Jon Marino of PEHub.com noted that P.E. firms are hiring and referenced a follow-up report for BDO USA’s third annual private equity “PErspective” report… 57% of private equity executives increased professional staffing and 62% plan to hire again this year.  This is a complete reversal from the layoff waves of prior years.  Here is more detail from that report.

Whether you like millionaires or billionaires or hate them, the one aspect that is so unfairly portrayed about companies bought by private equity firms is as follows: Most businesses bought by private equity firms need to be turned around or need to be run better.  Sure, they get leveraged up and they scrap inefficient operations.  The dirty secret that private equity firms are not defending enough is that many of these companies would have headed for bankruptcy in the long-term if they had not stepped in.  If that results in a liquidation rather than a pure bankruptcy, guess how many jobs get lost at those companies… all of them, rather than some.

The business sector is not just a one-way street.  Companies hire workers in good times and most fire in bad times.  We even ran our own 2011 Layoff Kings.

JON C. OGG

While Facebook has said that it is choosing the “FB” stock ticker, it did not specify whether or not the NYSE or NASDAQ would get the listing.  Keep in mind that Mark Zuckerberg is where the buck stops if you evaluate the share structure.

Be advised that there is a dual-class of stock with A shares and B shares.  Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to ten votes per share and is convertible at any time into one share of Class A common stock.

The underwriting group is as follows: lead book-runners are Morgan Stanley, J.P. Morgan, and Goldman Sachs; co-managers are BofA/Merrill Lynch, Barclays Capital, and Allen & Company.

BASIC STATS:

• 845 million monthly active users,
• 2.7 billion likes and comments per day,
• 250 million photos uploaded per day,
• and 100 billion friendships.
• The company also has 483 million daily active users.
• It also had roughly 3200 employees as of December 31.

Microsoft Corporation (NASDAQ: MSFT) is listed as a competitor and it is an owner, while Google Inc. (NASDAQ: GOOG) is not an owner and is listed as a key competitor.  Twitter is competitor.  As a reminder, GSV Capital Corporation (NASDAQ: GSVC) is an owner of stock as well.  Interpublic Group of Companies, Inc. (NYSE: IPG) still owns a small stake as well.

We are now finally getting to see at least some of the preliminary figures from Facebook to use for financial analysis:

• 2009 revenues $777M, $122M net income for shareholders;
• 2010 revenues $1.974B, $372M net income for shareholders;
• 2011 revenues $3.711B, $668M net income for shareholders.
• The company’s cash and marketable securities at the end of 2011 was $3.908 billion.

Zynga Inc. (NASDAQ: ZNGA) accounted for about 12% of 2011 total revenues for Facebook.

Mark Zuckerberg owns 28.4% of the total voting power, but he has a proxy over insider shares that gives him 56.9% of the total voting power.  Other big holders are James Breyer at 11.4% and Peter A. Thiel at 2.5%.  Large Class B share holders (1 million or more shares) are Sheryl Sandberg, David Ebersman, Mike Schroepfer. Theodore Ullyor, Marc Andreesson…

T. Rowe Price Associates, Inc. (NASDAQ: TROW) owns over 6 million class A shares and affiliates of Goldman Sachs Group Inc. (NYSE: GS) own over 65.9 million Class A shares.

As of December 31, 2011 there were outstanding:

• 117,097,143 shares of our Class A common stock held by approximately 110 stockholders;
• 1,758,902,390 shares of our Class B common stock held by approximately 1,070 stockholders;
• 258,539,434 shares issuable upon exercise of outstanding stock options;
• 378,772,184 shares subject to outstanding restricted stock units (RSUs).

RISK FACTORS AS FOLLOWS:

• “If we fail to retain existing users or add new users, or if our users decrease their level of engagement with Facebook, our revenue, financial results, and business may be significantly harmed;”
• “We generate a substantial majority of our revenue from advertising. The loss of advertisers, or reduction in spending by advertisers with Facebook, could seriously harm our business;”
• “Growth in use of Facebook through our mobile products, where we do not currently display ads, as a substitute for use on personal computers may negatively affect our revenue and financial results;”
• “Facebook user growth and engagement on mobile devices depend upon effective operation with mobile operating systems, networks, and standards that we do not control;”
• “We may not be successful in our efforts to grow and further monetize the Facebook Platform;”
• “Our business is highly competitive, and competition presents an ongoing threat to the success of our business;”
• “Improper access to or disclosure of our users’ information could harm our reputation and adversely affect our business;”
• “Our business is subject to complex and evolving U.S. and foreign laws and regulations regarding privacy, data protection, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and could harm our business;”
• “Our CEO has control over key decision making as a result of his control of a majority of our voting stock;”
• “The loss of Mark Zuckerberg, Sheryl K. Sandberg, or other key personnel could harm our business;”
• “We anticipate that we will expend substantial funds in connection with tax withholding and remittance obligations related to the initial settlement of our restricted stock units (RSUs) approximately six months following our initial public offering;”
• “The market price of our Class A common stock may be volatile or may decline, and you may not be able to resell your shares at or above the initial public offering price;”
• “Substantial blocks of our total outstanding shares may be sold into the market as “lock-up” periods end, as further described in “Shares Eligible for Future Sale.” If there are substantial sales of shares of our common stock, the price of our Class A common stock could decline.”

Again, the Top 17 IPOs to Watch in 2012 is here.

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The full S-1 SEC FILING is here.  PS… The traffic to the SEC.gov website was severely limited for almost an hour due to excessive traffic flooding the site due to readers wanting to read the Facebook S-1.

Here is a link to each summary with much more detail from the wire:

Ares Secondary (ARCC) hits shares
Spirit Airlines (SAVE) insiders unloading stock
A123 (AONE) has a direct share sale
Sequenom (SQNM) needs capital
Boardwalk Pipeline (BWP) Raising Capital
Hercules (HTGC) raising new investment capital
Martin Midstream Partners (MMLP) buying analyst coverage
ZIOPHARM (ZIOP) raising cash
Francesca’s (FRAN) shares held up
Nordic American Tankers (NAT) sells shares for more boat buying

What is funny is that this list is ten companies and it still leaves a few fresh filings out.

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The thirteen worst big stock and investor stories in 2011 are as follows: Bank of America Corporation (NYSE: BAC); Diamond Foods, Inc. (NASDAQ: DMND); First Solar Inc. (NASDAQ: FSLR); Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR); Hewlett-Packard Company (NYSE: HPQ); Imperial Sugar Co. (NASDAQ: IPSU); iShares Silver Trust (NYSE: SLV); K-V Pharmaceutical Company (NYSE: KV-A); Market Vectors Egypt Index ETF (NYSE: EGPT); Molycorp, Inc. (NYSE: MCP); Netflix, Inc. (NASDAQ: NFLX); Research in Motion Ltd. (NASDAQ: RIMM); and Sears Holdings Corporation (NASDAQ: SHLD).

Are there others? Of course.  We just wanted to review the worst of the biggest and most easily recognized stories out there.  Some of the explanations and criticisms here may seem a bit raw or overly colorful, but with this motley group what more could you expect…

Read Also: Ten Stocks Unlikely To Survive 2012

Bank of America Corporation (NYSE: BAC) has seen almost everything that could go wrong come its way.  The bank cannot shake the Countrywide mortgage woes, it drove away customers with proposed new banking fees, and it has been under fire by more agencies and regulatory bodies than we can easily count.  The company can hardly get in a settlement that is ultimately not challenged by an outside force. It does not seem like it will get to raise its dividend any time soon and the fear is that perhaps it will need to raise more capital on 2012 stress tests.  This was the worst performing stock out of all 30 DJIA components and not even a Warren Buffett investment managed to keep the stock from falling.  So what if it half of book value now.

Diamond Foods, Inc. (NASDAQ: DMND) became a sample of what can go wrong at a high growth food company.  Eventually the growth peaks and valuations come crashing down.  To go from a growing almond and nut products story to a company buying Pringles did not make sense to many, particularly since Diamond was going to be leveraging itself to make the deal.  Then came the accounting woes around payments to walnut farmers, and that was then followed by a director’s suicide who was inside the accounting woes story.  This was a great story that became very cloudy, just like if I poured a glass of their almond milk that I like so much to try to see through it. After running from about $50 to over $95, shares are now in the low $30-range and shares hit a low of $26.11 recently.  They could have found a rat in the milk vats and survived better than the way things turned out for them in 2011.

First Solar Inc. (NASDAQ: FSLR) went from the U.S.’s solar sector poster boy to perhaps the worst performing S&P 500 stock.  It is still the leader of the solar sector and that is why this one precedes all other solar stock implosions of 2011.  Its CEO resignation or firing came in a rather strange and sudden manner and its prospects do not look much better on the margin front for the next year.  Solar panel dumping by Chinese firms and the negative press of the government backing of the failed Solyndra only added to the fears here as short sellers were able to make a fortune here.  Shares closed out 2010 around $130 and shares went briefly north of $175 in February.  Shares are now around $33.00.  First Solar single-handedly turned many 401/K plans into 201/K plans in 2011.

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) is one implosion which we debated whether or not should be part of a complaint for the full year.  Its accounting concerns were actually from 2010 and despite the massive share price drop the stock is actually still up for the year.  In fact, shares closed at $32.86 in 2010 and now the stock is around $46.00.  What is so bad is that the stock had been one of the best performing stocks as recently as September and the year high is above $115 for the stock.  Its growth has peaked, its advertising costs are way up, and Starbucks seems to have scored the better end of the deal between the two coffee companies. Because the stock is still up almost 50% for the year, we’ll back off.

Hewlett-Packard Company (NYSE: HPQ) may have started its woes in 2010 after firing Mark Hurd and then hiring Leo Apotheker, the former head of SAP. Still, the baffled decision to even go along with Leo Apotheker’s decision to jettison the PC business was just too much.  And now the decision to keep the PC business seems like it is because the cost of exiting it is just too high.  Palm is now dead too.  The Apotheker decision to acquire the enterprise software outfit Autonomy for $10 billion.  If you overlay a one-year chart as you can see here, you would think that H-P was a bank because its stock tracked the negative performance of Bank of America almost in unison until September.  The verdict is out on whether or not Meg Whitman is right fit here, but frankly the stock has stabilized since she took over.  H-P shares closed out 2010 at an adjusted $41.48 and shares are now close to $26.00 after hitting a low of $21.50.

Imperial Sugar Co. (NASDAQ: IPSU) was looking a lot like a transformation in the making from a sugar company to a sweetener company looking to branch out into new growth markets.  The company even went on a roadshow and got on CNBC to tell its story.  Shares even went from roughly $10 to $25 based upon the hype.  Then over the summer came news of a wider loss and things have slid further from there.  Sadly, it seems that management may have known things were not great when the story changed abruptly and there are class action suits.  Now shares are around $3.50.  This feels like getting drunk at the casino and losing your life savings with the dealers telling you “Thanks for playing.”

There was speculation over whether or not Corzine would testify in front of a Congressional hearing next week.  He had previously only been “invited” to attend the hearing.  Now Corzine has to appear because of a subpoena.  Customers, investors and creditors are not likely to learn anything new about the demise of MF Global nor how Corzine pushed the limits off the cliff in betting the firm’s assets. It seems crazy that the trades that blew up the firm were leveraged bets on Italian sovereign debt, but the potential theft of customer funds is where this really becomes lunacy.

Corzine has already lawyered-up for civil suit protection and we’d put the odds that he will “Plead the Fifth” at 99.9%.  After all, it would be in his best interest unless he can somehow claim that this whole implosion was just a misunderstanding.  The odds of that ‘unless’ factor: zero.

Investors need to know and understand one thing about the ramifications if the “Where are the customer funds?” question is not answered and if the customers are not made whole here.  Customer funds are supposed to sacred as “Seg Funds” and are not supposed to be commingled to support a firm’s trading or operating expenses.

With the manner in which these repos were handled and with the math not adding up (is it $600 million missing, or is it $1.2 billion?), the ramifications of tomorrow are awful. They are bloody awful.  Imagine if this happened at a “too big to fail” institution and millions of customers are suddenly told “we do not know where you client funds are and you cannot close out or hedge any of your positions.”

A report from Managed Futures Today outlines the segregation process about segregated funds of futures trading accounts and Futures Clearing Merchants.  Even in the REFCO bankruptcy, customers were treated better than they have been in this MF Global implosion.  That report noted, “In 2005, Refco Inc. and 23 of its unregulated subsidiaries filed for Chapter 11 bankruptcy protection. However, Refco’s regulated subsidiaries (where customers’ futures trading and managed futures accounts resided) were unaffected and customers were able to continue trading and managing their accounts.”

Frankly, if it turns out that the customer funds are truly at risk then the regulators need to be responsible here.  Criminal filings also better come if the customer funds are missing, because it will be no different from robbery.  The fact that customers not only couldn’t access their funds but also could not hedge or close positions is a tragedy already.  If those funds and positions are allowed to be held by the trustees and bankruptcy attorneys, it could be years before this gets sorted out.  Who really wins in bankruptcy?  The lawyers, of course.

Imagine what can happen if a firm can just magically declare bankruptcy and then says that its customer segregated funds accounts do not add up.  It would be a license to steal and the millions and millions of dollars (actually billions and billions) would be large enough that many managers who are supposed to have a fiduciary duty might be willing to risk prison.

This all sounds pretty extreme, but the problem is that each new case can set a legal precedent as the new basis for future case law.  Ask your self this one simple question… What if your customer funds are not really safe and protected?

JON C. OGG

Jefferies has taken more aggressive steps to thwart the negative news flow than other firms have, but so far it seems that all “facts” are being taken as fiction.  Management has now released detailed data yet again outlining its exposure to weak spots in Europe to try to thwart the efforts of a short selling group.  This starts out “We are writing so that every one of our key constituencies receive the facts and reality directly from us, instead of being misled by half-truths, false rumors and lies being disseminated with malice by a group whose interests are absolutely opposed to yours and ours…”  The firm tries to address every concern out there in that letter.

Jefferies is buying their own paper when and where it can: “As an aside, we note that we repurchased $50 million of our 2012 bonds in the past few weeks and over time, as part of our announced 20 million share-buyback program, about 5 million shares of Jefferies common stock in the open market.”

Regulators make brokers, traders, fiduciaries, and managers record and store instant messages, phone calls, and instant messengers for a reason and that reason is presumably not to just keep these firms buying up more and more data space in storage farms.  If everything that Jefferies is putting out is true, shouldn’t Jefferies be out suing the malicious group(s) AND demanding that regulators conduct an instant crackdown by skimming every instant message, email, and phone call that revolves around every short sale in Jefferies?

Short selling in general is not a bad thing.  Still, it is one aspect of the market that many investors consider a dirty trick or a shell game, but it has many positive effects as far as the overall market is concerned.  The problem is when short sellers attack and then get to become activists against a company.  Disseminate bad information to keep pushing a bet against a company is one thing, but if it is proven to be false and malicious it crosses the line.  At some point, the definition of freedom of speech becomes no different from yelling “Fire!” in a crowded theater.

Jefferies was down 2% and more a while ago and shares are currently down 0.2% at $10.14.  The stock hit a low of $9.60 earlier today and the 52-week trading range is $9.50 to $27.12.

It seems unreasonable that any of the large trading houses would demand that clients who want to hold Jefferies shares make the designation that their shares cannot be borrowed and also demand that the Jefferies shares not be held in “Street Name” as most shares are.  That might act as a buffer to prevent short selling a bit more, and perhaps Jefferies could try to make it more expensive to borrow the stock.  We were told by one trader that the cost is 275 basis points for a borrow, which is no barrier to shorting the stock if someone with deep pockets believes that an implosion or close to it is further heading toward Jefferies.

Jefferies was above $16.00 in August and shares were again under $10.00 earlier today.  We will ask this pointed question, but it is assuming that Jefferies is not selectively eliminating all of the bad things that it is being accused of… If regulators cannot prevent an unwarranted ‘run on the bank’ in the midst of this regulatory climate, what good does it do to just step in with red flags after the fact?

JON C. OGG

We have tracked only the large buyback announcements made this month in the following companies: The Allstate Corporation (NYSE: ALL); American International Group, Inc. (NYSE: AIG); CBS Corporation (NYSE: CBS); Fidelity National Information Services, Inc. (NYSE: FIS); Pfizer Inc. (NYSE: PFE); Reynolds American Inc. (NYSE: RAI); Starbucks Corporation (NASDAQ: SBUX); Sysco Corporation (NYSE: SYY); Thermo Fisher Scientific, Inc. (NYSE: TMO); Viacom, Inc. (NYSE: VIA-B); and Valeant Pharmaceuticals International, Inc. (NYSE: VRX).

As far as how share buybacks in general matter for stocks, you can always play the buyback leaders via the PowerShares Buyback Achievers (NYSE: PKW), and it is almost exactly in the middle of its 52-week trading range.  Those buybacks outlined below do not include the many $150 million, $100 million, and lower buybacks.  The tally all said and done here so far in just the first half of November of 2011: over $27 billion!!!

The Allstate Corporation (NYSE: ALL) is trying to tell shareholders they are in good hands because the announcement over the next 18 months is that it would repurchase up to $1 billion in common stock.  The market cap today is just over $13 billion.

How can American International Group, Inc. (NYSE: AIG) have a share buyback program?  It announced in early November that it would buy back up to $1 billion in stock.  The $43 billion in market cap is one thing, but the amount of shares still owned by Uncle Sam (or taxpayers) is huge.  Actually, maybe this supports the stock value for us all!

CBS Corporation (NYSE: CBS) added to its prior plan and has authorized the repurchase of up to $1.5 billion in stock.  The current market cap is $16.5 billion, so we’ll leave it up to you to decide if this buyout matters or not.

Fidelity National Information Services, Inc. (NYSE: FIS) announced on November 1 that it was approving for up to $500 million in share buybacks over the next two years.  This compares to $7.4 billion in market capitalization.

Pfizer Inc. (NYSE: PFE) recently expanded its buyback program and it is now authorized to repurchase up to $7 billion worth of common stock.  This is a huge amount but it sounds small when you consider a $151 billion market cap.

Reynolds American Inc. (NYSE: RAI) this week announced a $2.5 billion share buyback plan which is good for the next two and a half years.  This is more than 10% of the company’s stock as the market cap is $23 billion.  Institutions own 46% of Reynolds.

Starbucks Corporation (NASDAQ: SBUX) recently added to its prior buyback plan with up to 20 million shares. This is more than $850 million at current prices, which compares to a market cap of $32.5 billion.

Sysco Corporation (NYSE: SYY) recently boosted its dividend but it also announced that it would repurchase up to 20 million shares of common stock.  This represents about $550 million today and its market cap is just over $16 billion.

Thermo Fisher Scientific, Inc. (NYSE: TMO) recently added $750 million to its prior buyback plan and its market capitalization is $18.5 billion.  The company had only $25 million remaining under a prior buyback and the new buyback is over the course of a year because it expires on November 9, 2012.

Viacom, Inc. (NYSE: VIA-B) must want to try to take itself private.  The market cap is just under $25 billion, but the company recently announced with its positive earnings report that it is expanding its buyback to $10 billion.  While this was an expansion of a prior plan, $10 billion is a massive sum.

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) is a bit odd.  While it announced that it would spend up to $1.5 billion repurchasing securities, this was listed as a buyback of stock and/or debt.  Its market cap is $13.25 billion today.

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Icahn responded that these rumors get out there and often have no merit.  That was not a firm denial, but his firm denial came when he said that RIM is not on his radar and does not fit the mold of his targets.

Research in Motion shares were already lower on offering free apps and free support to those who were affected adversely by the severe Blackberry service outages of the prior week.  Now things are worse if Icahn is not going to be bullying the RIM board of directors to get things turned around.

RIM shares are down 5.7% at $22.60 but trading volume actually looks a bit unimpressive today.

Could RIM ever get to become a Carl Icahn activist target?  Probably, if the price ever becomes cheap enough.  RIM still has a market capitalization of close to $12 billion even after today’s drop in the share price.  If RIM does not become a target it could be because Yahoo! Inc. (NASDAQ: YHOO) proved to be such a painful experience.

JON C. OGG

This may be good for Starbucks Corporation (NASDAQ: SBUX) as Einhorn believes that the deal is not as positive as the bulls believe and that Starbucks looks to be getting the better end of the profits.  Einhorn did disclose having a position (obviously a short-sell position).  What investors need to know is that this observation is crushing the stock and it is having more of an impact (on the flip-side) than if Warren Buffett had disclosed a position.

Einhorn often challenges companies.  He went against The St. Joe Company (NYSE: JOE) and Bruce Berkowitz of Fairholme Capital earlier this year saying that St. Joe was too aggressive in acquiring property and called it very overvalued.  It turns out that this one did fall and it sits very close to 52-week lows and trades at half the peak of the last year or so.

It looks as though Einhorn was probably caught long and wrong in Sprint Nextel Corporation (NYSE: S) from when he called it an undervalued real estate play due to vast spectrum assets.

Einhorn had also made decent sized bets disclosed in May of this year in Best Buy Co. Inc. (NYSE: BBY) at about 6 million shares worth over $172 million (down to around $150 million today on a static basis) and General Motors Co. (NYSE: GM) with a new position of more than 3.5 million shares worth more than $100 million (down close to $80 million today on a static basis). 

Betting against companies and being vocal about them is one thing.  It certainly does not assure success.  What is funny is that Green Mountain was just featured as a very expensive stock by us due to the market valuations but also as one of the dozen or so companies which are expected to outperform the fanboy holders of Apple Inc. (NASDAQ: AAPL).  

Green Mountain shares are down 11% at $81.76 and now the implied upside would be closer to 50% if the analysts are correct in their price targets.  If…  Einhorn is having a sharp impact today and now the battle will be known in time over whether or not he was right or if the bullish analysts were right for remaining so positive.

JON C. OGG

Now this movement is going to have to try to distance itself from an unwanted (and uncounted) friend: IRAN! … All you have to do is read what will be in the print edition of the Tehran Times on Thursday, October 13, 2011 titled, “Wall St. demos are shaking capitalist system.” Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said that the capitalist system “has reached an impasse and the protests on Wall Street have set a crisis in motion in the West.”

Khamenei noted that the U.S. government will not be able to eliminate this movement’s roots and that the realities of the capitalist system should be a lesson for those following the Western capitalist system. He even went on to say, “The roots of this movement will grow in such a way that will knock the U.S. and Western capitalist system to the ground. … The people of the United States are protesting the rule of the 1 percent minority over the 99 percent majority who have spent the money and taxes paid by the people of the United States on waging wars in Afghanistan and Iraq and supporting the Zionist regime.”

We have been following the Occupy Wall Street movement from a distance. Again, some of the points are easy to sympathize with. Wall St. and big business did not exactly act as the greatest supervision before, during and after the financial carnage that would have taken down the system had it not been for the bailouts. Greed truly was unregulated. The problem that no one wants to address, the elephant in the room, is that Joe Public acted without logic and without a conscience when it came to buying too much car, buying too much house, buying a second house by borrowing against their first house, carrying massive credit card balances with the minimum payments financed by phantom home equity and on and on.

Khamenei is going to be hard for anyone in the West to really understand, and he certainly is not going to be a welcomed voice to anyone trying to get their message across. He called the Iranian nation a “model for recent developments in the region” before encouraging the Iranian voters to turn out in large numbers next March and said the law must be upheld and also that “the votes of the people should be respected.”

If you are expecting that this will be an attempt to tie Occupy Wall Street to Iran, it is not. Far from it. It does seem likely that Occupy Wall Street will want to distance itself from any “Iranian leadership support” and will certainly want to distance any of the Zionist remarks even harder.

Iran wants a world voice. The latest economic data we saw on Iran was also noted in the Tehran Times last month noting that unemployment was 13.5% in the previous year. The Economist projected an increase in unemployment to 14.1% and the publication noted local projections are calling for Iranian unemployment to fall to 11% in the current calendar year. With far higher unemployment and far higher inflation, Iran can hardly be considered a model. That is particularly true if you measure unemployment among the young Iranian adults and the women. Many think that the U.S. Labor Department data is often fudged on the nice side, so how many think that perhaps Iran is painting a better portrait than reality?

Occupy Wall Street noted itself as being “Inspired by the popular assemblies of Egypt, Spain, Oaxaca and worldwide, those gathered will work to find a common voice in one clear, unified demand.”  At the bottom of its website it even goes on to say “this site was brought to you by various radicals.”

We would expect that certain individuals inside the Occupy Wall Street movement will try to distance it from any praise or any comments from anyone tied to Iran’s leadership.

To be continued …

JON C. OGG