Jerry Sandusky Will Speak At Sentencing On Tuesday

Lawyer Joe Amendola with Jerry Sandusky.Jerry Sandusky, convicted child molester, will make a statement at his sentencing hearing Tuesday, according to his lawyer, Joe Amendola.Amendola said, “It’s as certain as certain can be” that the former Penn State assistant football coach will address Judge John Cleland and profess his innocence before he is sentenced on 45 counts of child sexual abuse.Nobody else is expected to speak on Sandusky’s behalf during the sentencing hearing Tuesday in Bellefonte, Amendola said.“What I anticipate he’ll say is that he’s innocent,” Amendola said outside the courthouse.The attorney said others, including Sandusky’s wife, have submitted letters on his behalf and that Dottie Sandusky stands by her husband and will attend the sentencing.“He’s going to fight for a new trial,” Amendola said. He said “the important thing” about sentencing for the defense “is it starts the appellate process.”Last week, jurors in Sandusky’s trial said they wished Sandusky is imprisoned for life.Gayle Barnes, a homemaker and former school district employee, said she thinks a lot about the victims, particularly the eight who testified against Sandusky and provided what she considers the critical evidence of guilt. She said he deserves life in prison.“I do still feel good, what we as jurors did,” Barnes said. “I didn’t go there saying off the bat he’s guilty. I needed to listen to every single thing that was said.”Barnes said she has been in touch with a fifth juror and an alternate juror who also plan to attend the sentencing.High school science teacher Joshua Harper, who has bachelor’s and master’s degrees from Penn State, said that he takes pride in having served on the jury, and that the guilty verdict was not a close call. He wants Sandusky “put away for the rest of his life, really.”“This is what prisons are for, you know,” Harper said. “I mean, I don’t think you let a guy loose like that.”He also felt the victim testimony was pivotal.“It was such a consistent pattern of behavior,” Harper said. “It was just so solid. The defense was just so thin. There was no evidence that these kids were lying. Even the minor inconsistencies that the defense tried to bring up — and did bring up — that made it more convincing.” read more

The musics officially over for Woodstock 50 festival

first_imgA music fan at the Woodstock festival in his car covered in anti-war slogans for love and peace. The Woodstock 50 event celebrating the anniversary of the iconic event has been canceled.  Getty Images The Woodstock 50 music festival is a no-go. The festival made an official statement on Wednesday canceling the event, but said it’s hoping the artists already paid to perform will donate 10% of their fees to the charity HeadCount, a nonprofit targeting voter registration in the US.The legendary Woodstock music festival — which is celebrating its 50th anniversary in August — was originally scheduled for Aug. 16 through Aug. 18 at Merriweather Post Pavilion in Columbia, Maryland. Tags 22 Photos 0 “We are saddened that a series of unforeseen setbacks has made it impossible to put on the festival we imagined with the great lineup we had booked and the social engagement we were anticipating,” Michael Lang, co-founder of Woodstock, said in the statement.”We released all the talent so any involvement on their part would be voluntary,” Lang added. “Due to conflicting radius issues in the DC area many acts were unable to participate and others passed for their own reasons.”Festival headliner Miley Cyrus announced on Tuesday that she backed out of the festival. Along with other musical acts including the Raconteurs, the Lumineers, Jay-Z and the Dead & Company, John Fogerty also confirmed he will not be performing at Woodstock.Original Woodstock 1969 performers Santana, John Sebastian and Country Joe McDonald also pulled out of the festival. Originally published July 31, 7:07 p.m. PT.  Post a commentcenter_img Lollapalooza 2019: YouTube lets you watch without heading to Chicago Uh-oh. Ja Rule might be planning a Fyre Festival follow-up SXSW 2019: The weirdest sights from the world’s largest culture fest Test your music system with these great rock tracks Share your voice More music festivals Musiclast_img read more

Going bust Steeling up for insolvency and the intriguing case of Electrosteel

first_imgWHEN THE CRACKS SHOW: Scheduled commercial banks, who are staring at non-performing assets worth lakhs of crores of rupees created through loan defaults by major steel and infrastructure companies are going all out to recover them. REUTERS/Adnan AbidiInsolvency is more than the flavour of the season when there are no more favours to be done. A National Company Law Tribunal (NCLT) inquiry on steel company loan paybacks is being carried out on the recommendation of the Reserve Bank of India (RBI). The deliberations have proved to be stinging verdicts on the profitability of companies seconded for insolvency by RBI under the Insolvency and Bankruptcy Code (IBC), following several failed attempts at loan recovery.Equally chastening has been the sense of resignation, — more in the nature of a barely disguised sang froid –, among companies towards their prescribed fates to be assigned by NCLT. Not much of an objection to insolvency proceedings at all, as things stand.Steel is a cyclical industry and firms battling debt is not new. But successive investment cycles, as a byproduct of booming stock markets and optimistic investors, could make it tempting to relax one’s grip at the wrong moments. As the bosses of 12 steel companies are finding out, complacency is not an option in basic materials industries, and the wrong results lead to acute pain.Auto grade steel manufacturing giant Bhushan Steel is facing the heat on behalf of its struggling power venture Bhushan Power & Steel as well. The two companies together owe 41 banks, including seven foreign banks, more than Rs 80,000 crore. Privately held Bhushan Steel, which is said to owe banks a whopping Rs 44,447 crore, has all but run out of steam after some mild brawling to prove SBI wrong (the company had alleged that the bank inflated its dues by around Rs 100 crore).NCLT death rowLast week, Bhushan Power, promoted by the Singal family, had not objected to the insolvency proceedings but requested the court to ensure the company was treated as a ‘going concern’. Data from Capitaline reveals that the company reported net loss of Rs 2,433 crore in 2015-16 on the back of Rs 8,491 crore in revenues. The firm reported net loss of Rs 3,501 crore in 2016-17 on revenues of Rs 15,027 crore. Its annual report for 2015-16 says that it has been facing severe stress in its debt servicing over the past few years.Other companies on NCLT’s death row include Jyoti Structures, Monnet Ispat, Alok Industries, Amtek Auto, Era Infra and Electrosteel Steels. Among them, the case of Electrosteel Steels stands out like a sore thumb.Electrosteel is among the six companies which were specifically referred to the NCLT for a debt resolution plan.Kolkata-headquartered Electrosteel is not among the top five loan defaulters on NCLT’s tickoff roster, owing Rs 14,000 crore in all and Rs 1,404 crore to SBI alone. An unduly high share of non-banking debt is what sets it apart from the rest. Electrosteel is not known to have repaid debt since April 2015. And, it is understood to owe lenders Rs 9,600 crore and a “couple of hundred crore more to non-financial creditors”, as pointed out by a company source in various news reports. ALL SACKED UP: A worker rests on sacks filled with sponge iron at a steel factory on the outskirts of Jammu on July 10, 2014. REUTERS/Mukesh GuptaFresh loans have not helped the company turn the corner. Even as SBI moved in to recover dues by taking control of its assets and manage it under the IBC, Electrosteel did not demur.This was a clear triumph of experience over hope. For, Electrosteel had debt of Rs 10,274 crore on its books in fiscal 2016 and lenders had first opted for the strategic debt restructuring (SDR) path to resolve the issue.The SDR was introduced by the RBI to tackle the issue of burgeoning debt by allowing banks to acquire control of a defaulting company by converting loans into equity. Following this, the banks were supposed to bring in new promoters and upgrade their sticky assets to standard ones. Electrosteel was the first case where lenders invoked the SDR mechanism, as reported in financial daily HT Mint.The Electrosteel Steels management would quickly blame the failed debt restructuring plan in September 2013 and a botched line of credit for the company’s woes.Riding the market waveIn many ways, Electrosteel was a product of unreal market euphoria which did not measure companies on fundamentals like earnings potential, asset quality, or even revenue history – often, like it repeats history today. When Electrosteel floated its initial public offering (IPO) in late 2010, investors did not ask too many questions. The company hadn’t finished a full year of operations and had no earnings or revenue history. In fact, one of the main purposes of its IPO was to finance its maiden manufacturing plant, for which private equity players would have been a better bet.In the event, the IPO did not have a promising start, and Electrosteel and its IPO managers ran foul of the market regulator after SEBI received complaints about non-disclosure of a rejection of the company’s proposal for forest clearance at the Kodolibad iron ore mine. Electrosteel and its merchant bankers SBI Cap, Axis Capital and Edelweiss Financial were hit with fines totalling Rs 2.5 crore on that occasion.The company had serious execution issues, and it was all downhill after that, as it teetered on the edge of bankruptcy in a couple of years. After the IPO price of Rs 10-11 per share, it went as low as Rs 2 per share. It traded on July 27 at Rs 4.73 per share, down 8.33 percent over its previous closing. Essentially, the company stock is trading at over 50 percent below its IPO price nearly seven years later. Raghavendra NWhen management promises to investors turn out to be a sheer mirage in a sea of IPOs, instances like that of Electrosteel Steels are glaring examples of the quantum of mismanagement (see chart above) which Indian banks and taxpayers face. Not to mention greed and misuse of power in the top echelons of banking which is the root cause of humongous NPAs running into the lakhs of crores encumbering India’s PSU banks.Besides declaring insolvency, the possibility of calling international bidders for the steel assets after they are put on sale would work — provided it does not set a precedent. It is equally vital for banks to take care while appraising loan proposals in future and exercising stronger oversight over disbursements to ensure that loan money assets are created and loans not diverted. This will help projects generate sufficient income to repay their loans on time.The RBI expects the average GNPA ratio of banks to increase from 9.6 per cent in March 2017 to 10.2 percent by March 2018, and fears that this number could easily rise. Banks have reduced lending to the steel, infrastructure, construction, real estate, oil and gas and telecom sectors. These are the key drivers of the economy and also comprise the highest amount of stressed assets within the banking system.Withholding lending to these sectors will not work for long. Derisking through the agency of discretion may be a safety valve for banks at the moment, but may not help the Indian economy even in the medium term.last_img read more

Facebooks Glow a machine learning compiler to be supported by Intel Qualcomm

first_imgYesterday, Facebook announced that Cadence, Esperanto, Intel, Marvell, and Qualcomm Technologies Inc, have committed to support their Glow compiler in future silicon products. Facebook, with this partnership aims to build a hardware ecosystem for machine learning. With Glow, their partners will be able to rapidly design and optimize new silicon products for AI and ML and help Facebook scale their platform. They are also planning to expand this ecosystem by adding more partners in 2018. What is Glow? Glow is a machine learning compiler which is used to speed up the performance of deep learning frameworks on different hardware platforms. The name “Glow” comes from Graph-Lowering, which is the main method that the compiler uses for generating efficient code. This compiler is designed to allow state-of-the-art compiler optimizations and code generation of neural network graphs. With Glow, hardware developers and researchers can focus on building next generation hardware accelerators that can be supported by deep learning frameworks like PyTorch. Hardware accelerators for ML solve a range of distinct problems. Some focus on inference, while others focus on training. How it works? Glow accepts a computation graph from deep learning frameworks such as, PyTorch and TensorFlow and generates highly optimized code for machine learning accelerators. To do so, it lowers the traditional neural network dataflow graph into a two-phase strongly-typed intermediate representation: Source: Facebook High-level intermediate representation allows the optimizer to perform domain-specific optimizations. Lower-level intermediate representation, an instruction-based address-only representation allows the compiler to perform memory-related optimizations, such as instruction scheduling, static memory allocation, and copy elimination. The optimizer then performs machine-specific code generation to take advantage of specialized hardware features. Glow supports a high number of input operators as well as a large number of hardware targets with the help of its lowering phase, which eliminates the need to implement all operators on all targets. The lowering phase reduces the input space and allows new hardware backends to focus on a small number of linear algebra primitives. You can read more about Facebook’s goals for Glow in its official announcement. If you are interesting in knowing how it works in more detail, check out this research paper and also its GitHub repository. Read Next Facebook launches LogDevice: An open source distributed data store designed for logs Google’s new What-if tool to analyze Machine Learning models and assess fairness without any coding Facebook introduces Rosetta, a scalable OCR system that understands text on images using Faster-RCNN and CNNlast_img read more