Celebrities may be accused of using jewelry and fashions to promote themselves, but one star is actually in trouble for inadequate promotion. The controversy centers around actress Sarah Jessica Parker, who is facing legal action from a British jewelry company that claims she has not done enough to promote its products.
Named after the actress, the new line of jewelry was produced by Kat Florence Design. In its breach of contract lawsuit filed in a U.S. federal court in New York, the company stated that Parker failed to fulfill the obligations stated in her contract, which promised her $5 million plus 10 percent of the company’s jewelry sales. The company claimed that after her initial involvement in the project and receipt of her payment, the actress failed to carry out her end of the agreement. She reportedly did no work for the company for a period of five months and did not even attend the party that was intended to help launch the jewelry line.
According to her contract, Parker was to have participated in numerous promotional events, including interviews, photographic sessions and an appearance at the opening of the company’s store in London. The store was established for the specific purpose of displaying the jewelry, but its subsequent closure was blamed directly on the inaction of Parker. Kat Florence further claimed that her inactivity has cost the company millions of dollars and essentially doomed the jewelry project. The lawsuit has targeted Parker and Tandu Productions, the company she created.
In successful breach of contract lawsuits, defendants can be forced to pay monetary damages or may even be required to carry out their required commitments. In this case, Kat Florence is demanding financial compensation for the losses it has incurred in the jewelry project. It has also asked for compensatory damages, which are intended to return an aggrieved party to the way it was prior to a conflict. The lawsuit can be read in its entirety at www.courthousenews.com/wp-content/uploads/2018/04/sjp-jewel.pdf.
Parker gained fame for portrayal of the character Carrie Bradshaw in the television series “Sex and the City,” which was in production from 1998 to 2004. Additionally, she has been associated with a variety of products, including her own perfume and her own line of fashions. Her promotional work included a $38 million contract with the Gap clothing store.
In a challenge to the authority of the Consumer Financial Protection Bureau, the United States House of Representatives voted to overturn an Obama-era rule aimed at preventing discrimination against consumers obtaining car loans. Based on a 234-175 vote mostly along party lines, the House struck down the rule that prevented auto lenders from having the ability to charge higher fees to buyers based on not only their credit score, but also national origin or race.
The rule, first implemented in 2013, was initially voted on in the U.S. Senate in April, where members determined they had the votes needed to repeal the rule. Once this vote was taken, the Government Accountability Office decided it was legal to reverse the rule, based on procedures contained in the Congressional Review Act.
Strongly opposed from the beginning by the National Automobile Dealers Association, the rule was viewed by NADA as an obstacle that severely limited the flexibility dealers would normally have to provide discounted auto loans to their customers. According to Peter Welch, who serves as NADA President, the rollback of the rule will now let local dealerships across the nation exercise their judgment in attempting to provide customers the best options for financing a vehicle.
However, as it usually is with any type of political decision, there is an opposite reaction to the ruling. According to attorneys representing the Center for Responsible Lending, there is now concern that by overturning the law, other federal agencies may be at risk of having their rules also overturned, especially those that focus on protecting consumers from predatory lenders.
Based on the actions of the House and Senate, many questions have now arisen as to how many more agencies similar to the Consumer Financial Protection Bureau will have their rules dismissed by the federal government. As the resolution voted on by Congress now heads to the desk of President Donald Trump for his signature, the debate continues as to how effective the Consumer Financial Protection Bureau will be in the months and years ahead. While some applaud the additional freedoms now granted to individual businesses, others view the ruling as the first step in what could be a long line of rules and regulations being overturned. To learn more about the ruling and additional details surrounding the fate of the Consumer Financial Protection Bureau, please visit the link to this article at Reuters.com.
Nearly two years after being rocked by an investigation, Visium Asset Management continues to wind down its business. In June 2016, the SEC and the U.S. Attorney’s Office laid charges emanating from bond mis-marking and inflated portfolio assets as the result of evidence brought forward by whistleblower Jason Thorell.
Thorell’s concerns over mispricing surfaced in June 2013 when he raised the issue with Visium’s founder and CIO, Jacob Gottlieb while recording the conversation. Thorell subsequently reported his concerns to the SEC and in collaboration with the FBI and the SEC, Thorell spent more than two years gathering evidence in the form of hundreds of hours of recorded conversations. This evidence triggered an investigation into Visium’s holdings and resulted in the charges brought against two former employees. Despite the fact that only 2% of the company’s employees were involved, the charges resulted in the very public destruction of the $8 billion firm and left over 170 employees suddenly without jobs.
Today, the SEC settled charges against Visium Asset Management for insider trading and inflation of fund returns.
The only person remaining at the firm is Jacob Gottlieb, and he continues his work as CIO as Visium winds down. Gottlieb founded Visium in 2005 with a vision of creating a healthcare-focused hedge fund that would put company culture and employees first. Before creating Visium, Gottlieb had been an extremely successful portfolio manager at several other firms. However, he noticed that many companies had a cutthroat culture and suffered from a lack of team work and leadership support. Gottlieb wanted Visium to be different and he sought to create a company that offered employees a positive and collaborative culture, long-term career opportunities, and professional development.
Gottlieb’s long and deliberate recruitment process assessed not only skills and experience but also, and most importantly, cultural fit. New employees were supported with a formal onboarding process and regular meetings with Gottlieb himself to assess progress and set goals. New portfolio managers were also paired with research dirtectors to support them through the initial learning period, help them identify mistakes, and provide ongoing coaching on how to improve. With this strong support system, Visium portfolio managers were successful; and at its peak in 2016, the company had the aforementioned 170 employees and $8 billion in AUM.
Given the supportive environment that fostered many Visium employees to launch successful careers beginnings, it didnt’ come as a surprise when many of them were quickly picked up by competitors in 2016. Being accustomed to Gottlieb’s nurturing leadership style, the former employees quickly realized the sink-or-swim mentality that their new employers harnessed. 20 Visium employees were poached by Aptigon Capital, a subsidiary of Citadel, at the first sign of the unfurling insider trading scandal. Citadel founder and CEO, Ken Griffin lured employees away from Visium with generous pay packages and the promise of managing $1 billion portfolios. Griffin’s no stranger to poaching talent and has been quoted as saying “the talent you want to hire is the talent you want to pull from someone else.”
What Visium employees didn’t realize was that Griffin would live up to his reputation as an unforgiving boss who is quick to dismiss employees. Part of Griffin’s promise to employees was that they would receive the support of analysts to service their portfolios, but this promise went unfulfilled leaving the managers overworked and under-resourced. The Visium employees were also burdened by Aptigon’s aggressive fee structure. The higher fees Aptigon demanded meant that the managers needed to achieve higher returns than they were used to, without the assistance of the skilled analysts and collaborative culture that they were accustomed to under Visium (and Gottlieb)’s leadership. As a result, of the 20 Visium portfolio managers recruited by Aptigon, only two remain less than two years later.
The fall of Visium was caused by the actions of a small number of employees escaping detection for a short period of time- as confirmed by the SEC’s recent press release earlier today. Ultimately, many have suffered from the resulting layoffs and the lack of professional success at other firms, like Aptigon. To further illustrate the scope of the issues resulting from the dissolution of Visium, we can look at the fate of employees who have gone to competing firms. At the same time Aptigon was recruiting Visium employees, other Visium portfolio managers joined rival firm AllianceBernstein Holding LP. Although the Visium employees have been successful at AllianceBernstein, their success is lining the pockets of the foreign-owned parent company, AXA. Through Visium’s downfall, the American economy has lost talented workers and money to foreign-based entities.
The fate of the 170 innocent people who’ve suffered as a result of the events at Visium is often overlooked. The magnitude of the inflated assets are estimated to be approximately $4.5 million …a relatively small amount considering that it has forced the closure of an $8 billion company and the loss of 170 jobs. In the epilogue, there is no doubt that Gottlieb’s Visium was a firm with good intentions; a positive firm for investors and employees. The impact of Visium’s closure extends well beyond the named parties. Is this justice?
Those who are following special counsel Robert Mueller’s investigation into alleged Russian interference with the 2016 presidential election are aware of the fact that 13 Russian citizens and 3 Russian businesses have been indicted for allegedly interfering with the election. Since all of the individuals and entities that are facing charges are in Russia, nobody really thought that that any of them would appear in court. Now, one entity has appeared by and through the law firm of Reed Smith, LLP out of Pittsburgh. The law firm is representing corporate defendant Concord Management.
Upon filing its appearance on behalf of Concord Management, Reed Smith filed numerous disclosure requests seeking facts and documents that aren’t available to the general public involving sensitive information into the alleged Russian interference probe. Concord Management is to be arraigned shortly, but now, Mueller’s team has asked that the arraignment be put over to another date. The basis of the teams’ motion was that regardless of the fact that Concord Management had generally appeared in the case through its attorneys, the prosecution wanted to be sure that the company had been properly served.
What comes to issue is the fact that a defendant can waive service under the circumstances by generally appearing through its attorneys. The prosecution argued that Concord Management’s attorneys have sought production of “sensitive intelligence gathering, national security and foreign affairs information.” Concord Management’s attorneys argued that the company voluntarily and generally appeared through counsel as opposed to entering a special and limited appearance contesting jurisdiction. Concord Management’s attorneys further advised that the company intends to enter a not guilty plea at the time of arraignment. They went on to say that the special counsel’s motion to continue Concord Management’s arraignment pettifoggery.
Pettifoggery might be defined as quibbling over trifles or trivia. Judge Dabney Friedrich agreed with Concord Management’s attorneys, and the arraignment date stands. Whether special counsel intends on disclosing the information sought by Concord Management’s attorneys remains to be seen. It’s likely that special counsel will object to the scope of the disclosure request due to national security concerns. That will prompt a motion to compel production of the documents sought. Judge Friedrich will then be called upon to rule on any such objection.
Prison inmates and their families know that it’s expensive to make calls from prison. One prison inmate reports spending more than $130 per month to make a 20-minute phone call each day. Prisoners say that it’s a way to kick inmates and their families when they’re already down. They say that it’s an easy way to soak families who are desperate to maintain relationships despite incarceration.
However, the Court of Appeals said that the FCC overstepped its bounds when they placed a cap on the costs of phone calls from prison. In the case Global Tel-Link v. FCC, the Court of Appeals said that the FCC doesn’t have the authority to regulate the cost of prison phone calls. In addition, they said that the way the FCC chose to regulate the phone calls doesn’t make any sense.
The telecommunications companies say that their costs are justified. They say that providing phone monitoring is expensive. They say that providing phone service to prison inmates is different than providing phone service to any other entity.
Inmates say that the cost of the technology to make phone calls from prison has decreased dramatically. They say that it just doesn’t cost what it used to for inmates to stay in touch with their loved ones during their period of incarceration. They say that phone calls today are no more expensive than a typical cell phone plan with a recording system attached. They say that it’s no longer the long-distance calling system that it used to be.
Advocates for inmate groups say that the real problem is the commissions paid to law enforcement agencies for the calls. Prison managers choose phone contractors by a competitive bidding system. To secure a bid to provide prison phone service, most of the phone companies pay a commission back to the prison or other law enforcement agency. That is, the prison receives a percentage of what the prison spends on the phone call.
Advocacy groups say that kickbacks are an unfair incentive for prisons to keep prices high. They say that it’s not in the best interests of inmates and their families. They say that evidence shows that inmates who stay in touch with their families do much better after they return to society. They say that the families of incarcerated individuals should not have to choose between putting food on the table and speaking to their loved one. Despite the court’s ruling, the issue of the high costs of prison phone calls continues to be a matter of discussion and debate.
Green cars are often praised for being a good thing. They are clean, do not make a lot of noise and are better for the environment than traditional cars. However, there have been safety concerns raised. When the green car travels at 20 MPH or less, they cannot be heard. That is why they present a danger to pedestrians.
Kevin Clinton works for the Royal Society for the Prevention of Accidents. He stated that accidents are much more likely to occur when there are green cars in urban areas. However, a new law will make it safer for pedestrians. In July 2019, every green car that is sold in Europe will be required to make a noise when they are traveling at a low speed. Every existing car will need to be fitted with a noisemaker by the year 2021.
James White works for the Guide Dogs for the Blind Association. He agrees with this new law because he is worried about the visually-impaired people who walk the streets daily. Studies have shown that a pedestrian is 40 percent more likely to be hit by a green car. Many visually-impaired people use guide dogs, and it gives them a false sense of security.
There are currently 140,000 electric vehicles in Britain. In 2013, there were only 3,500 green cars. It is estimated that nine million electric cars will be on the road by the year 2030. Politicians have stated that electric cars are the vehicles of the future. They agree with the law that will make electric cars produce more noise.
Sally Longford works for the Nottingham City Council. She stated that they are hoping that 8,000 more green cars will be on the road by 2020. She also stated that she looks forward to seeing more policies implemented that will make the roads safer for pedestrians.
A bill currently under consideration in Colorado would enable law enforcement officials to remove the guns of people deemed to present a safety risk. Under the terms of the bill, law enforcement or family members may petition a judge for an order that would force the person to turn over the guns for a period of six months. The person is entitled to a hearing within seven days after the order is granted.
Red Flag laws, like the one Colorado is considering, are already in place in eight states with over a dozen more poised to follow. The Colorado bill sparked intense debate in a state that has endured multiple mass shootings, including the Aurora Theatre shooting, and has one of the highest percentages of gun owners. The gun lobby organization, Rocky Mountain Gun Owners, quickly called on its 200,000 Facebook followers to contact the bill’s sponsors and speak against the gun control measure.
One of those sponsors, State Representative Cole Wist, insisted the bill protects the rights of gun owners. Wist, a Republican, highlighted the due process protections included in the bill while pointing out the need to give family and police options for avoiding potentially dangerous situations. This need was echoed by Sheriff Tony Spurlock who held a press conference in support of the bill.
On December 31, 2017, one of Sheriff Spurlock’s deputies, Zackari Parrish, was killed during a confrontation with Matthew Riehl who was also killed in the incident. The 37-year-old Riehl had a history of harassing and threatening people including family members, his professors, and local police officers. While officers were trying to take the mentally ill man into custody using a mental health hold, Riehl opened fire on them injuring four deputies and killing Parrish. Riehl’s mother expressed frustration about the deadly outcome especially since his family repeatedly sought help for him.
State Senator John Cooke sympathizes with both sides of the debate. A former sheriff, he understands the need to prevent a mental health issue from becoming a mass shooting incident. However, the Republican Cooke fears that red flag laws open the door for misuse by the government. The difficulty, he explained, is in crafting a bill that protects the public without taking away the rights of individuals.
Attorney John Dowd said he had enough, and White House lawyer Ty Cobb is unhooking his legal wagon from the Trump legal train this month. It sounds like Trump needs a fresh group of lawyers who are itching to make a name for themselves in the world of high-profile legal cases. And it sounds like he found at least one of those legal titans in Rudy Giuliani. Giuliani is already showing his legal prowess by letting the world know Trump paid attorney Michael Cohen back for the $130,000 payment he gave Stormy Daniels. According to some legal experts, Giuliani is trying to say Trump’s campaign didn’t violate any campaign finance laws because it was Trump’s money that paid Daniels.
Giuliani is a top-notch legal attack dog. But when the White House said Emmet Flood, Clinton’s impeachment attorney, was joining the Trump legal dream team, people around the president knew it was game on. Trump’s legal dream team wants to stop Mueller’s attempt to show Trump’s campaign broke the rules. Giuliani, Flood, and attorney Jay Sekulow have strong schoolyard fighting credentials, but another high-powered attorney will also join the team in the weeks ahead. Trump seems to be circling his legal wagons because Mueller’s investigation is getting under his skin and pressing on that one knee-jerk nerve of his.
Ty Cobb wants the president to sit down with Mueller and answer questions, but Trump’s other attorneys are afraid Trump’s “shoot from the hip” answering style could backfire. That would give Mueller what he needs to prove Trump did obstruct justice when he fired Comey, and when Jeff Sessions recused himself from the Russian investigations.
All the signs for a showdown at the White House corral are surfacing now that Giuliani, Flood, and lawyer Jay Sekulow are working together. Trump knows Mueller has some dirt to throw against the wall. And Trump hopes his legal attack dogs can save him from the stench that dirt is going to create around Washington and the country.
The Section 8 housing program is designed to make housing more affordable for people. However, there are many landlords in Charlotte, North Carolina who refuse to rent to people who have Section 8 vouchers. It may be unethical, but it is still legal. Mark Poulton is a property owner who has dozens of houses in Charlotte. He stated that there is a great demand for housing in his area.
Mark stated that he is selective about who he rents to. He refuses to rent to people who have Section 8 vouchers. He stated that the property has to be inspected before someone with a Section 8 voucher can move into it. This can take two weeks, which causes the landlord to lose money.
Shelly Fenly and Angela Hargrove are both Section 8 recipients. They stated that they have both had multiple landlords turn them down. Shelly stated that she had been turned down by 15 landlords.
Angela stated that she has faced a lot of discrimination because she was on Section 8. She stated that she has been treated like a bad person just because she was on Section 8. She believes that it is a form of income discrimination. A spokesperson for the Charlotte Housing Authority has stated that discriminating against people who have Section 8 makes it harder for people to get affordable housing.
Both Angela and Shelley believe that the laws should be changed so that landlords cannot refuse people with Section 8 vouchers. Braxton Winston III works for the City of Charlotte. He stated that everyone has the right to safe and affordable housing.
He also stated that if the laws are changed in Charlotte, then the issue may be taken to the state. It will be a lot like the situation that happened with the HB2 bill.
Michael Cohen, Trump’s Rottweiler-type attack attorney is getting a little love from his man crush in the form of legal payments. According to ABC News, the Trump campaign covered almost $228,000 of Cohen’s legal expenses between October 2017 and January 2018. And According to Federal Election Commission records, three payments from campaign funds went to McDermott Will and Emery, the law firm where Cohen’s attorney, Stephen Ryan is a partner. The payments were for “legal consulting” work, according to those records. An ABC News report claims those payments were for Cohen’s legal defense. And that may be a violation of campaign finance laws, according to that ABC News report.
Mr. Cohen claims he didn’t have a formal role in Trump’s campaign. According to campaign finance laws it’s illegal to use campaign funds for personal use. That means there is some explaining to do according to the chief of strategy at the nonprofit watchdog group Common Cause, Stephen Spaulding. Spaulding said the payments to Cohen are on shaky legal ground. Like most of Trump’s business and political maneuvers, there is an unethical shroud hanging over those payments, according to some legal experts. If those payments are for legal work on the Stormy Daniels issue, there could be another problem in Trump’s presidential legal wheelhouse.
No one is sure what the payments to Mr. Cohen are for unless legal consulting is an appropriate way to describe getting a mentor out of a lot of trouble over the years. According to various media sources, Mr. Cohen has a reputation for using strong-arm tactics to protect Trump’s interest in some of his sketchy personal and business deals. Michael Cohen isn’t commenting on the payments. And the White House isn’t talking about them either.
There is a lot of mud in the swamp where Cohen and Trump meet to discuss how they will handle the next Stormy Daniels type case. Or how they will handle another piece of Trump’s alleged connection with Russia when it surfaces.
Mr. Cohen is the topic of an investigation by the U.S. Attorney’s Office for the Southern District of New York. And Robert Mueller is getting closer to unraveling Russian-Trump relationship. So the $228,000 payment to attorney Stephen Ryan may just be a down payment for the work he’ll do to keep Cohen from wearing an orange jumpsuit, and that’s not legal, according to legal experts.
UPDATED May 2nd, 2018 – In the world of corporate executives and CEOs, perhaps few have a story as surprising and fascinating as Tony Petrello. From his humble beginnings growing up in a working-class environment in Newark, New Jersey, to running the world’s largest land-based drilling company, to helping fund hundreds of millions of dollars in research toward a global neurological disease, Petrello has experienced a truly astounding lifetime filled with successes and turns of fate.
It’s an understatement to say that Tony Petrello’s career has been one of great success. After all, in 2015, Tony Petrello was one of the highest-compensated CEOs in the U.S. thanks to his tenure as CEO of global oil company Nabors. But Tony’s story extends far earlier than his time at Nabors and includes a long list of surprising turns that eventually led him to the level of success he’s achieved today. Tony’s many achievements have been the products of natural gifts, consistent hard work, and creative thinking that’s spanned a diverse career over many decades.
It’s also important to note the ways in which Tony has given back to society, particularly how he’s worked to help children with neurological disorders. For certain, his life is worthy of admiration and emulation. But to truly understand how that level of success in multiple metrics came to be, it’s important to go back to the beginning and find out how Tony Petrello became who he is today.
A Remarkable Student
Tony grew up in Newark, N.J., where he attended public schools. He’s been described by former roommates and classmates as a working-class young man who carried the classic New Jersey accent and the outgoing attitude to match. He stood apart with his passion and willingness to speak out about the subjects he cared about most. His friends and those who knew him when he was young often described him as an extrovert, someone comfortable speaking his mind on a regular basis. Often his sense of humor was on full display, but it wasn’t the aspect of his personality that stood out the most.
When he was in high school, Petrello became downright famous in his hometown for his amazing math abilities. In classic Hollywood style, Petrello was even known to spend his free time writing down obscure equations and proofs on scraps of paper or napkins and solving them himself. While for the time being his incredible prowess was reserved to those in his immediate circle and social setting, that didn’t last long. Yale University took notice, and it awarded Tony a scholarship and the opportunity to be mentored by Serge Lang.
Lang was a brilliant mathematician, author, and professor. Born in France in 1927, Lang became famous for his groundbreaking work in number theory and for penning a series of math textbooks across a wide range of mathematical disciplines. He went on to become professor emeritus of mathematics at Yale, where he met Tony Petrello.
It’s possible that Lang was disappointed when he discovered that Petrello wasn’t interested in pursuing the field of mathematics or academia, opting instead to jump into the world of law.
But while still at Yale, from which he would receive his bachelor’s and master’s degrees, he became known for his outgoing personality and strong sense of humor. In fact, Yale changed Tony Petrello’s social life and eventually his entire future in a truly special way. It was there that he met Cynthia, his beloved wife. Cynthia would go on to become a dancer, movie and TV actress, as well as a respected soap opera producer.
After graduating from Yale, Tony Petrello surprised many of his professors and classmates when he decided not to become a mathematician. Rather, he enrolled in Harvard Law School. His motivations for pursuing law rather than mathematics aren’t entirely known, but it’s possible that his boisterous personality and strong opinions made the quiet life of an academic seem less than appealing to him. Whatever the case, Petrello graduated from Harvard Law school in the 1970s and never looked back.
Law or Business?
In 1979, Tony Petrello joined Baker & McKenzie, a major American law firm. There he specialized in business law, especially taxation and arbitration. It was here that he discovered a passion for business, where law and finances intersect in fascinating and thrilling ways. In 1986, he became a managing partner of its New York division. He would function in this role for some time before a turn of fate led him down another path, this one even more unexpected than the last.
At Baker & McKenzie, Tony Petrello worked with a client by the name of Nabors Industries.
Founded in 1968, Nabors Industries is now listed on the S&P 500 and works to contract geothermal, natural gas and oil drilling equipment and projects throughout the world, mainly based on land. From their beginnings five decades ago they have gone on to become the largest land-drilling organization in the world, operating in 25 countries with over half-a-thousand rigs in operation worldwide.
But before all of that, Nabors was just a client that Petrello worked closely with during his time at Baker & McKenzie. And in any other circumstance, it would have likely ended at that. But Petrello had always been someone capable of making a lasting impression, and he did exactly that here as well.
During Petrello’s time servicing the Nabors account, he made an impressive impact that did not go unnoticed by the higher ups at the company. They didn’t’ just appreciate his hard work and re-up their business with his firm. Managers at Nabors were so impressed by Tony’s efforts and powers of analysis that they began trying to hire him away for themselves. It’s a testament to Petrello’s natural abilities in business that with no official business experience or education he was able to make such a powerful impact on a large-scale organization like Nabors.
Nabors lobbied and tried to convince Nabors to join them for some time, and eventually their efforts were destined to pay off. Petrello left Baker & McKenzie to join Nabors as an executive. A budding mathematician turned corporate attorney was headed for a new career. He was set to become a business executive.
Thus, after he’d lived in New Jersey, Connecticut, Massachusetts, and New York, Tony Petrello was off to make his residence in an entirely new place: Texas. For a still-young and east-coast-centered individual like Petrello, Texas may as well have been the moon. But with an eye for adventure and excitement for where his new career might take him, Petrello packed up and headed off to the southwest. The Lone Star State is his home to this day.
Tony Petrello’s Life at Nabors and Beyond
In 1991, Tony Petrello began serving as Nabors’ Chief Operating Officer. In this role he was responsible for Nabors’ daily operations just below the CEO. That same year, he cemented his place at the firm even further when he took a seat on the board of directors as well as the board’s executive committee.
Anyone who’s followed Petrello’s story or knows anything about his approach to life and business can likely guess what happened next. Petrello was so impressive in his role as COO that when the time came, he was considered first in line to take the reins of Nabors.
In 1992, he became the president. From here he began to leave his mark on Nabors’ and the industry with a series of moves that cemented their place as the world’s largest land drilling company and a powerhouse of business success. His achievements in those positions were undeniably helpful in terms of building up the company. For instance, in 1993, Tony Petrello helped direct a $32 million purchase of a firm called Grace Drilling. Also, a much larger transaction in 2010 brought Superior Well Services under Nabors’ corporate umbrella. This attitude towards expansion and collaborative partnerships helped establish Petrello as a savvy businessman who knew how to bring in greater levels of success.
Since October 28, 2011, Tony Petrello has been Nabors’ CEO. On top of that, in June 2012, he was named the chairman of the board as well as chairman of the board’s executive committee. During that time, he’s led the way in several major events within the company and the industry as a whole.
In 2014 the company reached a deal with C&J Energy, wherein they would combine their Completion and Production company operations to create a more streamlined flow of production.
In 2015, Petrello led the company in signing a deal with KazMunayGas, an oil company based in Kazakhstan. This created the joint venture known as KMG Nabors Drilling Company. This opened up availability of a vast drilling field in Kazakhstan known as Tengiz field, increasing revenue for the company both in the short-term and for years to come.
Petrello led another collaborative contract in 2016, when Nabors signed with Saudi Aramco to create a joint venture called SANAD. Saudi Aramco is the world’s largest oil company, with an estimated market value of as much as $10 trillion. It is the most valuable company on earth, as well as arguably the most profitable. It’s headquartered in Dhahran, Saudi Arabia and operates the Master Gas System. This is the largest hydrocarbon network anywhere in the world. Petrello and Nabors knew that this was a company worth partnering with
By common acclaim, Tony Petrello’s leadership at Nabors has been top-notch. During the past six years, he’s allowed the company to keep growing and thriving in an industry where the competition is intense, to say the least, at all times. Even as the oil industry as a whole has experienced struggles as alternative fuels begin to increase in popularity, Petrello has kept Nabors at the leading edge of success.
Indeed, Tony Petrello is extremely adept at day-to-day management tasks as well as the creation of long-term strategic visions. It’s this dual focus that speaks to his original prowess as a mathematician. He can see the whole equation, from the details to the big picture, in order to make strategic choices that will eventually lead to a solution.
His legal experience and education have also proven invaluable, as he’s been able to perceive the workings of a potential deal in order to make it the most effective for all involved parties.
In addition to his many duties at Nabors, Tony Petrello has been a director at MediaOnDemand.com. This company represents the newest generation of video-on-demand services that brings enhanced functionality to the on-demand experience. This includes real-time data and updating information including interactive activities and even navigation information. Today, Petrello is now a director at Hilcorp Energy Company. Hilcorp is one of the world’s biggest oil and natural gas companies that’s remained privately-owned, with exploration and production facilities across the United States. In fact, Hilcorp is the largest producer of oil in the entire state of Louisiana. Like Nabors, Hilcorp is also headquartered in Texas.
In addition to all these duties, Petrello also serves as a director at Stewart & Stevenson. Also based in Houston, TX, Stewart & Stevenson is a privately held manufacturing company that produces oil and gas industry-related equipment. They produce everything from swamp buggies for transportation to precise, minor parts for major mining operations.
This level of activity in a wide range of companies shows Petrello’s far-reaching instincts for business. But Petrello’s life is a story of moving beyond business and profits to have a more lasting, meaningful impact on the world. To fully understand his place in the world, it’s important to take a look at Petrello’s philanthropic efforts outside of business and how they came to be.
An Extraordinary Philanthropist
In the late 1990s, Tony and Cynthia Petrello had a daughter named Carena. While this was an incredibly joyful time for both Tony and Cynthia, it came with a struggle that would shape the next decades of all of their lives. At birth, Carena weighed 20 ounces, and she suffered from cerebral palsy. In addition to wide range of other issues and complications, Carena wouldn’t be able to eat solid foods until she was about 7 years old.
Cerebral palsy is a condition that incorporates a range of disorders affecting a person’s ability to move naturally. The symptoms and severity can vary widely, but generally involve inability to walk normally, muscles that are too weak or stiff to function, or overall struggles with coordination. They can also include problems in other areas of development, including vision, hearing, and speaking. In cases like Carena’s, the ability to swallow and experience other sensations is also affected.
After going through the difficult childhood that Carena experienced, Tony Petrello wanted to help other children with neurological conditions. And as we’ve already seen with Tony Petrello this far, he rarely does anything halfway. When he decides to take action, he truly takes action. Therefore, he donated $7 million to the Texas Children’s Hospital, and he also took a seat on its board of trustees. The hospital was able to put that money toward the construction of a complex dedicated to pediatric neurological care. It’s called the Jan and Dan Duncan Neurological Research Institute, and it’s a cutting-edge institution.
The Institute treats children from across the country and the globe, and it’s provided hope to countless families. In addition to treatment, it’s also focused heavily on striving to access the root causes of neurological conditions like cerebral palsy. With over one billion people worldwide suffering from some degree of neurological disease or disorder, the institute believes its mission is absolutely vital in improving the lives of people all over the world. That mission will not only have an impact on the lives of those currently living with cerebral palsy and other neurological disorders, but also countless people in the future who will benefit from this priceless research.
The institute focuses on collaboration between thinkers and researchers in a wide range of disciplines, with the goal of helping prevent, identify, and treat neurological disorders and improve the lives of those who have them.
Over time, Tony Petrello has used his business acumen to raise hundreds of millions of dollars in charitable donations to this cause, and those efforts are ongoing.
Finally, Tony Petrello is quick to credit luck for many of his accomplishments. However, his friends, his family members, his colleagues, and everyone who’s gotten to know Tony’s powerful work ethic and big heart realize that good fortune is only one small aspect of his amazing life story.
From his beginnings as a youth in New Jersey to his philanthropic work for the Jan and Dan Duncan Neurological Research Institute and beyond, Tony Petrello has spent his entire life leaving a mark on the world. First as a mathematician, then as a lawyer, and finally as a hugely successful corporate executive with a long list of accolades, acquisitions, and philanthropic efforts, Petrello will not soon be forgotten in the world of business or beyond.
The only question that now remains is—where will Petrello leave his mark next? His wide variety of skills, career paths and ventures leave the door wide open.
On Friday, a New York judge temporarily blocked a proposed merger between Xerox and Fujifilm. The ruling is seen as a victory for the activist investors who are trying to scuttle the merger deal.
Last month, a Xerox investor named Darwin Deason filed a lawsuit in opposition to the merger. He also requested to make his own nominations to the company’s board. Friday’s ruling reopened nominations to the board.
The judge’s decision comes only one day after the two companies had agreed to renegotiate the terms of their proposed $6.1 billion deal. They were forced to do this after Xerox investors balked at the terms of the deal, insisting on a higher share price.
The judge presiding over the case — Barry Ostrager, who sits on the New York Supreme Court for the County of New York — granted the injunction because he believes that Xerox CEO Jeff Jacobson agreed to the deal even after he was advised not to do it. Ostrager said in a statement that it was clear from the evidence presented in the case that on November 10 of last year Xerox’s board had informed Jacobson that they were intending to replace him as CEO, and that this brought him into a conflict of interest while negotiating a deal that would have made him CEO of the merged organization.
Opposing the merger is not only Deason but also legendary investor Carl Icahn. The two men are among the largest shareholders of Xerox and they believe that the proposed merger deal considerably undervalues the company.
In response to the court’s decision, Fujifilm says that it is considering all its options, which they say includes filing an appeal. The Japanese company issued a statement in which they said that they are not only disappointed by the court’s ruling but that they also disagree with it. They went on to say that Xerox shareholders should be able to decide the merits of the agreement for themselves.
Xerox said that it also disagrees with the court’s decision and that it would appeal it. It further echoed the sentiments of Fujifilm in that it believes that its shareholders should be able to decide for themselves whether the deal is good or not, and it added that joining forces with Fujifilm was the best way the company could build value for its shareholders.
After his conviction for sexual assault in a Pennsylvania court, famed entertainer Bill Cosby faces many years in jail. But this may not be the only punishment he will face. Experts believe that the conviction could lead to many civil lawsuits, in which women he both assaulted and defamed could sue him for significant sums of money.
On Thursday, a jury convicted Cosby — who is now 80 years old — of assaulting Andrea Constand more than a decade ago. He faces 10 years imprisonment for each count of indecent aggravated assault, though the sentences could be given concurrently.
So far, around 60 women have accused the former star of the hit series “The Cosby Show” of assaulting them, often with aid of drugs. Though only Constand’s accusation resulted in criminal proceedings because the others were beyond the statue of limitations. Cosby has continually denied any wrongdoing.
At the moment, it is believed that around 10 women have filed civil claims against Cosby, in both California and Massachusetts. These lawsuits alone could result in millions of dollars in damages. Attorneys representing Cosby in these suits have not commented about them. But Gloria Allred, who is a famous defense lawyer representing one of Cosby’s alleged victims, says that — if the lawsuit goes to trial — she will definitely introduce Cosby’s conviction as evidence. She says that she believes that his conviction will certainly sway a jury in her client’s favor.
In civil suits, attorneys representing the women will only have to demonstrate a preponderance of evidence to support their claims, which requires a far lower threshold of belief than what is required to convict someone in a criminal court, in which a jury must be convinced beyond a reasonable doubt of someone’s guilt.
Lynne Abraham, who was once a district attorney and who is now working in private practice for a firm called Archer, believes that the conviction could lead other women to accuse Cosby, because it will give these women courage to believe that they will prevail in court.
Douglas Wigdor, who is a lawyer who represents plaintiffs in sexual harassment lawsuits, says that judges do not always allow evidence of past behavior as evidence in these suits. He says that there must be a clear pattern of such behavior. In Cosby’s trial, 5 other women testified against the actor, saying that he drugged and assaulted them as well.
A 27-year-old Missouri woman has entered a plea of guilty to charges of possession of a controlled substance and unlawful possession of a firearm in McLean County, IL. Her plea agreement requires truthful testimony from her against her acquaintance with whom she was arrested. The woman faces up to 10 years in prison on the gun charge and up to 15 years in prison on the controlled substance charge. The controlled substance was heroin. It’s likely that she will receive a significantly reduced sentence if she testifies in accordance with her plea agreement. The man has been charged with unlawful possession of heroin with intent to deliver and possession of ecstacy.
The woman and a 29-year-old man were arrested after a traffic stop for traveling at 90 mph at 5:00 a.m. on Interstate Highway 55. Police reported that a search of the vehicle uncovered heroin and ecstacy. The woman was transported to the McLean County Jail to be booked and processed. Arrestees are also subject to a strip search. In the woman’s case, the strip search revealed a loaded Kimber .380 handgun hidden inside of the woman’s vagina. The Daily Mail reports that enforcement personnel said that the weapon had a fully loaded magazine and “a bullet in the chamber ready to fire.” An unloaded Kimber .380 is 5.6 inches long and weighs 13 ounces. A criminal history check shows that the woman has been arrested in the past for theft passing bad checks and resisting arrest.
There’s a reason for criminal suspects being strip searched. That’s because this has happened before. A 19-year-old woman was found to have a loaded .22 revolver concealed in her vagina upon being strip searched after being taken into custody in Kingsport, TN. That handgun was four inches in length. An Oklahoma woman who was strip searched after being taken into custody on a drug arrest was found to have a loaded .22 revolver hidden in her vagina.
A DUI charge can come in a wide variety of ways. Even weaving within your own lane is a sufficient basis for a traffic stop in some states. Then, there are the atypical ways of catching a DUI. Those might be falling asleep at a red light, riding a horse on a freeway on your birthday like one Florida man did. Another Florida man was charged with DUI after operating a riding lawn mower on a roadway. He was driving back home after getting more beer. Being hit by your own vehicle can give new meaning to not being in control of your vehicle though. That’s what happened to a young man in Virginia.
He was pulled over on a routine traffic stop for an equipment violation. He did pull over, but when he did so, he exited his car and began running. In his haste, the driver apparently failed to put the car in park when he stopped. He ran around the front driver’s side of the car and was hit by his rolling car. The man quickly got back onto his feet and continued running. He was caught after a short foot chase. All of this was recorded on the dash cam of a Fairfax County Sheriff’s Department squad car.
The driver is now charged with felony hit-and-run, a third DUI charge, possession of marijuana and operating a vehicle with illegally tinted windows. The tinted windows were the likely basis of the traffic stop. Felony hit-and-run in Virginia is categorized as a class 5 felony. It’s punishable by up to 10 years in prison with a six month minimum jail term. A third DUI within five years is also punishable as a class 5 felony. That third DUI within five to 10 years is a class 6 felony, punishable by one to five years in prison with a 90 day minimum jail sentence.