Debate over the Governments plan for partial asset sales, and whether it has a mandate, having front-footed the issue at last years election, is ramping up.

Rangitata MP Jo Goodhew puts the case for the policy.

Over the past weeks some constituents have contacted me to discuss the Governments plan to introduce a mixed-ownership model for power companies and to extend the model further with Air New Zealand. Early in 2011 the Government announced it was considering this option and, through the year, made it plain that we would be seeking a mandate on election day to carry out this process as part of our plan to return to surplus in 2014-15.

Between 2000 and 2009, total core crown expenditure jumped more than 80 per cent from $35billion to $64b. If we exclude earthquake costs, core crown expenses will increase by another $7.4b to a forecast $71.4b in the three years to June this year.

Four years ago New Zealands net public debt was about $10b. Today its just over $50b. In three years, it will be more than $73b. This pattern of spending and borrowing growth cannot continue or we will be at risk of losing control as has happened in the Britain, Spain, Greece, Portugal and Italy.

When our net debt reaches its peak at over $73b in a few years, it will be 30 per cent of gross domestic product. In Britain, debt was at that level eight years ago. Now it is at 70 per cent and they are having to lay off 700,000 public servants and make massive spending cuts to avoid going bankrupt. We dont want to get on that track here, so the Government has to tighten up its spending and stop increasing public debt.

That is why the Government will soon make public share offers for Mighty River Power, Genesis, Meridian, Solid Energy and Air New Zealand. Selling minority stakes in these companies on the sharemarket will free up cash.

The Government expects to receive $5b to $7b about 3 per cent of its assets in proceeds. This will help with controlling debt, while still allowing us to invest in new infrastructure such as schools and hospitals.

There is no doubt in my mind that, by investing in schools and hospitals, we increase our core Crown assets and that there will be a return on this investment through better provision of education and healthcare services to New Zealanders.

Weve guaranteed the Government will continue to own at least 51 per cent of the mixed-ownership companies and prevent any other shareholder from owning more than 10 per cent. We expect that New Zealanders, including the Government, will own at least 85 to 90 per cent of the mixed-ownership companies. There is therefore no doubt about these companies remaining overwhelmingly in New Zealand control.

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AMSTERDAM, May 08, 2012 (BUSINESS WIRE) –
Tornier N.V.

/quotes/zigman/3670568/quotes/nls/trnx TRNX
+2.18%

, a global medical device company focused on
providing surgical solutions to orthopaedic extremity specialists, today
reported its financial results for the first quarter of 2012 and updated
its fiscal 2012 financial outlook.

Sales for the first quarter of 2012 reached $74.5 million compared to
first quarter 2011 sales of $69.4 million, representing increases of
7.2% as reported and 8.8% in constant currency. First quarter 2012 sales
of Tornier’s extremity product categories increased 10.5% as reported
and 11.4% in constant currency over the prior year’s first quarter and
represented 78% of reported global sales.

Douglas W. Kohrs, President and Chief Executive Officer of Tornier,
commented, “For the sixth consecutive quarter, we delivered double digit
extremities growth in constant currency due to our ongoing commitment to
investments in our extremities product portfolio. As we proceed with our
programs to strengthen our domestic distribution channel and expand our
international markets, we expect our innovative products to continue to
drive market share gains around the world.”

The Company’s first quarter 2012 adjusted EBITDA, as defined in the GAAP
to non-GAAP reconciliation provided later in this release, was $10.2
million or 13.7% of sales, compared to $9.1 million or 13.2% of sales in
the same quarter of the prior year.

Mr. Kohrs continued, “We are pleased with our expanded gross margins in
the first quarter which, when combined with working capital
improvements, led to our second consecutive quarter of positive free
cash flow. We believe that our recent facility consolidation
initiatives, combined with our improving margins, position us well to
deliver operating leverage.”

Sales and Product Review

Tornier’s first quarter 2012 constant currency sales growth of 8.8% was
led by its extremity product categories which together posted constant
currency growth of 11.4% over the first quarter of 2011. Within the
extremity products group, first quarter constant currency growth of the
upper extremity joints and trauma category was 12.5%, led by the
shoulder arthroplasty portfolio. The Aequalis Ascend(TM) and the Aequalis(R)
reverse systems continued to gain prominence globally while the Simpliciti(TM)
stemless shoulder system was launched into additional international
markets. Tornier’s lower extremity joints and trauma category grew 6.6%
in constant currency due to growth from the market-leading Salto(R) ankle
arthroplasty system and the innovative Stabilis(TM) ankle fusion
system. The sports medicine and biologics product category posted first
quarter constant currency sales growth of 7.6%, led by the Company’s Piton(R)
and Insite(R)FT bone anchor lines introduced in various
international markets. Sales of Tornier’s large joints and other product
category grew 1% in constant currency in the quarter driven by growth in
both the hip and knee product lines, offset by decreases in instrument
sales.

On a geographic basis, Tornier’s international sales increased 7.2% as
reported and 10.7% in constant currency as compared to the first quarter
of 2011 and represented 47% of global sales. Sales in the United States
increased 7.2% and represented 53% of global sales.

Outlook

Tornier updated its outlook for 2012, taking into account anticipated
distribution channel initiatives. The Company projects 2012 constant
currency sales in the range of $278 to $288 million, representing
constant currency growth of 6% to 10% over 2011 sales. Based on recent
currency exchange rates, 2012 reported sales are projected in the range
of $272 to $282 million, representing reported growth of 4% to 8% over
2011 sales. Sales of the Tornier extremities product categories in 2012
are expected to grow 7% to 11% in constant currency. The Company
projects 2012 adjusted EBITDA, as described in the GAAP to non-GAAP
reconciliation provided later in this release, to be in the range of
$34.0 to $39.5 million or 12.5% to 14% of reported sales, representing
growth of 19% to 38% over 2011.

For the second quarter of 2012, the Company projects constant currency
sales in the range of $68 to $71 million, representing constant currency
growth of 5% to 9% over second quarter 2011 sales. Based on recent
currency exchange rates, second quarter 2012 reported sales are
projected in the range of $66 to $69 million, representing reported
growth of 1% to 5% over second quarter 2011 sales. Second quarter 2012
extremities product category sales are expected to grow 6% to 10% in
constant currency. The Company projects adjusted EBITDA for the second
quarter of 2012 in the range of $6 to $7.5 million, or 9% to 11% of
reported sales.

The facilities consolidation charges announced in the Company’s press
release of April 13, 2012 are excluded from projected 2012 adjusted
EBITDA. The Company anticipates that substantially all of the $6.0 to
$7.0 million estimated charges will be recorded in 2012 as special
charges within operating expenses and, thereby, excluded from adjusted
EBITDA as described on the GAAP to non-GAAP reconciliation which will be
provided in those quarters.

Earnings Call Information

Tornier will host a conference call today at 4:30 p.m. Eastern time to
discuss its first quarter 2012 financial results and its outlook for
2012. The conference call will be available to interested parties
through a live audio webcast available through the Company’s website at
www.tornier.com .
Those without internet access may join the call from within the U.S. by
dialing 1-877-673-5355; outside the U.S., dial +1-760-666-3805.

A telephone replay will be available for two weeks following the call by
dialing 1-855-859-2056 for domestic participants and +1-404-537-3406 for
international participants. When prompted, please enter the replay pin
number 70742010. For those who are not available to listen to the live
webcast, the call will be archived for one year on Tornier’s website.

Forward-Looking Statements

Statements contained in this release that relate to future, not past,
events are forward-looking statements under the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on
current expectations of future events and often can be identified by
words such as “expect,” “should,” “project,” “anticipate,” “intend,”
“will,” “may,” “believe,” “could,” “would,” “continue,” “outlook,”
“guidance,” other words of similar meaning or the use of future dates.
Examples of forward-looking statements in this release include Tornier’s
financial guidance for the second quarter of 2012 and for the full year
2012, anticipated facilities consolidation charges and the timing of
such charges and Tornier’s intent to improve operating efficiencies and
gain market share. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. Uncertainties and
risks may cause Tornier’s actual results to be materially different than
those expressed in or implied by Tornier’s forward-looking statements.
For Tornier, such uncertainties and risks include, among others,
Tornier’s future operating results and financial performance,
fluctuations in foreign currency exchange rates, the effect of global
economic conditions and the European sovereign debt crisis, the timing
of regulatory approvals and introduction of new products, physician
acceptance, endorsement, and use of new products; the effect of
regulatory actions, changes in and adoption of reimbursement rates,
potential product recalls, competitor activities and the costs and
effects of litigation and changes in tax and other legislation. More
detailed information on these and other factors that could affect
Tornier’s actual results are described in Tornier’s filings with the
U.S. Securities and Exchange Commission, including its most recent
annual report on Form 10-K. Tornier undertakes no obligation to update
its forward-looking statements.

About Tornier

Tornier is a global medical device company focused on serving
extremities specialists who treat orthopaedic conditions of the
shoulder, elbow, wrist, hand, ankle and foot. The Company’s broad
offering of over 90 product lines includes joint replacement, trauma,
sports medicine, and biologic products to treat the extremities, as well
as joint replacement products for the hip and knee in certain
international markets. Since its founding approximately 70 years ago,
Tornier’s “Specialists Serving Specialists” philosophy has fostered a
tradition of innovation, intense focus on surgeon education, and
commitment to advancement of orthopaedic technology stemming from its
close collaboration with orthopaedic surgeons and thought leaders
throughout the world. For more information regarding Tornier, visit
www.tornier.com .

Use of Non-GAAP Financial Measures

To supplement Tornier’s consolidated financial statements prepared in
accordance with U.S. generally accepted accounting principles (GAAP),
Tornier uses certain non-GAAP financial measures in this release.
Reconciliations of the non-GAAP financial measures used in this release
to the most comparable U.S. GAAP measures for the respective periods can
be found in tables later in this release immediately following the
detail of revenue by geography. Non-GAAP financial measures have
limitations as analytical tools and should not be considered in
isolation or as a substitute for Tornier’s financial results prepared in
accordance with GAAP.

Tornier N.V.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
————————————
(unaudited)
April 1, 2012 April 3, 2011
—————– ——————
Revenue $ 74,458 $ 69,435
Cost of goods sold 21,116 20,041
—— ——-
Gross profit 53,342 49,394
Operating expenses
Selling, general and administrative 43,838 40,724
Research and development 5,623 5,110
Amortization of intangible assets 2,647 2,810
Special charges – -
—— ——-
Total operating expenses 52,108 48,644
Operating income (loss) 1,234 750
Other income (expense)
Interest income 113 128
Interest expense (487) (2,606)
Foreign currency transaction gain (loss) 25 (79)
Loss on extinguishment of debt – (29,475)
Other non-operating income (expense) 1 (19)
—— ——- —-
Income (loss) before income taxes 886 (31,301)
Income tax (expense) benefit (1,062) 7,332
—— —- ——-
Consolidated net loss $ (176) $ (23,969)
==== ====== ==== ==== ======= ====
Net loss per share
Basic and diluted $ (0.00) $ (0.68)
Weighted average ordinary shares outstanding
Basic and diluted 39,327 35,456

Tornier N.V.
Condensed Consolidated Balance Sheets
(in thousands)
April 1, 2012 January 1, 2012
————— —————-
(unaudited)
Assets
Current assets
Cash and cash equivalents $ 69,067 $ 54,706
Accounts receivable, net 51,556 45,908
Inventories, net 79,788 79,883
Deferred income taxes and other current assets 20,337 18,375
——- ——-
Total current assets 220,748 198,872
Instruments, net 50,766 49,347
Property, plant and equipment, net 33,974 33,353
Goodwill and intangibles, net 230,163 228,209
Deferred income taxes and other assets 1,636 1,919
——- ——-
Total assets $ 537,287 $ 511,700
====== ======= ======= =======
Liabilities and shareholders’ equity
Current liabilities
Short-term borrowing and current portion of long-term debt $ 22,507 $ 18,011
Accounts payable 13,090 12,020
Accrued liabilities and deferred income taxes 40,221 35,443
——- ——-
Total current liabilities 75,818 65,474
Other long-term debt 25,061 21,900
Deferred income taxes and other long-term liabilities 22,767 22,866
——- ——-
Total liabilities 123,646 110,240
Shareholders’ equity 413,641 401,460
Total liabilities and shareholders’ equity $ 537,287 $ 511,700
====== ======= ======= =======

Tornier N.V.
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
————————————-
(unaudited)
April 1, 2012 April 3, 2011
—————– ——————-
Cash flows from operating activities
Consolidated net loss $ (176) $ (23,969)
Adjustments to reconcile consolidated net loss to net cash provided
by (used in) operating activities
Depreciation and amortization 6,987 7,093
Non-cash foreign currency (gain) loss (243) 633
Deferred and prepaid income taxes (699) (8,069)
Share-based compensation 1,944 1,295
Non-cash interest expense and discount amortization – 2,040
Inventory obsolescence 1,490 1,596
Loss on extinguishment of debt – 29,475
Other non-cash items affecting earnings 556 105
Changes in operating assets and liabilities
Accounts receivable (4,774) (5,892)
Inventories 373 (2,035)
Accounts payable and accruals 4,685 1,674
Other current assets and liabilities (880) 3,494
Other non-current assets and liabilities (424) (488)
—— —- ——– —-
Net cash provided by (used in) operating activities 8,839 6,952
Cash flows from investing activities
Acquisition-related cash payments (350) (481)
Additions of instruments (3,922) (2,874)
Purchases of property, plant and equipment (1,156) (714)
—— —- ——– —-
Net cash provided by (used in) investing activities (5,428) (4,069)
Cash flows from financing activities
Change in short-term debt 2,991 (12,932)
Repayments of long-term debt (2,042) (2,070)
Proceeds from issuance of long-term debt 5,343 -
Deferred financing costs – (2,414)
Repayment of notes payable – (116,108)
Issuance of ordinary shares 3,120 168,257
—— ——–
Net cash provided by (used in) financing activities 9,412 34,733
Effect of currency exchange rates on cash and cash equivalents 1,538 1,660
—— ——–
Increase (decrease) in cash and cash equivalents 14,361 39,276
Cash and cash equivalents at beginning of period 54,706 24,838
—— ——–
Cash and cash equivalents at end of period $ 69,067 $ 64,114
==== ====== ==== ========

Tornier N.V.
Selected Revenue Information
(in thousands)
Three Months Ended
———————————————
(unaudited)
—————————–
April 1, 2012 April 3, 2011 Percent change
————– ————– —————
Revenue by product category
Upper extremity joints and trauma $ 47,018 $ 42,155 11.5 %
Lower extremity joints and trauma 7,029 6,632 6.0 %
Sports medicine and biologics 4,131 3,857 7.1 %
—— —— ——- ——
Total extremities 58,178 52,644 10.5 %
Large joints and other 16,280 16,791 -3.0 %
—— —— ——- ——
Total $ 74,458 $ 69,435 7.2 %
====== ====== ====== ====== ======= ======
Revenue by geography
United States $ 39,701 $ 37,021 7.2 %
International 34,757 32,414 7.2 %
—— —— ——- ——
Total $ 74,458 $ 69,435 7.2 %
====== ====== ====== ====== ======= ======

Tornier N.V.
Reconciliation of Revenue to Non-GAAP Revenue on a Constant
Currency Basis
(in thousands)
Three Months Ended
—————————————————————————————–
(unaudited)
April 1, 2012 April 3, 2011
——————————————————————– ——————–
Revenue as reported Foreign exchange impact Revenue on a constant Revenue as reported Percent change
as compared currency basis on a constant currency basis
to prior period
—————— ———————- ——————– —————— —————————
Revenue by product category
Upper extremity joints and trauma $ 47,018 $ 402 $ 47,420 $ 42,155 12.5 %
Lower extremity joints and trauma 7,029 38 7,067 6,632 6.6 %
Sports medicine and biologics 4,131 19 4,150 3,857 7.6 %
——— ———– ———- ——— ————– ————-
Total extremities 58,178 459 58,637 52,644 11.4 %
Large joints and other 16,280 651 16,931 16,791 0.8 %
——— ———– ———- ——— ————– ————-
Total $ 74,458 $ 1,110 $ 75,568 $ 69,435 8.8 %
========= ========= =========== =========== ========== ========== ========= ========= ============== =============
Revenue by geography
United States $ 39,701 $ – $ 39,701 $ 37,021 7.2 %
International 34,757 1,110 35,867 32,414 10.7 %
——— ———– ———- ——— ————– ————-
Total $ 74,458 $ 1,110 $ 75,568 $ 69,435 8.8 %
========= ========= =========== =========== ========== ========== ========= ========= ============== =============

Tornier N.V.
Reconciliation of Net Loss to
Non-GAAP Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
(in thousands)
Three Months Ended
————————————-
(unaudited)
April 1, 2012 April 3, 2011
—————— ——————
Net loss, as reported $ (176) $ (23,969)
Interest income (113) (128)
Interest expense 487 2,606
Income tax expense (benefit) 1,062 (7,332)
Depreciation 4,340 4,283
Amortization 2,647 2,810
——- ——-
Subtotal Non-GAAP EBITDA (Loss) 8,247 (21,730)
Other non-operating (income) expense (1) 19
Foreign currency transaction (gain) loss (25) 79
Share-based compensation 1,944 1,295
Loss on extinguishment of debt – 29,475
Special charges – -
——- ——-
Non-GAAP Adjusted EBITDA $ 10,165 $ 9,138
======= ======= ======= =======

Tornier N.V.
Reconciliation of Net Cash Provided by (Used in) Operating
Activities
to Non-GAAP Free Cash Flow
(in thousands)
Three Months Ended
——————————-
(unaudited)
April 1, 2012 April 3, 2011
————— —————
Net cash provided by (used in) operating activities, as reported $ 8,839 $ 6,952
Adjusted for:
Additions of instruments, as reported (3,922) (2,874)
Purchases of property, plant and equipment, as reported (1,156) (714)
Non-GAAP free cash flow $ 3,761 $ 3,364
===== ====== ===== ======

SOURCE: Tornier N.V.

Tornier N.V.
Carmen Diersen
Chief Financial Officer
952-426-7646
cdiersen@tornier.com
or
Doug Kohrs
President and Chief Executive Officer
952-426-7606
dkohrs@tornier.com

Copyright Business Wire 2012

/quotes/zigman/3670568/quotes/nls/trnx

Add to portfolio

TRNX

Tornier N.V.

US

: U.S.: Nasdaq

$
21.55

+0.46
+2.18%

Volume: 99,024
May 15, 2012 4:00p

P/E RatioN/A
Dividend YieldN/A

Market Cap$963.51 million
Rev. per EmployeeN/A

Financial Glossary

Words used in this article:

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Opposition spokesman on finance Karmenu Vella said it appeared Minister Fenech didnt want to hear that this SPV had been set up to hide government debt, by transferring it to other instruments. In fact, many professionals were extremely sceptical about this SPV.

According to the Maastricht Treaty, debt should be no more than 60 per cent of the GDP of a country. Notwithstanding, Maltas debt stands at 72 per cent of the GDP and the government continued to try to hide this problem. Malta had three debt pillars: that accrued directly by government, that by its entities and now by this SPV.

Although last week Mr Fenech said it was not difficult for the government to borrow money I beg to differ, as the EU has warned Malta not to indebt itself further and we need to be careful what we borrow for, Mr Vella said. Instead of controlling debt the government continued to increase it. He said that the fact was that while debt increased by more than eight per cent, the GDP had only increased by two per cent a sign the country was borrowing far more than it could pay.

Although setting up this SPV was not illegal, the government was choosing the route which would get around indebting itself further. In the long run, this would cost more.

Mr Vella said if a similar move had been made to help a company like Air Malta, for example, the PL would never have opposed it. Similarly if it had been for restructuring Enemaltas debt, he said.

The fact was that the government said the EU had agreed with this SPV, but it was the EU which forced a euro;40 million cut in the last budget, to bring the deficit to below three per cent. Furthermore the 3.7 per cent interest rate at which the EIB loaned the government euro;40 million was not so impressive, since local banks loaned the government at even 2.8 per cent interest.

The role of the Governor of the Central Bank was, in some cases, strictly advisory but the truth was that he could not be ignored when giving advice on such matters.

Mr Vella insisted that this would burden future generations with more debt, and went against all sense of sustainability, for a project which was not a priority. The fact was that nobody had said the building of a new parliament was necessary as the current one was not serving MPs well. Excuses such as tourism and democracy had been given.

The project was capricious, which was why the government did not find the peoples backing. At a time when less was being allocated to health and education, it was futile to say that for the first time the people would have its own lsquo;home. If this is being leased, it did not belong to the government.

The opposition was voting against this motion not because it disagreed with SPVs, but it did not feel that it was being used for genuine aims but to hide debt and this was something which should be explained to the people.

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Brookover, a working deputy for over 26 years, graduated from Magnolia High School. He then attended West Liberty before enlisting in the US Marine Corps. He served four years, including a tour of duty in Vietnam, before being honorably discharged.

Brookover has served under four sheriffs and he believes he has learned from all of them. Combining the knowledge I garnered from them, my experience as a deputy, and the training I received, I believe I will be a knowledgeable and efficient manager of our countys assets, said Brookover. I know the county and its needs. I have travelled all of the roads and worked in every area of Wetzel County.

One of Brookovers main concerns is providing safety for all the citizens. He says his interaction with several judges and attorneys has provided much knowledge and prepared him to better serve the citizens. I have kept current with the changes in Wetzel County and the state, including tax changes, property re-evaluations, grants, and drilling activities, said Brookover.

He is married to Linda Hohman and they have four sons. Brookover is a member of Moose Lodge #931 of New Martinsville, the VFW, the American Legion, and he attends the St. Vincent de Paul Catholic Church.

Eller is son of the late, Yonsell Jay Eller Jr. and Mary M. Eller of New Martinsville. He is the grandson of a former Sheriff of Wetzel County, Yonsell Yontz Eller. He is a lifelong resident of Proctor where he resides with his wife, Diana (Potts). He is a graduate of Magnolia High School and is currently employed at PGT Trucking for over 17 years. He has received recognition as a One Million Mile Plus Safe Driver.

Eller is a member of several organizations including the West Virginia Sheriffs Association, National Rifle Association (NRA), Moose Lodge #931, and the Wetzel County Lodge #39 AF amp; AM His other affiliations include: International Defense Pistol Association (IDPA), American Radio Relay League (ARRL), Mountain State Commandery No. 14, Grand Chapter of West Virginia RAM. Sistersville No. 27, and Independent Order of Odd Fellows (Magnolia No. 42).

For the past 20 years, he has served as the 1st Lieutenant of the Grandview Fire Department. He is a Christian by faith and is a member of the Antioch Christian Church.

Eller has completed numerous hours of instruction offered by Homeland Security, FEMA, WVU Extension, National Fire Academy, and the Emergency Management Institute.

Haught is a 52-year-old lifelong resident of Wetzel County. He is the son of Kenneth and Shirley Cozart Haught and resides in New Martinsville with his wife Gail. A 1977 graduate of Magnolia High School, Haught attended West Liberty State College and graduated from the West Virginia State Police Academy in 1987.

Haught has 25 years experience in law enforcement. He has been a supervisor for 23 years and have served as the Chief Deputy of the Wetzel County Sheriffs Office for the past six years. Haught has performed all the daily duties of a Deputy Sheriff which enables him to understand them. He also has experience in the day to day management of a law enforcement agency such as scheduling, budgeting, employee issues, equipment procurement, state accountability, and training. Having experience on both sides will make me a more effective sheriff, said Haught. I bring experienced leadership to the Office of Sheriff.

The Office of Sheriff is not an entry level position. It requires experience and training to be an effective sheriff. I know the job and can do the job immediately upon taking office.

Montgomery has been a union member in the construction industry for 28 years. The last 14 years I have been a supervisor, working for the United States military, all branches of the federal government, state government, commercial, and industrial work. For the past 10 years, most of Montgomerys work has been for the military and federal government. As a supervisor, his job duties consists of contract negotiations, writing contracts, working with grants, financial budgeting, directing manpower, safety, and clerical work.

Montgomery is also a Certified Safe hunting and Gun Instructor for 18 years with the West Virginia Department of Natural Resources, a member of the West Virginia Sheriffs Association, and is currently working toward a degree in criminal justice at Colorado Technical University. He has been endorsed by the United Steel Workers of America, Local 14614. If elected sheriff, I will be fiscally responsible, work to save the tax payers money, and to serve and protect the citizens of Wetzel County, said Montgomery. As sheriff, I will be dedicated to the citizens and I appreciate your support on May 8.

Mental hygiene transports are a big drain in time and finances for the sheriffs department. Do you see any way to relieve that situation? Please explain.

Brookover: Although something needs to be done about mental health transports, nothing can really be done at the present time. It is the duty, by West Virginia Law, that the sheriffs department is responsible for transportation of mental health patients to a treatment facility. Previous sheriffs have tried to develop a solution, to free their deputies for regular duties, but none could be found that was approved. Using a private contractor carried many liability issues; Emergency Medical Service transports deprived the county of needed staff and equipment, because they, too, were involved with the patient for several hours. The county commission has charged surrounding counties for officer overtime when patients from other counties had to be transported, and have had some success. Truthfully, for the sheriff to be able to change this task, the state legislature needs to work on a solution or rewrite the current law.

Eller: As a candidate for Sheriff, I realize that mental hygiene transports to out-of-county facilities involves a lot of man hours and expense to Wetzel County. WV State Code 27-5-10 dictates that individuals who have to be involuntarily admitted for mental illness or addiction must be transported to a facility by the sheriff. It also outlines that the sheriffs office can, under certain circumstances, arrange for alternative transportation. Based on this West Virginia Code, we as a county should pursue the avenue of alternative transportation. I would also like to investigate other possible solutions, by looking to other counties in West Virginia.

We should be focusing on the possibility of using technology such as teleconferencing in hopes of eliminating unnecessary travel back to the county for competency hearings to determine treatment. The last two proposals would involve obtaining more fuel efficient vehicles in order to keep cost to a minimum. The hiring of part-time personnel to assist with transportation would keep the Sheriffs Department accessible to the citizens of Wetzel County.

Haught: Mental Hygiene transports are regulated by State Code and are the responsibility of the Sheriffs Office. We have seen a significant increase in these transports in the last few years with the arrival of mental health facilities in New Martinsville. We did nearly 150 transports last year and they are a significant drain on the Sheriffs resources. Unless the Legislature amends the code or assigns responsibility to another state agency such as DHHR, the Sheriffs Office will continue to be solely responsible for them. We can, however, attempt to recover some of the costs for out of county patients from the counties they live in. We can also use a reserve transport officer to cut down on overtime and thereby keep a law enforcement deputy in the county to do other duties. Other counties are already doing this. I will work with the West Virginia Sheriffs Association to lobby for legislative change and the County Commission to continue to recover fees from other counties.

Montgomery: Mental hygiene transports are mandated by the state, requiring the Sheriffs Department to do the transports as needed. At the present time, Wetzel County gets reimbursed for mental hygiene transports for patients that are not a resident of Wetzel County. For the transports of Wetzel County residents, the options I would look into are being reimbursed by the Department of Health and Human Resources (DHHR) under their Mental Hygiene Fund and work with the county commissioners on getting reimbursed through the General County Fund by utilizing the Sheriffs Allowance for Expenses, WV Code 7-7-13. The other problem would be the manpower issue and, according to the West Virginia Law, any person who does Mental Hygiene Transports must be a Certified Police Officer. So, the option of using volunteers or reserve deputies wouldnt be possible. The alternative would be to hire a deputy for Mental Hygiene Transports, but sometimes there are numerous transports at the same time. To have a Mental Hygiene Facility in Wetzel County would not only help the Individuals in need, but create less stress on the Sheriffs Department.

If you are elected sheriff, what would you keep and what changes would you make in the county and why?

Brookover: There would be few changes made. Perhaps we could add a secretary to answer the phone and intercom. Currently, the citizens have a difficult time contacting an officer for non-emergency calls. If people come to the office, an intercom system is available, but there has to be someone to answer. Calls to 911 are routed to the on-duty deputys phone. If an officer is there, the person can talk to him/her; if not, a message must be left, however, it may or may not be answered.

I dont foresee personnel changes. I believe there is a good mix of experienced deputies with deputies who are now getting to know the area, the people, and their jobs. Other aspects and intra-department work will be evaluated on need, feasibility, and job performance.

Substations throughout the county have been looked into by previous administrations. I will do the same, considering cost, manpower, feasibility, etc. In years past, the tax office personnel went to various locations throughout the county to collect taxes. This probably isnt practical now since records are computerized. There are other ways to pay taxes, especially since the office is open, and will continue to be, on Saturdays.

Eller: As a candidate for Sheriff, my motto is It is all about Wetzel County! I am hopeful that the citizens and the Sheriffs Department can work together to determine what changes may be necessary to increase the efficiency and productivity. I will be holding town meetings throughout the county to hear citizens concerns. I hope that any future changes will be governed by the idea that we value and consider people first!

I think making Wetzel County safe is everyones responsibility. I would like to establish an anonymous tip line for individuals to report crimes. It is my belief that by addressing the drug issues in our community we will also reduce other criminal acts. Collaboration is the key to managing this troublesome issue. Law enforcement must go on working with others to educate individuals about drug prevention.

I would continue to get additional funds for the sheriffs office by applying for federal and state grants. Finding resources and funding for the community will be one of my top priorities. I will support existing emergency medical services, fire departments, law enforcement agencies, and other community programs.

Haught: I would keep the successful programs such as the Prevention Resource Officer at Valley High School, the Officer in the School Program, the K9 and Special Response Teams. The Tax Office is running smoothly with a 98 percent collection rate and I wouldnt change anything there. I would establish a satellite office on the Short Line to increase our presence there and shorten response time to calls on the back end of the county. I would work with surrounding counties to establish a Drug Task Force to allow us to share resources in combating the drug problem in Wetzel County. I would improve the publics access to the Sheriffs Office facility. I will increase enforcement of traffic law as it pertains to commercial vehicles to help ensure safety on our county roads. I will establish a Senior Citizens Advisory Panel to help keep the Sheriffs Office informed as to the needs and concerns of our senior population. I will continue to seek state and federal grant opportunities to help with the costs of equipment and technology.

Montgomery: If elected sheriff, I will continue the PRO Program with the Schools and work with the Board of Education for the safety of our children. I will also continue the SRT Team and the K9 units. The changes that I would make are to start a Drug Task Force to work with other agencies to stop the flow of drugs into Wetzel County, create a Search and Rescue Team combined with a Reserve Deputy Program by utilizing Homeland Security Grants, offer the Towns of Hundred, Pine Grove, Paden City, and New Martinsville to contract their police services through the Sheriffs Department. This will save the towns money, have a deputy on duty in those areas of the county all the time, create a quicker response time in emergencies, and allow the Sheriffs Department to increase the amount of deputies to serve and protect the citizens of Wetzel County. I will also work to computerize the department records, continue to seek grants to save the taxpayers money, and establish a Crime Notification System in Wetzel County to notify the residents of the crimes taking place for the safety of the citizens.

Part of the sheriffs job is to be the countys treasurer by collecting all state, county, municipal, and school taxes; disbursing money to appropriate agencies; and maintaining all tax records. What makes you qualified for this aspect of the job?

Brookover: As a deputy over the past several years, and in years past when deputies accompanied the tax office personnel to other areas of the county to collect taxes, my contact with the employees in that office allowed me to ask questions about the daily operation of the office. Although the sheriff oversees the office and is directly responsible tax collection and disbursements, the employees are well qualified to carry out their duties. Therefore, the day-to-day operation of the tax office would be in the hands of these employees, under my supervision. I will see that they continue to receive the training they need and provide the equipment they need to complete their work in a professional manner.

Eller: As the sheriff, it is my responsibility to be a leader of a team of individuals who are trustworthy, dedicated, and qualified. It is my belief that the existing employees of the tax office have the necessary experience and understanding of the daily operations. The tax office will continue to perform its day to day activities. I firmly believe that a completion of a task is much more important than who gets credit for the work. Ive had numerous opportunities in my current employment to participate on several advisory councils. My participation involved sharing my knowledge and skills in hopes of making positive outcomes in the lives of others. Since I have experience working with agencies that serve the citizens, such as a local fire department and other emergency services, I understand that the importance of collaboration with others is absolutely vital to getting tasks accomplished.

I have a strong work ethic that includes being devoted, conscientious, honest, and reasonable. Ive learned this first-hand, from my father who was a local self employed business man.

Haught: I feel my 23 years of supervisory experience enables me to effectively manage the staff of the Tax Office. Our four full-time Tax Deputies have almost 65 years of combined experience in that office and have achieved a 98 percent collection rate. The Tax Office is subject to daily reporting requirements and frequent audits by the state. While Chief Deputy I administered federal and state grants totaling over a quarter million dollars. I have successfully undergone inspections and audits by the state on these grants and understand the accountability of handling these funds. I have experience in line item budgeting and administering the day to day operations of an office. My experience in procuring equipment and technologies will help keep the office running smoothly and my emphasis will be to continue the high standard of customer service and efficiency that the Tax Office currently provides the citizens of Wetzel County.

Montgomery: As being a supervisor for the last 14 years, working for the United States military and the federal government, my job duties consists of financial budgeting, clerical duties, working with grants, writing contracts, direction of manpower, and contract negotiations. With this experience and handling financial budgets far greater than the countys, I can and will be fiscally responsible in both the Tax Division and the Law Enforcement Division. This experience also enhances my qualifications for the collection of taxes, disbursing money to other agencies and maintaining the tax records for the county. I will also continue to update the Tax Division of Wetzel County to serve the citizens of the county.

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ALBUQUERQUE, N.M., May 04, 2012 (BUSINESS WIRE) –
–FIRST QUARTER SUMMARY

–GAAP (generally accepted accounting principles) earnings of $0.21 per diluted share, compared with $0.18 per diluted share in 2011

–Ongoing earnings of $0.17 per diluted share, compared with $0.04 per diluted share in 2011

PNM Resources

/quotes/zigman/296626/quotes/nls/pnm PNM
+0.16%

today reported unaudited 2012 first quarter
consolidated GAAP earnings of $17.1 million, or $0.21 per diluted share,
compared with $16.6 million, or $0.18 per diluted share, during the same
period in 2011. Consolidated GAAP results in 2011 included First Choice
Power, which contributed $13.5 million, or $0.15 per diluted share, to
earnings. Optim Energy had no impact on 2011 GAAP results.

Quarterly unaudited, consolidated ongoing earnings were $13.5 million,
or $0.17 per diluted share, compared with $3.4 million, or $0.04 per
diluted share, in 2011. Consolidated ongoing results in 2011 included
First Choice Power and Optim Energy, which contributed a combined $3.1
million, or $0.03 per diluted share, to earnings. Earnings per diluted
share are positively impacted in 2012 by the reduction in average shares
resulting from PNM Resources’ purchase of outstanding equity securities
in late 2011. Reconciliations of 2012 and 2011 GAAP to ongoing earnings
are included in schedules 1 and 2.

“Our first quarter results demonstrate the financial improvements of our
regulated utilities, PNM and TNMP, both of which benefitted from rate
case resolutions last year and now are providing stable earnings paths,”
said Pat Collawn, PNM Resources chairman, president and CEO. “A slowly
recovering economy during the first quarter, combined with a milder
winter in New Mexico and Texas, slightly tempered performance of both
utilities.”

Quarterly financial materials are available at
http://www.pnmresources.com/investors/results.cfm .

SEGMENT REPORTING OF 2012 FIRST QUARTER EARNINGS

PNM — a vertically integrated
electric utility in New Mexico with distribution, transmission and
generation assets.

–
PNM reported ongoing earnings of $14.1 million, or $0.18 per diluted
share, compared with $0.8 million, or $0.01 per diluted share, in
2011. GAAP earnings were $17.7 million, or $0.22 per diluted share,
compared with $3.6 million, or $0.04 per diluted share.

–
Higher retail rates and a new rate structure that put more of the
increase into the shoulder periods, coupled with lower O&M costs,
improved earnings. Lower sales prices associated with Palo Verde
Nuclear Generating Station unit 3 negatively affected performance.

TNMP — an electric
transmission and distribution utility in Texas.

–
TNMP reported ongoing earnings of $3.1 million, or $0.04 per diluted
share, and GAAP earnings of $3.0 million, or $0.04 per diluted share,
compared with ongoing and GAAP earnings of $4.2 million, or $0.05 per
diluted share, in 2011.

–
A 34 percent decrease in heating-degree days in TNMP’s service
territory more than offset the full-quarter impact of higher
transmission and distribution rates that went into effect in February
2011.

Corporate/Other — a segment that
reflects costs at the PNM Resources holding company, mainly comprised of
interest expense related to debt.

–
Corporate/Other reported ongoing and GAAP losses of $3.6 million, or
$0.05 per diluted share, compared with 2011 ongoing and GAAP losses of
$4.7 million, or $0.05 per diluted share.

–
The repurchase of long-term debt in late 2011 decreased interest
expense.

2012 GUIDANCE RANGE AFFIRMED

PNM Resources today affirmed its 2012 financial outlook. Management
expects 2012 consolidated ongoing earnings to be in the range of $1.20
to $1.32 per diluted share.

FIRST QUARTER EARNINGS CALL: 11 AM EASTERN TODAY

PNM Resources will discuss first quarter earnings results during a live
conference call and webcast today at 11 a.m. Eastern. Speaking on
the call will be Pat Vincent-Collawn, PNM Resources chairman, president
and CEO, and Chuck Eldred, PNM Resources executive vice president and
CFO.

A live webcast of the call will be archived at
http://www.pnmresources.com/investors/events.cfm .
Listeners are encouraged to visit the Web site at least 30 minutes
before the event to register, download and install any necessary audio
software.

Investors and analysts can participate in the live conference call by
dialing (877) 377-7098 or (631) 291-4547 five to 10 minutes prior to the
event and referencing “the PNM Resources first quarter earnings
conference call.” A telephone replay will be available at 2 p.m. Eastern
until midnight May 17 by dialing (855) 859-2056 or (404) 537-3406 and
using confirmation code 71593523. Supporting material for PNM Resources’
earnings announcements can be viewed and downloaded at
http://www.pnmresources.com/investors/results.cfm .

E-MAIL ALERTS, RSS FEEDS AVAILABLE

PNM Resources encourages analysts, investors and other interested
parties to visit
www.PNMResources.com
and register to automatically receive company financial information by
e-mail or RSS feeds. Once registered, participants can choose from a
menu to automatically receive information, including news releases,
notices of webcasts and filings with the U.S. Securities and Exchange
Commission. Participants can unsubscribe at any time and will not
receive information that was not requested.

Background:

PNM Resources

/quotes/zigman/296626/quotes/nls/pnm PNM
+0.16%

is an energy holding company based in
Albuquerque, N.M., with 2011 consolidated operating revenues of $1.3
billion, excluding First Choice Power. Through its regulated utilities,
PNM and TNMP, PNM Resources has approximately 2,530 megawatts of
generation capacity and serves electricity to more than 735,000 homes
and businesses in New Mexico and Texas. For more information, visit the
company’s Web site at
www.PNMResources.com .

Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995

Statements made in this news release that relate to future events or PNM
Resources’ (“PNMR”), Public Service Company of New Mexico’s (“PNM”), or
Texas-New Mexico Power Company’s (“TNMP”) (collectively, the “Company”)
expectations, projections, estimates, intentions, goals, targets, and
strategies are made pursuant to the Private Securities Litigation Reform
Act of 1995. Readers are cautioned that all forward-looking statements
are based upon current expectations and estimates. PNMR, PNM, and TNMP
assume no obligation to update this information. Because actual results
may differ materially from those expressed or implied by these
forward-looking statements, PNMR, PNM, and TNMP caution readers not to
place undue reliance on these statements. PNMR’s, PNM’s, and TNMP’s
business, financial condition, cash flow, and operating results are
influenced by many factors, which are often beyond their control that
can cause actual results to differ from those expressed or implied by
the forward-looking statements. These factors include: The ability of
PNM and TNMP to recover costs and earn allowed returns in regulated
jurisdictions; the ability of the Company to successfully forecast and
manage its operating and capital expenditures; state and federal
regulatory, legislative, and judicial decisions and actions on
ratemaking, tax, and other matters; state and federal regulation or
legislation relating to environmental matters, including the resultant
costs of compliance and other impacts on the operations and economic
viability of PNM’s generating plants; the risk that recently enacted
reliability standards regarding available transmission capacity and
other Federal Energy Regulatory Commission rulemakings may negatively
impact the operation of PNM’s transmission system; the performance of
generating units, transmission systems, and distribution systems, which
could be negatively affected by operational issues, extreme weather
conditions, terrorism, and cybersecurity breaches; uncertainties
surrounding PNM’s collective bargaining agreement, which provides for an
expiration date of April 30, 2012; variability of prices and volatility
and liquidity in the wholesale power and natural gas markets; changes in
price and availability of fuel and water supplies; uncertainties
surrounding the mine fire incident at the mine supplying coal to San
Juan Generating Station; uncertainty surrounding the status of PNM’s
participation in jointly-owned generation projects resulting from the
scheduled expiration of the operational documents for the projects; the
risks associated with completion of generation, transmission,
distribution, and other projects; regulatory, financial, and operational
risks inherent in the operation of nuclear facilities, including spent
fuel disposal uncertainties; uncertainty regarding the requirements and
related costs of decommissioning power plants and coal mines supplying
certain power plants, as well as the ability to recover decommissioning
costs from customers; the impacts on the electricity usage of the
Company’s customers due to performance of state, regional, and national
economies and mandatory energy efficiency measures, weather,
seasonality, and other changes in supply and demand; the Company’s
ability to access the financial markets, including disruptions in the
credit markets, actions by ratings agencies, and fluctuations in
interest rates; the potential unavailability of cash from PNMR’s
subsidiaries due to regulatory, statutory, or contractual restrictions;
the impacts of decreases in the values of marketable equity securities
maintained to provide for nuclear decommissioning and pension and other
postretirement benefits; commodity and counterparty credit risk
transactions and the effectiveness of risk management; the outcome of
legal proceedings, including the extent of insurance coverage; changes
in applicable accounting principles.

Non-GAAP Financial Measures

The Company uses ongoing earnings and ongoing earnings per diluted share
(or ongoing diluted earnings per share) to evaluate the operations of
the Company and to establish goals for management and employees. While
the Company believes these financial measures are appropriate and useful
for investors, they are not measures presented in accordance with
generally accepted accounting principles in the U.S. (GAAP). The Company
does not intend for these measures, or any piece of these measures, to
represent any financial measure as defined by GAAP. Furthermore, the
Company’s calculations of these measures as presented may or may not be
comparable to similarly titled measures used by other companies. The
Company uses ongoing earnings guidance to provide investors with
management’s expectations of ongoing financial performance over the
period presented. While the Company believes ongoing earnings guidance
is an appropriate measure, it is not a measure presented in accordance
with GAAP. The Company does not intend for ongoing earnings guidance to
represent an expectation of net earnings as defined by GAAP. Management
is generally not able to estimate the impact of the reconciling items
between ongoing earnings guidance and forecasted GAAP earnings, nor
their probable impact on GAAP earnings; therefore, management is
generally not able to provide a corresponding GAAP equivalent for
earnings guidance.

PNM Resources
Schedule 1
Reconciliation
of Ongoing to GAAP Earnings
(Preliminary and Unaudited)
Three Months Ended March 31, 2012
(in thousands)
PNM TNMP Corporate Consolidated
Electric Electric and Other
———– ——- ———— ————–
GAAP Net Earnings (Loss) Attributable to PNMR: $ 17,680 $ 3,011 $ (3,611) $ 17,080
Adjusting items, net of income tax effects(1)
Mark-to-market impact of economic hedges (2,115) — — (2,115)
Net change in unrealized impairments of NDT securities (1,728) — — (1,728)
Process improvement initiatives 228 66 — 294
———– ——— ———– ————
Total Adjustments (3,615) 66 — (3,549)
————- ——— ———– —————-
Ongoing Earnings (Loss) $ 14,065 $ 3,077 $ (3,611) $ 13,531
=== ====== == ===== === ====== === ==== ======
Three Months Ended March 31, 2011
(in thousands)
PNM TNMP First Optim Energy Corporate Consolidated
Electric Electric Choice (50%) and Other
———– ——- ———— ————– ———— ————–
GAAP Net Earnings (Loss) Attributable to PNMR: $ 3,649 $ 4,163 $ 13,489 $ — $ (4,664) $ 16,637
Adjusting items, net of income tax effects(2)
Mark-to-market impact of economic hedges (1,152) — (5,853) 975 — (6,030)
Net change in unrealized impairments of NDT securities (1,716) — — — — (1,716)
Equity in net earnings (loss) of Optim Energy — — — (5,483) — (5,483)
———– ——— ———– —————- ———– —————-
Total Adjustments (2,868) — (5,853) (4,508) — (13,229)
————- ——— ————– —————- ———– —————-
Ongoing Earnings (Loss) $ 781 $ 4,163 $ 7,636 $ (4,508) $ (4,664) $ 3,408
=== ====== == ===== === ====== ==== ====== ==== === ====== === ==== ======
(1) Income tax effects calculated using tax
rates of 35.00% for TNMP and 39.59% for all other segments
(2) Income tax effects calculated using tax
rates of 35.65% for First Choice, 35.00% for TNMP and 39.59% for all
other segments

PNM Resources
Schedule 2
Reconciliation of Ongoing to GAAP Earnings Per Diluted Share
(Preliminary and Unaudited)
Three Months Ended March 31, 2012
(earnings per diluted share)
PNM TNMP Corporate Consolidated
Electric Electric and Other
——– —— ———– ————-
GAAP Net Earnings (Loss) Attributable to PNMR: $ 0.22 $ 0.04 $ (0.05) $ 0.21
Adjusting items
Mark-to-market impact of economic hedges (0.02) — — (0.02)
Net change in unrealized impairments of NDT securities (0.02) — — (0.02)
Process improvement initiatives — — — –
——– ——– ———- ———–
Total Adjustments (0.04) — — (0.04)
———- ——– ———- —————
Ongoing Earnings (Loss) $ 0.18 $ 0.04 $ (0.05) $ 0.17
== ==== == ==== === ===== === ==== =====
Average Diluted Shares Outstanding: 80,475,328
Three Months Ended March 31, 2011
(earnings per diluted share)
PNM TNMP First Optim Energy Corporate Consolidated
Electric Electric Choice (50%) and Other
——– —— ———– ————- ———– ————
GAAP Net Earnings (Loss) Attributable to PNMR: $ 0.04 $ 0.05 $ 0.15 $ — $ (0.05) $ 0.18
Adjusting items
Mark-to-market impact of economic hedges (0.01) — (0.06) 0.01 — (0.07)
Net change in unrealized impairments of NDT securities (0.02) — — — — (0.02)
Equity in net earnings (loss) of Optim Energy — — — (0.06) — (0.06)
——– ——– ———- ————— ———- ————–
Total Adjustments (0.03) — (0.06) (0.05) — (0.14)
———- ——– ————- ————— ———- ————–
Ongoing Earnings (Loss) $ 0.01 $ 0.05 $ 0.08 $ (0.05) $ (0.05) $ 0.04
== ==== == ==== === ===== ==== ===== ==== === ===== === ==== ====
Average Diluted Shares Outstanding: 92,108,307
Tables may not appear visually accurate due to rounding

SOURCE: PNM Resources

PNM Resources
Analysts
Jimmie Blotter, 505-241-2227
Media
Frederick Bermudez, 505-241-4831

Copyright Business Wire 2012

/quotes/zigman/296626/quotes/nls/pnm

Add to portfolio

PNM

PNM Resources Inc.

US

: U.S.: NYSE

$
18.32

+0.03
+0.16%

Volume: 150,757
May 14, 2012 2:04p

P/E Ratio9.29
Dividend Yield3.18%

Market Cap$1.46 billion
Rev. per Employee$871,665

/quotes/zigman/296626/quotes/nls/pnm

Add to portfolio

PNM

PNM Resources Inc.

US

: U.S.: NYSE

$
18.32

+0.03
+0.16%

Volume: 150,757
May 14, 2012 2:04p

P/E Ratio9.29
Dividend Yield3.18%

Market Cap$1.46 billion
Rev. per Employee$871,665

Financial Glossary

Words used in this article:

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Although Fidelis likely never was profitable, it generated “mountains of cash,” the plan says. The Atkinsons took $100 million of that and spent it on a lavish lifestyle of opulent houses here and abroad, as well as cars, jewelry and other luxury items, court documents claim.

Their company collapsed when the Atkinsons cash withdrawals and customer cancellations choked off cash flow.

The brothers were later criminally charged in state and federal court.

Last month, Darain Atkinson pleaded guilty in state court of insurance fraud, stealing and unlawful merchandising practices.and federal court of conspiracy to commit mail and wire fraud and filing a false tax return.

Cory Atkinson has pleaded not guilty.

To date, only roughly $23.7 million of the Atkinsons alleged $100 million has been recovered. The brothers agreed to had over all their assets, including investments, real estate, a boat, vehicles and even $265,000 in a education fund for Cory Atkinsons children.

Darain Atkinson turned over $5.9 worth and Cory Atkinson gave up $15 million worth, records show.

Relatives also gave up almost $2.8 million in assets.

Perhaps the biggest chunk of Fidelis money that disappeared went to Darain Atkinsons monstrous Lake Saint Louis mansion, which cost more than $26.7 million to build and netted only $3.7 million when sold.

Under terms of the plan, creditors will get 24-32 percent of the money owed. The biggest group – owed $7.5 million – are the TV networks and stations that ran Fidelis ads over the years.

Last month, Judge Charles E. Rendlen III approved a settlement that would award $1.45 million to more than 550 former Fidelis employees who claimed that they were laid off without the legally-mandated warning. The employees wont get paid before customers, however.

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