Press Releases

Petition Accuses Oil Giant of Trying to Deny Human Rights to Thousands of Rainforest Inhabitants

WASHINGTON, Feb. 10, 2012 /PRNewswire-USNewswire/ -- Indigenous rainforest communities from Ecuador who recently won an $18 billion judgment against Chevron for environmental damage have filed suit  before a renowned international human rights court seeking an order that would prevent the oil giant from using a secret arbitration to violate their legal rights.

The Ecuadorians filed a petition (attached) before the Inter-American Commission on Human Rights strongly criticizing Chevron's "egregious misuse" of the U.S.-Ecuador Bilateral Investment Treaty ("BIT") to violate human rights protections. They are seeking an order requiring Ecuador's government to protect their right to life, physical integrity, health, a fair trial, and equal treatment under the law as guaranteed by the American Declaration of the Rights of Man and other international human rights treaties.

The petition was filed against Ecuador's government because Chevron is seeking an order from the private investor arbitration panel mandating that the country's President freeze the court proceedings until the BIT panel can rule, a process which normally takes three years.  Such an order would violate Ecuadorian and international law as well as the human rights protections that the Commission is sworn to uphold, said Pablo Fajardo, the lead lawyer for the Ecuadorian plaintiffs in the underlying environmental case.

The Commission, located in Washington, D.C., hears claims for emergency relief from individual human rights victims and derives its authority from the the multilateral international treaty that created the Organization of American States, of which Ecuador and the United States are members. Any order from the Commission is binding on the government against which it is issued.   

"The threats are serious and urgent," the plaintiffs wrote in their petition, referring to their own plight living near extensive levels of toxic oil contamination in the Amazon rainforest for almost 50 years.  An Ecuadorian court in 2011 found Chevron liable for dumping billions of gallons of toxic waste into the Amazon when it operated under the Texaco brand from 1964 to 1992, causing dramatically increased rates of cancer and decimating indigenous groups. See here and here.

"The idea that an arbitral panel would even contemplate ordering a sovereign state to violate its human rights obligations is repugnant not only to the substance of international human rights law but to the very core of the international legal order," the petition added.

The petition also argues that the relief sought by Chevron extends well beyond the scope of the BIT in that it does not authorize private investor arbitration panels to act as a "transnational" appellate court that can override decisions in a public court system of a sovereign nation.  The BIT is normally limited to allowing investors to seek monetary damages directly from a government if it feels it has been treated unfairly, a claim that Chevron makes but that the indigenous communities reject.  

The Ecuadorians believe the investor arbitral panel convened by Chevron violates international law in that it bars the rainforest communities from appearing before it, does not publish its decisions, and does not inform the public about when and where it meets.  Further, its three members -- all practicing lawyers -- suffer from a conflict of interest in that they each stand to reap millions of dollars in fees paid in part by Chevron simply by granting jurisdiction over the case when there is little if any basis to do so.

"What Chevron is trying to with this secret arbitration is utterly offensive to anybody who believes in the rule of law," said Fajardo, whose clients initially filed the environmental lawsuit against Chevron in 1993 in U.S. federal court in New York before it was shifted to Ecuador at Chevron's request.   

"Chevron is trying to convince the private arbitral panel to override the decisions of a public court in a sovereign country where Chevron chose to litigate, even as Chevron continues to pursue appeals in that country making the same arguments it makes before the secret panel," he added.  "It's just an outrageous abuse of judicial process." 

"Any decision by the panel granting Chevron's requests would violate international law and certainly would not bind the indigenous communities who are not a party to the proceedings," he added.  "We also believe it will backfire against Chevron if the company carries through on its threats to try to block enforcement of the legitimate Ecuador judgment in courts around the world."

Ecuador's government has argued that the oil giant has no right to even file the claim under the BIT given that the treaty did not take effect until 1997, or five years after Chevron left the country.  

Chevron's latest maneuver prompted renowned Latin American jurist Jose Daniel Amado to send a letter to U.N. Secretary General Ban Ki-moon asking for a review of what he called an "improper and illegal expansion of arbitral powers" by the panel. See here and here. The Amado letter gained immediate support from jurists around the world, who sent a separate letter (attached) backing Amado's arguments to the U.N. official in charge of international arbitration, Renaud Souriel.

Souriel is hosting a meeting this week in New York to evaluate the issue of "transparency in investment-State arbitration."

Chevron is seeking any forum it can to delay the Ecuador proceedings given that the company could soon face judgment enforcement actions around the world, said Fajardo. Chevron stripped its assets from Ecuador and a company spokesman said the oil giant would fight the rainforest communities "until hell freezes over, and then skate it out on the ice." 

"Chevron lost the trial," Fajardo said.  "It lost the first-level appeal in Ecuador.  It lost in the United States.  It has very few options left other than a secret arbitration that will carry no weight in any country that observes the rule of law.  

"Nevertheless, by filing this petition, we are showing that we will use every legal means available to expose Chevron's disrespect for the rule of law and to protect the rights of our clients."

Chevron tried a similar maneuver before, and it backfired.

Last year, Chevron convinced a U.S. federal judge in New York to issue an unprecedented worldwide injunction blocking enforcement of the Ecuador judgment.  A New York appellate court recently overturned that decision and strongly rebuked Chevron for mischaracterizing the law, the latest in a string of legal defeats for the oil giant. See here.

SOURCE Amazon Defense Coalition

BELMONT, Mass., Feb. 10, 2012 /PRNewswire/ -- BSB Bancorp, Inc. (NASDAQ-BLMT) (the "Company"), the holding company for Belmont Savings Bank (the "Bank"), a state-chartered savings bank headquartered in Belmont, Massachusetts, today announced earnings for the fourth quarter and the year ended December 31, 2011.

For the quarter ended December 31, 2011, the Company reported a net loss of $1.3 million, as compared to net income of $178,000 for the fourth quarter of 2010. Net income for the year ended December 31, 2011 and 2010 amounted to $299,000 and $1.8 million, respectively. Included in the fourth quarter of 2011 was a non-recurring expense of $1.4 million (net of taxes) for the contribution made to the Belmont Savings Bank Foundation.

The Company was organized to facilitate the conversion of BSB Bancorp, MHC from the mutual to the stock form of organization, which was completed on October 4, 2011.  The offering of the Company's common stock in connection with the conversion, which was oversubscribed, closed at the adjusted maximum of the offering range.  The Company issued 8,993,000 shares of common stock to subscribers in the offering at an offering price of $10.00 per share and the Company's stock began trading on October 5, 2011 on the Nasdaq Capital Market under the symbol "BLMT".

Robert M. Mahoney, President and Chief Executive Officer, said, "We have completed our first quarter as a publicly traded company. While the income statement was negatively impacted by large conversion-related expenses, our underlying business continues to grow profitably with particular strength in commercial real estate lending and deposit growth. Credit quality remains sound as our local economy continues to improve. Importantly, our ability to positively affect our community has been greatly enhanced by the creation of the $2 million Belmont Savings Bank Foundation."

Net interest and dividend income before provision for loan losses for the quarter ended December 31, 2011 increased $1.6 million or 47.1% as compared to the quarter ended December 31, 2010.  This increase in net interest and dividend income was partially offset by an increase in the provision for loan losses of $556,000, resulting in a $1.0 million or 32.4% increase in net interest and dividend income after provision for loan losses.  Net interest and dividend income before provision for loan losses for the year ended December 31, 2011 increased $2.9 million or 21.6% as compared to the year ended December 31, 2010.  This increase in net interest and dividend income was partially offset by an increase in the provision for loan losses of $1.8 million.  

The Company's net interest margin increased to 3.14% for the quarter ended December 31, 2011, from 2.83% for the quarter ended December 31, 2010, an improvement of 31 basis points. For the year ended December 31, 2011, the Company's net interest margin increased to 3.08% from 2.86% for the year ended December 31, 2010, an improvement of 22 basis points. The margin improvement was the result of shifting asset focus onto higher yielding loans, focusing deposit growth on lower cost core deposits and the replacement of maturing advances with lower cost advances.

Non-interest income for the quarter ended December 31, 2011 totaled $536,000 as compared to $293,000 for the fourth quarter of 2010. The increase was primarily due to increased customer service fees and a higher net gain on sales of loans in the fourth quarter of 2011 and a $93,000 net realized loss on investment securities in the fourth quarter of 2010. For the year ended December 31, 2011, non-interest income amounted to $4.5 million as compared to $1.7 million for the year ended December 31, 2010. This increase was a result of $2.8 million in net realized gains on investment securities as a result of the liquidation of the equity portfolio in the first quarter of 2011, as compared to $284,000 in net realized gains in 2010.  

Non-interest expense for the quarter ended December 31, 2011 amounted to $6.6 million as compared to $3.9 million for the fourth quarter of 2010.  Non-interest expense for the year ended December 31, 2011 amounted to $18.2 million, an increase of $5.3 million from 2010.  These increases were primarily the result of new staff added to execute the Company's commercial and consumer business strategies, a $2.0 million charitable contribution to the Belmont Savings Bank Foundation, and costs associated with transitioning into a public company.

Since December 31, 2010, the Company's assets have increased by $168.8 million or 33.7% to $669.0 million. The Company experienced net loan growth, excluding loans held for sale, of $173.0 million, or 51.4%, from December 31, 2010 which was primarily the result of significant increases to the commercial real estate and the indirect auto portfolios, which have increased by $75.0 million and $62.7 million, respectively. The Company does not anticipate continuing the rapid growth in the indirect auto portfolio that took place in 2011, as we expect to sell more of the originations going forward. Throughout 2011, we also increased residential one-to-four family loans, home equity lines of credit, and commercial business loans. The substantial loan growth was funded primarily through growth in deposits and the stock offering proceeds.

At December 31, 2011, deposits totaled $430.7 million, an increase of $83.8 million or 24.2% from December 31, 2010.  Hal R. Tovin, Executive Vice President and Chief Operating Officer, said, "This deposit growth is the result of the execution of our strategic initiatives to grow our customer base through a) competitive products linked to core checking accounts, b) implementation of a new branch banking sales and service program and c) local, multi-channel marketing. In addition, the evolution of our Small Business sales team and cross sell initiatives by our commercial lenders further contributed to this performance."

The allowance for loan losses in total and as a percentage of total loans as of December 31, 2011 equaled $4.8 million and 0.93%, respectively, as compared to $2.9 million and 0.85%, respectively, as of December 31, 2010. The Company recorded a provision for loan losses of $2.3 million for the year ended 2011 as compared to $438,000 for the year ended 2010. This increase reflected changes in loan volume and composition in each period, and to a lesser extent higher specific allocations established against certain loans in 2011. Additionally, as part of a continuous review and analysis of current market and economic conditions by management, the Company adjusted the reserve ratio applied to certain loan categories in 2011. Although non-performing loans have increased to $4.4 million at December 31, 2011 from $1.7 million at December 31, 2010, $1.4 million of the non-performing loans were paid current and $276,000 were less than 90 days past due as of December 31, 2011.

Company Profile

BSB Bancorp, Inc. is headquartered in Belmont, Massachusetts and is the holding company for Belmont Savings Bank. The Bank provides financial services to individuals, families and businesses through its four full-service branch offices located in Belmont and Watertown in Southeast Middlesex County, Massachusetts. The Bank's primary lending market includes Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts. The Company's common stock is traded on the NASD Capital Market under the symbol "BLMT". For more information, visit the Company's website at www.belmontsavings.com.

Forward-looking statements

Certain statements herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the beliefs and expectations of management, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. As a result, actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which the Company is engaged and changes in the securities market. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise, except as may be required by law.

SOURCE BSB Bancorp, Inc.

SAN JOSE, Calif., Feb. 10, 2012 /PRNewswire/ -- Sanmina-SCI Corporation (NASDAQ GS: SANM), today announced that it has postponed its 2012 Annual Meeting of Stockholders, previously scheduled to be held on February 13, 2012, until March 12, 2012. The annual meeting has been postponed so that the Company can correct an inaccuracy contained in the proxy statement previously mailed or made available to stockholders relating to Proposal 3 (Approval of a 2,500,000 increase in shares available for issuance under the Company's 2009 Incentive Plan). Specifically, on page 14 of the proxy statement, the Company had indicated that its net annual burn rate, which is the total number of equity awards granted during fiscal 2011, less cancelations and expirations, divided by outstanding shares at fiscal year end, was 2.08%. However, the correct annual burn rate for fiscal 2011 was 2.55%. As an additional point of reference, the fiscal 2010 annual burn rate was 1.90%. Postponing the meeting will provide stockholders sufficient time to consider the corrected information. The date of the postponed meeting is the earliest practicable date on which the postponed meeting can be held. As of February 9, 2012, more than 90% of the total outstanding shares had been voted and the votes cast in favor of all proposals well exceeded the number required. Notably, an aggregate of approximately 70% of the votes cast on Proposal 3 had been voted in favor of such proposal compared to approximately 30% against.

(Logo: http://photos.prnewswire.com/prnh/20110707/SF30965LOGO)

The record date for the postponed meeting will be February 17, 2012 and the Company anticipates mailing revised proxy material for the postponed meeting on or about February 23, 2012. Stockholders which have already cast votes for the postponed annual meeting and which remain stockholders on the record date for the postponed meeting will not need to vote again unless they wish to change their votes.

About Sanmina-SCISanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions and delivers superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia, enterprise computing and storage, clean-tech and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina-sci.com.

SANMF

SOURCE Sanmina-SCI Corporation