director of the CSTE.
"We think this is how chronic traumatic encephalopathy starts," said McKee. "This is speculation, but I think we can assume that this would have continued to expand."
CTE has thus far been found in the brains of six out of six former NFL players.
"What's been surprising is that it's so extensive," said McKee. "It's throughout the brain, not just on the superficial aspects of the brain, but it's deep inside."
CSTE studies reveal brown tangles flecked throughout the brain tissue of former NFL players who died young -- some as early as their 30s or 40s.
McKee, who also studies Alzheimer's disease, says the tangles closely resemble what might be found in the brain of an 80-year-old with dementia.
"I knew what traumatic brain disease looked like in the very end stages, in the most severe cases," said McKee. "To see the kind of changes we're seeing in 45-year-olds is basically unheard of."
The damage affects the parts of the brain that control emotion, rage, hypersexuality, even breathing, and recent studies find that CTE is a progressive disease that eventually kills brain cells.
Chris Nowinski knows well the impact of concussions. He was a football star at Harvard before wrestling professionally with World Wrestling Entertainment.
In one moment, his dreams of a long career wrestling were dashed by a kick to his chin. That kick, which caused Nowinski to black out and effectively ended his career, capped a career riddled with concussions.
"My world changed," said Nowinski. "I had depression. I had memory problems. My head hurt for five years."
Nowinski began searching for studies, and what he found startled him.
"I realized when I was visiting a lot of doctors, they weren't giving me very good answers about what was wrong with my head," said Nowinski. "I read [every study I could find] and I realized there was a ton of evidence showing concussions lead to depression, and multiple concussion can lead to Alzheimer's."
Nowinski decided further study was needed, so he founded the Sports Legacy Institute along with Dr. Robert Cantu, a neurosurgeon and the co-director of the CSTE. The project solicits for study the brains of ex-athletes who suffered multiple concussions.
Once a family agrees to donate the brain, it is delivered to scientists at the CSTE to look for signs of damage.
So far, the evidence of CTE is compelling.
The Center for the Study of Traumatic Encephalopathy, along with other research institutions, has now identified traumatic encephalopathy in the brains of late NFL football players John Grimsley, Mike Webster, Andre Waters, Justin Strzelczyk and Terry Long, in addition to McHale.
Grimsley died of an accidental gunshot wound to the chest. Webster, Long and Strzelczyk all died after long bouts of depression, while Waters committed suicide in 2006 at age 44. McHale was found dead last year of an apparent drug overdose.
"Guys were dying," said Nowinski. "The fact of the matter was guys were dying because they played sports 10 or 20 years before."
So far, around 100 athletes have consented to have their brains studied after they die.
Ted Johnson was one of the first to sign up. He said he believes that concussions he suffered while playing football explain the anger, depression and throbbing headaches that occasionally still plague him.
Johnson said he played through concussions because he, like many other NFL athletes, did not understand the consequences. He has publicly criticized the NFL for not protecting players like him.
"They don't want you to know," said Johnson. "It's not like when you get into the NFL there's a handout that says 'These are the effects of multiple concussions so beware.' "
In a statement, the NFL indicated that their staffs take a cautious, conservative approach to managing concussions.
While they support research into the impact of concussions, they maintain that, "Hundreds of thousands of people have played football and other sports without experiencing any problem of this type and there continues to be considerable debate within the medical community on the precise long-term effects of concussions and how they relate to other risk factors."
The NFL is planning its own independent medical study of retired NFL players on the long-term effects of concussion.
"Really my main reason even for talking about this is to help the guys who are already retired," said Johnson. "[They] are getting divorced, going bankrupt, can't work, are depressed, and don't know what's wrong with them. [It is] to give them a name for it so they can go get help."
"The idea that you can whack your head hundreds of times in your life and knock yourself out and get up and be fine is gone," said Nowinski. "We know we can't do that anymore. This causes long-term damage."
This is hard to read
Jurors weep at details of 'Baby Grace' torture
GALVESTON, Texas – Jurors wept Tuesday watching a woman describe how teaching her 2-year-old daughter proper manners turned into a daylong torture session in which the toddler was beaten with belts, dunked in cold water and flung across a room so violently that she died.
Kimberly Trenor, 20, detailed the abuse in a videotaped statement played for jurors during the first day of her capital murder trial.
Trenor, 20, told investigators in the statement that she hit her daughter with a thick leather belt to teach her to say "please" and "yes, sir."
The little victim was dubbed "Baby Grace" by investigators who worked to identify her decomposed remains after the body was found in a plastic container in October 2007 on a tiny island in Galveston Bay.
Trenor's 25-year-old husband, Royce Zeigler II, is to be tried separately on murder charges. His attorney argues that Trenor is responsible for the child's death.
But Trenor insisted it was her husband who became so enraged when the toddler didn't behave better that he hurled her several times across a room, ultimately fracturing her skull and killing her.
"I said we have to get her to a hospital. (Zeigler) said, 'No we can't. We'll go to jail,'" Trenor said in the videotape, crying. "There came a point where she stopped breathing. He started doing CPR on the floor. He took her ... and handed her over to me. I could just feel her going cold."
At the defense table, Trenor's eyes teared up as she watched the videotape on a large screen. Several jurors wiped away tears.
Riley Ann Sawyers tried to stop her mother and stepfather from beating her to death by reaching out to her mother and saying, "I love you," assistant district attorney Kayla Allen told jurors earlier in the day during her opening statement.
The toddler's pleas didn't stop her mother from brutalizing her, the prosecutor said.
Allen said that on July 25, 2007, Trenor and Zeigler disciplined Riley by whipping her with a belt, pushing her head against a pillow and holding her head under water. She said Zeigler tossed Riley across the room, fracturing her skull. An autopsy concluded the fractures caused her death.
Allen said the adults did nothing to help even as Riley lay dying.
Instead, the couple bought a plastic container, stuffed Riley's body inside and stored it in a shed for a month or two before setting it out to sea, the prosecutor said.
Defense attorney Tommy Stickler Jr. told the jury that Trenor never intended to kill her daughter and that things just "spun out of control."
Stickler portrayed Trenor as a scared 19-year-old girl who had moved to Texas from Ohio to marry a man she met while playing an online game. She said Riley's father, her former boyfriend, had assaulted her and Zeigler was her "knight in shining armor."
"I don't want to use the word accident, but this wasn't something that was intentional," Stickler said.
Trenor could receive an automatic sentence of life in prison without parole if convicted of capital murder. The jury could also convict her of a lesser charge.
Prosecutors declined to seek the death penalty because they didn't think they could prove that either one would be a future danger, as required.
IRP members of IHUB
http://investorshub.advfn.com/boards/IRP_Members.aspx?method=b
IRP members of IHUB
http://investorshub.advfn.com/boards/IRP_Members.aspx?method=b
Matt
I see IHub now requires aliases to show if they are Investor Relations Professional ( IRP ) is their a link to all aliases that have that in their profile. I not could their be ?
can't wait for that answer, if he will at all
They have yet to address their investors on how this will affect them in the long run, I will call IR today, and ask that question
The amazing thing is people keep buying
My favorite is
Raven Moon Entertainment Inc they average 2 a year sometimes more
This is a great board for keeping track of RS repeat offenders
http://investorshub.advfn.com/boards/board.aspx?board_id=3017
NASM another low floater much like VIAP
http://moneycentral.msn.com/detail/stock_quote?Symbol=nasm&getquote=Get+Quote
North American Scientific to Hold Conference Call and Webcast on Fourth Quarter and Full Year Fiscal Year 2008 Financial Results on Thursday, January 29, 2009
Monday January 26, 2009, 5:00 pm EST
North American Scientific Inc.
CHATSWORTH, Calif.--(BUSINESS WIRE)--North American Scientific, Inc. (Nasdaq: NASM - News) announced today that it will issue results for the fourth quarter and full year fiscal 2008, which ended October 31, 2008, at market close on Thursday, January 29, 2009. The Company will host an investor conference call to review its third quarter fiscal year 2008 financial results and latest corporate developments, beginning at 1:30 p.m. PST/4:30 p.m. EST on Thursday, January 29, 2009. The dial-in number for the conference call is 800-706-7748 for domestic participants and 617-614-3473 for international participants, using the pass code 81381920.
Related Quotes
Symbol Price Change
NASM 0.32 0.00
A taped replay of the call will be available beginning approximately one hour after the call’s conclusion and will remain available for seven days. It can be accessed by dialing 888-286-8010 for domestic callers and 617-801-6888 for international callers, using the pass code 70394270. A live webcast of North American Scientific's conference call will be available over the Internet through its website at www.nasmedical.com in the Investor Center. For those who cannot listen to the live webcast, a replay of the call will be available at the same site shortly after the call.
About North American Scientific
North American Scientific is a leader in radiation therapy in the fight against cancer. Its innovative products provide physicians with tools for the treatment of various types of cancers. They include Prospera® brachytherapy seeds and SurTRAK™ needles and strands used primarily in the treatment of prostate cancer. In addition, the Company has continued to gain clinical experience with its ClearPath™ multi-channel catheter breast brachytherapy devices. They are the only such devices approved for both high dose and continuous release, or low dose, radiation treatments. The devices are designed to provide flexible, precise dose conformance and an innovative delivery system that is intended to offer the more advanced form of brachytherapy for the treatment of breast cancer. Please visit www.nasmedical.com for more information.
Statements included in this release that are not historical facts may be considered forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company including, but not limited to, the impact of competitive products and pricing, technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, the ability of the Company to successfully directly market and sell its products, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes, research and development estimates, market opportunities, risks associated with strategic opportunities or acquisitions the Company may pursue and the risk factors included in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statements contained in this news release speak only as of the date of this release, and the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future results or otherwise.
Contact:
North American Scientific, Inc.
Brett Scott, CFO, 818-734-8600
IR@nasmedical.com
Idiots, I bet if her son was quadriplegic she wouldn't be doing this
Medicare Widens Drugs It Accepts for Cancer Care
ITS ABOUT TIME!
By REED ABELSON and ANDREW POLLACK
Published: January 26, 2009
Medicare, with little public debate, has expanded its coverage of drugs for cancer treatments not approved by the Food and Drug Administration.
Cancer doctors had clamored for the changes, saying that some of these treatments, known as off-label uses, were essential if patients were to receive the most up-to-date care. But for many such uses there is scant clinical evidence that the drugs are effective, despite costing as much as $10,000 a month. Because the drugs may represent a patient’s last hope, though, doctors are often willing to try them.
The new Medicare rules are the latest twist in a protracted debate over federal spending on off-label drugs — drugs prescribed for uses other than those for which they have been specifically approved.
Proponents of the changes say such spending not only helps patients, but can also enhance medical understanding of which treatments work against various forms of cancer.
But opponents argue that the new approach may waste money and needlessly expose patients to the side effects of drugs that may not help them. They also raise the possibility of conflicts of interest, because the rules rely on reference guides that in some cases are linked to drug makers.
The new policy, which took effect in November, makes it much easier to get even questionable treatments paid for, critics of the changes say. Medicare is providing “carte blanche in treatment for cancers,” said Steven Findlay, a health policy analyst for Consumers Union. He said overly expansive coverage encourages doctors to use patients as guinea pigs for unproved therapies.
Because Medicare officials canceled a cost analysis of the changes, it is hard to predict how much spending will increase beyond the $2.4 billion Medicare paid in 2007 for cancer drugs. But cancer doctors and other experts say the new policies, adopted in the final months of the Bush administration, seem almost certain to raise the federal drug bill, while making it more difficult for the new administration to rein in spending on unproven medical treatments.
Although President Obama has made a goal of controlling health care costs, a spokesman for the Obama administration declined to comment on the Medicare changes.
One of the many drugs whose use is likely to expand is the Eli Lilly product Gemzar, which costs $2,500 to $5,000 a month. The F.D.A. has approved it to treat only four types of cancer. But the new rules will virtually guarantee that Medicare will pay for its use for about a dozen other cancers, including advanced cervical cancer — even though the evidence supporting Gemzar for that use is “inconclusive,” according to one of the reference guides Medicare will now be consulting.
In the case of Genentech’s Avastin, one of the world’s most expensive and widely used cancer drugs, Medicare rejected in 2007 nearly all of the estimated $16 million in requests from doctors’ offices to cover its off-label use for ovarian cancer, according to claims specialists who work with Medicare data but declined to be identified because of the controversy over the topic. Under the new rules, Avastin will be routinely covered for ovarian cancer — as will at least some other off-label uses, including for brain and kidney cancer.
It is unclear how much precedent Medicare’s new rules might have on private insurers, which often follow the agency’s lead on paying for drugs.
Medicare officials defend the new policies, saying they respond to cancer doctors’ concerns that the agency has been too slow to recognize promising new off-label treatments. Dr. Steve Phurrough, who has overseen coverage for the agency since 2003, noted that a 1993 federal law gave Medicare specific authorization to cover some unapproved uses of cancer drugs.
“Congress wanted a lesser level of evidence,” Dr. Phurrough said. The question of what is adequate evidence is “not a line in the sand,” he said. “It’s a broad stripe in the sand.”
The American Society of Clinical Oncology, which represents cancer doctors, has hailed the new rules, saying they will ensure that the appropriate off-label uses are covered.
But some specialists say that being able to offer off-label drugs can also let physicians avoid hard discussions with patients about a grim prognosis.
“It makes it easier to give drug after drug,” said Dr. Andrew Berchuck, director of gynecologic oncology at Duke University, “and keep the fantasy alive.”
The new rules expand the number of reference guides — or compendiums — that Medicare relies on for determining which off-label uses of cancer drugs to cover. The writers and editors of these compendiums, who work completely outside the federal government, scan the medical literature and evaluate the evidence in making their recommendations.
In 1993, Congress had authorized three compendiums for Medicare, all published by not-for-profit organizations. But by 2007 two had stopped publishing, leaving Medicare with a single compendium. Having selected three additional guides last year, the agency plans to review its choice of guides every year.
Under the old rules, Medicare representatives were supposed to consult the compendiums but also use their own discretion in interpreting the guides’ recommendations. The new rules essentially delegate the decision to guides Medicare has selected, even when there is little clinical evidence behind a particular recommendation. As long as at least one of them recommends a cancer treatment, Medicare is essentially obliged to pay for it — unless one of the other guides specifically advises against it.
And some of these new compendiums have close financial ties to the drug industry, according to the draft of a report Medicare commissioned last year after Congress raised questions about possible conflicts of interest. The draft was completed in October, with a final version to be released soon.
The draft criticizes the new rules for essentially taking most decisions about off-label cancer drugs out of Medicare’s hands, even when the agency is aware of potential conflicts. The guide’s recommendation, the report says, “becomes the final word.”
For some experts, the bigger concern about using some cancer drugs off-label without adequate evidence is that they may not only be useless — they may cause dangerous side effects.
“We have very little faith that those indications that make it into the compendia are safe, let alone effective,” said Dr. Allan M. Korn, the chief medical officer for the Blue Cross and Blue Shield Association, who added that Medicare should cover off-label drugs only if the results of their use are carefully tracked afterward. There is no such requirement in the new Medicare guidelines.
There have been three different top Medicare administrators since the off-label rule changes were set in motion a few years ago. The second of them, Leslie V. Norwalk, chose to select the compendiums through a streamlined and internal administrative process, instead of the more elaborate and public process that Medicare often uses for broad coverage decisions.
“I did not see it as a significant step in coverage,” said Ms. Norwalk, who left Medicare in 2007.
Drug makers say they welcome the Medicare changes. A spokesman for the Pharmaceutical Research and Manufacturers of America, the industry’s main trade group, said the new rules ensured “that cancer patients have access to the treatments they need.”
Many oncologists say they needed greater flexibility in using cancer drugs because it can take months or years for a new use to be approved by the F.D.A. They cite the example of Celgene’s drug thalidomide, now a mainstay treatment for multiple myeloma, which was prescribed only off-label for years before the F.D.A. formally approved it for that use.
And in the case of rare types of cancer, there may be so few potential patients that companies have little financial incentive to undergo the formal F.D.A. process for approving a drug for expanded use. Only two drugs have been approved by the F.D.A. for brain cancer, for example, and cancer doctors say they need the ability to try other drugs or other combinations of treatments.
“To arbitrarily stop after two drugs to me is ludicrous,” especially for younger patients, said Dr. Virginia Stark-Vance, a solo practitioner in Dallas and Fort Worth. She said one of her brain cancer patients had been kept alive for 10 years by off-label use of irinotecan, a colon cancer drug that was the ninth drug the patient tried.
Medicare seems to have ignored some concerns raised by a group of outside researchers whom the agency had asked to survey a half-dozen compendiums, including the four that Medicare has now adopted. That report, completed in 2007, found that the six guides “cited very little of the available evidence,” said Dr. Amy P. Abernethy, a Duke oncologist who led the study.
The study also found great variability among the guides, in terms of what uses were recommended — or discussed at all.
Despite her study’s findings, Dr. Abernethy says she does not oppose Medicare’s new rules.
“I think the addition of the new compendia this year is an important increase in the bandwidth,” she said.
Critics say the agency also seems to have played down the potential financial conflicts of interests between the drug industry and the producers of the compendiums. The draft study that was completed in October notes that one of the new guides is published by the National Comprehensive Cancer Network, a group of 21 leading cancer centers that routinely employs experts who have financial ties to the drug industry.
William T. McGivney, the network’s chief executive, said each committee of reviewers had 20 to 30 members, which “diminishes the opportunity for dominance of one person’s opinion,” regardless of any ties to drug makers.
Then there is the American Hospital Formulary compendium, the one that Medicare was using before the November changes and will continue to consult. It has long been published by the nonprofit American Society of Health-System Pharmacists. But last year the society forged a financial relationship with a foundation linked to drug companies and some cancer doctors’ private practices.
A drug company can apply to that foundation, the Foundation for Evidence-Based Medicine, and pay a $50,000 fee to have new uses of its drug reviewed by the compendium within 90 days. The foundation was started in 2007 by the Association of Community Cancer Centers, which represents oncology practices, and says it received about $200,000 in initial funding from drug makers.
Gerald K. McEvoy, the guide’s editor in chief, said the application fee was meant to raise money to pay for additional researchers, to address previous criticism that the publication was too slow to vet new evidence. The foundation insulates the guide’s staff from industry pressure, he said, and fewer than one-third of the reviews under the new arrangement have resulted in a positive recommendation in the compendium.
Medicare officials acknowledge that some of the potential conflicts need to be addressed. But they say they have confidence in the guides they have chosen. “We had significant conversations with all the companies,” Dr. Phurrough said.
Doctor Doom
The Worst Is Yet To Come
Nouriel Roubini, 01.22.09, 12:01 AM EST
The bear market sucker's rally is losing its steam.
I have been predicting for a while that the most recent bear market sucker's rally would lose its steam and, like the previous bear market rallies in the last 18 months, U.S. and global equities prices would head again toward new lows. Here's why.
As my work and the work of our research team at RGE Monitor predicts (we will publish, later this week, our 2009 Global Economic Outlook, a 75-page research piece for our clients), this will be the worst U.S. recession in the last 50 years--and the worst synchronized global recession in decades.
For a few weeks since late November, equity markets ignored the onslaught of much-worse-than-expected macro news (and all the news was really worse than awful) and had a nice 25% bear market sucker's rally. But the drumbeat of worse-than-expected macro new--and earnings news, and financial news--has finally taken a toll on the delusional market belief that the worst was over for financial markets and for equity markets and that the U.S. and global economy would recover in the second half of 2009. So equity prices have already reversed more than half of their most recent bear market rally as the lousy macro news has finally shocked the wishful thinkers.
Indeed, the retail sales figures just published confirmed that a shopped-out, savings-less and debt-burdened U.S. consumer is now faltering as job losses, income losses, falls in home wealth, falls in equity wealth, high and rising debt and debt-servicing ratios and a severe credit crunch take a severe toll on the ability of consumers to spend. And reduction in spending and deleveraging of the U.S. consumer will take years to rebuild the savings rate of a household sector now hit by a severe shock to its net worth (as equity and home values fall while debts have been rising), and shocked in its inability to generate income as job losses mount and the unemployment rate surges.
Our research at RGE Monitor suggests that the U.S. and global recession will continue at least until Q4 2009 (a nasty, 24-month, U-shaped recession) and that the recovery in 2010-'11 will be very weak, with growth around 1%--well below a potential of 2.75%. And we cannot rule out that a more severe L-shaped stag-deflation (as in Japan in the 1990s) will take hold. Indeed, as I have argued, while the odds of a systemic financial meltdown have been reduced by the actions of the Group of Seven and other economies, severe vulnerabilities remain.
The credit crunch will persist and spread beyond mortgages. Deleveraging will continue, as thousands of hedge funds--many of which will go bust--and other leveraged players are forced to sell assets into illiquid and distressed markets, causing price declines and driving more insolvent financial institutions out of business. Credit losses will mount as the recession deepens, and a few emerging-market economies will certainly experience full-blown financial crisis.
So 2009 will be a painful year of global recession and further financial stresses, losses and bankruptcies. Currently, the probability of an L-shaped, stag-deflation is now rising to one-third, while the probability of a severe U-shaped recession is two-thirds. Only aggressive, coordinated and effective policy action by both advanced and emerging-market countries can ensure the global economy starts to recover, however slowly, in 2010, rather than entering a more protracted period of economic stagnation.
So while our benchmark scenarios see a severe U-shaped global recession with very weak growth recovery in 2010, we cannot exclude the possibility of a worse outcome--i.e. an L-shaped recession that, in our view, has at least a one-third probability. So the worst is ahead of us rather than behind us, both for the real economy and for financial markets.
With my forecast of 2009 earnings per share for S&P 500 firms being in the $50 to $60 range, and with price-earnings ratios likely to be in the 10 to 12 range, given a severe global recession, the S&P 500 could bottom at some point in 2009, at best at a level of 720 and, in a worse scenario, as low as 500 or 600.
So, the worst is indeed still ahead of us.
Nouriel Roubini, a professor at the Stern Business School at New York University and chairman of Roubini Global Economics, is a weekly columnist for Forbes.com. Analysts at Roubini Global Economics assisted in research for this week's column.
No Faith In Smurfit-Stone
Carl Gutierrez, 01.27.09, 04:20 AM EST
The box-maker files for Chapter 11, and S&P says debt holders could be out of luck.
There's nothing like filing for court protection to give you time to restructure your debt, only to be told hours later that a ratings agency is betting you'll default.
On Monday, Smurfit-Stone announced it would throw in the towel and file for Chapter 11 bankruptcy protection, making it the latest casualty of the financial crisis and global economic slowdown.
The company, which is based in Chicago and is one of the largest makers of cardboard box materials in North America, will spend its time trying to restructure its massive amount of debt.
Hours after filing for Chapter 11, Standard & Poor's slashed the company's debt rating to the lowest possible level. S&P analyst Pamela Rice cut the company's corporate credit rating to "D," or default status, from CCC. She has the recovery ratings on the company's senior secured debt at "2," which indicates "our expectations for substantial (70 percent to 90 percent) recovery," and the company's senior unsecured debt at "6," which indicates "our expectations for negligible (0 percent to 15 percent) recovery."
Smurfit-Stone has been struggling to repay its debt as the credit crisis wears on. At the end of the third quarter, Smurfit's debt was $3.5 billion, almost half of its yearly revenue of roughly $7.5 billion.
Smurfit-Stone's containers are used for consumer goods, placing it in a vulnerable position to the broad slowdown in spending. It had been trying to repay its debt, but with $3.5 billion owed, and annual sales of only $7.5 billion, the burden was too great.
The company's shares fell 28.6%, or 1.7 cents, to a microscopic 4 cents at the close. A year ago, the shares were just below $10.
Despite the drop, the move was received positively by analysts. Longbow Research analyst Joshua Zaret said the fact that Smurfit-Stone filed for the expected Chapter 11, rather than the fatal Chapter 7, was good for the company and the industry in the long term.
Though attempting to work out new deals with its creditors, Smurfit-Stone said it would keep working, and that it had received commitments for up to $750.0 million in debtor-in-possession financing to fund its continuing operations. Zaret said his inital reaction to this financing is that it should be enough, but it would depend on the depth and duration of the current downturn.
Smurfit-Stone owns timberland, paper mills, recycling centers and operates 162 factories, mostly in North America.
In December, Smurfit-Stone announced it expected its 2008 fourth-quarter earnings would be significantly lower than the third-quarter, where it reported a loss of 8 cents per share. At the time of the announcement, analysts had, on average, anticipated a fourth-quarter loss of 4 cents per share. Prior to that, Smurfit-Stone announced plans to permanently cease production at its Pontiac pulp mill in Quebec, Canada.
The Associated Press contributed to this article
Shares are usually worthless because the big banks tell the company to file before they lend the money so the company can wipe out the share holder and issue the bank notes.
What? I don't understand what you are trying to say here
S&P slashes Smurfit-Stone's debt to 'Default'
S&P slashes rating on Smurfit-Stone's debt to the lowest level after bankruptcy filing
Monday January 26, 2009, 3:39 pm EST
Yahoo! Buzz Print Related:Smurfit-Stone Container Corp.
NEW YORK (AP) -- Standard & Poor's responded Monday to the bankruptcy filing of Smurfit-Stone Container Corp. by slashing the paper and forest product company's debt rating to the lowest possible level.
Related Quotes
Symbol Price Change
SSCC 0.0430 -0.0172
The Chicago-based company, which employs nearly 22,000 people working at about 150 facilities across North America and in Asia, said it filed for protection from creditor claims in the U.S. Bankruptcy Court in Wilmington, Del., while it develops a financial reorganization plan.
Smurfit-Stone has been struggling amid a global credit freeze to repay its debt, which at the end of the third quarter was $3.5 billion -- nearly half its yearly revenue of roughly $7.5 billion.
S&P analyst Pamela Rice cut the company's rating within hours of its bankruptcy filing, lowering its corporate credit rating to "D," or default status.
She has the recovery ratings on the company's senior secured debt at "2," which indicates "our expectations for substantial (70 percent to 90 percent) recovery," and the company's senior unsecured debt at "6," which indicates "our expectations for negligible (0 percent to 15 percent) recovery."
In afternoon trading, shares were down 2 cents to 4 cents.
2 points of intrest in this article
1)Analysts responded positively to the filing.
2)But shares could be worthless after the reorganization.
Smurfit-Stone seeks bankruptcy protection
Smurfit-Stone Container files for Chapter 11 bankruptcy protection, looks to restructure debt
Mike Obel, AP Manufacturing Writer
Monday January 26, 2009, 3:53 pm EST
:Smurfit-Stone Container Corp.
NEW YORK (AP) -- Smurfit-Stone Container Corp., the largest producer of cardboard box materials in North America, on Monday filed for Chapter 11 bankruptcy protection as it looks to restructure a heavy debt amid a global credit freeze.
Related Quotes
Symbol Price Change
SSCC 0.0430 -0.0172
The Chicago-based company, which employs nearly 22,000 people working at about 150 facilities across North America and in Asia, said it filed for protection from creditor claims in the U.S. Bankruptcy Court in Wilmington, Del., while it develops a financial reorganization plan. Its Canadian units will file under the companies' Creditors Arrangement Act in the Ontario Superior Court of Justice, the company said.
Smurfit-Stone has been struggling to repay its debt, which at the end of the third quarter was $3.5 billion -- nearly half its yearly revenue of roughly $7.5 billion.
Chairman and Chief Executive Patrick J. Moore said in a statement that by restructuring its debt Smurfit-Stone would create a better capital structure.
"The acceleration of the unprecedented global economic recession has weakened demand for packaging, and the frozen credit markets have prevented an out-of-court refinancing of our capital structure," Moore said in a statement. "While this is not the outcome we anticipated, we are taking this action to become a more financially healthy company."
The company said it expects to continue operations during the bankruptcy process and has received commitments for up to $750 million in debtor-in-possession financing to fund continuing operations. Of that $750 million, some $350 million is new incremental financing, while the remainder represents replacement of existing credit.
Earlier this month, a report said Smurfit-Stone was actively exploring bankruptcy protection and had engaged a law firm and financial advisers with expertise in bankruptcy filings.
Analysts responded positively to the filing.
"The main thing is that this was an expected event and overall being a Chapter 11, instead of a Chapter 7 filing, it is good for the company and good for the industry longer term," said Longbow Research analyst Joshua Zaret.
"My initial reaction is (that the $750 million in financing) should be sufficient but it will depend on the depth and duration of this current downturn which has so far been extremely nasty."
The bankruptcy comes as U.S. economic news continues to worsen. The median home sales price plunged to $175,400 in December, down 15.3 percent from $207,000 a year ago, according to the National Association of Realtors. The decline is the largest year-over-year drop in records going back to 1968.
Within hours, Standard & Poor's responded by slashing the company's debt rating to the lowest possible level, "D," or default status.
S&P analyst Pamela Rice also has the recovery ratings on the company's senior secured debt at "2," which indicates "our expectations for substantial (70 percent to 90 percent) recovery." Rice has the company's senior unsecured debt at "6," which indicates "our expectations for negligible (0 percent to 15 percent) recovery."
Smurfit-Stone's legal adviser is Sidley Austin LLP and its financial adviser is Lazard.
Its shares fell 2 cents to 4 cents in afternoon trading. They traded as high as $9.99 over the past year but could be worthless after the reorganization.
Let us know if you got lucky maybe it will spread to the rest of the board
SSCC case # for bankruptcy
US Bankruptcy Court, for the District of Delaware, No. 09-10235
UPDATE 3-Smurfit-Stone files for Chapter 11 bankruptcy
Mon Jan 26, 2009 1:36pm EST
By Chelsea Emery
NEW YORK, Jan 26 (Reuters) - Smurfit-Stone Container Corp (SSCC.O), one of the largest U.S. corrugated packaging makers, said on Monday that its U.S. and Canadian operations filed for Chapter 11 bankruptcy protection, hurt by declining packaging demand.
"The recent downturn in the global economy has resulted in an unprecedented decline in demand for the company's products, leading to increased inventory levels and downward pressure on the company's operating income," Chief Financial Officer Charles Hinrichs said in documents filed with the U.S. Bankruptcy Court in Delaware.
The company, which makes pizza boxes, "clamshell" packages for the food industry and pulp for shopping bags, joins other packing-related companies in bankruptcy court. Paperboard and plastic packaging maker Chesapeake Corp (CSKEQ.PK) and Constar International Inc (CNSTQ.PK) have filed for bankruptcy protection in the past four weeks.
"Sales in a lot of industries are down and it's not surprising that containers that products are shipped in would be affected," said Stuart Hirshfield, a partner specializing in bankruptcy law at Mintz Levin Cohn Ferris Glovsky and Popeo PC. "If people aren't buying, anyone along the product chain gets affected."
The manufacturer had assets of $7.45 billion and debt of $5.58 billion as of Sept. 30. It employs more than 20,000 people worldwide and operates 162 manufacturing facilities, including paper mills and container plants.
JOB CUTS
The company plans to cut another 1,000 jobs and close about six more plants, as part of a scheduled cost-reduction plan announced previously, said spokesman John Haudrich.
The cost-cutting program is proceeding as planned, said Haudrich, adding that it is too early to say whether additional job cuts or plant closures will occur.
The company said it has received commitments for up to $750 million of debtor-in-possession financing to fund continuing operations. The DIP financing is pending court approval.
Of this total, $350 million consists of new incremental funding and $400 million represents the replacement of existing accounts receivable securitization facilities, both in the United States and Canada, the company said in a statement.
Before its bankruptcy filing, Smurfit-Stone had contacted 25 potential lenders for out-of-court financing aid, but its high debt load and the tight lending environment caused it to seek DIP financing instead, it said in court filings.
The company has an $800 million revolving credit facility due to mature on Nov. 1.
"Leverage is a very, very difficult thing in this environment because if sales come down, you still have your overhead," said Hirshfield.
Smurfit-Stone is the No. 1 North American supplier of white top linerboard, the outer paper on a corrugated carton used for produce boxes and displays, according to its website.
Some of Smurfit-Stone's top customers include Kellogg Co (K.N), PepsiCo Inc (PEP.N) and Unilever Group (ULVR.L).
The company, which is also one of the world's largest paper recyclers, said it would also file to reorganize under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice in Canada.
Day-to-day operations will continue without interruption, and all its operations outside of the United States and Canada were excluded from the bankruptcy process, the company said.
Sidley Austin LLP is advising the company in the United States, while its Canadian counsel is Stikeman Elliott LLP. Lazard has been hired as financial advisor.
The case is In re Smurfit-Stone Container Corp, US Bankruptcy Court, for the District of Delaware, No. 09-10235. (Reporting by Chelsea Emery in New York and Bijoy Koyitty in Bangalore; Editing by Gerald E. McCormick and Lisa Von Ahn)
Starting to creep back up were it shuld be
Well that was all a lie, someone was trying to pump this up before they sold
back up to .04
pre market not looking good
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=SSCC&mkttype=pre
SEC site on Corporate Bankruptcy
http://www.sec.gov/investor/pubs/bankrupt.htm
Link to Bankruptcy Courts
http://www.uscourts.gov/courtlinks/
I'll be watching pre market trading to get a feel how this will go today
I agree 110 %
I'll be watching this closely, this is why I stopped pay for a membership before on IHUB, I decided to come back, but if this stuff continues I will go back being a free non paying member, I hope things work out for you
This is amazing, India seems to be the dumping ground of the world
World's highest drug levels entering India stream
Mon Jan 26, 1:22 am ET AP – A man covers his nose to keep out the stench from the polluted Iska Vagu stream in Patancheru, on the … PATANCHERU, India – When researchers analyzed vials of treated wastewater taken from a plant where about 90 Indian drug factories dump their residues, they were shocked. Enough of a single, powerful antibiotic was being spewed into one stream each day to treat every person in a city of 90,000.
And it wasn't just ciprofloxacin being detected. The supposedly cleaned water was a floating medicine cabinet — a soup of 21 different active pharmaceutical ingredients, used in generics for treatment of hypertension, heart disease, chronic liver ailments, depression, gonorrhea, ulcers and other ailments. Half of the drugs measured at the highest levels of pharmaceuticals ever detected in the environment, researchers say.
Those Indian factories produce drugs for much of the world, including many Americans. The result: Some of India's poor are unwittingly consuming an array of chemicals that may be harmful, and could lead to the proliferation of drug-resistant bacteria.
"If you take a bath there, then you have all the antibiotics you need for treatment," said chemist Klaus Kuemmerer at the University of Freiburg Medical Center in Germany, an expert on drug resistance in the environment who did not participate in the research. "If you just swallow a few gasps of water, you're treated for everything. The question is for how long?"
Last year, The Associated Press reported that trace concentrations of pharmaceuticals had been found in drinking water provided to at least 46 million Americans. But the wastewater downstream from the Indian plants contained 150 times the highest levels detected in the U.S.
At first, Joakim Larsson, an environmental scientist at the University of Gothenburg in Sweden, questioned whether 100 pounds a day of ciprofloxacin could really be running into the stream. The researcher was so baffled by the unprecedented results he sent the samples to a second lab for independent analysis.
When those reports came back with similarly record-high levels, Larsson knew he was looking at a potentially serious situation. After all, some villagers fish in the stream's tributaries, while others drink from wells nearby. Livestock also depend on these watering holes.
Some locals long believed drugs were seeping into their drinking water, and new data from Larsson's study presented at a U.S. scientific conference in November confirmed their suspicions. Ciprofloxacin, the antibiotic, and the popular antihistamine cetirizine had the highest levels in the wells of six villages tested. Both drugs measured far below a human dose, but the results were still alarming.
"We don't have any other source, so we're drinking it," said R. Durgamma, a mother of four, sitting on the steps of her crude mud home in a bright flowered sari a few miles downstream from the treatment plant. High drug concentrations were recently found in her well water. "When the local leaders come, we offer them water and they won't take it."
Pharmaceutical contamination is an emerging concern worldwide. In its series of articles, AP documented the commonplace presence of minute concentrations of pharmaceuticals in U.S. drinking water supplies. The AP also found that trace concentrations of pharmaceuticals were almost ubiquitous in rivers, lakes and streams.
The medicines are excreted without being fully metabolized by people who take them, while hospitals and long-term care facilities annually flush millions of pounds of unused pills down the drain. Until Larsson's research, there had been widespread consensus among researchers that drug makers were not a source.
The consequences of the India studies are worrisome.
As the AP reported last year, researchers are finding that human cells fail to grow normally in the laboratory when exposed to trace concentrations of certain pharmaceuticals. Some waterborne drugs also promote antibiotic-resistant germs, especially when — as in India — they are mixed with bacteria in human sewage. Even extremely diluted concentrations of drug residues harm the reproductive systems of fish, frogs and other aquatic species in the wild.
In the India research, tadpoles exposed to water from the treatment plant that had been diluted 500 times were nonetheless 40 percent smaller than those growing in clean water.
The discovery of this contamination raises two key issues for researchers and policy makers: the amount of pollution and its source. Experts say one of the biggest concerns for humans is whether the discharge from the wastewater treatment facility is spawning drug resistance.
"Not only is there the danger of antibiotic-resistant bacteria evolving; the entire biological food web could be affected," said Stan Cox, senior scientist at the Land Institute, a nonprofit agriculture research center in Salina, Kan. Cox has studied and written about pharmaceutical pollution in Patancheru. "If Cipro is so widespread, it is likely that other drugs are out in the environment and getting into people's bodies."
Before Larsson's team tested the water at Patancheru Enviro Tech Ltd. plant, researchers largely attributed the source of drugs in water to their use, rather than their manufacture.
In the U.S., the EPA says there are "well defined and controlled" limits to the amount of pharmaceutical waste emitted by drug makers.
India's environmental protections are being met at Patancheru, says Rajeshwar Tiwari, who heads the area's pollution control board. And while he says regulations have tightened since Larsson's initial research, screening for pharmaceutical residue at the end of the treatment process is not required.
Factories in the U.S. report on releases of 22 active pharmaceutical ingredients, the AP found by analyzing EPA data. But many more drugs have been discovered in domestic drinking water.
Possibly complicating the situation, Larsson's team also found high drug concentration levels in lakes upstream from the treatment plant, indicating potential illegal dumping — an issue both Indian pollution officials and the drug industry acknowledge has been a past problem, but one they say is practiced much less now.
In addition, before Larsson's study detected such large concentrations of ciprofloxacin and other drugs in the treated wastewater, levels of pharmaceuticals detected in the environment and drinking water worldwide were minute, well below a human dose.
"I'll tell you, I've never seen concentrations this high before. And they definitely ... are having some biological impact, at least in the effluent," said Dan Schlenk, an ecotoxicologist from the University of California, Riverside, who was not involved in the India research.
And even though the levels recently found in Indian village wells were much lower than the wastewater readings, someone drinking regularly from the worst-affected reservoirs would receive more than two full doses of an antihistamine in a year.
"Who has a responsibility for a polluted environment when the Third World produces drugs for our well being?" Larsson asked scientists at a recent environmental research conference.
M. Narayana Reddy, president of India's Bulk Drug Manufacturers Association, disputes Larsson's initial results: "I have challenged it," he said. "It is the wrong information provided by some research person."
Reddy acknowledged the region is polluted, but said that the contamination came from untreated human excrement and past industry abuses. He and pollution control officials also say villagers are supposed to drink clean water piped in from the city or hauled in by tankers — water a court ordered industry to provide. But locals complain of insufficient supplies and some say they are forced to use wells.
Larsson's research has created a stir among environmental experts, and his findings are widely accepted in the scientific community.
"That's really quite an incredible and disturbing level," said Renee Sharp, senior analyst at the Washington-based Environmental Working Group. "It's absolutely the last thing you would ever want to see when you're talking about the rise of antibiotic bacterial resistance in the world."
The more bacteria is exposed to a drug, the more likely that bacteria will mutate in a way that renders the drug ineffective. Such resistant bacteria can then possibly infect others who spread the bugs as they travel. Ciprofloxacin was once considered a powerful antibiotic of last resort, used to treat especially tenacious infections. But in recent years many bacteria have developed resistance to the drug, leaving it significantly less effective.
"We are using these drugs, and the disease is not being cured — there is resistance going on there," said Dr. A. Kishan Rao, a medical doctor and environmental activist who has treated people for more than 30 years near the drug factories. He says he worries most about the long-term effects on his patients potentially being exposed to constant low levels of drugs. And then there's the variety, the mixture of drugs that aren't supposed to interact. No one knows what effects that could cause.
"It's a global concern," he said. "European countries and the U.S. are protecting their environment and importing the drugs at the cost of the people in developing countries."
While the human risks are disconcerting, Sharp said the environmental damage is potentially even worse.
"People might say, 'Oh sure, that's just a dirty river in India,' but we live on a small planet, everything is connected. The water in a river in India could be the rain coming down in your town in a few weeks," she said.
Patancheru became a hub for largely unregulated chemical and drug factories in the 1980s, creating what one local newspaper has termed an "ecological sacrifice zone" with its waste. Since then, India has become one of the world's leading exporters of pharmaceuticals, and the U.S. — which spent $1.4 billion on Indian-made drugs in 2007 — is its largest customer.
A spokesman for the Pharmaceutical Research and Manufacturers of America, representing major U.S. drugmakers, said they could not comment about the Indian pollution because the Patancheru plants are making generic drugs and their members are branded. A spokesman for the Generic Pharmaceutical Association said the issues of Indian factory pollution are "not within the scope of the activities" of their group.
Drug factories in the U.S. and Europe have strictly enforced waste treatment processes. At the Patancheru water treatment plant, the process is outdated, with wastewater from the 90 bulk drug makers trucked to the plant and poured into a cistern. Solids are filtered out, then raw sewage is added to biologically break down the chemicals. The wastewater, which has been clarified but is still contaminated, is dumped into the Isakavagu stream that runs into the Nakkavagu and Manjira, and eventually into the Godawari River.
In India, villagers near this treatment plant have a long history of fighting pollution from various industries and allege their air, water and crops have been poisoned for decades by factories making everything from tires to paints and textiles. Some lakes brim with filmy, acrid water that burns the nostrils when inhaled and causes the eyes to tear.
"I'm frustrated. We have told them so many times about this problem, but nobody does anything," said Syed Bashir Ahmed, 80, casting a makeshift fishing pole while crouched in tall grass along the river bank near the bulk drug factories. "The poor are helpless. What can we do?"
Today should be very interesting the Q should be added sometime today I believe