Press Releases

HOUSTON--(BUSINESS WIRE)-- The Board of Directors of Anadarko Petroleum Corporation (NYSE: APC) today declared a quarterly cash dividend on the company's common shares.

A dividend of 9 cents per share was declared on the company's outstanding common stock, payable Dec. 23, 2009 to stockholders of record at the close of business on Dec. 9, 2009.

The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors will determine dividends on a quarterly basis.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2008, the company had approximately 2.3 billion barrels of oil equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

    Source: Anadarko Petroleum Corporation

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded 11 classes and removed 13 classes issued by Abacus 2006-13 from Rating Watch Negative as a result of significant negative credit migration within the reference portfolio and within the eligible investment account. A complete list of rating actions follows at the end of this press release.

As of the Sept. 21, 2009 trustee report, 20.9% of the eligible investments are rated below investment grade and 12.1% have a rating in the 'CCC' category. According to the transaction documents, a collateral default constitutes an Optional Early Termination/Event of Default resulting in a Mandatory Redemption. Given the credit ratings of the eligible investments, a collateral default is a real possibility.

If a Mandatory Redemption occurs, Goldman Sachs International (GSI), as the put counterparty, would no longer be required to purchase the eligible investments at 100% of par, resulting in the eligible investments being subject to collateral market value risk. Upon any required liquidation of the below investment grade collateral in the eligible account, Fitch expects low recoveries. Additionally under a Mandatory Redemption, the issuer may owe various termination payments to counterparties under swap and other agreements associated with the transaction. As a result, Fitch anticipates significant losses in the event of a Mandatory Redemption.

Classes marked paid in full (PIF) have been fully redeemed under the Optional Redemption provision. The provision allows the issuer to redeem the notes using principal proceeds from the eligible investment account. The notes may be redeemed without regard to sequential order. Principal proceeds may also be used to reinvest under the eligible investment criteria. Use of the proceeds are under the sole discretion of the issuer (Goldman Sachs).

Since Fitch's last rating action in January 2009, approximately 45.4% of the reference portfolio has been downgraded, and 48.3% was placed on Rating Watch Negative. Approximately 78.2% of the portfolio has a Fitch-derived rating below investment grade and 5.4% has a rating in the 'CCC' rating category or lower, compared to 2.5% and 0%, respectively, at last review. The reference portfolio is composed of 79 commercial mortgage backed securities (CMBS), of which 58.4% are from the 2005 and 2006 vintages, with the balance from the 2004 vintage and prior (41.7%).

This transaction was analyzed under the framework described in the report 'Global Rating Criteria for Structured Finance CDOs' using the Portfolio Credit Model (PCM) for projecting future default levels for the underlying portfolio. Based on this analysis, the credit enhancement available to each of classes B through F is generally consistent with the PCM rating loss rate for the 'CCC' rating category. The rating assigned to the class A notes is dependent on the rating of the lowest rated eligible investment ('CCC'), reflecting the risk of an Event of Default and subsequent liquidation of the collateral.

Due to the significant collateral deterioration, all PCM rating loss rates exceed the credit enhancement available to class G and below. For these classes, Fitch compared the respective credit enhancement levels to the amount of underlying assets with a Fitch-derived rating of 'CCC', Given the high probability of default of these assets, the expected low recoveries upon default, and the rating cap implied by the lowest rated asset in the eligible investment account, these classes have been assigned a 'CCC' rating.

Abacus 2006-13 is a static synthetic collateralized debt obligation (CDO) transaction issued in September 2006 that references a US$795 million CMBS portfolio. The transaction is designed to provide credit protection for realized losses on the reference portfolio through a credit default swap (CDS) between the issuer and the swap counterparty, Goldman Sachs Capital Markets, L.P. (GSCM), which is rated 'A+/F1+' with a Stable Outlook by Fitch.

Proceeds from the securities are invested in a pool of eligible investments, which are protected through the collateral put agreement between the issuer and the put counterparty, GSI. The payment obligations of the put counterparty are guaranteed by GSI, the swap counterparty guarantor, under all conditions except for a Mandatory Redemption. A Mandatory Redemption can occur in an Event of Default or termination event.

Fitch has downgraded the following classes and removed them from Rating Watch Negative:

--$159,000,000 class A to 'CCC from 'BBB-';

--$44,718,750 class B to 'CCC' from 'BB+';

--$10,931,250 class C to 'CCC' from 'BB+';

--$11,925,000 class D to 'CCC' from 'BB';

--$11,925,000 class E to 'CCC' from 'BB';

--$8,000,000 class F to 'CCC' from 'BB-';

--$2,950,000 class G to 'CCC' from 'BB-';

--$4,000,000 class H to 'CCC' from 'B+';

--$2,943,750 class K to 'CCC' from 'B';

--$9,937,500 class L to 'CCC' from 'B-';

--$4,950,000 class M to 'CCC' from 'B-'.

In addition, classes J and N have paid in full (PIF).

These rating actions reflect the application of Fitch's current criteria which are available at 'www.fitchratings.com' and specifically include the following reports:

--'Global Structured Finance Rating Criteria' (Sept. 30, 2009);

--'Global Rating Criteria for Synthetic CDOs' (March 9, 2009);

--'Global Rating Criteria for Structured Finance CDOs' (Dec. 16, 2008).

Additional information is available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

    Source: Fitch Ratings

WASHINGTON--(BUSINESS WIRE)-- The American Institute of Certified Public Accountants filed a lawsuit in the U.S. District Court for the District of Columbia seeking an injunction barring the Federal Trade Commission from applying its so called Red Flags Rule, which would impose onerous and unnecessary requirements on AICPA members.

The FTC's Red Flags Rule was designed to help prevent identity theft and was promulgated under the Fair and Accurate Credit Transactions Act of 2003.

"We do not believe that there is any reasonably foreseeable risk of identity theft when CPA clients are billed for services rendered," said AICPA President and CEO Barry Melancon. "As trusted advisors, CPAs are personally acquainted with their clients and already adhere to strict privacy requirements governing identifying information."

The Red Flags Rule has been repeatedly delayed and most recently was blocked by court order on Oct. 30 insofar as it would apply to lawyers and law firms. It requires financial institutions and credit card companies to develop and implement programs to detect and respond to activity that may signal identity theft. In the FTC's interpretation, the rule would apply to public accountants only because CPA firms typically bill clients for services rendered, thus technically qualifying as a "creditor." Public accountants do not provide financial services that would typically create identity theft risks for clients.

The AICPA's complaint, filed by law firm Fried, Frank, Harris, Shriver & Jacobson LLP, alleges that the FTC is exceeding its congressionally granted powers under the 2003 law by interpreting its Red Flags Rule to apply to accountants. The AICPA's complaint alleges that the FTC has acted arbitrarily, capriciously, and contrary to law by failing to articulate a rational connection between the profession of public accounting and identity theft. The FTC failed to explain how the manner in which public accountants bill their clients in the normal course of business constitutes an extension of credit. The FTC further failed to identify any legally supportable basis for applying the rule to accountants.

The AICPA's lawsuit follows an Oct. 30 order by U.S. District Court Judge Reggie B. Walton in an earlier, similar lawsuit by the American Bar Association seeking to enjoin the FTC from applying its Red Flags Rule to practicing attorneys. Judge Walton granted the ABA's motion in a partial summary judgment, holding that the FTC had exceeded its authority by interpreting the term "creditor" to include attorneys engaged in the practice of law. That same day, the FTC issued a press release announcing that it was delaying enforcement of the rule until June 1, 2010, a decision welcomed by the AICPA.

"The FTC made the right move in delaying implementation of the Red Flags Rule and we certainly still appreciate the commission's continuing consideration of our request for a CPA exemption," Melancon said.

A copy of the complaint filed by Fried Frank is available at http://www.aicpa.org/download/news/2009/AICPA-Complaint.pdf

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, D.C., Durham, N.C., Ewing, N.J., and Lewisville, Tex.

Media representatives are invited to visit the AICPA Online Media Center at www.aicpa.org/mediacenter.

    Source: American Institute of Certified Public Accountants (AICPA)

Cleantech Firm Now Plugs Into Another Segment of the Emerging Smart Grid

SEATTLE--(BUSINESS WIRE)-- Powerit Solutions' Spara(TM) energy management system is again advancing the nation's emerging smart grid, this time by addressing lingering communication and implementation issues that have prevented most energy-intensive businesses from responding to utilities that use real-time pricing (RTP).

Normally, utilities publish their rates a year in advance. Under real-time pricing, a user's rate can change by the minute--and with Spara RTP Control(TM), energy-intensive businesses can turn real-time pricing into savings. Spara RTP Control lets businesses react instantly and automatically to utilities' changing prices by carefully controlling usage at high-price times and capitalizing on low prices.

Powerit's Visionary Approach to Energy Management

"We believe this will be an escalating trend in utility billing, which is why we've added this new functionality to the Spara product suite," says Bob Zak, general manager and president of Powerit Solutions.

"Real-time pricing control is a natural extension of what we already do--creating multiple opportunities to save money and even profit from smart energy management. This new function builds off our product's many user benefits, which include easy site integration, highly visual reporting, wireless functionality, rapid ROI and an unmatched level of control for automated curtailment of energy use."

He adds, "We do much more than monitor usage or analyze data and send notifications. The Spara system not only provides actionable information, it directly takes action in a non-disruptive manner. This is possible because each client predetermines their tolerance thresholds for reductions as well as their energy goals. The Spara system then incorporates this data into its tightly defined decision-making process. Our technology is unique in this regard, and by integrating real-time pricing, we believe we're at the head of the pack."

How Powerit Addressed a Lack of Standards

Powerit's Spara system already receives, monitors, and takes coordinated action on real-time data, such as coincidental peaks and demand response events initiated by utilities. Enabling the system to nimbly handle real-time pricing curtailment required Powerit to address a number of complex issues, including the lack of communication standards among participating energy providers.

There is no commonly used delivery mechanism or protocol for utilities to communicate pricing information to their customers. Most often, this data is simply presented for viewing at a utility or an independent system operator website. Any change, even a simple one, to how the information is displayed or presented on the site can create an interruption in automated communication, which means that customers don't get the pricing information--and can't respond to it.

Now, with Spara RTP Control, the real-time pricing server can take information from each utility, in any format, and convert it to a standard output that is then integrated into the Spara automated control structure at the site. If communication is interrupted by the utility, it will be detected by the system and corrected before it results in a missed savings opportunity or a high price spike.

Standardization of grid communications is an ongoing project. In support of nationwide efforts by organizations such as the Lawrence Berkeley National Laboratory to develop standards, Powerit is adopting and integrating emerging initiatives such as the OpenADR protocol. The industry is a long way from an accord, but when the standards are set, Powerit's Spara system will be compatible with them. And today, Powerit's use of OpenADR means that Spara RTP Control provides a solution right now for energy-intensive businesses.

Spara's Real-Time Pricing in Action

Say a fruit and vegetable processor's utility has instituted real-time pricing, with prices changing as often as hourly. Because there are no standards for communicating this information to customers and the food processor can't constantly check the utility's site for updates, there is no realistic way for the business to adjust energy use to avoid high rate periods and take advantage of low rates. Even if the food processor could make those adjustments, the added complexity of its changing seasonal production environment would require a dedicated person to adjust curtailment plans appropriately.

If it uses Spara RTP Control, however, the food processor will receive pricing updates automatically and the Spara system will act on them. Spara will shift as much energy use as possible to low-price periods, then as prices rise and reach certain thresholds, it will make adjustments to reduce energy usage.

The food processor can finely tune these preset rules for taking action according to the season, type of produce, and other variables, so Spara's adjustments never cause an unexpected change in production or quality. The end result: the processor doesn't get blindsided by energy price spikes, and it optimally balances energy usage and production needs.

About Powerit Solutions

Powerit Solutions is a Seattle-based cleantech company that plugs energy-intensive businesses into the smart grid. Powerit's Spara system enables users to automatically increase energy efficiency, cut peak-rate usage, participate in demand response programs, and now, respond to real-time pricing advantageously--without unexpected disruptions or harm to processes.

Clients include IKEA, Paul Masson Winery, Frito Lay, the San Jose Mercury News, the Stockholm airport and thousands of other businesses in energy-intensive sectors such as foundries, manufacturing, agriculture, printing/publishing and retail/commercial. In June, Powerit received a connectivity industry award for its work with Amy's Kitchen of Petaluma, California, and in August it was recognized by the CleanTech Group as one of the world's top 100 cleantech firms in a peer-reviewed list. For more information, visit www.poweritsolutions.com.

    Source: Powerit Solutions

SAN DIEGO, Nov. 11 /PRNewswire/ -- HotelPlanner.com has taken on their latest partnership with the Florida Panthers. Beginning in 2010, HotelPlanner.com will be providing the NHL team and executives with their on-the-road hotel accommodations. Not only will the team and their executives benefit from HotelPlanner.com's unique booking services, but the fans will also have access to the exclusive deals that HotelPlanner.com has to offer.

HotelPlanner.com will be hosting a Travel Coordinator Reception for all Florida Panthers group ticket buyers and travel coordinators for Panthers Limited. HotelPlanner.com will also become an associate sponsor of the 2009 MetroPCS Orange Bowl Basketball Classic along with signage placements at BankAtlantic Center.

"We are very excited to partnering with one of the best teams in the NHL. The Florida Panthers' executives have been great to work with," said Tim Hentschel CEO of HotelPlanner.com. "We are confident that their expertise in sports marketing along with our expertise in booking the guaranteed lowest group travel deals with superior customer service will make this a successful partnership for many years."

"We are both thrilled and honored to partner with an innovative company such as HotelPlanner.com," said Panthers president & COO Michael Yormark. "I am confident that through this unique partnership we can help HotelPlanner.com meet many of their marketing goals and objectives."

HotelPlanner.com is the leading provider of online services to the estimated $30-45 billion global group hotel sales market. Customers retain the ultimate decision-making power, enjoying access to competitive rates without ever having to pick up the phone and without having to purchase rooms at an undetermined hotel for pre-negotiated rates. Currently, HotelPlanner's system processes over 15,000 group leads per month completely online. Over 30,000 hotel members currently compete online for HotelPlanner's group business daily. HotelPlanner.com has increased sales over 300% in 2008 versus 2007 and is showing the same rapid lead and revenue growth in 2009.

Sunrise Sports & Entertainment is the premier company of its kind in South Florida. Follow us on Twitter, Facebook, MySpace and YouTube. Home to more than 200 events annually and the Florida Panthers Hockey Club, the BankAtlantic Center was a finalist for Arena of the Year in annual awards given by trade publication Pollstar. The BankAtlantic Center welcomes more than two million guests each year and is also the home of Sawgrass Live presented by BankAtlantic.

For more information about this topic, please contact Katie Teixeira by calling 888-300 3647 x 150 or email Katie Teixeira at Katie@hotelplanner.com

SOURCE HotelPlanner.com