Gannett, the Burlington Free Press’ parent company is spinning off all of its 81 daily newspapers. They will be spun into a freestanding publishing entity separate from a new digital and broadcasting television branch. From Gannett’s press release: 

“The bold actions we are announcing today are significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today's increasingly digital landscape,” said Gracia Martore, Gannett's CEO, in a statement.

No surprise that shareholder value and increasing cash flow are front and center in the corporate word salad. The “bold actions” will create two entities, and leave shareholders cheering. And although the Gannett publishing business will be “virtually debt free” it is likely newspapers will still be floundering.

Newspapers' online pay-wall revenue is reportedly not making up for years long declines in print ad revenue.

“This is another death knell for newspapers,” Ken Wisnefski, founder of the Internet marketing firm WebiMax.

 Although Gannett’s publishing wing will start debt-free, some see darkness not light as the next significant step for newspapers.

While legacy newspapers like the Free Press continue their decline or eh… I mean “sharpen their management focus” Vermont may be doing better than other states. In terms of statehouse coverage, non-traditional reporting methods are picking up the slack. The Pew Research Journalism Project reported that non-traditional (mostly digital) reporters are now the majority covering the statehouse in Vermont and six other states: Connecticut, Michigan, New York, Ohio, Tennessee, Texas.

So, the shareholders may ultimately be pleased but the spin-off was probably greeted with a great gnashing of teeth by print journalists, adding to the world of worry at the Free Press and at least 80 other legacy newspapers around the country.

   Bill Stenger and Ariel Quiros, partners in the EB-5 financed developments Jay Peak, AnCBio and Q-Burke, have been on a roller coaster (or water slide?) the past few months. This spring, real estate developer Tony Pomerleau said he could wait no longer and canceled a pending four-year-old agreement to sell Stenger a prime site on LakeMemphremagog. This move meant the loss of a key piece of Newport’s EB-5 waterfront development. Prior to this setback, a European window manufacturer had pulled out of a project.  

Then Stenger and Quiros’ wide ranging development projects got a bit of good news. Their AnC Bio project received approval from both the Vermont Regional Center (Vermont’s EB-5 oversight and promotional entity) and the USCIS (the United States Citizenship and Immigration Services, which administers the Immigrant Investor Program).

Last week, VtDigger.com unearthed a controversy that began over the status of dozens of investor agreements. Investors seeking green cards through the EB-5 arrangement had major terms of their investment unilaterally changed by Jay Peak’s owners. The timeliness of notification for the changes Stenger and Quiros made to the contracts was … well, to be polite, sluggish. 

Investors had no knowledge of Stenger’s actions until five months after they were executed.

Stenger and his partner at Jay Peak, Miami-based Ariel Quiros, dissolved the company [Jay Peak Hotel Suites, LP, whose investors owned Tram Haus Lodge, built in 2008] on Aug. 31, 2013, turned the investments into unsecured loans and “waived” investors’ legal rights, according to documents obtained by VTDigger. Stenger says he sent an email to investors with the promissory note on Jan. 24 of this year, but he did not mail official, paper copies until May.

After the investors sent letters of complaint to Stenger and the state, Jay Peak agreed to change certain terms of the IOU in a take-it-or-leave-it offer earlier this month.

Bill Stenger has been doing damage control defending his actions on the Mark Johnson radio program. He said there was

“no gain to be had by Jay Peak” by converting Tram Haus equity investments into loans.

Stenger admits it was a “mistake” and he is “working his ass off” to repair the damage.

Okay … but he and Quiros are both smart enough (or seem to be) to know beforehand that changing the agreements might raise more than an investor eyebrow or two. So what motivated them?  

Well, right out of the gate, Ariel Quiros said the transaction was “200 percent” ethical. The more plain-spoken of the two partners, he also offered up one reason the investments were converted to loans:  

Quiros said the decision to execute the investors’ exit strategy in August 2013 was prompted partly by some investors who had asked for it, and also by an approaching promotional trip to recruit investors for pending EB-5 projects – namely, the AnC Bio biotech research and manufacturing facility in Newport, and buildout of Q Burke Mountain ski resort in Burke.

He wanted Stenger and Jay Peak representatives, as well as Gov. Peter Shumlin and other state officials, to be able to say on a trip to Asia that his first batch of investors were being paid back. [added emphasis]

“It shows the world of EB-5 that I’m giving money back to investors,” Quiros said. “OK, over time, but at least now you know you’re going to get your money back.”

 Competition for EB-5 investors has become very tight in the past years. And an overseas promotional trip (paid for by Jay Peak) trolling for EB-5 investors, accompanied by top Vermont state officials, was a high-stakes event. So, driven partly by the need to continually gain confidence and impress future EB-5 investors, Stenger and Quiros risked current-investor dissatisfaction.  

There are eight projects divvied-up between Jay Peak, AnC Bio and Q-Burke in the Northeast Kingdom Economic Development Initiative. Stenger and Quiros are at approximately 500 million in EB-5 money for these projects.

So, go ahead, all you well-heeled potential immigrants – invest in AnC Bio, Q-Burke and Jay Peak and get your visa.

After all, as Mr. Quiros says, they are 200 percent ethical. Is this meta ethics or what?

Peter Galbraith, a former Vermont State Senator who was once a diplomat, resigned to take on a private role in support of Kurdish, Syrian and Iraqi issues. He recently advocated that an independent Kurdish state, free from US backed Iraq government, should have access to revenue from Northern Iraqi oil fields.

Galbraith, however, is still a hands-on participant in the local Vermont political scene. A few days ago, the now former State Senator was the moderator at a recent 90-minute Democratic forum, featuring four candidates seeking his old seat in the senate. The candidates included Roger Allbee, a brand new Democrat. Allbee is a former Republican member of the Douglas administration, and ran for the VT House in 2004 as a Republican.

So Galbraith has not publically endorsed anyone, but he may have a preferred replacement in mind. He and Albee, his possible successor, took a walk last month:

While Galbraith would not yet offer a direct endorsement, he appears to support Allbee's bid. The incumbent [Galbraith] senator joined his Townsend neighbor [Allbee] at Brattleboro's Gallery Walk Friday evening as the latter collected signatures to win a place on the ballot. Galbraith said that he looks forward to returning to the role of “citizen,” but may one day seek a return to public office. [added emphasis]

It must be small comfort to the other three candidates that Galbraith didn’t offer a direct endorsement of Allbee. Roger Allbee left the Republican Party he once identified with, saying the party of former VT Governor and Senator George Aiken “no longer exists.” So if Allbee can mint himself as a Democrat, can Peter Galbraith be moderator?

Galbraith stepped down only weeks before and is almost as new to his role as “citizen” as Allbee is to his as Democrat. So one has to wonder who chose Galbraith to moderate the forum of candidates wishing to succeed him. But someone thought it a good idea. As moderator, Galbraith asked a question about a subject dear to his heart as Senator,voting to ban direct corporate contributions to candidates. An exchange followed on the subject and he and Sen. Jeanette White reportedly

re-enacted a little of their legislative “argy-bargy”.[…]The short story: Last year, Galbraith supported a bill to ban such contributions. White did not. The Senate also supported banning corporate contributions. Later it reversed its decision.

Even out of the State Senate, the odd “argy-bargy” event and Galbraith follow each other. Keep an eye on Kurdistan.

Well, pretty close to nothin'.

This chart by Steve Benen at Maddowblog is from April. Benen noted then that, in fairness, the picture was incomplete as the Congress hadn’t yet finished. Legislation passed isn’t the only indicator of success, but this paints a grim picture as the House and Senate now pack up for their five week long summer vacation.

I guess climate change legislation and a host of other issues will have to wait. But be prepared. The Republicans are making squawking noises and by fall the House of Boehner might actually attempt to impeach Obama.

We'll be amazed but not amused.

I don’t fear invasion from the income- and sales-tax-free haven, but I still keep an eye out for unusual activity across the border. After all, I can see New Hampshire from my kitchen window.

 It was no surprise that, due to the Ukrainian conflict, the entire New Hampshire congressional delegation is supporting US sanctions on Russia. The US sanctions President Obama authorized by executive order are not broad based, mostly involve banking issues, and do not restrict ordinary trade or investment — unless a prohibited party is involved. Experts in this case (as in other cases like North Korea, Iran, and Cuba) question whether international sanctions are useful tools to achieve the desired results.

Republican Sen. Kelly Ayotte, however, has no doubts; she’s notably more hawkish and favors widening sanctions against Putin’s Russia. She (along with Arizona’s Senator John “bomb, bomb, bomb … bomb Iran” McCain) are calling for substantial arms shipments to the Ukrainian government. Ayotte additionally recommends shaming our allies, the EU, into harsher actions.

“And the Europeans — if they aren’t willing to do the right thing, in light of this commercial plane going down and the innocent people that have been murdered — I think it’s up to the United States to really put on the pressure to shame them into stepping up their economic sanctions,” the senator declared. [added emphasis]

 So it was surprising to read that in her backyard a major New Hampshire utility is buying Russian coal. The two-football-field-length bulk carrier Doric Victory sailed 4,000 miles to sell 38,500 metric tons of coal in Portsmouth. Perhaps embarrassed, power plant owner PSNH is very tight-lipped about the specifics future of Russian coal purchases.

While the New Hampshire utility refused to say how much coal was purchased, a bill of lading showed that 38,500 metric tons of “steam coal” were delivered. “A shipment of coal was contracted from Russia that met our operational and economic needs,” was all the utility was willing to say in an email.

 Perhaps before her next trip to Ukraine, or call for arms shipments, or Fox News interview, Senator Ayottte (R-NH) might — just for the heck of it — want to take a glance out her window at New Hampshire before dishing out the shame overseas.

I know comparisons are never perfect, and apples get judged against oranges all the time, but Scott Milne is to David Brat as Eric Cantor is to Peter Shumlin! Milne has compared his underdog run for governor to Tea Party professor David Brat’s victory in the Virginia Republican primary over well-funded House Majority leader Eric Cantor. While it’s true that Cantor enjoyed a massive campaign fund advantage, that’s about it for the comparison. When you feel like you don’t have a prayer, why not use the classic David and Goliath story rather than Cantor v. Brat?

To begin with, it’s correct that Milne is as short of funds as Brat – apples and oranges are both round. But one obvious difference is that Brat won a primary election against another Republican in a single congressional district. And how helpful is it for Milne to invite comparisons to a superior campaigner like Brat? Reportedly the Tea Party professor played the conservative crowd like pro.

David Brat knows how to work a crowd. […]Mr. Brat is friendly and animated. At barbecues and church gatherings he can be seen bounding about like a Labrador puppy, glad-handing old folks and kissing babies.

 That’s a far cry from candidate Milne’s cringe-inducing  rabbit copulating story.

Milne digressed into a four-minute, hare-raising discourse on his youthful adventures buying rabbits in Wolcott and rearing them for sale. […] he said to nervous laughter. Milne went on to describe how much his out-of-state relatives enjoyed watching his specimens copulate.

 Surprisingly, former Governor Jim Douglas embraced and refined the Brat analogy during the official kick-off on Wednesday.

Douglas told the audience that the size of a war chest doesn’t necessarily dictate the outcome of the race. “I have just two words: Eric Cantor,” he quipped, referring to the Republican majority leader of the U.S. House who recently lost his Virginia primary race.

 Two more words; Really, Jim? Well, I guess you endorse with the analogy you have, not the one you want.

 Wealthy tourists will soon get a chance to see the dramatic effects of climate change while luxuriously attended to.

High-end cruise operator Crystal Cruises has announced plans to become the world’s first luxury cruise line to sail the Arctic Ocean via the world famous and elusive Northwest Passage.

Scientific estimates are that the Northwest Passage, which runs along the northern coast of North America through the Canadian Arctic connecting the Atlantic and Pacific Oceans, will be open year round by mid-century or sooner. This passage is an arctic short-cut sea route sought by early polar explorers for hundreds of years. The growing effects of Climate Change are now allowing extended travel through the still difficult passage.  

The first luxury cruise an “expedition-style voyage” through the “once un-passable Arctic route” is scheduled for August 2016 aboard the Crystal Serenity.

“During this voyage, speakers will enlighten guests on information regarding climate change, and how it has impacted this passage. With the recent retreat of polar ice, the time is right for us to lead the way within the travel industry, as Crystal has done throughout our 25-year history.” [added italics]

The Crystal Serenity carries 1,070 passengers and boasts the highest crew-to-passenger ratio in the industry. It will be accompanied by an escort vessel to act as helicopter platform and Zodiacs.  Oh and Crystal Cruises wants you to know that both vessels on the 32-day cruise will run on low sulphur fuel.

Climate change has prompted a series of Northwest Passage “firsts” trips in quick succession recently. In 2006 the 365 ft. cruise liner MS Bremen made the trip, guided through the ice by satellite through the Northwest Passage. Then in 2012 and 2013 cargo ships carrying liquefied natural gas and coal made the journey. In 2014 a ship loaded with irony is scheduled to attempt the passage.

So see it all now, priced at $19,755 per person, double occupancy reserve now 20% deposit down ($500.00 non-refundable). Crystal Cruise says their trip will maneuver the

Yup, a tour made possible by climate change views a “vast unspoiled landscape.”

Well, you better act now, see it before it’s gone – and Bon voyage!  

  Last month on the 17th President Obama announced that through executive order he would create the world’s largest marine protected area in the Pacific Ocean. But this move wasn’t quite complete. The President has not determined what the size of the area will be or what specific statute it will be created under.

So fast forward to now … but not too fast or you might not even see it. What is it? It’s an announcement on a mid-Summer Friday of a thorough and specific ocean plan for the Atlantic. Obama just got the ball rolling on opening the Atlantic Coast to oil drilling exploration. The current prohibition will be lifted on the area from Delaware to Florida.

The U.S. Bureau of Ocean Energy Management [BOEM] gave oil companies permission to scan the ocean floor for oil and gas deposits using powerful sonic blasts – a technology that the government estimates could harm nearly 140,000 sea creatures, including endangered whales and sea turtles, the Associated Press first reported.

This is a step in eventually allowing oil companies to apply for federal drilling leases in 2018.Some Florida elected officials and environmentalists are already letting it be known they are unhappy with this move. I’d guess they haven’t gotten over  the Deepwater Horizon disaster in Florida as quickly as Washington has.

The “sonic cannons” or “seismic air guns” used in this process fire shockwaves beneath the ocean floor. This produces waves of sound (100 times louder than a jet engine) that then bounce back to the surface. The BOEM acknowledges potential risks to sea life, but claim they have developed a “balanced approach” to help understand the potential offshore resource. Survey results will also map marine habitats and other undersea data but will remain proprietary corporate secrets disclosed only to the government.  

Balanced approach to coastal risks but export oil, baby, export. All this “sonic cannon” exploration comes while the 1975 ban on shipping US crude overseas continues to erode. Some policy makers and the oil industry are almost delirious at the prospect of loading US oil into tankers and sending it overseas to sell.  

At a White House ceremony celebrating this yet-to-be-planned marine life protection area in the Pacific Ocean, Obama recalled:

“Growing up in Hawaii, I learned early to appreciate the beauty and power of the ocean,”

Well, you know the ocean’s beauty and power are one thing but, whoa, how about that “sonic cannon?” Obama saveth in the Pacific and selleth in the Atlantic, yet the world’s oceans are all one. Ah, trade-offs.