'Affluenza' Family To Pay $2M To Parents Of Sergio Molina, Paralyzed From The ...









Ethan Couch is seen during his court hearing in a December 2013 image taken from video.ap

The family of the Texas teenager at the center of the "affluenza" case has agreed to pay more than $2 million to the family of one of the victims, Sergio Molina, who is paralyzed from the neck down.

The case drew national attention after attorneys argued the teen's wealthy parents coddled him into a sense of irresponsibility after he killed four people in a drunken-driving wreck.

According to court documents detailing the first approved settlement in the case, the liability insurer of Ethan Couch's parents has agreed to pay more than $1 million in cash and the rest in annuities to a trust established for Molina, who was among the 12 people injured in the wreak last year near Fort Worth.

Couch, 16, was sentenced to 10 years of probation and ordered to a rehab facility.

Molina, who was riding in the back of Couch's pickup when it flipped, can now only smile and blink, according to his parents. He has been in the hospital since the June accident.

His older brother, Alexander Lemus, said his family was disappointed in the settlement.

"We're not happy about it, but we just have to take what we got and strive for better days," he said Tuesday.

Along with the cash payment, the Couches' insurer will buy two annuities to make monthly payments of $1,515 and $1,837 to the trust starting in July, and another annuity to cover attorneys' fees, according to Tarrant County court documents.

Molina was in the back of Couch's pickup truck on June 15, 2013, when Couch swerved and hit a stranded motorist and three people who had stopped to help her. All four were killed.

The pickup also rammed a parked car, sending it into another car traveling in the opposite lane, before the truck rolled over and smashed into a tree. Molina was tossed out and landed on his head.

Molina's parents sued Couch and his parents after the accident. Five other families of the injured or killed also have settled with the Couches, pending court approval. Details of those settlements haven't been released. One family is seeking a jury trial.

Randy Nelson, the attorney representing Couch's parents, Fred and Tonya Couch, declined comment to The Associated Press on Tuesday. Based on reporting by The Associated Press. Follow us on http://ift.tt/1dWtLZ0 us at http://ift.tt/18zkvEq

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'We are not happy': Family of teen paralyzed by 'affluenza' teen Ethan Couch ...

The family of Ethan Couch, 17, - the Texas teen who killed four people in a DUI crash last year to pay $2 million settlement Award goes to Sergio Molina, 16, who was left paralyzed in the Fort Worth crash last year that left another 12 injured The liability insurer of Ethan Couch's parents agreed to pay more than $1 million in cash and the rest in annuities to a trust established for Sergio Molina Molina, who was riding in the back of Couch's pickup when it flipped, can now only smile and blink, according to his parents. His older brother, Alexander Lemus, said his family was disappointed Couch's case drew national attention because his defense argued his wealthy parents had coddled him A condition that the defense expert called 'affluenza.'

By James Nye

The family of a Texas teenager who blamed a condition they termed 'affluenza' for the deadly drunken car crash that killed four and injured 12 has reached a $2 million settlement with the family of one of his victims.

Attorneys for Sergio Molina, who was paralyzed in the deadly smash, have secured the payout from the parents of Ethan Couch to settle for the injuries he sustained when he was thrown from the back of the pickup truck that Couch, 17, was driving in June 2013.

Couch's parents have agreed to pay out $1. 638 million in cash and the rest into a trust established for Molina, 16, in the aftermath of the Fort Worth wreck.

His older brother, Alexander Lemus, said his family was disappointed in the settlement.

'We're not happy about it, but we just have to take what we got and strive for better days,' he said Tuesday.

Couch's case drew national attention after his attorneys argued that his wealthy parents coddled the then-16-year-old into a sense of irresponsibility, which one witness termed 'affluenza.'

He was sentenced to 10 years of probation and ordered to a rehab facility.

Molina, who was riding in the back of Couch's pickup when it flipped, can now only smile and blink, according to his parents. He has been in the hospital since the June accident.



Along with the cash payment, the Couches' insurer will buy two annuities to make monthly payments of $1,515 and $1,837 to the trust starting in July, and another annuity to cover attorneys' fees, according to Tarrant County court documents.

Molina was in the back of Couch's pickup truck on June 15, 2013, when Couch swerved and hit a stranded motorist and three people who had stopped to help her. All four were killed.

The pickup also rammed a parked car, sending it into another car traveling in the opposite lane, before the truck rolled over and smashed into a tree. Molina was tossed out and landed on his head.

Molina's parents sued Couch and his parents after the accident. Five other families of the injured or killed also have settled with the Couches, pending court approval.

Details of those settlements haven't been released. One family is seeking a jury trial.

Randy Nelson, the attorney representing Couch's parents, Fred and Tonya Couch, declined comment to The Associated Press on Tuesday.

Before today's payout, Couch's parents were ordered to pay for just a fraction of Molina's medical treatment.

His parents were to be charged $1,170 a month for his treatment at the North Texas State Hospital in rural Vernon. That amount would cover less than two days of treatment, which costs $715 a day, the Fort Worth Star-Telegram reported.



Couch admitted to causing the wreck and received 10 years' probation from State District Judge Jean Boyd rather than prison time, as prosecutors and Couch's victims wanted. Several of his victims have since sued the Couch family, with most of them reaching confidential settlements.

Debbie Spoonts, placement supervisor for Tarrant County Juvenile Services, said the facility decided what Fred and Tonya Couch would pay based on a sliding scale.

A message from The Associated Press seeking comment from Spoonts on the facility's payment policy was not immediately returned Friday.

The teen's family previously had offered to pay for Couch to go to a $450,000-a-year rehabilitation center near Newport Beach, Calif. Boyd rejected that request.





Ethan Couch's attorney, Reagan Wynn, and Fred and Tonya Couch did not speak to the media after the hearing.

Lance Evans, the attorney for Couch's parents, said after the hearing that the family 'respects the decision of the facility and of the court, and will honor the payment system that the court has put in place.'

Kevin McConnell, the father of a child who was injured in the wreck, declined to comment after the hearing on whether the amount the Couches will pay is fair.

'That's not my call,' McConnell said. 'We have a criminal justice system and a legal system. That's not my call to make.'

McConnell's family is suing the Couches. He said they will not accept a settlement and instead want a jury trial.



Mr & Mrs Couch have paid undisclosed sums to the families of three who died.

Couch was speeding at around 70mph and he hit the group - killing all three and Mrs Boyles's daughter Shelby who was with her at the time.

He also seriously injured two of his friends who were sitting in the back of the truck that he was driving at the time of the crash. Sergio Lemuus who was left paralyzed after the accident.

It was revealed during the trial that Couch's blood-alcohol level was 0.24 - three times the adult limit, though minors aren't allowed any alcohol in their system - and that he was also on the prescription drug Valium.

The case spurred calls for potential changes. Texas Lieutenant Governor David Dewhurst, has asked for a study of sentencing guidelines in intoxication manslaughter cases.

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'Affluenza' teen's family agrees to pay victim $2 million in settlement







FORT WORTH, TX -- The family of a Texas teenager who killed four people in a drunken-driving wreck has agreed to pay more than $2 million to the family of a boy who was paralyzed in the accident, according to court documents detailing the first approved settlement in the case.

The liability insurer of Ethan Couch's parents agreed to pay more than $1 million in cash and the rest in annuities to a trust established for Sergio E. Molina, who was among 12 people injured in the wreck last year near Fort Worth.

Couch's case drew national attention after his attorneys argued that his wealthy parents coddled the then-16-year-old into a sense of irresponsibility, which one witness termed "affluenza." He was sentenced to 10 years of probation and ordered to a rehab facility.

Molina, who was riding in the back of Couch's pickup when it flipped, can now only smile and blink, according to his parents. He has been in the hospital since the June accident.

His older brother, Alexander Lemus, said his family was disappointed in the settlement.

"We're not happy about it, but we just have to take what we got and strive for better days," he said Tuesday.

Along with the cash payment, the Couches' insurer will buy two annuities to make monthly payments of $1,515 and $1,837 to the trust starting in July, and another annuity to cover attorneys' fees, according to Tarrant County court documents.

Molina was in the back of Couch's pickup truck on June 15, 2013, when Couch swerved and hit a stranded motorist and three people who had stopped to help her. All four were killed.

The pickup also rammed a parked car, sending it into another car traveling in the opposite lane, before the truck rolled over and smashed into a tree. Molina was tossed out and landed on his head.

Molina's parents sued Couch and his parents after the accident. Five other families of the injured or killed also have settled with the Couches, pending court approval. Details of those settlements haven't been released. One family is seeking a jury trial.

Randy Nelson, the attorney representing Couch's parents, Fred and Tonya Couch, declined comment to The Associated Press on Tuesday.

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Sheryl Garrett scoffs at argument against fiduciary duty





One investment adviser is sick and tired of the financial industry's threat that mom-and-pop investors will suffer if investment-advice standards are raised.

Sheryl Garrett, founder of the Garrett Planning Network Inc., said that investors with low net worth can be served in a market where all financial advisers must act in their best interests.

She dismissed the argument that under a uniform fiduciary duty standard middle-income Americans would be priced out of the advice market because brokers would abandon commissions and charge fees based on assets, as most investment advisers do.

She points to her own network of more than 300 advisers who work on an hourly fee.

"We're actually starting to see that movement grow," Ms. Garrett said during a media briefing in Washington on Tuesday hosted by the Consumer Federation of America, AARP, the AFL-CIO and Americans for Financial Reform. "Can't this middle-market be served? Yes, it absolutely can and it should be for the sake of our entire society under a fiduciary standard."

She highlighted firms such as Betterment, WealthFront and LearnVest that are introducing new investment-advice models that target lower-asset investors.

"We're seeing the marketplace step up and meet the demand," Ms. Garrett said via teleconference. "If the old-school delivery channels don't work under the fiduciary standard, they need to evolve."

Both the Department of Labor and the Securities and Exchange Commission are considering rules that would require brokers to act in the best interest of their clients, a fiduciary-duty level of service that currently governs investment advisers. Brokers are held to a suitability standard that allows them to sell high-priced investment products as long as they meet their clients' needs.

The DOL is expected to propose a rule later this year that would expand the definition of "fiduciary" for retirement-plan advisers. The SEC is grappling with a decision on whether to propose a regulation that would impose a uniform fiduciary standard for retail investment advice.

Officials from the organizations hosting Tuesday's media briefing warned that the sale of more expensive investment products under the suitability standard is chipping away at the retirement savings of many Americans.

"That half a percent or more over the long-term for a retirement-type of investment is tens of thousands of dollars that middle-income investors cannot afford to do without," Barbara Roper, director of investor protection at the Consumer Federation of America, said at the meeting in Washington.

Ms. Garrett also shot down another argument that industry makes - namely, that investors would have a limited array of financial products to choose from if the commission model erodes.

"They will not be able to purchase the mediocre and really crappy investments," Ms. Garrett said. "They're not going to be allowed to be peddled - only the good stuff."

She was particularly critical of annuities. She cited a court case in which she was an expert witness in which the financial adviser inappropriately put clients in variable annuities.

"If she had VA salesperson tattooed on her forehead, which is one of my recommendations," the investors would have been better protected, Ms. Garrett said.





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'Affluenza' Teen's Family Will Pay Over $2M to the Family of the Boy He Paralyzed



AP



The family of Ethan Couch, the teenager who got 10 years of probation and a stint in rehab after killing four people and injuring 12 more in a drunk-driving car wreck, will pay more than $2 million in a settlement to one of the families of the injured. It's the first approved settlement in the civil fallout from the accident, which gained national attention for Couch's unusual "affluenza" defense. His "affluenza," his attorneys and doctors argued, given him to him by his permissive wealthy parents, imbued the teenager with a sense of irresponsibility that left him unable to understand the consequences of his actions.

The settlement, reached on Friday, will require Fred and Tonya Couch's liability insurer to pay out $1.638 million in cash to the Sergio E. Molina Special Needs Trust. The insurer will also pay two sets of monthly annuities to the trust at $1,515 and $1,837 monthly. As the Fort Worth Star-Telegram notes, Sergio Molina's family sued the Couch family after their son was left unable to do anything other than blink and smile following the accident. Molina's Alexander Lemus brother told the AP that the settlement was disappointing: "We're not happy about it, but we just have to take what we got and strive for better days," he said.

According to the AP, the Couch family also settled with all but one of the other families suing them after the accident, but there aren't any details available on the terms of those settlements. One family, that of the injured Lucas McConnell, wants to bring their case to a jury trial.

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Teen paralyzed in 'affluenza' drunken driving case to receive millions



Teen paralyzed in 'affluenza' drunken driving case to receive millions

Sergio Molina, 17, was paralyzed when then 16-year-old Ethan Couch's pickup slammed into a group of people who were helping a woman with a stalled car last June.

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Victim to receive $2M from "affluenza" teen's family







FORT WORTH, Texas - The family of a North Texas teenager who killed four people and injured 12 in a June 2013 drunken-driving wreck has reached a settlement of more than $2 million with the family of a teenage boy left disabled.

Tarrant County court documents filed Friday show that the liability insurer of Ethan Couch's parents agreed to pay $1.64 million in cash to a trust established for Sergio E. Molina.The Couches' insurer also will buy two annuities to make payments to the trust.

Molina was one of two teens riding in the back of then-16-year-old Couch's Ford F-350 pickup when he struck and killed four pedestrians. Couch's blood-alcohol level was three times the legal limit and there were traces of Valium in his system when the incident occurred. The crash threw Molina from the truck bed and left him paralyzed; he can now only communicate by blinking.

Couch's case drew national attention after his attorneys argued that his wealthy parents coddled him into a sense of irresponsibility, which one witness termed "affluenza." In February, Couch was sentenced to 10 years probation but received no prison time.

Five other families of the injured or killed have settled with the Couches, pending court approval. One family is seeking a jury trial.

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'Affluenza' teen's family to pay $2 million to injured victim









The family of a North Texas teenager who killed four people and injured 12 in a drunken-driving wreck has reached a settlement of more than $2 million with the family of a teenage boy left disabled.

Tarrant County court documents filed Friday show that the liability insurer of Ethan Couch's parents agreed to pay $1.64 million in cash to a trust established for Sergio E. Molina.

The Couches' insurer also will buy two annuities to make payments to the trust.

Couch's case drew national attention after his attorneys argued that his wealthy parents coddled him into a sense of irresponsibility, which one witness termed "affluenza."

Five other families of the injured or killed have settled with the Couches, pending court approval. One family is seeking a jury trial.

FORT WORTH, Texas (AP) -

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Aviation regulator lays down fresh guidelines for cabin crew fitness





This is the first time DGCA has issues such guidelines, which is likely to affect the Air India Ltd the most. Air India being a government airline has several experienced air hostesses. Photo: Mint

New Delhi: The Directorate General of Civil Aviation (DGCA) has made it mandatory for cabin crew above the age of 50 to pass medical checks every year to ensure they are fit to fly and not overweight for their duties.

This is the first time DGCA has issues such guidelines, which is likely to affect the the most. Air India being a government airline has several experienced air hostesses.

"The CAR (civil aviation requirements) prescribes the requirement of body mass index (BMI) and rules for disposal of high BMI cases in terms of overweight and obese cabin crew," the aviation regulator said in a statement.

These requirements have been issued under Aircrafts Rules 1937, which state that cabin crew must remain medically fit to discharge duties in in-flight operations including emergency as specified in the airline's operations manual.

Taking into consideration ageing and requirement of agility to perform cabin safety duty efficiently, frequency of medical examinations for the cabin crew will be once every four years till the age of 40 years, once every two years till the age of 50 and yearly above 50.

Based on the medical report, the cabin crew shall be categorized as fit, temporary unfit and permanently unfit, DGCA said.

"CAR prescribes guidelines for disposal of cases of temporary unfit cabin crew and also the permanent unfit cabin crew. CAR also lays down the appellate mechanism in cases of any grievance against the medical examination. CAR has been issued after extensive consultations with stakeholders and has become effective immediately," the regulator said.

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DRB Capital Launches Industry



Seasoned Industry Veterans Lead New Company

DRB Capital ("DRB") has announced the official launch of its industry-leading, structured settlements platform ( www.drbcapital.com) that will address the liquidity needs of a broad range of annuity holders.

Led by a team of industry veterans with over 100 years of experience in the specialty finance sectors, DRB offers immediate, lump sum cash options to owners of annuities, investment annuities and life contingent structured settlements.

Laura Kodner, Managing Director of DRB Capital, commented, "We are excited about launching one of the most competitive and comprehensive specialty finance platforms in the industry. DRB will provide cash options to many types of annuity owners and owners of illiquid assets. Coupled with extensive access to capital, DRB has committed the resources necessary to build our brand and increase market share with respect to the millions of people interested in selling part or all of their structured settlements." Ms. Kodner continued, "We recently developed a new 20,000 square foot, state of the art, facility in Delray Beach, Florida and we plan to quickly expand our platform in the new location."

DRB is also a proud member of the National Association of Settlement Purchasers (NASP). Since 1996, NASP, the only trade association serving the Structured Settlements industry, has worked diligently to educate the public, regulators, and others about the benefits of settlement transfers, how they work and how they are regulated.

About DRB Capital DRB Capital is one of America's most trusted annuity purchasers, providing options for people in needs of funds since 2007. DRB is committed to our sellers and has a passion for excellence. Our business is to offer liquidity and optionality to prospective sellers in need of cash, and who have guaranteed or life contingent structured settlements, annuities and/or investment annuities.



Contact InformationSharon Levy DRB Capital, Director of Operations (P) 561.982.3300slevy@drbcapital.com



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Morgan Stanley (NYSE:MS) – Morgan Stanley fined $5 mln over sales of 83 IPOs





[Reuters] - A U.S. regulator fined a Morgan Stanley wealth management unit $5 million on Tuesday for supervisory failures related to the sale of shares in 83 initial public offerings, including Facebook Inc and Yelp ...Read more on this.

Morgan Stanley (MS), currently valued at $58.40B, started the session at $29.93. A quick look at the market, the company's traded between $29.52 to $29.90 with its 52-week range being $23.01 to $33.52. Priced at 12.13x this year's forecasted earnings, MS shares are relatively inexpensive compared to the industry's 19.33x forward p/e ratio. And for income investors, the company pays shareholders $0.40 per share annually in dividends, yielding 1.30%. According to a consensus of 23 analysts, the earnings estimate of $0.63 per share would be $0.18 better than the year-ago quarter and a $0.01 sequential decrease. Investors should also note that the full-year EPS estimate of $2.48 is a $0.42 improvement when compared to the previous year's annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $8.64 Billion. If realized, that would be a 3.72% increase over the year-ago quarter. More recently, Deutsche Bank downgraded MS from Buy to Hold (Dec 5, 2013). Previously, Oppenheimer downgraded MS from Outperform to Perform. Given all the information above, we should disclose to readers that the average price target is $34.42, which is 15.00% above than it opened this morning. Summary (NYSE:MS) : Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The company's Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, leveraged buyouts, takeover defenses, and shareholder relations, as well as provides capital raising and corporate lending services. This segment is also engaged in sales, trading, financing, and market-making activities, including institutional equity, fixed income and commodities, research, and investment activities, as well as offers financing services, such as prime brokerage, consolidated clearance, settlement, custody, financing, and portfolio reporting services. Its Wealth Management segment provides brokerage and investment advisory services covering various types of investments comprising equities, options, futures, foreign currencies, precious metals, fixed income securities, mutual funds, structured products, alternative investments, unit investment trusts, managed futures, separately managed accounts, and mutual fund asset allocation programs. This segment also offers education savings programs, financial and wealth planning services, annuity and other insurance products, cash management services, trust and fiduciary services, retirement solutions, and credit and other lending products, as well as fixed income principal trading services. The company's Investment Management segment provides alternative investment products, such as hedge funds, private equity and real estate funds, and portable alpha strategies to institutional and intermediary channels, and high net worth clients, as well as is involved in real estate investing and merchant banking businesses. Morgan Stanley was founded in 1935 and is headquartered in New York, New York. Tag Helper ~ Stock Code: MS | Common Company name: Morgan Stanley | Full Company name: Morgan Stanley (NYSE:MS) .

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Actuate: the pain of transitioning to subscription models



Den Howlett | On May 6, 2014



Actuate is going through some real pain at the moment.

Its Q1 2014-15 results were grim with a massive fall off of license revenues that precipitated an acceleration of the pivot they were already making towards a subscription rather than perpetual license model.

This discussion is not a critique of Actuate and should not be read as such. Rather, it should be seen as an example of how tough it can be for management to transition from one business model to another (the so-called pivot) and the impact this has on both financial results and stock price. It is particularly relevant in the context of what we see happening in the large enterprise market where every vendor is trying to find an orderly way of shifting from one model to another without upsetting customers or stockholders.

Regardless of your position, this has ramifications for customers who often bet years of their existence upon specific technology plays. The backdrop

The noise in the consumer market would have us believe that software is almost disposable. Something doesn't work - junk it. Users don't like XYZ software - replace it. Fail fast, fail often - that's the road to success. That's not the way (most) things work in the enterprise. It is largely true regardless of whether we're talking a mom and pop shop, the truly global companies and pretty much everything in between. Whether they know it or not, most organizations make bets for the long term for the bulk of their software acquisitions.

For the buyer, IT related costs are often in the range 3-5% of revenue. That's for everything the business chooses to count towards IT. Therefore, it should not surprise that in most organizations, any particular software acquisition, while important and significant, is often a fraction of the overall business cost.

Nonetheless, this has huge implications for software vendors who have enjoyed many years of upfront licensing combined with the near guaranteed annuity that comes with maintenance. Put bluntly, when you can get the customer to pay twice for the software over a five year period and enjoy 85-95% gross margin while doing so, then who wouldn't want that model?

That all changed when software as a service (SaaS) providers showed up. Knowing they can save capital expenditure while maintaining a healthy model themselves, it isn't hard to see how they might creep in under the IT radar. That's called ' land and expand, ' a technique successfully used by many SaaS vendors, with Salesforce and Tableau being the current stand out examples.

The SaaS vendors could look even better, riding on the back of an anticipated consumption model for software rather than being presented with a bundles of 'stuff' they'd need to implement over a long time. That has changed somewhat in the last year or so with more deals coming in for three to five years. Even so, SaaS continues to look economically attractive for the new buyer. Enter Actuate. Reviewing Actuate

Actuate plays in the business intelligence (BI) space which most recently has seen something of a renaissance. Those of us who have followed this market for a long time know BI has something of a Cinderella existence, at one time taking on importance, then fading into the background. With so much current market emphasis placed upon the value of data and its proliferation, now should be a golden period for any vendor with a BI ticket on their software. Some are faring better than others and of course the market remains incredibly competitive. Here, Actuate is hurting.

Actuate, while founded in 1993 is best known for its open source BIRT software that was launched in 2004. Unlike Cognos, Hyperion, BusinessObjects and many other smaller players, it was not consolidated by IBM, Oracle and SAP respectively in the early-mid 2000′s. It has survived but remains a small company by software vendor standards.

Actuate is also a publicly traded entity so is subject to all of the short term thinking that drives management as it tries to satisfy Wall Street analysts who in turn are attempting to forecast a price and value for the companies they cover. Any perceived weakness is always punished and only stellar performance matters. That in turn creates a dynamic where management is often locked into what I perceive as a long term death dance: perform or die. What happened?

Just like many other vendors, it has to adjust to what the marketplace is saying and that of course starts with customers. Here is what was said during the most recent earnings call:

Question from Greg McDowell, JMP Securities:

It feels like we're going from a gradual pivot to subscription and now it's suddenly a very sudden and hard pivot to subscription. So I guess I just want to understand whether the move - the hard pivot is a direct result of sort of the Q1 results or was the Board contemplating more of a hard pivot move at the time you guys had reported Q4 results? Answer from Pete Cattadini, CEO:

It has nothing to do with Q1. During an orderly transition to subscription was what we intended on doing. But to tell you the truth it almost feels like being sort of a magician with plates on a stick and so that having 20 of them going at once, trying to make everyone happy, customers, shareholders, employees, very difficult to do. So we had a discussion with the board and we said the only thing we should do is the right thing for the business which ultimately is in the best interest of shareholders and they thought going cold turkey to subscription along with management was the right thing to do. So it wasn't about Q1. It was about doing the right thing for the business.

The follow up question then asked about metrics. This is where the CFO stepped in Answer from Dan Gaudreau - CFO:

So the going forward obviously our metrics will have to change. We have not concluded exactly what we will be producing. I can tell you seeing that we're going to be experiencing this over the next nine months, three quarters, I rather kind of keep an eye on what's important over the next few quarters and then determine in 2015 what metrics are important to the street as well as internally. I mean clearly we're going to have to report revenues differently.

From what I've seen in my analysis of other companies have gone through this transition I'm leaning towards a revenue breakdown that is license which would be the perpetual licenses that we continue to book, recurring revenues which would include subscription transactions as well as perpetual maintenance that exist and that will run-off over the next many, many years and then professional services being the third category. That's what I've seen is a prevalent breakdown of revenues with companies that have made the transition to subscription.

In terms of the metrics I mean I've seen it jump very allover the place. And to be quite honest with you we have not concluded what metrics we will publish, but I have clearly seen it go from looking at a company like Advent who publishes just about every metric known to mankind to a company like (Caldes) that effectively publishes no metrics or very few metrics. So I think [we] will fall somewhere in between. We just have not concluded on those metrics yet.

The market was far from satisfied with the answers given and the share price plummeted. Verdict

Thinking charitably, it is difficult to know what else the CFO could have said. However, this problem has been coming for a long time and in every major category of IT spend. Vendors I speak with are acutely aware of what awaits them if they mis-step in communicating how they will pivot. Actuate clearly needs to do a better job but that's hard when you're in the vortex of a changing market, trying to cut deals on a day to day basis.

The good news on the other side and as has been demonstrated by Workday, is that once you have established a pattern of subscription selling, it is remarkably easy to predict revenue in the immediate few quarters. The lumpiness that comes with perpetual licensing goes away. That does not come without problems of its own, not least the insane valuations that are baked into assumed growth rates. But at least there is a level of predictability that is comforting for everyone.

All vendors that need to pivot will be faced with the same dilemmas that Actuate is working through. They are not insurmountable. Adobe is going through it now and looking like it will succeed. Ariba went through it a few years back and managed to continue building a business albeit it was subsequently acquired. Actuate has a slew of its own problems but one can hope that it will successfully transition although much depends on its ability to successfully monetize an open source solution that in some senses looks tired and dated.

Disclosure: Workday and Salesforce are partners at time of writing.

Featured image credit: Businessman Choosing Success or Failure Road © Creativa - Fotolia.com

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Self





Success requires hard work and self-discipline. With self-discipline, anyone gain self-confidence and achieve success. Perhaps you lack self-discipline in certain areas and assume "that's just the way I am." Perhaps some people are born with natural qualities and abilities that make self-discipline easy for them, but most successful people are made not born, through hard work and self-development.

The fact is you can develop whatever qualities you consider desirable and necessary for your success. For some people, it will be easy, and for others it will take more time and effort. But each person has the inborn ability to shape his character in a positive way. All that is required are clear intentions and a determination to press forward through the difficulties, resistance and setbacks.

Develop the discipline you desire. The process of developing discipline is simple, if not easy. First, decide upon the discipline that will be most helpful to you right now. Don't try to change several things about yourself at once, no matter how attractive and desirable they may be. Focus instead on the development of a single discipline until it is locked in and becomes a part of your personality. Then you can move on to the development of the next discipline.

Fortunately, every act of discipline strengthens and reinforces other disciplines. And acquiring a discipline increases your self-confidence in yourself, making additional disciplines easier to achieve. But you must be vigilant. Everything counts!

Program yourself. Once you have chosen a discipline to develop, begin to think about how you would behave if you had this discipline or habit already. See yourself in a situation in which you want to practice your new discipline. Then, create a positive affirmation for yourself which you can use to reinforce your new discipline. You will actually become what you choose to say to yourself. This will build your self-confidence, and you will begin to see yourself in a new light.

Don't allow exceptions. Decide on the discipline you want to develop and launch strongly on it. Resolve to never allow an exception until it becomes permanent. If you "fall off the wagon," immediately recite your affirmation and begin again. This is the only way you will succeed.

The more you practice your chosen disciplines, the more you will like and respect yourself. You will feel more confident and optimistic. You will become more effective in every area of your life. When you develop the disciplines required for success, you will get more done, have greater self-confidence and succeed at higher levels in everything you attempt. Sign up for The Lead and in your inbox every day! More tips:

Brian Tracy is the CEO of Brian Tracy International, which specializes in business training, and the author of the best-selling Psychology of Achievement. For more information, go to www.briantracy.com

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10 questions to ask before signing on the dotted line





If you're considering the purchase of an annuity, it's important to know the questions to ask before signing the application.

Below are the top 10 questions that you need to have sufficiently answered by the agent or financial adviser to make an informed decision:

1) What are the worst case scenario contractual guarantees?

You should always own an annuity for what it will do, not what it might do. That means making your decision only on the worst case scenario or contractually guaranteed minimums. Don't be distracted by the dream of projected, hypothetical, back-tested, or theoretical returns. Any agent can make proposal numbers look good, so don't let them get away with selling the dream instead of the contractual realities.

2) How long and what are the surrender charges?

Deferred annuities like indexed, variable, and fixed-rate all have specific surrender charges that you need to be aware of. Most policies allow a fee-free 10% annual withdrawal amount, but that needs to be clarified because some contracts have a waiting period or other liquidity rules in place. Surrender charges are high with annuities, and typically decline over time, but you need to know exactly what they are and how they work with the product you are considering.

3) Is there a shorter surrender charge version of the same product?

Always remember that the longer the surrender charges, the higher the commissions to the agent. With that being said, there is a good chance that the long term product you are being recommended has a shorter term version of the same strategy. Have the agent show you all versions of that product, and try to keep the surrender charge period as short as possible while still achieving your desired transfer of risk goal.

4) What are the total fees?

In addition to surrender charges, it is very important to know all the annual fees for the policy. Most attached benefit riders, and some upfront bonuses have annual fees for the life of the policy. Have the agent list all the fees, and have them sign and date beside that total.

5) What is the safety of the issuing annuity company?

Common sense should tell you that annuity guarantees are only as good as the company backing them up. Do your own due diligence, and look at ratings services like A.M. Best, Moody's, Fitch, and Standard & Poor's along with the all inclusive COMDEX Ranking as well. Don't allow annuity agents to use state guaranty funds as part of the selling process, because any FDIC correlation is misleading and untrue.

6) What is my free look period?

One of the few regulatory things that the annuity industry has done right is the free look period that allows you to get your money back without question. Every state has different rules, but after the policy is delivered and the delivery receipt is signed, you have a period to review the contract and get your money back if desired. Go to your state insurance department website to see your specific state guidelines.

7) Can I see similar strategies from different carriers?

Regardless of what type of annuity you are being sold, there are numerous carriers that offer the same strategy. Make the agent show you two or more choices from different carriers with the same exact product strategy so you can do a proper comparison. If you are working with a captive agent, then have another agent show you a comparison product. If the agent is independent, they should already be providing numerous carrier choices.

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Redefine may detail takeover in results





Redefine may detail takeover in results



REDEFINE Properties is expected to shed light on its anticipated takeover of shopping centre owner Fountainhead Property Trust when it releases its interim financial results for the six months to February on Thursday.

Redefine has had less merger and acquisition (M&A) activity than its rival Growthpoint Properties in the first four months of 2014, aside from its surprise acquisition of Annuity Properties. The listed sector has undergone significant deal flow this year, following many listings last year.

Analysts believe Redefine may announce the disposal of its high-yielding government portfolio, which it may sell to a fund better suited to managing the state as a client. M&A activity will affect the short-term outlook of Redefine's distributions to be paid out to shareholders. It bought Fountainhead's management company in August 2012.

After the acquisition it tried to acquire Fountainhead's property portfolio, but faced a bidding war with Growthpoint. Redefine ended up acquir ing about 66% of Fountainhead's shares.

Redefine CEO Marc Wainer has said Redefine intends acquiring all of Fountainhead. Old Mutual Investment Group SA portfolio manager Evan Robins said yesterday various factors could boost Redefine's distribution outlook for the second half the financial year. "Management in our view should be able to deliver better distribution growth this year than last year. Having said this, distribution per share may be an inappropriate measure for Redefine in the short-term as the fund is repositioning its portfolio to increase quality which can initially come at the expense of earnings growth," Mr Robins said.

Redefine reported 7% distribution growth in the six month period to February last year.

Investec analyst Peter Clark expect s growth to be in line with prospects of 7%-7.5% given in the last results. "The tailwinds to performance would be the investment in Redefine International which has shown good growth mainly driven from rand weakness compared to the previous interim period." Redefine International, 33% owned by Redefine Properties, has direct investments in the UK and Germany.

Growthpoint, the biggest South African-based listed property company, intends obtaining significant stakes in Acucap Properties and Sycom Property Fund in a deal worth R4.66bn, to add retail exposure to its portfolio.

Stanlib property analyst Craig Smith said Redefine was involved in the surge in M&A activity, and a Fountainhead takeover would be an important part of that.

"We do not feel that Redefine has been quiet with regards to M&A. Redefine has been busy trying to wrap up the Fountainhead transaction," said Mr Smith. "The Fountainhead portfolio is valued in excess of R11bn and mainly consists of regional and super regional shopping centres. The proposed transaction will therefore meaningfully increase Redefine's exposure to the retail sector."

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