“A few years ago Antonov moved almost all Snoras’ liquid assets, $400-500 million worth, to foreign accounts. He disguised the fraud under a series of loans which the bank allocated to front companies with no real asset backing.”
Is Saab betting on being saved by a man with a mile log rap sheet? We are not talking Vladimir Antonov. We are talking Alex Mascioli.
On Wednesday, Swedish Automobile N.V. including Saab Automobile AB published its 3rd quarter 2011 report. It is a report written in red ink. It talks about the well documented troubles with China and GM. It mentions that there is “a memorandum of understanding for a conditional agreement for the sale of Spyker Automotive business to North Street Capital with net proceeds for Swan of EUR 32 million.”
The report then says:
“The future of Swan will depend on the outcome of these negotiations.”
A lot has been written about the Chinese aspect. Very little is known about the mysterious North Street Capital, LP, of 500 West Putnam Avenue, Suite 400, Greenwich, Connecticut 06830. Some claim it works out of a virtual office. The company is so discrete that its website shows a white page (at least on my browser.) What is known is that the alleged hedge fund is owned by an alleged car enthusiast (aren’t we all) by the name of Alex Mascioli. His track record in the world of car racing and the world of finance is sketchy at best. Whoever hinges the future of Swan on Mascioli and North Street Capital should do some due diligence.
The Florida legislature’s authorization of red light cameras last year was superfluous, a divided state Court of Appeals panel ruled yesterday. The majority sided with the city of Aventura in overturning a Miami-Dade County Circuit Court decision from last year that found Aventura had jumped the gun by giving American Traffic Solutions (ATS) a green light to mail out automated tickets without waiting for the state’s permission.
Florida law does not allow a city to adopt an ordinance in conflict with a state statute. The majority argued a provision requiring traffic officers only to issue traffic tickets for violations they personally observed is not in conflict because the same officers can “observe” the infraction on video under the Aventura photo ticketing ordinance.
Maryland state law prohibits municipalities from paying contractors to operate speed camera and red light cameras on a per-ticket basis. In an October 27 ruling, the Court of Special Appeals found that localities are free to ignore this legal requirement.
A group of motorists in 2008 filed a class action lawsuit against Montgomery County, the cities of Rockville and Gaithersburg, and Chevy Chase Village because each paid Affiliated Computer Services (ACS) $16.25 for each ticket the company issued, in violation of the statute.
“If a contractor operates a speed monitoring system on behalf of Montgomery County, the contractor’s fee may not be contingent on the number of citations issued or paid,” state code section 21-809 states.
If GM needed another reason to let Saab die on the vine, it just arrived: Vladimir Antonov, the Russian banking scion, longtime partner with Victor Muller in Spyker, and erstwhile Saab rescuer is wanted in connection with what the UK Press Association [via Google] calls
a pre-trial investigation into an alleged fraud and money laundering case that is threatening to destroy two Baltic banks.
Bertel noted earlier that Snoras, one of Antonov’s banks, had been forced to halt operations, but the issuing of a Europe-wide arrest warrant for Antonov is an even bigger black mark on the Russian financier. And it adds to an already-impressive family resume: Antonov’s father Alexander was shot seven times in a 2009 assassination attempt that has been connected to a Chechen blood feud, and the family has been accused of ties to organized crime by the FBI and Swedish authorities.
Prince George’s County, Maryland judges are tired of complaints that photo enforcement citations are inaccurate or otherwise invalid. To speed proceedings on “speed camera day” when automated citation cases are heard, at least one judge is cautioning motorists not to bother attempting to prove their innocence, regardless of the merit of their argument.
“This is a speed camera violation session,” District Judge Jean S. Baron said on November 9. “The only defense the court is going to accept is if you were not the driver of the vehicle and you have the name and the address of the person who was driving and you present that to the court under oath, I will accept that as a defense. Please don’t tell me that you know you couldn’t have been going that fast or there’s something wrong with the equipment.”
Private citizens can arrest other motorists suspected of driving under the influence of alcohol (DUI), the Louisiana Court of Appeals ruled Tuesday. A three-judge panel considered the case of Tracy L. Common who was stopped in Westwego by Gretna Police Detective Brian Rico at 9pm on December 31, 2006. Rico was off-duty and outside his jurisdiction.
That night, Rico saw Common’s Chevy S-10 pickup truck swerving on the road and felt the driver was seriously impaired. He activated the lights on his unmarked car and conducted a stop without waiting for the local police to arrive. When Common hopped out of the car, Rico conducted a pat-down search which turned up 50 pills and $1100 in cash. A later search of his car by local police uncovered $2000 and some marijuana.
Though Rico was a police officer, the court assumed he was acting as an ordinary citizen, citing the 2008 appellate case Louisiana v. Lavergne which upheld a DUI traffic stop performed by a volunteer firefighter from Texas.
Investors in Redflex Traffic Systems were resigned toward the photo enforcement vendor’s declining US performance at Wednesday’s annual shareholder meeting in Melbourne, Australia. The company has lost significant US market share and profit as more cities reject automated ticketing machines. Nonetheless, large executive compensation packages were approved without the dissent found in past meetings.
Shareholders signed off on a $324,926 salary for chief executive Graham Davie, plus $194,956 in stock for a total of $519,882 — a raise of 3.6 percent. Board member Karen Finley’s salary increased 3 percent to $318,270 plus $196,060 in stock for a total of $514,330. Finley is in charge of US operations which saw a drop in profit from the first and second half of the year of 7.4 percent.
Redflex has also lost its position as the dominant player in the automated ticketing market to American Traffic Solutions which has used funds invested by Goldman Sachs to buy out smaller competitors and take on their municipal contracts. ATS now boasts the greatest number of cameras deployed.
In a decision with wide-ranging implications for people who might check their email on an iPhone while stopped at a traffic light, the California Court of Appeal ruled Monday that it was a crime to use a phone at any time behind the wheel of a stationary or moving vehicle.
Three days after Christmas in 2009, a motorcycle cop in Richmond pulled up to a red light and noticed Carl Nelson, driver of the stopped car next to him, appeared to be making a cell phone call. Nelson put down the phone as soon as he saw the officer. Nelson said he was just checking his email while waiting for the light to turn green. The Golden State banned the use of handheld cell phones while driving in July 2008.
“A person shall not drive a motor vehicle while using a wireless telephone unless that telephone is specifically designed and configured to allow hands-free listening and talking, and is used in that manner while driving,” the law states.
Although the city council in Redmond, Washington has decided to cancel its red light camera contract, the city continues to block the effort to let voters have a say in the decision. In court papers filed Monday, local activists cited election results in the cities of Bellingham, Longview and Monroe to convince King County Judge Laura C. Inveen to reconsider her October 11 ruling that it would be a “useless act” to put an advisory measure on the ballot.
“Under the local initiative process, the city clerk had a clear duty to transmit the petition to the county auditor,” Judge Inveen ruled. “That mandamus will not lie to compel the useless act of transmitting the initiative to the county auditor where the initiative is invalid according to the Court of Appeals’ recent decision, American Traffic Solutions v. Bellingham.”
Drivers cannot be pulled over if they peel out from an intersection with a bit of tire squeal, Alaska’s second-highest court ruled Thursday. In countries like Australia, a similar chirp of the tires could lead to the impounding of the vehicle under “anti-hoon” laws that generate millions in revenue. A three-judge panel in The Last Frontier was more forgiving when considering the fate of Vernon Burnett who was pulled over after midnight on September 20, 2009.
Alaska State Trooper Lucas Altepeter saw Burnett’s truck stop, then spin its tires one-third of the way through the intersection while turning left in the city of Bethel. Burnett made no driving errors, but Trooper Altepeter decided to stop him anyway, as he had “never seen somebody accidentally lose traction and spin their tires as fast and as far as this particular vehicle did.” The trooper believed he could write a citation for the tire spinning alone. A district court judge agreed, saying the the spinning was sufficient proof of negligent driving. The appellate court sided with Burnett.
The US Supreme Court ruled 27 years ago that police could not forcibly enter someone’s home over suspected drunk driving. The Fourth District US Court of Appeals in an unpublished decision is looking to change the precedent. A three-judge appellate panel considered the case of Alan J. Cilman who had filed a false arrest lawsuit after Officer M.A. Reeves busted down his door, without a warrant, on October 3, 2004.
Automated ticketing vendor American Traffic Solutions (ATS) filed suit Tuesday against Knoxville, Tennessee for its failure to issue tickets for turning right on a red light — and that is costing the company a lot of money. A state law took effect in July banning the controversial turning tickets, but the Arizona-based firm contends the law should not apply to their legal agreement with the city, which anticipated the bulk of the money to come from this type of tickets.
Municipalities were disappointed in August when Attorney General Robert J. Cooper Jr shot down the argument that this statute somehow did not apply to existing contracts, writing that “the parties have no vested right in a particular level of revenue” (view opinion). ATS disagrees.
Sixty-one million dollars a year is a lot of money. That is the revenue Chicago’s red light camera program program generated in 2010. Based on reports from the Chicago Department of Transportation (CDOT), a proposed speed camera enforcement program being pushed by Mayor Rahm Emanuel (D) would make the city’s red light camera program look penny ante in comparison.
The Expired Meter obtained the results of three studies conducted by CDOT over the past few years which shed light on how lucrative the speed camera business could be for Chicago. Data from these reports seem to indicate that revenue from speed cameras could generate hundreds of millions of dollars in fines for a desperate, cash-strapped city.
Refusing to get out of a vehicle during a traffic stop does not justify a search of the automobile, the California Court of Appeal ruled Friday. The three-judge panel further developed the US Supreme Court’s finding in Arizona v. Gant that arresting a motorist does not automatically authorize a warrantless search.
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