House Bill 1436 Becomes Law

Posted on

first_img June 12, 2016 SHARE Email Facebook Twitter Bill Signing,  Press Release Harrisburg, PA – Today, the following bill became law:Act 40 – House Bill 1436, sponsored by Rep. Godshall, amends Title 66 (Public Utilities), in rates and distribution systems, providing for computation of income tax expense for ratemaking purposes.center_img House Bill 1436 Becomes Lawlast_img

​US private equity firm HarbourVest wins battle for SVG Capital

Posted on

first_imgIt also claimed commitments of support amounting to 51.2% of the SVG Capital shares, including its own holding.But SVG Capital fought back, agreeing the sale of its entire investment portfolio to Goldman Sachs Asset Management’s Alternative Investments & Manager Selection (AIMS) Group, and other investors managed by the Canada Pension Plan Investment Board (CPPIB), which equated to around 680p per share.This valued its portfolio at £748m.Three weeks after its offer was launched, HarbourVest Bidco had acceptances representing only 27.7% of shares, besides its own 8.5% holding.With time running out on the offer, SVG Capital then announced it had received a further proposal from HarbourVest Bidco, but that it was still finalising the terms of the asset sale to Goldman Sachs AIMS Group and CPPIB.The upping of HarbourVest’s offer to 715p, however, appears to have been the killer blow in the battle.Andrew Sykes, chairman of SVG Capital, said: “The company has a high-quality portfolio with real scarcity value, and, through this process, a number of highly credible and seasoned private equity investors have made offers for some or all of the investment portfolio.“We are recommending HarbourVest Bidco’s asset purchase transaction to acquire the Company’s investment portfolio since we believe it provides the most compelling combination of value and certainty of deliverability of any of the proposals submitted to the company.”David Atterbury, managing director at HarbourVest Bidco, said: “The transaction seeks to optimise the combination of value and certainty of returns to shareholders, and we look forward to working closely with SVG Capital going forward to obtain shareholder approval and effect the transfer of assets.”The deal is subject to approval by SVG Capital’s shareholders, with the related general meeting likely to be held in December. US private equity firm HarbourVest Bidco has won a month-long battle for SVG Capital, with the UK-listed private equity investor signing over all of its investment portfolio for around £807m (€899m).SVG Capital said this represented a 0.6% premium on the £802m value of its investment portfolio as at 31 July 2016, equal to around 715p per share.It expects around £1.1bn to be returned to shareholders through a series of tender offers and the company’s winding up.The takeover battle started in mid-September when HarbourVest Bidco made a hostile bid to buy SVG Capital, with a cash offer for 650p per share, after acquiring 8.5% of the firm’s ordinary share capital.last_img read more

Student serves in Israeli army before starting at USC

Posted on

first_imgMost freshmen enter USC straight out of high school with limited life experiences. Twenty-two-year-old screenwriting major Ilan Benjamin, however, is starting his freshman year at USC after spending 2 1/2 years in the Israeli army — and wrote a book about the experience.Call of duty · Freshman Ilan Benjamin traveled through the Middle East during the 2 1/2 years he spent as an Israeli soldier. – Photo courtesy of Ilan BenjaminBenjamin grew up in Oakland, Calif. His father is Israeli, and Benjamin’s family visited Israel many times throughout Benjamin’s childhood. On one such visit, they gave a soldier a ride.The experience had a profound impact on Benjamin.“To me, [this soldier] was the epitome of everything cool and important and meaningful,” Benjamin said. “At eight years old, I knew this was someone I wanted to emulate.”When Benjamin took another trip to Israel at age 16, he was sure he wanted to serve in the army.“Israel is surrounded by enemies. … It’s a miracle Israel exists,” he said.Benjamin’s parents did not take his wish to serve seriously until he refused to fill out college applications, and instead chose to enlist in the army.“I needed time to experience real life,” Benjamin said. “I wanted something to write about.”During his years in Israel, Benjamin found inspiration for his writing. When asked to describe his experience, he said his time in the army was “every adjective you could imagine.”“We got through the hard stuff with laughter,” Benjamin said. “I had a lot of fun, but it could be scary and intense.”The Israeli soldiers were guarding the country against an enemy who “wanted to drive every Jew into the sea.”Most of his worst experiences occurred when he was stationed at Har Dov, a disputed territory also known as Shebaa Farms.Located in the mountains, Har Dov stood far from civilization.“You could go a little crazy,” Benjamin said.Har Dov is perhaps the hardest place to guard in Israel, because the enemy was extremely close.“It was scary to see them, but scarier when the fog came in and we couldn’t see,” Benjamin said.Not all the places Benjamin was stationed, though, were so trying. While serving on the Gaza Strip, Benjamin interacted with the people he was protecting. Observing children studying in bomb shelters made the experience “feel meaningful.”“Everyone lives in constant fear of bombardment,” Benjamin said.Benjamin wrote throughout his experience. All of his stories were written in the moment, based on his urges and the trials of the people he met.“My stories were a way of venting. … Writing was like therapy,” Benjamin said. “Fiction guarded me. There’s a difference between saying, ‘He did this’ and saying, ‘I did this.’”Benjamin never intended for the tales to become a book, but after his service, he noticed they all connected.He could not, however, find a publisher willing to sell his short stories. Benjamin was told  nonfiction sells much better. Benjamin, however, preferred fictional stories.“Nonfiction is like a glorified diary. … It wouldn’t have captured the experience as well,” he said.Benjamin started a campaign on Kickstarter to pay for professional editing, layout and distribution costs. The campaign has already surpassed its $3,000 goal.“I’m grateful to everybody and everything,” Benjamin said. “My supporters mean the world to me.”Thanks to help from family, friends and strangers, Benjamin’s book Masa: The Stories of a Lone Soldier will be available on Amazon in December.For now, Benjamin has thrown himself into life at USC.“Being accepted into the screenwriting program was a dream come true,” Benjamin said.Already involved in several film-related projects, Benjamin cannot wait to “write like crazy” in the future. Ultimately, he wants to make a documentary using some of the footage he shot in Israel.“Since I finished serving, my life has been amazing. I appreciate everything,” Benjamin said.While being a 22-year-old freshman means he sometimes must deal with immaturity and “dumb questions” about Post Traumatic Stress Disorder, Benjamin said he loves living in New/North Residential College.“I try to treat everyone as an equal and surround myself with more mature people,” Benjamin said, “But that’s not to say I can’t be immature too.”Though he said he is enjoying his time at USC, Benjamin does miss aspects of Israel: the food, the people and even the army.He also misses the “blunt” nature of the Israeli people.“There is no political correctness in Israel,” Benjamin said. “It rubbed off on me; I’m a straightforward guy.”Both cultures will always be a part of his identity: “Here, I feel Israeli. There, I feel American. America and Israel are two flawed but beautiful countries. Both are worth defending and being proud of.”last_img read more