Issuance of New Shares as a Takeover Defense and Countermeasures

In the face of a hostile takeover bid, the best defense is to acquire more friendly shares than the bidder. The problem here is that once the takeover bid becomes known in the market, share prices may increase drastically so as to render it difficult to purchase shares in the market. A solution in this case is to issue new shares to a white knight, and there have been several attempts to do so. Under the Commercial Code of Korea, the general rule with respect to the issuance of new shares is to offer them to existing shareholders in proportion to their existing shareholding. As an exception to these preemptive rights principle, the Commercial Code allows for third-party offerings, but this is limited to where it is necessary to achieve the managerial goals of a company such as the introduction of new technologies or improvement of the financial structure. Much debate has centered on the question of whether a third-party offering as a defense to a hostile takeover bid falls under the above exception to preemptive rights under the Commercial Code. The courts have consistently held that it does not, and so in order to achieve the same result as a third-party offering, companies have used the method where they first issue a massive number of new shares and then allocate to third parties any new shares which were not subscribed by shareholders. The courts have ruled that since the shareholders were given the opportunity to acquire the new shares, allocation of unsubscribed new shares to third party is lawful. However, critics have pointed out that if the original purpose of issuing new shares was to induce forfeited shares, in substance it is no different from a third-party offering and so it should be unlawful. The courts have yet to rule on this matter

Estimating Cloud and Aerosol UV Modification Factors Based on Spectral Measurement from the Brewer Spectrophotometer

Cloud and aerosol modification factors are investigated in the spectral range of ultraviolet (UV) to correct for cloud and aerosol extinction effects from clear sky irradiance. The cloud modification factor (CMF) and aerosol modification factor (AMF) are estimated using radiative transfer model (RTM) simulations and ground-based observations in Seoul, Korea. The modification factors show a spectral dependence within the spectral range of 300 to 360 nm, which is the range used to estimate erythemal UV. The CMF and AMF values are estimated with high spectral resolution with considerations of solar zenith angle (SZA), cloud/aerosol amount, and total ozone variation. From the simulation studies, the variation in the CMFs within the spectral range of 300-360 nm is estimated to be 0.031-0.055, which is twice as large as the decrease in CMFs resulting from a SZA increase of 10 degrees. In addition, the CMFs estimated from observational data show significant spectral dependence, varying from 2.5% to 10.0%. Because of the small aerosol optical depth (AOD) value, however, the variation in the AMF calculated from simulations is estimated to be between 0.007 and 0.045, indicating lower spectral dependence than the CMF. Furthermore, the spectral difference in the AMF calculated from observational data is insignificant relative to the daily-averaged total ozone error and uncertainties related to the reference irradiance spectrum under aerosol-free conditions

Retrieval of NO2 Column Amounts from Ground-Based Hyperspectral Imaging Sensor Measurements

Total column amounts of NO2 (TCN) were estimated from ground-based hyperspectral imaging sensor (HIS) measurements in a polluted urban area (Seoul, Korea) by applying the radiance ratio fitting method with five wavelength pairs from 400 to 460 nm. We quantified the uncertainty of the retrieved TCN based on several factors. The estimated TCN uncertainty was up to 0.09 Dobson unit (DU), equivalent to 2.687 ?? 1020 molecules m???2) given a 1?? error for the observation geometries, including the solar zenith angle, viewing zenith angle, and relative azimuth angle. About 0.1 DU (6.8%) was estimated for an aerosol optical depth (AOD) uncertainty of 0.01. In addition, the uncertainty due to the NO2 vertical profile was 14% to 22%. Compared with the co-located Pandora spectrophotometer measurements, the HIS captured the temporal variation of the TCN during the intensive observation period. The correlation between the TCN from the HIS and Pandora also showed good agreement, with a slight positive bias (bias: 0.6 DU, root mean square error: 0.7 DU)

Power-saving method for wireless sensor network

A power saving method of the present invention is provide for a wireless sensor network including a plurality of sensor nodes each transiting between a power saving mode and a transmit/receive mode, determines whether or not there is no transmit or receive data, enters the power saving mode if there is no transmit or receive data, and controls power consumption on the basis of signal-to-noise ratios in the power saving mode. In the power saving method of the present invention, it is possible to minimize the power consumption regardless of nodes density and without an adverse effect on the connectivity of the network, since the sojourn times of the sleep and idle states are determined adaptive to the interference level from neighboring nodes.Board of Regents, University of Texas Syste

Anti-Inflammatory Activity of the Methanol Extract of Moutan Cortex in LPS-Activated Raw264.7 Cells

Moutan Cortex (MCE) has been used in traditional medicine to remove heat from the blood, promote blood circulation and alleviate blood stasis. This study was conducted to evaluate the effects of MCE on regulatory mechanisms of cytokines and nitric oxide (NO) involved in immunological activity of Raw264.7 cells. Cells were pretreated with methanolic extracts of MCE, and further cultured for an appropriate time after lipopolyssacharide (LPS) addition. During the entire experimental period, 0.1 and 0.3 mg ml−1 of MCE had no cytotoxicity. In these concentrations, MCE inhibited the production of NO and prostaglandin E2 (PGE2), the expression of inducible NO synthase (iNOS), cyclooxygenase-2 (COX-2) and phosphorylated inhibitor of κBα (p-IκBα), and the activation of nuclear factor κB (NF-κB). MCE also reduced the concentration of tumor necrosis factor-α (TNF-α), interleukin-1β (IL-1β) and interleukin-6 (IL-6) in the Raw264.7 cells that were activated by LPS. These results demonstrate that MCE has anti-inflammatory effects through the inhibition of iNOS and COX-2 expression by suppressing the phosphorylation of I-κBα and the activation of NF-κB

The Influence of Electron Beam Sterilization on In Vivo Degradation of β-TCP/PCL of Different Composite Ratios for Bone Tissue Engineering.

We evaluated the effect of electron beam (E-beam) sterilization (25 kGy, ISO 11137) on the degradation of β-tricalcium phosphate/polycaprolactone (β-TCP/PCL) composite filaments of various ratios (0:100, 20:80, 40:60, and 60:40 TCP:PCL by mass) in a rat subcutaneous model for 24 weeks. Volumes of the samples before implantation and after explantation were measured using micro-computed tomography (micro-CT). The filament volume changes before sacrifice were also measured using a live micro-CT. In our micro-CT analyses, there was no significant difference in volume change between the E-beam treated groups and non-E-beam treated groups of the same β-TCP to PCL ratios, except for the 0% β-TCP group. However, the average volume reduction differences between the E-beam and non-E-beam groups in the same-ratio samples were 0.76% (0% TCP), 3.30% (20% TCP), 4.65% (40% TCP), and 3.67% (60% TCP). The E-beam samples generally had more volume reduction in all experimental groups. Therefore, E-beam treatment may accelerate degradation. In our live micro-CT analyses, most volume reduction arose in the first four weeks after implantation and slowed between 4 and 20 weeks in all groups. E-beam groups showed greater volume reduction at every time point, which is consistent with the results by micro-CT analysis. Histology results suggest the biocompatibility of TCP/PCL composite filaments

Development of Threat Evaluation Tool for Distributed Network Environment

Current information protection systems only detect and warn against individual intrusion, and are not able to provide a collective and synthesized alert message. In this paper, we propose a new Meta-IDS system which is called ``SIA System''. The SIA system can filter redundant alert messages, analyze mixed attacks using correlation alert messages from each sensor and respond to security threats quickly, after classifying them into one of four different statuses. Then we implement the SIA system and test the efficiency of it in the managed networks. Thus we confirm that the SIA system enables security managers to deal with security threats efficiently