| Louisville eclipses million-dollar milestone in surplus sales
LOUISVILLE, Ky. -- Mayor Jerry Abramson today announced that the city has "unloaded" more than a million dollars worth of surplus government vehicles, equipment and other items through online auctions. Metro Government sells obsolete and other surplus items through its website, LouisvilleKy.gov, and GovDeals.com, an online service similar to eBay. The $3,760 sale of a Case International 585 tractor to a bidder in Cookeville, Tenn., recently brought the total funds generated through the online auctions to more than $1 million. "The online auctions are a creative way this government is operating efficiently and effectively for our citizens," Abramson said. "We're unloading items that have outlived their useful life for government, and in doing so creating a revenue stream and reducing warehouse space." Abramson said the online auctions often generate more money than traditional auction-house auctions because items are up for bids around the clock and the online auctions allow more people - virtually from anywhere - to participate.
Private equity loses its glamour
Bain Capital's successful conclusion to its bid to take over Edcon has revised the record books. At R25bn, this is the biggest private equity deal in SA history by a wide margin. It is a large injection of foreign direct investment, and the conclusion of a flattering bidding war. Yet somehow the deal had lost its glitter. That may be as true of the sale as it is of the private equity industry as a whole. The technicalities of the Edcon approval are part of the reason. Only 80% of shareholders who voted at the special general meeting backed the proposed scheme of arrangement, not much more than the 75% needed. Apparently only 71% of shareholders voted, so that implies 14% of Edcon's shareholders were against the deal - including the Public Investment Corp, which voted the 3% it manages directly against the deal, but left a further 7% stake managed by third-party fund managers to their discretion.
Collector's Corner: Collectible Kites
April is National Kite Month. Since at least 200BC China, kites have been used in a surprising number of ways. They've been flown to commemorate special events, such as the birth of a child in certain Asian countries. They've taken prominent roles in scientific experiments (think Ben Franklin) and in testing aerodynamic theories (the Wright brothers). They've been used for aerial reconnaissance in war, peace, and at times of disaster: George Lawrence's famous 1906 aerial photograph of "San Francisco in Ruins" was achieved by attaching a camera to a kite (see link below). They've even been used as sails for carriages! Of course, most people think of kites as outdoor "toys," but there are a surprising number of individuals around the globe who take kites and kite-flying quite seriously.
|
