Northwest Pipe Appoints Richard A. Roman Chief Executive Officer; Brian W. Dunham Continues as President

April 3, 2010 By Leave a Comment

VANCOUVER, WA, Apr 02 (MARKET WIRE) —
Northwest Pipe Company (NASDAQ: NWPX) today announced that the Board of
Directors has accepted Brian Dunham’s resignation as Chief Executive
Officer, and appointed Richard A. Roman to serve as Chief Executive
Officer of the Company. Mr. Roman has been a member of the Company’s
Board of Directors since 2003, and remains on the Board. Mr. Dunham will
continue to serve as President and as a member of the Board of Directors.

Mr. Roman joins the Company from Columbia Ventures Corporation (CVC),
where he has been President since 2002. CVC is a private investment
company with significant holdings in the United States and Europe. During
more than 17 years at CVC, Mr. Roman has served in a variety of
capacities including Chief Operating Officer and Chief Financial Officer.
Prior to joining CVC in 1992, Mr. Roman was a partner at the independent
accounting firm of Coopers & Lybrand.

Mr. Roman has served on the Audit Committee of the Board, which, as has
been previously disclosed, is conducting, with the assistance of
independent professionals, an ongoing internal investigation of certain
accounting matters, including certain revenue recognition practices. As
CEO, Mr. Roman’s initial primary focus will be on achieving a resolution
of these issues.

“I believe this change is in the best interests of the Company as we
continue through our investigation of accounting matters,” said William
R. Tagmyer, Chairman of the Board. “This investigation has placed
significant demands on the Company and Rich Roman’s addition will help
bring these issues to resolution. It is important during this period to
maintain and strengthen our focus on our operations and opportunities. As
President, Brian Dunham’s time and energy will be concentrated on the day
to day operations of the Company.”

About Northwest Pipe Company

Northwest Pipe Company manufactures welded steel pipe and other products
in two business groups. Its Water Transmission Group is the leading
supplier of large diameter, high-pressure steel pipe products that are
used primarily for water infrastructure in North America. Its Tubular
Products Group manufactures smaller diameter steel pipe for a wide range
of applications including construction, agricultural, energy, traffic and
other commercial and industrial uses. The Company is headquartered in
Vancouver, Washington and has manufacturing operations in the United
States, Mexico, and Indonesia.

Forward-Looking Statements

This press release includes “forward-looking” statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Words
such as expects, anticipates, intends, plans, believes, sees, estimates
and variations of such words and similar expressions are intended to
identify such forward-looking statements. Such statements reflect
management’s current views and estimates of future economic and market
circumstances, industry conditions, Company performance and financial
results. Actual results could vary materially from the description
contained herein due to many factors, including the completion of the
Audit Committee’s investigation, the completion of any additional
accounting work required as a result of the Audit Committee’s
investigation, the completion of the Company’s consolidated financial
statements for the quarter ended September 30, 2009 and for the year
ended December 31, 2009, the completion of the quarterly review and
annual audit, respectively, of such financial statements by the Company’s
independent registered public accountants, the risks related to the
continuation of the Company’s inability to file required reports with the
Securities and Exchange Commission, continued poor or further weakened
domestic or international economic conditions, risks related to project
delays, risks related to changes in bidding activity, market demand,
operating efficiencies, availability and price of raw materials,
availability and market acceptance of new products, product pricing,
competitive environment, and other risks described from time to time in
the Company’s reports to the Securities and Exchange Commission. The
forward-looking statements we make today speak only as of today and we do
not undertake any obligation to update any such statements to reflect
events or circumstances occurring after today.

CONTACT:
Stephanie Welty, Chief Financial Officer
360-397-6323

Copyright 2010, Market Wire, All rights reserved.

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Lehman takes middle road on plan for creditors

March 17, 2010 By Leave a Comment

(Reuters) – Lehman Brothers Holdings Inc (LEHMQ.PK), which filed for bankruptcy in September 2008, wants to take a “middle of the road” approach to repaying creditors, hoping for a consensual outcome that avoids litigation.

The move may please some creditors and frustrate others, but Lehman says its main goal is to achieve a settlement as soon as possible.

“What we’re trying to do is 1) maximize value for all creditors and 2) expedite the return of assets to creditors as quickly as possible,” Lehman’s president and chief operating officer John Suckow said in an interview with Reuters on Tuesday.

In Lehman’s initial reorganization plan filed on Monday, the company unveiled a plan to repay secured and unsecured creditors and said it would seek to resolve its bankruptcy case by creating a new unit, LAMCO, to manage what is left of the bank’s commercial real estate, mortgages, principal investments, private equity, corporate debt and derivatives assets.

But almost as important as what Lehman has proposed, is what it has not proposed. It could have taken the tack that creditors claims against various Lehman entities should all be pooled using a “substantive consolidation” process that would not distinguish as much between creditors with strong and weak claims to its assets. Or it could have set up a process where each claim would be litigated individually.

“Between those two extremes, we’re trying to put forward an economic settlement plan that avoids the litigation involved with a substantive consolidation approach and avoids litigation that would come from a case by case resolution,” Suckow said.

One aspect of the plan is that it tries to resolve Lehman’s issues with so-called “guarantee claims,” where the bank’s third-party creditors and affiliates have said they are owed money based on guarantees provided by the parent company. These guarantees are important to Lehman’s various counterparties, such as hedge funds, that traded derivatives and other assets with Lehman.

In some cases, several parties — such as a hedge fund and a Lehman subsidiary could file claims against the parent stemming from the same dispute — essentially leaving Lehman with double claims.

Lehman chief executive Bryan Marsal said in a statement on Monday that one of the “core” aspects of Lehman’s plan was that guarantee claims “should not exceed the actual liabilities to Lehman’s third parties on a worldwide basis.”

In the company’s proposed reorganization plan, it said creditors with third-party guarantee claims could recover up to $94.1 billion, while affiliate creditors with guarantee claims could recover up to $21.2 billion.

“A fundamental goal of the plan is to first deal with third party creditor claims of all estates and then deal with claims filed by affiliates,” Suckow said.

“We’re hoping to rally people around this concept. If this does not work, then we have not ruled out substantive consolidation.”

Lehman is currently negotiating with creditors and plans to ask the bankruptcy court for approval to file a disclosure statement in mid-April that would provide further details on its reorganization plans and the state of the business, according to court papers it filed on Tuesday.

Dennis Dunne, an attorney for Lehman’s official committee of unsecured creditors, did not return a call seeking comment on Tuesday.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.

(Reporting by Emily Chasan; editing by Andre Grenon)

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Yogurt could help gastric-bypass patients lose weight more quickly

July 14, 2009 By Leave a Comment

Washington, July 14 (ANI): Taking probiotics after Roux-en-Y gastric bypass surgery can help obese patients to lose weight more quickly, according to a new study.

Probiotics are the so-called ‘good’ bacteria found in yogurt as well as in over-the-counter dietary supplements that help in the digestion of food.

New research from the Stanford University School of Medicine and Stanford Hospital and Clinics suggests that patients who take probiotics after the gastric-bypass procedure tend to shed more pounds than those who don’t take the supplements.

“Surprisingly, the probiotic group attained a significantly greater percent of excess weight loss than that of control group,” said John Morton, MD, associate professor of surgery at the medical school who wrote the paper with lead author Gavitt Woodard, a third-year medical student, and five other medical students at the Surgery Center for Outcomes Research and Evaluation in Stanford’s Department of Surgery.

The researchers followed 44 patients on whom Morton had performed the procedure from 2006 to 2007. Patients were randomized into either a probiotic or a control group.
oth groups received the same bariatric medical care and nutritional counseling, as well as the support of weight-loss study groups. Both groups also were allowed to consume yogurt, a natural source of probiotics.

In addition, the probiotic group consumed one pill per day of Puritan’s Pride, a probiotic supplement that is available online and in many stores. Morton has no financial ties to the company that makes the supplement.

The study showed that at three months, the probiotics group registered a 47.6 percent weight loss, compared with a 38.5 percent for the control group.

The study also found that levels of vitamin B-12 were higher in the patients taking probiotics – a significant finding because patients often are deficient in B-12 after gastric-bypass surgery.

The probiotics group had B-12 levels of 1,214 picograms per milliliter at three months, compared with the control group’s levels of 811 pg/mL.

Morton said he now recommends probiotic supplements to his patients, and he plans to continue to look for ways to enhance the outcomes from the procedure.

The study has been published in the July issue of the Journal of Gastrointestinal Surgery. (ANI)

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Bruce Willis slammed over private airport plans in Idaho

July 14, 2009 By Leave a Comment

London, July 13 (ANI): Bruce Willis has incurred the wrath of local critics over his plans to build his own airport near his ski lodge, the Soldier Mountain resort, in Idaho.

The ‘Die Hard’ star reportedly wants to have the private airport close to the small town of Hailey, where he moved almost 20 years ago.

But local residents have criticised the actor for eyeing entry into the aviation business, leaving managers to worry about Hailey’s own airport, Fried-man Memorial.oth airports want 8,000ft runways, long enough for big passenger jets, but they may be too close together, said an aviation expert.

“The authorities will have to rule which is the safest. Friedman has a solid record but it is boxed into canyons. Willis carries a big stick and offers fresh employment opportunities,” the Daily Express quoted the expert as having told Britain’s The Sunday Times. (ANI)

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Meet the Indian teenage toddlers

February 11, 2009 By Leave a Comment

London, Feb 11 (ANI): Azad Singh and sister Laxmi Yadav are grown-up teenagers, but they have not grown at all since they were five or six and still look like little kids.

The pair, who live in Haryana, India, have not been through puberty due to a rare congenital disorder.

And much to their misfortune, their poor parents cannot afford to pay for hormone treatment which might allow them to reach adulthood.

At 3ft, Azad is studying for A-Levels in English and Maths with the help of a tutor and wants to train as an engineer, while Laxmi, who is 3ft 3ins, is at high school taking the equivalent of her GCSEs.

However, the duo has to remain in their short bodies for the rest of their lives because necessary hormone injections should normally be given before the age of 16 or 17.

The teenagers will continue to live with their mum Manju Bala, dad Bahadur Singh, a casual labourer, and sister Suman Yadav, 12, who is normal height. oth Azad and Laxmi ride children’s bikes, which is made out of second-hand spare parts, and wear clothes made for four or five-year-olds.

“I’m taking my exams in April. I’m doing a lot of revision and hard work,” The Mirror quoted Azad as saying.

He added: “When I go out, such as to walk to my tutor’s house, my mum has to come with me.

“People think I’m still a kid and need looking after. If Laxmi or I go out alone, people stare and gather round us. Some unkind people even shout names at us in the street. So we normally have our parents or sister Suman with us.

“I cannot hang out with boys my age, because they say I cannot keep up with them. But I have two friends at school who spend time with me, and don’t mind that I’m small.”

Laxmi said: “When we were younger our parents had to change our school because the other kids laughed at us because of our size.” (ANI)

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