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Category: Finance

  • MIL-OSI USA: Trump Touts Alaska LNG as a Top Priority of New Administration

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan
    03.05.25
    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska) today celebrated President Donald Trump’s endorsement of the Alaska Liquefied Natural Gas (LNG) Project as a top priority of his new administration in the President’s joint address to Congress last night.
    Sen. Sullivan has been a relentless advocate for the Alaska LNG Project as an opportunity to provide abundant, clean-burning, low-cost energy to Alaskans, promote American energy security, and deepen America’s alliances with its Indo-Pacific partners, particularly Japan and South Korea. Following Russia’s invasion of Ukraine, Sen. Sullivan has taken four trips to Japan and South Korea to promote the project, talking to numerous potential investors and the senior-most government and private sector officials in each country. More recently, he has spoken directly with President Trump on several occasions about the project and gave him the comprehensive document called, “America’s Gasline.” The senator has also had extensive conversations with nearly all of President Trump’s cabinet officials about the Alaska LNG Project, garnering their support.
    “My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea and other nations want to be our partner with investments of trillions of dollars each,” President Trump said. “There’s never been anything like that one. It will be truly spectacular. It’s all set to go. The permitting is gotten.”
    [embedded content]
    “The fact that the President of the United States was highlighting the Alaska LNG Project as one of the biggest things he wants to get done for America was huge for our state and huge for our country,” Sullivan said in an interview following the address. “It’s not going to happen overnight, but the fact that we have the President and his entire cabinet fully putting their shoulder into this was quite remarkable…Governor Dunleavy and I pitched the Trump administration on having the President mention this in his State of the Union…I hope a lot of Alaskans saw that we have been working this really hard, because we have a great opportunity—the private sector elements of this are coming together, the foreign government elements of this giant project are coming together. But when you get the President and his entire cabinet saying, we’re going to get this done, and he tells the American people that, I don’t think that’s ever happened before for Alaska…It was a big night for us, and I’m really excited.”
    The Alaska LNG Project will be capable of providing more than three billion cubic feet of low-cost, low-emission natural gas to Alaskans, Americans, and to allied nations around the world each day. It is also projected to create up to 10,000 construction and 1,000 operations jobs.
    Below is a timeline of Sen. Sullivan’s recent work on advancing the Alaska LNG Project and deepening the energy security ties between the U.S. and America’s Japanese and Korean allies.
    On February 24, 2025, Sen. Sullivan had an Alaska LNG focused meeting with Interior Secretary Doug Burgum at the Department of the Interior.
    On February 7, 2025, President Trump announced a “joint venture” on Alaska oil and gas between the United States and Japan.
    On January 8, 2025, Sen. Sullivan personally pitched President Trump on the Alaska LNG Project.
    On December 17, 2024, Sen. Sullivan focused on the Alaska LNG Project in his meeting with now-Secretary of Energy Chris Wright.
    In August of 2024, Sen. Sullivan participated in a bipartisan Senate delegation visit to Japan and South Korea, and discussed the Alaska LNG Project with numerous senior government and business leaders in both countries.
    In February 2024, Sen. Sullivan and seven of his Senate colleagues introduced a Senate resolution recognizing the importance of trilateral cooperation among the United States, Japan, and South Korea.
    On October 8, 2023, Sen. Sullivan penned an op-ed in the Anchorage Daily News urging Alaskans to unite in advancing the Alaska LNG Project as a critical solution to Alaska’s energy needs.
    In June 2023, Sen. Sullivan visited South Korea and Japan, where he met with senior government and private sector officials about the Alaska LNG Project. Similar to his October 2022 visit to Tokyo, Sen. Sullivan convened an Alaska LNG Summit of U.S. and Korean energy and policy leaders with the U.S. Embassy in Seoul. Following the visit, the U.S. Embassy in Seoul established an Alaska LNG Task Force.
    On May 18, 2023, Sen. Sullivan introduced the Indo-Pacific Strategic Energy Initiative Act, legislation to promote the financing and development of new energy infrastructure projects in the Indo-Pacific region—with a focus on natural gas—in order to end U.S. allies’ dependance on Russian natural gas in the wake of Russia’s invasion of Ukraine.
    In May 2023, Sen. Sullivan spoke at the Alaska Sustainable Energy Conference about the Alaska LNG Project and opportunities to deliver clean-burning, low-cost gas to Alaskans and to America’s Indo-Pacific allies.
    In May 2023, Sen. Sullivan, Sen. Lisa Murkowski (R-Alaska), and Rep. Mary Peltola (D-Alaska) welcomed a ruling from the U.S. Court of Appeals for the D.C. Circuit upholding the Federal Energy Regulatory Commission’s (FERC) approval of the Alaska LNG Project.
    On March 6, 2023, Sen. Sullivan led a letter with his Senate colleagues to U.S. Ambassador to Japan Rahm Emanuel urging the Biden administration to publicly support the export of abundant U.S. natural gas to America’s allies in Europe and Asia, particularly Japan, which has prioritized energy security in its term leading the G7.
    On December 16, 2022, Sen. Sullivan welcomed a new national security strategy and related documents released by Japanese Prime Minister Fumio Kishida that focuses on deepening Japan and the U.S.’s national security cooperation.
    In October 2022, Sen. Sullivan visited Japan and South Korea to advocate for the Alaska LNG Project. In Tokyo, Sen. Sullivan and Ambassador Emanuel convened an Alaska LNG Summit of U.S. and Japanese energy and policy leaders. Prior to the summit, the U.S. Embassy in Tokyo established an Alaska LNG Task Force.
    In June 2022, Sen. Sullivan and Gov. Mike Dunleavy (R-Alaska) visited Japan to meet with Japanese companies, utilities, and government ministries about the Alaska LNG Project.
    In August 2021, Sens. Murkowski and Sullivan secured a provision in the Infrastructure Investment and Jobs Act making the Alaska LNG Project eligible for a federal loan guarantee of roughly $30 billion that is indexed to inflation.
    In August 2020, the Department of Energy (DOE) issued a final, unconditional order authorizing the Alaska LNG Project to export LNG.
    In May 2020, FERC granted the Alaska Gasline Development Corporation (AGDC) authorization to construct and operate the Alaska LNG Project.
    Between 2014 and 2022, the Alaska LNG Project secured all of its necessary federal permits and authorizations.

    MIL OSI USA News –

  • MIL-OSI Economics: Ensuring a Just Transition: African Development Bank Calls for Inclusive Climate Action at FICS 2025

    Source: African Development Bank Group
    The Just Transition was central to discussions during the just concluded Finance in Common Summit 2025. At the core of the concept is ensuring that Africa’s shift to a greener economy is not only environmentally responsible, but also socially and economically inclusive, accelerating solutions for sustainable…

    MIL OSI Economics –

  • MIL-OSI: Australian Traders Are Winning Big with UCFXMarkets High-Precision Trading AI

    Source: GlobeNewswire (MIL-OSI)

    London, UK, March 05, 2025 (GLOBE NEWSWIRE) — Next-Generation AI Trading Technology Helps Australian Investors Stay Ahead of the Market

    UCFXMarkets is transforming the way Australian traders approach the financial markets with its high-precision AI trading technology. Designed to optimize market predictions, enhance trade execution, and minimize risks, this next-generation AI-driven trading platform is helping investors achieve consistent success in today’s fast-moving financial landscape.

    With market volatility at an all-time high, traders can no longer afford to rely on outdated strategies. UCFXMarkets delivers real-time market intelligence, predictive analytics, and automated execution tools that give Australian investors the competitive advantage they need.

    Cutting-Edge AI Trading for Australian Investors

    The UCFXMarkets AI system continuously scans global financial markets, identifying high-probability opportunities across forex, equities, and commodities. By leveraging advanced machine learning models, the platform adapts to changing market conditions, ensuring traders maximize profitability while mitigating risk.

    What Makes UCFXMarkets AI Trading So Powerful?

    • Real-Time Market Scanning – AI-powered analysis detects profitable trends before price movements happen.
    • Precision Trade Execution – The AI system executes trades with exact timing, reducing slippage and improving entry points.
    • Advanced Risk Management – Built-in tools automatically adjust trading strategies to minimize potential losses.
    • Multi-Asset Trading – Compatible with forex, stocks, commodities, and indices, allowing for diversified investment opportunities.
    • AI-Powered Learning – Constantly adapts to market trends, refining its predictive models for increased accuracy over time.

    “Trading is no longer just about experience—it’s about having the right technology,” said a UCFXMarkets spokesperson. “Our AI system gives Australian traders an advanced edge, ensuring they capitalize on market trends before the competition.”

    Australian Traders Are Seeing Real Results

    The AI-powered trading system from UCFXMarkets is already delivering exceptional results for Australian investors. Traders report higher accuracy in trade predictions, increased profitability, and reduced emotional decision-making.

    Testimonials from UCFXMarkets Traders in Australia:

    Mark S. – Sydney, NSW
    “I’ve been trading for years, but nothing comes close to the accuracy of UCFXMarkets. The AI spots patterns instantly, and my win rate has never been higher.”

    Emma R. – Melbourne, VIC
    “This system is a game-changer! I used to stress over charts for hours—now the AI does it for me, and my results have improved dramatically.”

    Liam D. – Brisbane, QLD
    “What I love about UCFXMarkets is the built-in risk management. The AI adjusts my strategy in real-time, helping me avoid bad trades and protect my capital.”

    Sophie M. – Perth, WA
    “I’ve tried multiple trading tools, but nothing compares to this. The AI adapts to market shifts in real time, keeping me ahead of every move.”

    The Future of Trading in Australia Is Here

    With financial markets becoming increasingly unpredictable, UCFXMarkets is providing Australian traders with the tools they need to navigate volatility and maximize their returns. Whether you’re a seasoned investor or just starting out, AI-powered trading is the future—and it’s available now.

    Are You Ready to Trade Smarter?

    UCFXMarkets is now offering its high-precision AI trading system to Australian traders who want to gain a strategic edge in the financial markets. With real-time data analysis, automated trade execution, and dynamic risk management, traders can now win bigger, trade smarter, and stay ahead of the competition.

    Disclaimer:

    This press release is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell any financial instruments. Trading involves risk, and past performance is not indicative of future results. Investors should conduct their own research and consult with a licensed financial advisor before making any investment decisions.

    The MIL Network –

  • MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

    Highlights

    Spinoff transaction

    • Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
    • Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

    Safety and operational performance

    • Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
    • Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
    • Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
      • Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
    • Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
    • Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

    Financial performance

    • Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
      • Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
      • Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
      • Recorded normalized EBITDA1 of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
      • Delivered distributable cash flow1 of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
    • Exited 2024 with total long-term debt and net debt1 outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio1 was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
      • South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

    Returns to shareholders

    • Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
    • South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

    South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

    South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

     _________________________

    1 Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

    Financial and operational results

    $ millions, unless otherwise noted Three Months Ended Year Ended
    Sept. 30, 2024 Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023
    FINANCIAL RESULTS          
    Revenue 534   488 540   2,120 2,005
    Income from equity investments 12   12 13   49 50
    Net income 61   55 103   316 442
    Per share1 0.29   0.26 0.50   1.52 2.13
    Normalized net income2 86   112 94   383 504
    Per share1 2 0.41   0.54 0.45   1.84 2.43
    Normalized EBITDA2 262   290 278   1,091 1,074
    Keystone Pipeline System 257   250 264   1,028 981
    Marketing (7 ) 24 (2 ) 12 42
    Intra-Alberta & Other 12   16 16   51 51
    Distributable cash flow2 163   183 161   608 785
    Dividends declared —   104 —   104 —
    Per share1 —   0.50 —   0.50 —
    Capital expenditures3 61   28 11   122 37
    Total long-term debt 10,452   5,716 5,967   5,716 5,967
    Net debt2 4 4,827   4,901 5,715   4,901 5,715
    Net debt-to-normalized EBITDA (ratio)2 4.5   4.55 5.3   4.55 5.3
    Common shares outstanding, weighted average diluted (millions)6 207.6   208.4 207.6   208.2 207.6
    Common shares outstanding (millions)6 207.6   208.0 207.6   208.0 207.6
               
    OPERATIONAL RESULTS          
    Keystone Pipeline SOF (%) 95   96 92   95 93
    Keystone Pipeline throughput (Mbbl/d) 616   621 612   626 595
    U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)7 815   784 783   795 694
    Marketlink throughput (Mbbl/d) 636   615 610   614 537
    1. Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
    2. Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
    3. Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
    4. Includes 50% equity treatment of South Bow’s junior subordinated notes.
    5. South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
    6. The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
    7. Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

    Outlook

    Capital allocation priorities

    • South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
      • paying a sustainable base dividend;
      • strengthening the Company’s investment-grade financial position; and
      • leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

    Market outlook

    • Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
    • While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
    • The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

    2025 guidance

    • South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
    • The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
    • South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
    • South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
    • Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
    • South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
    • South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
    • Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

    South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

    $ millions, except percentages 1 2024 Actuals 2025 Guidance
    Normalized EBITDA 1,091 1,010 ± 3%
    Interest expense 388 325 ± 2%
    Current tax rate (%) 23% 23% – 24%
    Distributable cash flow 608 535 ± 3%
    Capital expenditures    
    Growth 73 110 ± 3%
    Maintenance 2 61 65 ± 3%
    1. Assumes average foreign exchange rate of C$/U.S.1.4286.
    2. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

    Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

    Conference call and webcast details

    South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).

       
    Date March 6, 2025
    Time 8 a.m. MT (10 a.m. ET)
    Webcast link https://edge.media-server.com/mmc/p/fqe5oacv
    Conference call link https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

    Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    Visit www.southbow.com/investors for the replay following the event.

    Non-GAAP financial measures

    In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

    South Bow’s non-GAAP financial measures and non-GAAP ratios include:

    • normalized EBITDA;
    • normalized net income;
    • normalized net income per share;
    • distributable cash flow;
    • net debt; and
    • net debt-to-normalized EBITDA ratio.

    These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

    Normalizing items

    Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

    These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

    South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

    Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

    Normalized EBITDA

    Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

    The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

    $ millions Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Income before income taxes 90   72   131   418   562  
    Adjusted for specific items:          
    Depreciation and amortization 61   62   61   246   244  
    Interest expense 115   84   105   388   220  
    Interest income and other (27 ) 28   (7 ) (12 ) (32 )
    Risk management instruments (23 ) 57   (15 ) 8   25  
    Keystone variable toll disputes 11   (3 ) —   8   42  
    MP-14 costs —   4   —   4   —  
    Separation costs 20   (1 ) 3   29   3  
    Keystone XL costs and other 15   (13 ) —   2   10  
    Normalized EBITDA 262   290   278   1,091   1,074  

    The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

    $ millions Three Months Ended Sept. 30, 2024
    Keystone
    Pipeline
    System    		   Marketing   Intra-Alberta
    & Other    		   Total  
    Income (loss) before income taxes 173   17   (100 ) 90  
    Adjusted for specific items:        
    Depreciation and amortization 59   —   2   61  
    Interest expense (1 ) —   116   115  
    Interest income and other —   (1 ) (26 ) (27 )
    Risk management instruments —   (23 ) —   (23 )
    Keystone variable toll disputes 11   —   —   11  
    MP-14 costs —   —   —   —  
    Separation costs —   —   20   20  
    Keystone XL costs and other 15   —   —   15  
    Normalized EBITDA 257   (7 ) 12   262  
    $ millions Three Months Ended Dec. 31, 2024
    Keystone
    Pipeline
    System    		 Marketing Intra-Alberta
    & Other    		 Total
    Income (loss) before income taxes 205   (32 ) (101 ) 72  
    Adjusted for specific items:        
    Depreciation and amortization 59   —   3   62  
    Interest expense (1 ) —   85   84  
    Interest income and other (1 ) (1 ) 30   28  
    Risk management instruments —   57   —   57  
    Keystone variable toll disputes (3 ) —   —   (3 )
    MP-14 costs 4   —   —   4  
    Separation costs —   —   (1 ) (1 )
    Keystone XL costs and other (13 ) —   —   (13 )
    Normalized EBITDA 250   24   16   290  
    $ millions Three Months Ended Dec. 31, 2023
    Keystone
    Pipeline
    System    		   Marketing   Intra-Alberta
    & Other    		   Total  
    Income (loss) before income taxes 203   14   (86 ) 131  
    Adjusted for specific items:        
    Depreciation and amortization 60   —   1   61  
    Interest expense 3   1   101   105  
    Interest income and other (2 ) (2 ) (3 ) (7 )
    Risk management instruments —   (15 ) —   (15 )
    Keystone variable toll disputes —   —   —   —  
    MP-14 costs —   —   —   —  
    Separation costs —   —   3   3  
    Keystone XL costs and other —   —   —   —  
    Normalized EBITDA 264   (2 ) 16   278  
    $ millions Year Ended Dec. 31, 2024
    Keystone
    Pipeline
    System    		   Marketing   Intra-Alberta
    & Other    		   Total  
    Income (loss) before income taxes 778   6   (366 ) 418  
    Adjusted for specific items:        
    Depreciation and amortization 238   —   8   246  
    Interest expense 1   1   386   388  
    Interest income and other (3 ) (3 ) (6 ) (12 )
    Risk management instruments —   8   —   8  
    Keystone variable toll disputes 8   —   —   8  
    MP-14 costs 4   —   —   4  
    Separation costs —   —   29   29  
    Keystone XL costs and other 2   —   —   2  
    Normalized EBITDA 1,028   12   51   1,091  
    $ millions Year Ended Dec. 31, 2023
    Keystone
    Pipeline
    System    		   Marketing   Intra-Alberta
    & Other    		   Total  
    Income (loss) before income taxes 687   19   (144 ) 562  
    Adjusted for specific items:        
    Depreciation and amortization 239   —   5   244  
    Interest expense 7   2   211   220  
    Interest income and other (4 ) (4 ) (24 ) (32 )
    Risk management instruments —   25   —   25  
    Keystone variable toll disputes 42   —   —   42  
    MP-14 costs —   —   —   —  
    Separation costs —   —   3   3  
    Keystone XL costs and other 10   —   —   10  
    Normalized EBITDA 981   42   51   1,074  


    Normalized net income and normalized net income per share

    Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

    The following table reconciles net income to normalized net income for the indicated periods:

    $ millions, except common shares outstanding and per share amounts Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Net income 61   55   103   316   442  
    Adjusted for specific items:          
    Risk management instruments (23 ) 57   (15 ) 8   25  
    Keystone variable toll disputes 11   (3 ) —   8   42  
    MP-14 settlement —   4   —   4   —  
    Separation costs 20   27   3   67   3  
    Keystone XL costs and other 15   (13 ) 3   2   17  
    Tax effect of the above adjustments (8 ) (15 ) —   (22 ) (25 )
    Normalized net income 76   112   94   383   504  
    Common shares outstanding, weighted average diluted (millions) 207.6   208.4   207.6   208.2   207.6  
    Normalized net income per share 0.41   0.54   0.45   1.84   2.43  


    Distributable cash flow

    Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

    The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

    $ millions Three Months Ended Year Ended
    Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023  
    Income before income taxes 90   72   131   418   562  
    Adjusted for specific items:          
    Depreciation and amortization 61   62   61   246   244  
    Interest income and other (27 ) 28   (7 ) (12 ) (32 )
    Normalizing items, net of tax1 18   34   (9 ) 39   62  
    Income from equity investments (12 ) (12 ) (13 ) (49 ) (50 )
    Distributions from equity investments 17   20   15   70   71  
    Maintenance capital expenditures2 (22 ) (15 ) (2 ) (61 ) (19 )
    Current income tax recovery (expense) 38   (6 ) (15 ) (43 ) (53 )
    Distributable cash flow 163   183   161   608   785  
    1. Normalizing items per normalized EBITDA reconciliation, net of tax.
    2. Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

    Net debt and net debt-to-normalized EBITDA ratio

    Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

    Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

    $ millions, except ratios Sept. 30, 2024   Dec. 31, 2024   Dec. 31, 2023  
    Current portion of long-term debt to affiliates of TC Energy 4,677   —   —  
    Senior unsecured notes 4,686   4,629   5,967  
    Junior subordinated notes 1,089   1,087   —  
    Total long-term debt 10,452   5,716   5,967  
    Adjusted for:      
    Hybrid treatment for junior subordinated notes1 (545 ) (544 ) —  
    Operating lease liabilities 22   22   10  
    Dividends payable —   104   —  
    Cash and cash equivalents (622 ) (397 ) (262 )
    Restricted cash held in escrow2 (4,480 ) —   —  
    Net debt 4,827   4,901   5,715  
    Normalized EBITDA 1,079   1,091   1,074  
    Net debt-to-normalized EBITDA (ratio) 4.5   4.5   5.3  
    1. Includes 50% equity treatment of South Bow’s junior subordinated notes.
    2. Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

    Forward-looking information and statements

    This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

    In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

    The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

    Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

    Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

    The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

    About South Bow

    South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

    Contact information  
       
    Investor Relations Media Relations
    Martha Wilmot
    investor.relations@southbow.com    		 Katie Stavinoha
    communications@southbow.com
       

    The MIL Network –

  • MIL-OSI Security: Buffalo business owner sentenced for Medicaid fraud

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Arkan Fadhel, 30, of Buffalo, NY, who was convicted of conspiracy to commit health care fraud,  was sentenced to serve three years supervised release to include 12 months home incarceration by U.S. District Judge Lawrence J. Vilardo. In addition, Fadhel was also ordered to perform 400 hours of community service. Fadhel will also forfeit $781,186.80 and pay restitution totaling $250,000.

    Assistant U.S. Attorneys Franz M. Wright and Mary Clare Kane, who handled the case, stated that Fadhel is the owner of Queen City Transportation, Inc., which has been providing non-emergency Medicaid transportation rides since August 2018. Fadhel and several dozen other individuals drove Queen City beneficiaries to appointments, primarily at methadone clinics. Prior to operating Queen City, Fadhel was a driver for Great Lakes Transportation, another non-emergency Medicaid transportation company. Between August 6, 2018, and December 31, 2020, Fadhel submitted false and fraudulent attestation records to Medical Answering Service, a non-emergency Medicaid transportation management company. The attestation records included claims that rides were provided but never actually took place as well as billing group rides as if the rides had been separate, individual rides. The total loss amount to Medicaid was greater than $250,000.

    The sentencing is the result of an investigation by Western New York Health Care Fraud Task Force, which includes Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, the New York State Department of Financial Services, under the direction of Superintendent Adrienne A. Harris, the New York State Police, under the direction of Major Amie Feroleto, and Health and Human Services, Office of Inspector General, under the direction of Special Agent-in-Charge Naomi Gruchacz.     

    # # # #

    MIL Security OSI –

  • MIL-OSI: Wilmington Announces 2024 Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported a net loss for the three months ended December 31, 2024, of $0.9 million or ($0.07) per share and net income for the twelve months ended December 31, 2024 of $0.4 million or $0.03 per share, compared to net loss of $0.2 million or ($0.02) per share and $2.3 million and $0.18 per share for the same periods in 2023.

    Beginning in August 2023, the Corporation took steps to monetize a significant number of its investments in order to unlock the embedded value which had been substantially realized, simplify its business and return capital to its shareholders. The Corporation has been able to reward shareholders through the payment of a dividend and return of capital in May 2024 totaling $2.75 per share.

    Outlook
    As at December 31, 2024, the Corporation had substantially completed the monetization of its investments and had cash on hand of approximately $36 million. The Corporation is currently reviewing a range of alternatives aimed at providing liquidity to shareholders by scaling its public platform or alternatively by other means.

    CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
     
    (audited) Three months ended
    December 31,    		   Twelve months ended
    December 31,    		  
    ($ thousands, except per share amounts) 2024   2023   2024   2023  
    Revenues        
    Management fee revenue 221   193   861   833  
    Distribution income —   (18 ) 68   1,276  
    Interest and other income 474   427   1,807   1,793  
      695   602   2,736   3,902  
    Expenses        
    General and administrative (1,955 ) (789 ) (3,842 ) (2,120 )
    Amortization (7 ) (6 ) (28 ) (28 )
    Finance costs (1 ) (2 ) (5 ) (7 )
    Stock-based compensation —   (23 ) (18 ) (117 )
      (1,963 ) (820 ) (3,893 ) (2,272 )
    Fair value adjustments and other activities        
    Fair value changes to investments —   397   164   1,577  
    Gain (loss) from sale of investments —   (52 ) 947   (52 )
    Share of equity accounted loss —   (116 ) —   (122 )
      —   229   1,111   1,403  
    Income (loss) before income taxes (1,268 ) 11   (46 ) 3,033  
    Current income tax recovery (expense) 47   294   (434 ) (246 )
    Deferred income tax recovery (expense) 399   (531 ) 852   (493 )
    Provision for income taxes 446   (237 ) 418   (739 )
    Net income (loss) (822 ) (226 ) 372   2,294  
    Other comprehensive income        
    Items that will not be reclassified to net income (loss):  
    Fair value changes to investments (60 ) 1,471   (60 ) 783  
    Related income taxes 37   53   73   36  
    Other comprehensive income (loss), net of income taxes (23 ) 1,524   13   819  
    Comprehensive income (loss) (845 ) 1,298   385   3,113  
             
             
    Net income (loss) per share – basic (0.07 ) (0.02 ) 0.03   0.18  
    Net income (loss) per share – diluted (0.07 ) (0.02 ) 0.03   0.18  
     
     
    CONSOLIDATED BALANCE SHEETS
     
    (audited) December 31, December 31,
    ($ thousands) 2024 2023
         
    Assets    
    NON-CURRENT ASSETS    
    Investment in Maple Leaf Partnership — 22,910
    Investment in Bay Moorings Partnership 850 —
    Investment in Sunchaser Partnership — 4,700
    Investment in Energy Securities — 7,584
    Land held for development — 6,632
    Deferred income tax assets 240 —
    Right-of-use asset 36 64
      1,126 41,890
    CURRENT ASSETS    
    Cash 36,307 10,664
    Short term securities — 17,000
    Amounts receivable and other 1,253 4,616
    Total assets 38,686 74,170
         
    Liabilities    
    NON-CURRENT LIABILITIES    
    Deferred income tax liabilities — 1,773
    Lease liabilities 52 85
      52 1,858
    CURRENT LIABILITIES    
    Lease liabilities 38 38
    Income taxes payable 725 171
    Amounts payable and other 1,638 800
    Total liabilities 2,453 2,867
         
    Equity    
    Shareholders’ equity 35,619 51,324
    Contributed surplus — 1,132
    Retained earnings 418 10,364
    Accumulated other comprehensive income 196 8,483
    Total equity 36,233 71,303
    Total liabilities and equity 38,686 74,170
     
     

    Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
    Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

    While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

    The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

    The MIL Network –

  • MIL-OSI: Bread Financial Announces Pricing of Private Offering of $400 million of Subordinated Notes

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, March 05, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH) (“Bread Financial” or the “Company”) announced today the pricing of its previously announced offering of $400 million in aggregate principal amount of its 8.375% fixed-rate reset subordinated notes due 2035 (the “Notes”), in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be sold at a price of 100% of the principal amount thereof. The closing of the issuance of the Notes is expected to occur on March 10, 2025, subject to customary closing conditions, and is expected to result in approximately $395 million in net proceeds to the Company, after deducting the initial purchasers’ discount but before the Company’s estimated offering expenses.

    The Company intends to lend no less than $250 million of the net proceeds of the Notes offering as subordinated debt to one of its subsidiary banks, Comenity Capital Bank, with the remaining proceeds intended to be used for general corporate purposes, which may include share repurchases.

    The Notes will not be registered under the Securities Act, or any state securities laws. The Notes may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws. Accordingly, the Notes were offered only (A) to persons reasonably believed to be “qualified institutional buyers” under Rule 144A of the Securities Act or (B) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act.

    This news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    About Bread Financial®
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. The Company’s payment solutions, including Bread Financial general purpose credit cards and savings products, empower its customers and their passions for a better life. Additionally, the Company delivers growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through their private label and co-brand credit cards and pay-over-time products providing choice and value to their shared customers.

    Forward-looking Statements
    This news release contains forward-looking statements, including, but not limited to, statements related to the Notes offering described above. Forward-looking statements give the Company’s expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements made regarding, and the guidance given with respect to, the Company’s anticipated operating or financial results, future financial performance and outlook, future dividend declarations or stock repurchases and future economic conditions.

    The Company believes that its expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that the Company’s expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political, public health and social events or conditions, including ongoing wars and military conflicts, and natural disasters; future credit performance of the Company’s customers, including the level of future delinquency and write-off rates; loss of, or reduction in demand for services from, significant brand partners or customers in the highly competitive markets in which the Company competes; the concentration of the Company’s business in U.S. consumer credit; increases or volatility in the Allowance for credit losses that may result from the application of the current expected credit loss (CECL) model; inaccuracies in the models and estimates on which the Company rely, including the amount of the Company’s Allowance for credit losses and its credit risk management models; increases in fraudulent activity; failure to identify, complete or successfully integrate or disaggregate business acquisitions, divestitures and other strategic initiatives, including, with respect to divested businesses, any associated guarantees, indemnities or other liabilities; the extent to which the Company’s results are dependent upon brand partners, including brand partners’ financial performance and reputation, as well as the effective promotion and support of the Company’s products by brand partners; increases in the cost of doing business, including market interest rates; the Company’s level of indebtedness and inability to access financial or capital markets, including asset-backed securitization funding or deposits markets; restrictions that limit the ability of the Company’s subsidiary banks, Comenity Bank and Comenity Capital Bank (the “Banks”), to pay dividends to it; pending and future litigation; pending and future federal, state, local and foreign legislation, regulation, supervisory guidance and regulatory and legal actions including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; increases in regulatory capital requirements or other support for the Banks; impacts arising from or relating to the transition of the Company’s credit card processing services to third party service providers that it completed in 2022; failures, or breaches in operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects, failure of information security controls or otherwise; loss of consumer information or other data due to compromised physical or cyber security, including disruptive attacks from financially motivated bad actors and third-party supply chain issues; any tax or other liability, or adverse impacts arising out of or related to the spinoff of the Company’s former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries, and subsequent litigation or other disputes. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. In addition, the Consumer Financial Protection Bureau (CFPB) issued a final rule in 2024 that, absent a successful legal challenge or other invalidation of the rule, will place significant limits on credit card late fees, which would have a significant impact on the Company’s business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that the Company has taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact it over the long term; the Company cannot provide any assurance as to the effective date, if any, of the rule, the result of any pending or future challenges or other litigation relating to the rule, or its ability to mitigate or offset the impact of the rule on its business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, the Company’s Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. The Company’s forward-looking statements speak only as of the date made, and it undertakes no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts

    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI Submissions: Development – OPEC Fund supports Burkina Faso’s cotton industry with €26 million trade finance facility

    Source: OPEC Fund for International Development (OPEC Fund)

    March 5, 2025: The OPEC Fund for International Development (OPEC Fund) is providing €26 million to support Burkina Faso’s strategic cotton sector. The financing is part of a €100 million trade finance facility arranged by the International Islamic Trade Finance Corporation (ITFC). It will enable Société Burkinabè des Fibres Textiles (SOFITEX), the country’s largest cotton company and a key player in the sector, to purchase seasonal seed cotton from local farmers at harvest point, ensuring timely payments and financial stability for smallholder farmers.

    OPEC Fund President Abdulhamid Alkhalifa said: “The OPEC Fund is proud of its commitment to Burkina Faso’s cotton industry, a key economic driver that sustains millions of livelihoods. By enabling the timely purchase of cotton from smallholder farmers, this financing not only supports rural communities, but also promotes economic resilience and strengthens Burkina Faso’s position in global cotton markets.”

    Cotton is the backbone of Burkina Faso’s rural economy, generating 5 percent of GDP and providing income for millions. As Africa’s third-largest producer the country exports the vast majority of its cotton, making it a key driver of foreign exchange earnings and economic growth. The sector supports livelihoods from smallholder farmers to workers across the supply chain. Often referred to as “white gold,” cotton remains essential to Burkina Faso’s economic resilience and rural development.

    The OPEC Fund has a long-standing partnership with SOFITEX dating back to 2009. Since the inception of this partnership, the OPEC Fund has approved 11 operations to support cotton export financing for a combined net amount of US$373 million.

    The OPEC Fund’s recent financing is aligned with the institution’s commitment to sustainable economic growth and trade finance in Africa. Over four decades the OPEC Fund has supported Burkina Faso’s economic development, financing projects in agriculture, energy, and infrastructure with over US$800 million financing across public and private sector loans and trade finance.

    About the OPEC Fund

    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively.

    The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.

    The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education.

    To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – Tariffs are an act of economic war – The global fallout begins – deVere Group

    Source: deVere Group

    March 5 2025 – Tariffs are “an act of economic war,” and the latest US tariffs are a direct assault on the global economy, warns the CEO of one of the world’s largest independent financial and asset management organizations.

    The comments from deVere Group’s Nigel Green comes as President Donald Trump’s joint congressional address made it clear: his administration is deploying tariffs as a weapon, not just a policy.

    The sweeping 25% duties on Canada and Mexico, an additional 10% on Chinese imports, and threats against the European Union mark an economic confrontation that will redefine global markets.

    Beijing wasted no time in firing back, saying they are prepared for a tariff war or “any other type of war,” signaling that the world’s second-largest economy is ready to retaliate with full force.

    Investors are now bracing for a prolonged and destabilizing economic war, with market volatility and financial uncertainty taking center stage.

    Nigel Green, CEO of deVere Group, warns: “Tariffs are an act of economic war.

    “This aggressive escalation could cause the most severe economic disruption since the global financial crisis, barring the pandemic.

    “The fallout will extend far beyond tariffs themselves, with ripple effects threatening corporate profits, inflation levels, and supply chains.

    “Trade barriers of this scale are not a pathway to strength. They’re self-inflicted wounds that create higher costs for businesses, dampen consumer spending, and erode economic resilience.

    “Tariffs are not a show of power; they are a tax on prosperity.”

    Despite Trump’s insistence that tariffs will restore America’s economic dominance, reality is painting a different picture.

    Increased costs on imports mean businesses will either absorb the financial hit or pass it along to consumers, leading to inflationary pressures that weaken household purchasing power. The result? A slowing economy disguised as a policy win.

    “From manufacturing to tech, industries are now forced to face a storm of rising costs and shrinking global competitiveness,” says Nigel Green.

    “This is not a win, it’s reckless brinkmanship with high stakes for the US and global economy.”

    Trump’s vow to roll out even more trade penalties by April 2 is triggering concern through global markets.

    Washington’s latest trade war salvos are setting off countermeasures from Beijing, Brussels, and beyond.

    China’s retaliatory tariffs are expected to hit US exports where it hurts—targeting agriculture, technology, and other key industries with strategic precision. The European Union is weighing its response, while Mexico and Canada have already signaled their intent to push back.

    “Trade conflicts don’t happen in isolation. They trigger chain reactions—capital flight, fractured supply chains, and heightened uncertainty for investors,” explains the deVere CEO.

    The notion that tariffs will fortify the US economy is fundamentally flawed.

    “The cost of this economic war will be borne by households, businesses, and investors worldwide. And unless there’s a change in course, the worst may still be ahead.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Energy – United Kingdom (UK) Looks to Deepen Energy Trade, Investment Ties with Africa

    SOURCE: African Energy Chamber

    Through new trade agreements, energy investments and development initiatives, the UK’s role in shaping the continent’s energy future will be a key focus at African Energy Week 2025 and within the G20 agenda

    CAPE TOWN, South Africa, March 5, 2025/ — Trade relations between the UK and Africa are gaining momentum. Last month, UK Minister for Trade Policy and Economic Security Douglas Alexander visited South Africa and Botswana to strengthen trade ties and create opportunities for businesses on both sides. The UK aims to expand trade and investment across the continent, fostering mutually beneficial growth by addressing trade barriers, facilitating exports and supporting trade-focused development programs. With South Africa as the UK’s largest trading partner in Africa and set to assume the G20 Presidency, this marks an important moment for deepening economic collaboration.

    This builds on the UK’s 2019 Economic Partnership Agreement (EPA) with the Southern African Customs Union member states – Botswana, Eswatini, Lesotho, Namibia and South Africa – and Mozambique. This agreement eliminates tariffs and quotas on all goods imported from these countries into the UK, facilitating smoother trade relations and economic cooperation. The EPA aims to bolster economic ties and create a conducive environment for investments, including in the energy sector.

    The UK is expanding its engagement across Africa, including in West and North Africa. In February 2024, it signed the Enhanced Trade and Investment Partnership (ETIP) with Nigeria – the first such agreement with an African nation – marking a significant milestone. The partnership builds on a trade relationship valued at £7 billion in the year leading up to September 2023. The ETIP focuses on key sectors such as financial and legal services, fostering economic growth and attracting investment across industries, including energy.

    Globeleq, a UK government-backed independent power producer, has been instrumental in advancing gas-powered energy projects across Africa. Alongside its 153 MW Red Sands project in South Africa – set to become the continent’s largest standalone battery energy storage system – the company recently acquired a stake in a solar plant at Egypt’s Benban Solar Complex and secured $99 million in debt financing for Mozambique’s first wind project. Supported by shareholders such as British International Investment and Norfund, Globeleq continues to invest in upgrading existing assets and developing new utility-scale power projects, strengthening Africa’s energy infrastructure.

    In the oil and gas sector, bp achieved first gas from the Greater Tortue Ahmeyim LNG project offshore Senegal and Mauritania at the start of this year, marking a major step in boosting regional energy production and supply. Shell is advancing its $5 billion Bonga North deepwater project in Nigeria and, alongside bp, has agreed to cover operational costs for the buyer of South Africa’s Sapref refinery – a move that could revitalize the country’s largest refinery and secure oil supply. Meanwhile, Harbour Energy, one of the UK’s largest independent oil and gas companies, is looking to expand into African markets following its acquisition of concessions in Egypt’s Nile Delta and the Mediterranean Sea.

    The UK is also a major investor in Africa’s clean energy sector and a key partner in the Mission 300 initiative to expand electricity access to 300 million people by 2030. Last month, British International Investment (BII) committed £5.3 million to UK cleantech firm MOPO to scale battery rental operations in the Democratic Republic of the Congo, where over 80% of the population lacks electricity. In December 2024, BII and GuarantCo announced a $500 million renewable power deal with South Africa’s Etana Energy, providing $100 million in guarantees to support the country’s largest energy wheeling framework and unlock new projects. Beyond direct investments, the UK government continues to provide funding and technical assistance for energy infrastructure projects across Africa, aiming to improve energy reliability and efficiency, drive economic growth, and enhance the quality of life for local communities.

    As a G20 member, the UK plays a pivotal role in shaping global energy investment strategies, with Africa positioned as a key partner in its trade and energy agenda. The UK’s investments in oil and gas, renewables and energy infrastructure align with broader G20 goals of energy security, sustainability and economic growth.

    “These initiatives not only strengthen the UK’s economic ties with Africa, but also support the continent’s transition to cleaner, more reliable energy. With African Energy Week: Invest in African Energies 2025 set to convene global stakeholders, the UK’s role in advancing energy partnerships will be in focus, offering a platform to drive further investment, policy collaboration, and infrastructure development across Africa’s energy landscape,” says Johnson Kayode Obembe, Director of Sales and Partnerships, African Energy Week.

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    MIL OSI – Submitted News –

  • MIL-OSI Security: Former Nassau County Police Detective Convicted of Lying to the FBI to Cover Up His Work for the Bonanno Crime Family

    Source: Office of United States Attorneys

    The Bonanno Crime Family Paid Hector Rosario to Protect Their Illegal Gambling Parlors and Shut Down Rival Locations on Long Island Operated by Other Crime Families

    Hector Rosario, a former detective with the Nassau County Police Department (NCPD), was found guilty today by a federal jury in Brooklyn of making false statements to Federal Bureau of Investigation agents about his work for the Bonanno crime family.  The verdict followed a seven-day trial before United States District Judge Eric N. Vitaliano.  Rosario was fired by the NCPD after he was indicted in August 2022.  When sentenced, Rosario faces up to five years in prison.

    John J. Durham, United States Attorney for the Eastern District of New York, Leslie R. Backschies, Acting Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Anne T. Donnelly, District Attorney, Nassau County District Attorney’s Office, announced the verdict.

    “This corrupt detective chose to prove his loyalty to an organized crime family over the public he was sworn to protect,” stated United States Attorney Durham. “When police officers exploit their positions for personal gain, it erodes public trust in law enforcement. My Office has zero tolerance for corruption by any public officials, and will continue to work with our law enforcement partners to ensure that it is punished to the fullest extent of the law.”

    “Hector Rosario, a former Nassau County detective, allowed himself to be bought by the mob to blatantly lie during a federal investigation into the Bonanno family’s illegal gambling operations,” stated FBI Acting Assistant Director in Charge Backschies. “Rosario’s lies not only protected an organized criminal enterprise, but also eroded the public’s trust in law enforcement and is a disservice to all who wear the badge honoring their oath to protect and serve. The FBI remains committed to disrupting any corrupt officer who prioritizes personal wealth over integrity to the shield.”

    “Hector Rosario cared more about lining his pockets with Bonanno family money and protecting his own interests than his fidelity to the law,” stated Nassau County District Attorney Donnelly.  “He disgracefully compromised the investigative work of his fellow detectives by tipping off a target and lied to federal agents as the walls were closing in on him. Together with our law enforcement partners, we will uncover and vigorously prosecute corruption in our law enforcement ranks in Nassau County, because no one is above the law.”

    As proven at trial, Rosario was paid by the Bonanno crime family to protect its illegal gambling operations. For over a decade, the Bonanno crime family operated illegal gambling businesses inside various coffee shops and sports clubs throughout Queens and on Long Island.  During the same period, the Genovese organized crime family operated illegal gambling businesses out of their own locations in Queens and Long Island, including Sal’s Shoe Repair in Merrick, New York, and the Centro Calcio Italiano Club in West Babylon, New York.

    The Bonanno organized crime family paid Rosario to attempt to shut down rival gambling parlors, including by conducting a fake police “raid” on the Genovese-run gambling spot located inside Sal’s Shoe Repair.  Rosario also provided a tip about a rival gambling spot to another detective in an attempt to get the location shut down.  He warned a Bonanno crime family associate that he was under investigation and not to speak on the phone because law enforcement might be listening, and Rosario also looked up the home address of a possible witness Rosario believed was cooperating against the Bonanno crime family.

    In January 2020, during the course of a federal grand jury investigation into the racketeering activities of the Bonanno and Genovese organized crime families, Rosario was interviewed by FBI agents. Rosario falsely stated that he had no information about the Mafia or illegal gambling spots.  He denied knowing the identity of the crime family associate he had warned, and he further falsely stated that he was not familiar with the gambling business inside Sal’s Shoe Repair.

    Rosario was acquitted by the jury of obstruction of justice.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Anna L. Karamigios, Sophia M. Suarez and Sean M. Sherman are in charge of the prosecution, with the assistance of Paralegal Specialist Eleanor Jaffe-Pachuilo.

    The Defendant:

    HECTOR ROSARIO
    Age:  51
    Mineola, Long Island

    E.D.N.Y. Docket No. 22-CR-355 (ENV) 

    MIL Security OSI –

  • MIL-OSI Security: Alleged International Leader of MS-13 Extradited to Face Racketeering Charge Connected to at Least One Murder

    Source: Office of United States Attorneys

               WASHINGTON – Moises Humberto Rivera-Luna, also known as Viejo Santos, 55, an alleged international leader of the violent MS-13 drug gang, made an initial appearance today in U.S. District Court following his extradition from Guatemala to the United States to face a racketeering charge connected to at least one murder. U.S. District Court Judge Royce Lamberth ordered Rivera-Luna held without bond.

               The extradition was announced today by U.S. Attorney Edward R. Martin, Jr., Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations Acting Special Agent in Charge Christopher Heck of the Washington Field Office, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

    Rivera-Luna is one of seven defendants charged in a fourth superseding, nine-count indictment, which was returned on May 3, 2013 alleging a racketeering conspiracy, murder in aid of racketeering, kidnapping in aid of racketeering, assault with a deadly weapon in aid of racketeering and other offenses. Rivera-Luna is charged only with committing racketeering conspiracy. The government alleges that Rivera-Luna, while incarcerated in El Salvador, supervised operations of MS-13 cliques in the Washington, D.C. area. Upon release, he traveled to Guatemala where he was subject to extradition.

               “The decade-long pursuit of this alleged violent gang member illustrates our office’s resolve to remain focused and bring to justice those who violate the law no matter where they are, no matter how long it takes,” said U.S. Attorney Edward R. Martin, Jr.

               “Keeping Americans safe from transnational criminal gangs is one of the Department’s top priorities,” said Supervisory Official Bacon. “This defendant’s appearance in federal court in Washington today demonstrates our relentless commitment to seeking justice for victims, no matter how long it takes. Thanks to the incredible work by our federal prosecutors and law enforcement partners, we are one step closer to bringing closure for the many victims of this defendant’s alleged brutal violence.”

               “Moise Humberto Rivera-Luna will have his day in court, but he stands accused of very serious crimes. His alleged criminal activity combined with his leadership of the MS-13 transnational criminal organization, makes Rivera-Luna a significant threat to the safety of the American people,” said Acting Special Agent in Charge Christopher Heck. “We are grateful for the strong relationships we enjoy with our local, state, federal and international law enforcement partners. Without their cooperation, none of this would be possible. ICE HSI Washington, D.C. will continue to work relentlessly and exhaust all resources to investigate and apprehend anyone who presents a threat to national security or the residents of our communities.”

               The indictment alleges that MS-13 engages in racketeering activity to include murder, narcotics distribution, extortion, robberies, obstruction of justice and other crimes. The indictment specifically states that some of the defendants allegedly participated in assaults against persons they believed to be rival gang members, made threats against persons they believed to be cooperating with law enforcement, and carried out extortions.

               The range of criminal activity alleged in the indictment includes acts committed in the District of Columbia, Maryland, Virginia and other states. The indictment alleges that there was frequent contact between MS-13 members in the Washington, D.C.-metropolitan area and El Salvador, and that persons incarcerated in El Salvador encouraged or ordered assaults and murders.

               Rivera-Luna is alleged to be an international leader of MS-13 who was sending orders and advice to an MS-13 clique operating in the Washington area, via cellular telephone calls from his prison cell in El Salvador. The indictment alleges that he and another MS-13 leader, Marvin Geovanny Monterrosa-Larios, also incarcerated in El Salvador, directed that a coalition of MS-13 cliques be formed in the Washington area. They advised local clique members that the coalition’s aim was to seek and kill MS-13 members who were found to be cooperating with law enforcement officials.                                                                                     

               Among other allegations, the indictment charges Rivera-Luna with ordering the murder of Louis Alberto Membreno-Zelaya, 27. Membreno-Zelaya was found stabbed to death on Nov. 6, 2008, near 11th Street and Otis Place, in Northwest Washington, D.C.

               The indictment also alleges that Rivera-Luna authorized the murder of Felipe Enriquez, 25, whose body was found on March 31, 2010, in Montgomery County, MD.

               This case is being prosecuted by Trial Attorney Lakeita F. Rox-Love of the Criminal Division’s Violent Crime and Racketeering Section (VCRS) and Assistant U.S. Attorney Nihar Mohanty of the Violence Reduction and Trafficking Offenses (VRTO) Section of the U.S. Attorney’s Office for the District of Columbia. The case is being investigated by the Immigration and Customs Enforcement Homeland Security Investigations Washington Field Office and the Metropolitan Police Department (MPD).

               The Justice Department’s Office of International Affairs provided significant assistance in securing the extradition of Rivera-Luna from Guatemala.

               Assistance was provided by the Montgomery County and the Prince George’s County, MD. Police Departments, the State’s Attorney’s Office for Montgomery County, MD., the U.S. Attorney’s Office for the District of Maryland, and the U.S. Attorney’s Office for the Eastern District of Virginia.

               The prosecution grew out of the efforts of the federal Organized Crime Drug Enforcement Task Force, a multi-agency team that conducts comprehensive, multi-level attacks on major drug trafficking and money laundering organizations. The principal mission of the nationwide program is to identify, disrupt, and dismantle the most serious drug trafficking and money laundering organizations and those primarily responsible for the nation’s drug supply.

               An indictment is merely an allegation and is not evidence of guilt. Every defendant is presumed innocent until, and unless, proven guilty in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Former Wellsville man charged with multiple counts of production of child pornography

    Source: Office of United States Attorneys

    ROCHESTER, N.Y. – U.S. Attorney Michael DiGiacomo announced that a federal grand jury has returned an indictment charging Jason Goodsell, 39, formerly of Wellsville, NY, with seven counts of production of child pornography and one count of distribution of child pornography. the charges carry a mandatory minimum penalty of 15 years in prison and a possible maximum penalty of 225 years in prison. 

    Assistant U.S. Attorney David J. Rudroff, who is handling the case, stated that according to the indictment, between June 1, 2020, and December 2, 2021, Goodsell coerced a minor victim to engage in sexually explicit conduct for the purpose of producing a visual depiction of the conduct. In addition, between June 1 and June 30, 2022, Goodsell distributed the images of child pornography that he produced.

    Goodsell was arraigned this afternoon before U.S. Magistrate Judge H. Kenneth Schroeder, Jr. and detained.

    The indictment is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the Wellsville Police Department, under the direction of Chief Timothy O’Grady. Additional Assistance was provided by the Pittsburgh Office of the FBI.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    MIL Security OSI –

  • MIL-OSI USA: Senator Reverend Warnock Statement on Extreme Tariffs on Everyday Goods, Agriculture

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Statement on Extreme Tariffs on Everyday Goods, Agriculture

    Senator Reverend Warnock is the Ranking Member of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness
    Tariffs will impact cost of produce, canned soda, beer, lumber for housing, aluminum for cars and manufacturing equipment, fertilizer for producers, and more
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), ranking member of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness, issued the following statement on the newly announced 25% tariffs on Canada and Mexico.
    “When I hear from ordinary Georgians, they tell me the cost of everything from housing to prescription drugs to groceries are too expensive. Georgians feel like their dollar isn’t going far enough, and these tariffs only make the problem worse.”
    “These sweeping tariffs and this impending trade war will hurt our farmers, who are now seeing a hike in fertilizer prices going into planting season. With retaliatory tariffs already being implemented, I fear that my years of bipartisan efforts to open up international markets for our farmers will be erased. This will make produce in the grocery stores more expensive and producers losing their farms more likely.”
    “I’m not opposed to all tariffs. They can be a useful tool to protect American jobs and coerce bad actors like China to play by the rules. But these chaotic and impulsive tariffs do nothing but punish Georgians who are just trying to balance their checkbook and save for the future. I will continue to speak out against policies that hurt Georgia families and farmers.”  

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Marshall Introduce Bipartisan Legislation to Help Americans Afford Skills Training

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON — U.S. Senators Amy Klobuchar (D-MN) and Roger Marshall (R-KS) introduced the Freedom to Invest in Tomorrow’s Workforce Act, which would allow Americans to use 529 education savings accounts to pay for training programs. By broadening the scope of qualified expenses under 529 savings plans to include postsecondary training and credentialing, the bill would expand tax-advantaged resources to families, students, and workers who are pursuing career growth outside of a traditional four-year degree. This will expand Americans’ access to well-paying jobs that require training and credentialing such as licenses and certifications. 
    “Workforce training is key to expanding opportunity and strengthening our economy by providing workers with the tools and resources they need to succeed,” said Klobuchar. “By allowing Americans to use their ‘529’ educational savings to pay for training and certification outside of a four-year degree, our bipartisan legislation will enable more people to access these valuable programs and open doors to good-paying jobs.”
    “Back home, not a day goes by that I don’t hear about the workforce shortages across the state. We have high-paying jobs at the ready but struggle to find qualified employees. Our bill helps fill these workforce gaps and empowers Kansans to pursue non-traditional educational opportunities more easily,” said Marshall. “Allowing 529 funds to be used beyond a four-year education makes sense. Whether it’s a bachelor’s degree or an apprenticeship opportunity, 529 savings plans need to be flexible to meet the growing demands of our workforce.”
    The legislation is co-sponsored by Senators Peter Welch (D-VT) and Susan Collins (R-ME). Representative Rob Wittman (R-VA) leads companion legislation in the House. This bill has garnered the support of more than 800 trade associations, professional societies, and businesses.

    MIL OSI USA News –

  • MIL-OSI New Zealand: First Financial Statements including 2025 released

    Source: New Zealand Government

    The latest interim Financial Statements of the Government show results were more positive than expected at the Half Year Economic and Fiscal Update for most indicators, Finance Minister Nicola Willis says.
    Treasury published the Financial Statements of the Government of New Zealand for the Seven Months ended 31 January 2025 today.
    “The results show the OBEGALx deficit was $1.4 billion smaller than forecast.
    “Core Crown tax revenue was $600 million higher than forecast, while core Crown expenses were lower than forecast by $600 million – the latter mainly due to timing.
    “Net core Crown debt was $66 million lower than forecast – so is tracking as expected.
    “Core Crown expenses rose by 2 per cent in the seven months to January 2025 compared to the same period a year earlier. In the same period to January 2024, they rose by 9.7 per cent.
    “The fiscal fix-up job is underway, but it won’t happen overnight. Rectifying the state of the books underpins the Government’s push to get the country back on track. 
    “Healthier books will help support economic growth, which will mean more and better paid jobs, and money to support the public services New Zealanders expect.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Alleged International Leader of MS-13 Extradited on RICO Charge

    Source: US State of North Dakota

    Moises Humberto Rivera-Luna, also known as Santos and Viejo Santos, 55, an alleged international leader of the violent MS-13 drug gang, made an initial appearance today in the District of Columbia following his extradition from Guatemala to the United States to face racketeering conspiracy charges.

    “Keeping Americans safe from transnational criminal gangs is one of the Department’s top priorities,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “This defendant’s appearance in federal court in Washington today demonstrates our relentless commitment to seeking justice for victims, no matter how long it takes. Thanks to the incredible work by our federal prosecutors and law enforcement partners, we are one step closer to bringing closure for the many victims of this defendant’s alleged brutal violence.”

    “The decade-long pursuit of this alleged violent gang member illustrates our office’s resolve to remain focused and bring to justice those who violate the law no matter where they are, no matter how long it takes,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia.

    “Moise Humberto Rivera-Luna will have his day in court, but he stands accused of very serious crimes,” said U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Washington, D.C., Acting Special Agent in Charge Christopher Heck. “His alleged criminal activity, combined with his leadership of the MS-13 transnational criminal organization, makes Rivera-Luna a significant threat to the safety of the American people. We are grateful for the strong relationships we enjoy with our local, state, federal and international law enforcement partners. Without their cooperation, none of this would be possible. ICE HSI Washington, D.C., will continue to work relentlessly and exhaust all resources to investigate and apprehend anyone who presents a threat to national security or the residents of our communities.”

    Rivera-Luna is one of seven defendants in a nine-count fourth superseding indictment, which was returned on May 3, 2013, charging the defendants with committing racketeering conspiracy, murder in aid of racketeering, kidnapping in aid of racketeering, assault with a deadly weapon in aid of racketeering, and other offenses. Rivera-Luna is charged only with committing racketeering conspiracy. The government alleges that Rivera-Luna, while incarcerated in El Salvador, supervised operations of MS-13 cliques in the Washington area. Upon release, he traveled to Guatemala where he was subject to extradition.

    The indictment alleges that MS-13 engages in racketeering activity to include murder, narcotics distribution, extortion, robberies, obstruction of justice, and other crimes. The indictment specifically states that some of the defendants allegedly participated in assaults against perceived rival gang members, made threats against people they believed to be cooperating with law enforcement, and carried out extortions.

    The range of criminal activity alleged in the indictment includes acts committed in the District of Columbia, Maryland, Virginia, and other states. The indictment alleges there was frequent contact between MS-13 members in the Washington metropolitan area and El Salvador, and that members incarcerated in El Salvador encouraged or ordered assaults and murders.

    Rivera-Luna is alleged to be an international leader of MS-13 who was sending orders and advice to an MS-13 clique operating in the Washington area via cellular telephone calls from his prison cell in El Salvador. The indictment alleges that he and another alleged MS-13 leader, Marvin Geovanny Monterrosa-Larios, also incarcerated in El Salvador, directed a coalition of MS-13 cliques to be formed in the Washington area. They advised local clique members that the coalition’s aim was to seek and kill MS-13 members who were found to be cooperating with law enforcement officials.

    Among other allegations, the indictment charges Rivera-Luna with ordering the murder of Louis Alberto Membreno-Zelaya, 27. Membreno-Zelaya was found stabbed to death on Nov. 6, 2008, in Northwest Washington.

    The indictment also alleges that Rivera-Luna authorized the murder of Felipe Enriquez, 25, whose body was found on March 31, 2010, in Montgomery County, Maryland.

    ICE HSI Washington, D.C., and the Metropolitan Police Department are investigating the case. The Montgomery County and Prince George’s County, Maryland, Police Departments; State Attorney’s Office for Montgomery County; and U.S. Attorneys’ Offices for the District of Maryland and the Eastern District of Virginia provided assistance.

    The Justice Department’s Office of International Affairs provided significant assistance in securing the extradition of Rivera-Luna from Guatemala.

    Trial Attorney Lakeita F. Rox-Love of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Nihar Mohanty for the District of Columbia are prosecuting the case.

    This effort was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI Security: Alleged International Leader of MS-13 Extradited on RICO Charge

    Source: United States Attorneys General 1

    Moises Humberto Rivera-Luna, also known as Santos and Viejo Santos, 55, an alleged international leader of the violent MS-13 drug gang, made an initial appearance today in the District of Columbia following his extradition from Guatemala to the United States to face racketeering conspiracy charges.

    “Keeping Americans safe from transnational criminal gangs is one of the Department’s top priorities,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “This defendant’s appearance in federal court in Washington today demonstrates our relentless commitment to seeking justice for victims, no matter how long it takes. Thanks to the incredible work by our federal prosecutors and law enforcement partners, we are one step closer to bringing closure for the many victims of this defendant’s alleged brutal violence.”

    “The decade-long pursuit of this alleged violent gang member illustrates our office’s resolve to remain focused and bring to justice those who violate the law no matter where they are, no matter how long it takes,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia.

    “Moise Humberto Rivera-Luna will have his day in court, but he stands accused of very serious crimes,” said U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Washington, D.C., Acting Special Agent in Charge Christopher Heck. “His alleged criminal activity, combined with his leadership of the MS-13 transnational criminal organization, makes Rivera-Luna a significant threat to the safety of the American people. We are grateful for the strong relationships we enjoy with our local, state, federal and international law enforcement partners. Without their cooperation, none of this would be possible. ICE HSI Washington, D.C., will continue to work relentlessly and exhaust all resources to investigate and apprehend anyone who presents a threat to national security or the residents of our communities.”

    Rivera-Luna is one of seven defendants in a nine-count fourth superseding indictment, which was returned on May 3, 2013, charging the defendants with committing racketeering conspiracy, murder in aid of racketeering, kidnapping in aid of racketeering, assault with a deadly weapon in aid of racketeering, and other offenses. Rivera-Luna is charged only with committing racketeering conspiracy. The government alleges that Rivera-Luna, while incarcerated in El Salvador, supervised operations of MS-13 cliques in the Washington area. Upon release, he traveled to Guatemala where he was subject to extradition.

    The indictment alleges that MS-13 engages in racketeering activity to include murder, narcotics distribution, extortion, robberies, obstruction of justice, and other crimes. The indictment specifically states that some of the defendants allegedly participated in assaults against perceived rival gang members, made threats against people they believed to be cooperating with law enforcement, and carried out extortions.

    The range of criminal activity alleged in the indictment includes acts committed in the District of Columbia, Maryland, Virginia, and other states. The indictment alleges there was frequent contact between MS-13 members in the Washington metropolitan area and El Salvador, and that members incarcerated in El Salvador encouraged or ordered assaults and murders.

    Rivera-Luna is alleged to be an international leader of MS-13 who was sending orders and advice to an MS-13 clique operating in the Washington area via cellular telephone calls from his prison cell in El Salvador. The indictment alleges that he and another alleged MS-13 leader, Marvin Geovanny Monterrosa-Larios, also incarcerated in El Salvador, directed a coalition of MS-13 cliques to be formed in the Washington area. They advised local clique members that the coalition’s aim was to seek and kill MS-13 members who were found to be cooperating with law enforcement officials.

    Among other allegations, the indictment charges Rivera-Luna with ordering the murder of Louis Alberto Membreno-Zelaya, 27. Membreno-Zelaya was found stabbed to death on Nov. 6, 2008, in Northwest Washington.

    The indictment also alleges that Rivera-Luna authorized the murder of Felipe Enriquez, 25, whose body was found on March 31, 2010, in Montgomery County, Maryland.

    ICE HSI Washington, D.C., and the Metropolitan Police Department are investigating the case. The Montgomery County and Prince George’s County, Maryland, Police Departments; State Attorney’s Office for Montgomery County; and U.S. Attorneys’ Offices for the District of Maryland and the Eastern District of Virginia provided assistance.

    The Justice Department’s Office of International Affairs provided significant assistance in securing the extradition of Rivera-Luna from Guatemala.

    Trial Attorney Lakeita F. Rox-Love of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Nihar Mohanty for the District of Columbia are prosecuting the case.

    This effort was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Security News: Alleged International Leader of MS-13 Extradited on RICO Charge

    Source: United States Department of Justice 2

    Moises Humberto Rivera-Luna, also known as Santos and Viejo Santos, 55, an alleged international leader of the violent MS-13 drug gang, made an initial appearance today in the District of Columbia following his extradition from Guatemala to the United States to face racketeering conspiracy charges.

    “Keeping Americans safe from transnational criminal gangs is one of the Department’s top priorities,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “This defendant’s appearance in federal court in Washington today demonstrates our relentless commitment to seeking justice for victims, no matter how long it takes. Thanks to the incredible work by our federal prosecutors and law enforcement partners, we are one step closer to bringing closure for the many victims of this defendant’s alleged brutal violence.”

    “The decade-long pursuit of this alleged violent gang member illustrates our office’s resolve to remain focused and bring to justice those who violate the law no matter where they are, no matter how long it takes,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia.

    “Moise Humberto Rivera-Luna will have his day in court, but he stands accused of very serious crimes,” said U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Washington, D.C., Acting Special Agent in Charge Christopher Heck. “His alleged criminal activity, combined with his leadership of the MS-13 transnational criminal organization, makes Rivera-Luna a significant threat to the safety of the American people. We are grateful for the strong relationships we enjoy with our local, state, federal and international law enforcement partners. Without their cooperation, none of this would be possible. ICE HSI Washington, D.C., will continue to work relentlessly and exhaust all resources to investigate and apprehend anyone who presents a threat to national security or the residents of our communities.”

    Rivera-Luna is one of seven defendants in a nine-count fourth superseding indictment, which was returned on May 3, 2013, charging the defendants with committing racketeering conspiracy, murder in aid of racketeering, kidnapping in aid of racketeering, assault with a deadly weapon in aid of racketeering, and other offenses. Rivera-Luna is charged only with committing racketeering conspiracy. The government alleges that Rivera-Luna, while incarcerated in El Salvador, supervised operations of MS-13 cliques in the Washington area. Upon release, he traveled to Guatemala where he was subject to extradition.

    The indictment alleges that MS-13 engages in racketeering activity to include murder, narcotics distribution, extortion, robberies, obstruction of justice, and other crimes. The indictment specifically states that some of the defendants allegedly participated in assaults against perceived rival gang members, made threats against people they believed to be cooperating with law enforcement, and carried out extortions.

    The range of criminal activity alleged in the indictment includes acts committed in the District of Columbia, Maryland, Virginia, and other states. The indictment alleges there was frequent contact between MS-13 members in the Washington metropolitan area and El Salvador, and that members incarcerated in El Salvador encouraged or ordered assaults and murders.

    Rivera-Luna is alleged to be an international leader of MS-13 who was sending orders and advice to an MS-13 clique operating in the Washington area via cellular telephone calls from his prison cell in El Salvador. The indictment alleges that he and another alleged MS-13 leader, Marvin Geovanny Monterrosa-Larios, also incarcerated in El Salvador, directed a coalition of MS-13 cliques to be formed in the Washington area. They advised local clique members that the coalition’s aim was to seek and kill MS-13 members who were found to be cooperating with law enforcement officials.

    Among other allegations, the indictment charges Rivera-Luna with ordering the murder of Louis Alberto Membreno-Zelaya, 27. Membreno-Zelaya was found stabbed to death on Nov. 6, 2008, in Northwest Washington.

    The indictment also alleges that Rivera-Luna authorized the murder of Felipe Enriquez, 25, whose body was found on March 31, 2010, in Montgomery County, Maryland.

    ICE HSI Washington, D.C., and the Metropolitan Police Department are investigating the case. The Montgomery County and Prince George’s County, Maryland, Police Departments; State Attorney’s Office for Montgomery County; and U.S. Attorneys’ Offices for the District of Maryland and the Eastern District of Virginia provided assistance.

    The Justice Department’s Office of International Affairs provided significant assistance in securing the extradition of Rivera-Luna from Guatemala.

    Trial Attorney Lakeita F. Rox-Love of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Nihar Mohanty for the District of Columbia are prosecuting the case.

    This effort was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI USA: PHOTO: Cornyn Meets with City of Del Rio Leaders

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) met yesterday with leaders from the City of Del Rio including Mayor Al Arreola and City Manager Shawna Burkhart, to discuss increasing legitimate trade and travel, easing congestion at ports of entry, improving safety, and expediting presidential permits for key bridge expansion projects in the region, specifically for the Del Rio-Acuña International Bridge. See photo below.

    This image is in the public domain, but those wishing to do so may credit the Office of U.S. Senator John Cornyn.

    Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Judiciary, Intelligence, Foreign Relations, and Budget Committees.

    MIL OSI USA News –

  • MIL-OSI: Mount Logan Capital Inc. Schedules Release of 2024 Fiscal Year Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (CBOE: MLC) (“Mount Logan” or the “Company”) will release its financial results for the fiscal year ended December 31, 2024 after market close on Thursday, March 13, 2025. The Company will host a conference call on Friday, March 14, 2025, at 9:00 a.m. Eastern Time to discuss these results. Shareholders, prospective shareholders, and analysts are welcome to listen to the conference call. To join the call, please use the dial-in information below. A recording of the conference call will be available on Mount Logan’s website www.mountlogancapital.ca in the Investor Relations section under “Events”.

    Canada Dial-in Toll Free: 1-833-950-0062
    US Dial-in Toll Free: 1-833-470-1428
    International Dial-in:
    Access Code: 601424

    About Mount Logan Capital Inc.

    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies acquired by Mount Logan in the fourth quarter of fiscal year 2021.

    This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933, as amended, and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

    Contacts:
    Mount Logan Capital Inc.

    365 Bay Street, Suite 800
    Toronto, ON M5H 2V1
    info@mountlogancapital.ca

    Nikita Klassen
    Chief Financial Officer
    Nikita.Klassen@mountlogancapital.ca

    Scott Chan
    Investor Relations
    Scott.Chan@mountlogan.com

    The MIL Network –

  • MIL-OSI USA: Grassley Works to Empower Patients, Boost Transparency Through Improved Data on Inpatient Psychiatric Facilities

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, is pushing the Centers for Medicare & Medicaid Services (CMS) to provide clear and accessible information on inpatient psychiatric facilities (IPFs) to better support patients and their families. While CMS has supported web-based tools to find and compare providers, the agency lacks a tool for comparing IPFs so that families can make fully-informed decisions.

    “This is the kind of information that patients and their families care about…In all states, patients and their families deserve to have access to all IPF inspection/survey reports through a user-accessible website, no matter whether the survey was performed by a state or local survey agency, CMS, or an accrediting organization,” Grassley wrote.

    Grassley is an outspoken advocate for improved oversight and transparency at health care facilities that care for vulnerable Americans, such as nursing homes and IPFs. His past work revealed that inspection reports are completely inaccessible to consumers in most states. Grassley has previously called for improving the quality of information available to the public about nursing homes. He’s also pushed for greater transparency of financial relationships between drug makers and providers and of the misuse of psychotropic drugs in nursing homes and foster youth.

    “Currently, a search for an IPF on the Care Compare website yields little to no information that would allow a consumer to determine the safety of the facility…There is no information regarding assaults, abuses, suicides, and [unauthorized departures], particularly information regarding facilities that have had repeated and/or potentially preventable events. There is no information regarding Medicare Conditions of Participation violations, citations, penalties, or enforcement actions,” Grassley continued.

    Grassley requested the agency provide details on plans to improve public access to IPF data and any possible barriers to CMS’s progress.

    Text of the letter to Acting CMS Administrator Carlton follows:

    February 28, 2025

    VIA ELECTRONIC TRANSMISSION

    The Honorable Stephanie Carlton

    Acting Administrator

    Centers for Medicare & Medicaid Services

    Dear Acting Administrator Carlton:

    I have long advocated for improved oversight and transparency at health care facilities that care for vulnerable Americans, such as nursing homes and inpatient psychiatric facilities (IPFs).[1]  My oversight has resulted in improvements to the Nursing Home Care Compare website, which has been found to help consumers find their way to higher quality nursing homes and encourage providers to improve quality.[2]  Yet, after more than twenty-five years of the Centers for Medicare & Medicaid Services (CMS) supporting web-based tools for consumers to find and compare providers, the mechanism for comparing IPFs is still lacking. [3]  Like nursing home residents, psychiatric inpatients are at high risk for abuse, neglect, and harm, and the public deserves to be able to readily access information regarding quality, safety, and regulatory citations at IPFs in all states.[4] 

    According to a recent report, it took weeks to compile information regarding safety and regulatory issues at two IPFs because there is no place to readily access that information.[5]  The report noted that, “the Centers for Medicare and Medicaid Services has a robust database of hospital inspections, quality of care and staff ratings.  However, when you try to search many inpatient mental health hospitals, every category says information is not available.”[6]  In response to questions about the lack of information, the prior administration stated that “although CMS doesn’t give star ratings for psychiatric hospitals, consumers can still find valuable quality information by using [other] CMS resources.”[7]  However, a review of those resources found them to be insufficient.[8]

    Currently, a search for an IPF on the Care Compare website yields little to no information that would allow a consumer to determine the safety of the facility.  After searching for an IPF on Care Compare, the website launches a webpage showing that the facility’s “Overall Star Rating” and “Patient Survey Rating” are not available.[9]  Under a drop down, Care Compare primarily presents process measures, including COVID-19 vaccinations for providers, influenza vaccinations and body mass index screenings for patients.[10]  While there is information regarding potentially harmful mechanical restraints and seclusions, there is no data regarding physical holds and chemical restraints, which surveyors have also found to be used inappropriately and with incorrect technique.[11]  There is no information regarding assaults, abuses, suicides, and elopements (unauthorized departures), particularly information regarding facilities that have had repeated and/or potentially preventable events. [12]  There is no information regarding Medicare Conditions of Participation violations, citations, penalties, or enforcement actions.[13]  This is the kind of information that patients and their families care about.

    While Care Compare provides access to inspection reports for nursing homes, this capability is missing from the hospital section of the website.[14]  In all states, patients and their families deserve to have access to all IPF inspection/survey reports through a user-accessible website, no matter whether the survey was performed by a state or local survey agency, CMS, or an accrediting organization, such as The Joint Commission.  While some hospital inspection reports may be accessible through the CMS 2567 Statement of Deficiencies data file, this is not a consumer-facing or readily accessible resource.[15]  Additionally, my past oversight work revealed that inspection reports from accrediting organizations are completely inaccessible to consumers in most states.[16]  Despite my advocacy on the issue, in 2017, CMS reversed course on a proposal to require accrediting organizations to post provider survey reports on their public-facing websites, but noted that, “CMS is committed to ensuring that patients have the ability to review the findings used to determine that a facility meets the health and safety standards required for Medicare participation.”[17]  Seven years later, it still doesn’t appear that patients, or even CMS, have the ability to readily conduct that review.[18]  There also still appears to be incongruity between safety violations and accreditation.[19] 

    For Congress to understand CMS’s current actions to increase the relevance of information regarding IPFs on the Care Compare website as well as any barriers impeding CMS’s progress, please provide answers to the following questions no later than March 14, 2025.

    1. Does CMS plan to take steps to improve how information regarding IPF quality, safety, and regulatory issues are displayed on Care Compare?  If not, why not?  If so, please describe.
    1. Are there any barriers to displaying information regarding patient harm, including abuses, assaults, suicides, and elopements with harm, for IPFs on Care Compare?
    1. Are there any barriers to displaying citations, safety violations, licensure suspensions or limitations, immediate jeopardy findings, Medicare program terminations, monetary penalties, enforcement actions, or any other remediation actions for IPFs on Care Compare?
    1. Are there any barriers to integrating the CMS 2567 Statement of Deficiencies data file in a user-accessible way on Care Compare?
    1. What surveys are included in the CMS 2567 Statement of Deficiencies data file and which surveys are excluded?  For example, does the data file contain surveys conducted by all state and local survey agencies?  Are there any circumstances in which the file would contain surveys conducted by accrediting organizations?
    1. Why are the findings from the following surveys/inspections not included in the 2567 Statement of Deficiencies data file posted on the CMS Hospital website?[20]  What are the barriers to making the following reports accessible on Care Compare?
      1. The survey that corresponds with the nine patient rapes at Options Behavioral Health Hospital.[21]
      2. The February 2022 survey with immediate jeopardy findings for Brynn Marr Hospital.[22]
      3. The survey that corresponds with the sexual assault at Psychiatric Institute of Washington.[23]
      4. The survey conducted at Holly Hill Hospital after the escape of five children in March 2024.[24]
      5. The survey that corresponds with Aurora Vista Del Mar’s loss of permission to admit involuntary patients.[25]
      6. The survey that corresponds with the suicide at Morton Plant North Bay Hospital Recovery Center.[26]
    1. How does CMS assess the usability and relevance of the information regarding IPFs on the Care Compare website from the perspective of patients and their families?
    1. How does CMS validate the data currently contained in Care Compare for IPFs?  For example, what was CMS’s process for validating Harborview Medical Center’s 2022 restraint rate of 22.44 hours per 1000 patient care hours, when the national average was 0.32, and the 2022 seclusion rate of 81.73, when the national average was 0.36?[27] 
    1. How does the data currently contained in Care Compare for IPFs inform the survey/inspection process?  For example, have surveyors examined the restraint and seclusion practices at Harborview Medical Center?[28]
    1. How does CMS “ensur[e] that patients have the ability to review the findings used to determine that a facility meets the health and safety standards required for Medicare participation,” including when those findings come from accrediting organizations?[29]
    1. What role does CMS play in the accreditation process for IPFs?  How do the deficiencies listed in the CMS 2567 Statement of Deficiencies data file factor into accreditation?
    1. How does CMS partner with the Substance Abuse and Mental Health Services Administration (SAMHSA) on the Inpatient Psychiatric Facility Quality Reporting (IPFQR) program and ensure consistency between the IPFs listed on the Care Compare website and the IPFs listed on the FindTreatment.gov website?[30]  How does CMS use data collected through the National Substance Use and Mental Health Services Survey (N-SUMHSS)?[31]

    Thank you for your prompt review and response.  If you have any questions, please contact my Judiciary Committee staff at (202) 224-5225.

    Sincerely,

    Charles E. Grassley

    Chairman

    Committee on the Judiciary

    [1] Press Release, Warren, Grassley Lead the Call for Greater Transparency in Nursing Home Ownership, Off. of Senator Charles E. Grassley (May 19, 2023), https://www.grassley.senate.gov/news/news-releases/warren-grassley-lead-the-call-for-greater-transparency-in-nursing-home-ownership; Press Release, After Year-Long Push for Transparency In Nursing Homes, Grassley Urges Improvements to CMS’s Care Compare, Off. of Senator Charles E. Grassley (June 21, 2023), https://www.grassley.senate.gov/news/news-releases/after-years-long-push-for-transparency-in-nursing-homes-grassley-urges-improvements-to-cmss-care-compare; Press Release, Grassley Welcomes CMS Action Following His Decades-Long Push to Increase Nursing Home Transparency, Off. of Senator Charles E. Grassley (Nov. 15, 2023),  https://www.grassley.senate.gov/news/news-releases/grassley-welcomes-cms-action-following-his-decades-long-push-to-increase-nursing-home-transparency; Press Release, Grassley: Alarming Pattern of Conduct Reported at UHS Facilities, Off. of Senator Charles E. Grassley (Dec. 18, 2017), https://www.grassley.senate.gov/news/news-releases/grassley-alarming-pattern-conduct-reported-uhs-facilities.

    [2] R. Tamara Konetzka, Kevin Yan, and Rachel Werner, Two Decades of Nursing Home Compare: What Have We Learned?, Medical Care Research and Review (June 13, 2020), https://journals.sagepub.com/doi/10.1177/1077558720931652?url_ver=Z39.88-2003&rfr_id=ori:rid:crossref.org&rfr_dat=cr_pub%20%200pubmed.

    [3] Report, Nursing Homes: CMS Offers Useful Information on Website and Is Considering Additional Steps to Assess Underlying Data, Government Accountability Office, GAO-23-105312, (May 2023), https://www.gao.gov/assets/gao-23-105312.pdf.

    [4] Morgan Shields, Maureen Stewart, and Kathleen Delaney, Patient Safety in Inpatient Psychiatry: A Remaining Frontier for Health Policy, Health Affairs (Nov. 18, 2018), https://www.healthaffairs.org/doi/10.1377/hlthaff.2018.0718; Hospital Surveys with 2567 Statement of Deficiencies through 2024 Q3 data file, Hospital webpage, Ctrs. for Medicare & Medicaid Services (accessed Feb. 3, 2025),  https://www.cms.gov/files/document/hospital-surveys-2567-statement-deficiencies-through-2024-q3.xlsx, (Surveyors described findings of abuse, neglect, or harm during numerous surveys listed in the 2567 Statement of Deficiencies data file, such as 6G7O11/October 16, 2023, 52U911/March 4, 2024, VN4211/June 13, 2024, QD1O11/January 6, 2021, ZX8G11/April 8, 2022, YMU211/June 7, 2021, SSIO11/February 23, 2023, 00IG11/June 10, 2022, P33211/April 10, 2024, RKRS11/October 5, 2022, and CYVY11/September 23, 2022).

    [5] Randall Kerr, WRAL Investigates why the truth about mental health hospitals remains hidden, WRAL News (May 7, 2024), https://www.wral.com/story/wral-investigates-why-the-truth-about-mental-health-hospitals-remains-hidden/21418636/.

    [6] Id.

    [7] Id.

    [8] Id, (As described by WRAL, “those resources included with the statement were a spreadsheet you could download, but can’t even decipher considering all of the categories, acronyms and codes that don’t necessarily reflect the actual quality of care.  The other resource was the same online database that again has no information about the hospital’s performance.”).

    [9] Care Compare entry for Aurora Vista Del Mar, Care Compare, Medicare.gov (accessed Feb. 3, 2025), available at https://www.medicare.gov/care-compare/details/hospital/054077?id=a96bf388-2fd6-460f-bca4-d70b1eeb862d&city=Ventura&state=CA&zipcode=.

    [10] Psychiatric unit services drop-down for Aurora Vista Del Mar, Care Compare, Medicare.gov (accessed Feb. 3, 2025), https://www.medicare.gov/care-compare/details/hospital/054077?id=a96bf388-2fd6-460f-bca4-d70b1eeb862d&city=Ventura&state=CA&zipcode=&measure=hospital-psychiatric-surveys. 

    [11] Surveys ZF7G11/June 4, 2024 and D0SD11/July 11, 2024, 2567 data file, supra note 4, (For example, during an inspection of Destiny Springs Healthcare in June 2024, surveyors found that “the Hospital failed to ensure staff did not utilize a chemical restraint as a means of coercion, discipline, convenience or retaliation for one (1) patient.” One month later, surveyors found that “the hospital failed to ensure restraints were conducted safely, resulting in Patient #1 suffering a fractured humerus.”).

    [12] Ross Jones, Congressman, local leaders want answers over Detroit hospital patient abuse, suicide, ABC WXYZ Detroit (Oct. 10, 2024),  https://www.wxyz.com/news/local-news/investigations/congressman-local-leaders-want-answers-over-detroit-hospital-patient-abuse-suicide; Surveys 366M11/June 6, 2024 and 31M611/July 3, 2024, 2567 data file, supra note 4, (In 2024, at Detroit Receiving Hospital, in the span of 73 days, two different female patients were sexually assaulted by two different male patients while sedated and confined to four-point restraints, which is a time when patients should be continuously monitored by staff, and another patient died by suicide in her room in the setting of missed safety checks.); Maddie Kirth, ‘Were they not trained?’ Family of missing Hammond Alzheimer’s patient demands hospital reform, Fox 8 (June 23, 2023),  https://www.fox8live.com/2023/06/24/were-they-not-trained-family-missing-hammond-alzheimers-patient-demands-hospital-reform/; Survey 1UQQ11/June 21, 2023, 2567 data file, supra note 4, (In 2023, a patient with severe dementia was able to walk out of a locked unit at Oceans Behavioral Hospital of Hammond in Louisiana and was found dead in a field one day later. It took nearly an hour for staff to realize that the patient was gone and another ninety minutes to call 911.).

    [13] Heather Catallo, ‘He didn’t deserve this.’ Patient dies after being restrained in psych ward, family speaks out, WXYZ (Dec. 19, 2024), https://www.wxyz.com/news/local-news/investigations/he-didnt-deserve-this-patient-dies-after-being-restrained-in-psych-ward-family-speaks-out; Medicare notice to the public regarding termination of Pontiac General Hospital effective November 24, 2024 (Nov. 8, 2024), https://www.cms.gov/files/document/michigan-pontiac-general-hospital-11/08/2024.pdf, (There is no information regarding Michigan’s Pontiac General Hospital’s termination from the Medicare program on November 24, 2024, after a patient died in the setting of improper restraint technique and a delayed and disorganized resuscitation effort.); Surveys R5UY11/March 22, 2024, 24E111/April 3, 2024, M4B411/June 6, 2024, QORQ11/July 31, 2024, and NB8H11/August 15, 2024, 2567 data file, supra note 4 (There is no information regarding the 30 deficiencies, including three condition-level deficiencies and two immediate jeopardy findings, listed in the CMS 2567 Statement of Deficiencies data file for Oceans Behavioral Hospital of Hammond in Louisiana during the first three quarters of 2024.); Alex Lubben, State gives troubled Mandeville psychiatric hospital one last chance to stay open, NOLA (Apr. 19, 2024), https://www.nola.com/news/northshore/what-is-the-future-of-northlake-behavioral-health-system/article_e5218958-f90a-11ee-ab91-072e26520f37.html, (There is no information regarding Northlake Behavioral Health System’s reported agreement with the Louisiana Department of Health to “pay an $18,000 fine, hire a consultant, cover the cost of all future LDH inspections, and suffer additional penalties for any repeat deficiencies found in the course of those inspections” in order to maintain a provisional license.).

    [14] GAO-23-105312, supra note 3.

    [15] 2567 data file, supra note 4.

    [16] Press Release, Grassley Presses Agency On Statutory Changes Needed to Make Hospital Inspection Reports Public, Off. of Senator Charles E. Grassley (Sep. 20, 2017), https://www.grassley.senate.gov/news/news-releases/grassley-presses-agency-statutory-changes-needed-make-hospital-inspection-reports.

    [17] Charles Ornstein, Secret Hospital Inspections May Become Public At Last, ProPublica (April 18, 2017), https://www.propublica.org/article/secret-hospital-inspections-may-become-public-at-last; Fact Sheet, Fiscal Year (FY) 2018 Medicare Hospital Inpatient Prospective Payment System (IPPS) and Long Term Acute Care Hospital (LTCH) Prospective Payment System Final Rule(CMS-1677-F), Centers for Medicare & Medicaid Services (Aug. 2, 2017), https://www.cms.gov/newsroom/fact-sheets/fiscal-year-fy-2018-medicare-hospital-inpatient-prospective-payment-system-ipps-and-long-term-acute-0; Charles Ornstein, Accreditors Can Keep Their Hospital Inspection Reports Secret, Feds Decide, ProPublica (Aug. 3, 2017), https://www.propublica.org/article/accreditors-can-keep-their-hospital-inspection-reports-secret-feds-decide; Letter from Senator Charles E. Grassley to Administrator Seema Verma, Centers for Medicare & Medicaid Services (Sep. 18, 2017), https://www.grassley.senate.gov/imo/media/doc/2017-09-18%20CEG%20to%20CMS%20(Joint%20Commission).pdf.

    [18] Centers for Medicare & Medicaid Services, Proposed Rule, Medicare Program; Strengthening Oversight of Accrediting Organizations (AOs) and Preventing AO Conflict of Interest, and Related Provisions, Section G, Federal Register (Feb. 15, 2024), https://www.federalregister.gov/documents/2024/02/15/2024-02137/medicare-program-strengthening-oversight-of-accrediting-organizations-aos-and-preventing-ao-conflict#footnote-4-p12000. 

    [19] Press Release, Grassley, Stark hold officials accountable for improper approval of specialty hospital in West Texas, U.S. Comm. on Finance (Mar. 6, 2007), https://www.finance.senate.gov/ranking-members-news/grassley-stark-hold-officials-accountable-for-improper-approval-of-specialty-hospital-in-west-texas; Letter from Senator Charles E. Grassley to Mr. Mark Chassin, The Joint Commission (Apr. 14, 2017), https://www.grassley.senate.gov/imo/media/doc/2017-04-14%20CEG%20to%20Joint%20Commission%20(UHS).pdf; Stephanie Armour, Hospital Watchdog Gives Seal of Approval, Even After Problems Emerge, The Wall Street Journal (Sep. 8, 2017), https://www.wsj.com/articles/watchdog-awards-hospitals-seal-of-approval-even-after-problems-emerge-1504889146; Surveys 2DCB11/March 5, 2024, S6IC11/June 13, 2024, WKNI11/July 12, 2024, 7VB511/April 11, 2024, DICQ11/July 12, 2024, ZF7G11/June 4, 2024, and D0SD11/July 11, 2024, 2567 data file, supra note 4; Search for Mesa Springs, Crestwyn Behavioral Health, Del Amo Hospital, and Destiny Springs Healthcare on The Joint Commission’s “Find Accredited Organizations” webpage, The Joint Commission (accessed Feb. 11, 2025), https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=mesa%20springs&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Crestwyn%20Behavioral%20Health%20&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Del%20Amo%20Hospital&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Destiny%20Springs%20Healthcare&numberOfResults=25, (For example, Mesa Springs in Texas is currently shown as having a gold seal on The Joint Commission website, while the hospital had 14 condition-level deficiencies across three surveys listed in the CMS 2567 Statement of Deficiencies data file for the first three quarters of 2024. Crestwyn Behavioral Health in Tennessee with four condition-level citations in the first three quarters of 2024, Del Amo Hospital in California with three condition-level citations, and Destiny Springs Healthcare in Arizona with three condition-level citations are also currently shown as having Joint Commission accreditation.).

    [20] 2567 data file, supra note 4.

    [21] Joe Ulery, Whistleblower exposes dangers at Indiana facility, Public News Service (Dec. 18, 2024), https://www.publicnewsservice.org/2024-12-18/mental-health/whistleblower-exposes-dangers-at-indiana-facility/a94122-1.

    [22] Letter from the Ctrs. for Medicare & Medicaid to Universal Health Services regarding notification of possible termination from the Medicare program (Mar. 27, 2023), https://www.northcarolinahealthnews.org/wp-content/uploads/2023/05/Brynn-Marr-Hospital-CCN-344016-90-day-3-27-2023.signed-002-3.pdf; Taylor Knopf, NC psych hospital failed to provide ‘safe and therapeutic’ environment, feds say, NC Health News (May 10, 2023), https://www.northcarolinahealthnews.org/2023/05/10/nc-psych-hospital-failed-to-provide-safe-and-therapeutic-environment-feds-say/.

    [23] Peter Herman, Psychiatric health aide in D.C. charged with sexual abuse of a patient, The Washington Post (Dec. 21, 2023), available at https://www.washingtonpost.com/dc-md-va/2023/12/21/sexual-assault-dc-psychiatric/.

    [24] Heidi Kirk, WRAL Investigates: Holly Hill violated standards of care that could’ve prevented patient escapes, inspection says, WRAL News (July 15, 2024), available at https://www.wral.com/story/wral-investigates-holly-hill-violated-standards-of-care-that-could-ve-prevented-patient-escapes-inspection-says/21526230/.

    [25] Nick Welsh, Santa Barbara County’s Psych-Bed Pinch Tightens as Key Mental-Health Safety Valve Shuts Down, Santa Barbara Independent (Nov. 1, 2023), https://www.independent.com/2023/11/01/santa-barbara-countys-psych-bed-pinch-tightens-as-key-mental-health-safety-valve-shuts-down/.

    [26] Adam Walser, Florida grandmother outraged after 13-year-old dies by suicide inside mental hospital, ABC Action News (July 11, 2023),  https://www.abcactionnews.com/news/local-news/i-team-investigates/lutz-grandmother-outraged-after-13-year-old-commits-suicide-inside-mental-hospital.

    [27] “Inpatient psychiatric facility quality measure data – by facility” data set, Ctrs. for Medicare & Medicaid Services (Oct. 30, 2024),  https://data.cms.gov/provider-data/dataset/q9vs-r7wp; “Inpatient psychiatric facility quality measure data – national” data set, Ctrs. for Medicare & Medicaid Services (Oct. 30, 2024), https://data.cms.gov/provider-data/dataset/s5xg-sys6.

    [28] Id.

    [29] Fact sheet, supra note 17.

    [30] Mental health and substance use treatment locator website, Substance Abuse and Mental Health Services Admin. (accessed Feb. 11, 2025), https://findtreatment.gov/locator.

    [31] National Substance Use and Mental Health Services Survey, Substance Abuse and Mental Health Services Admin. (accessed Feb. 11, 2025), https://info.nsumhss.samhsa.gov/.

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    MIL OSI USA News –

  • MIL-OSI Australia: Active transport boost for Katherine

    Source: Australian Executive Government Ministers

    Residents of Katherine will have more opportunities to walk or cycle through their community thanks to funding from the Albanese Government.  

    The Katherine Town Council will receive $756,000 under the government’s Active Transport Fund to build the Zimin Drive Shared Pathway.

    The project will see the construction of a 2.4-metre wide, 5.7 kilometre-long, shared bicycle and pedestrian sealed pathway along Zimin Drive. 

    This will provide a safer, healthier travel option between the Stuart and Victoria Highways, looping around Katherine South. 

    The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns. 

    Our new Active Transport Fund is one part of this, providing safe and accessible transport options that are good for the planet and good for ourselves.  

    The Active Transport Fund supports the government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

    For more information visit Active Transport Fund | Infrastructure Investment Program.  

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The Albanese Government is investing in active transport infrastructure, to make it safer and easier to walk, cycle or push a pram to work, school or anywhere else. 

    “We’re ensuring more opportunities for the people of Katherine to be more active and connected by providing better ways for them to walk and cycle across town.”

    Quotes attributable to Federal Member for Lingiari Marion Scrymgour:

    “Students, pedestrians and cyclists will now have a far safer way to travel in Katherine.

    “We are making the community of Katherine healthier and more liveable by improving active travel connections to create opportunities for moving around town using physical activity

    MIL OSI News –

  • MIL-OSI Security: McAllen resident sentenced to 25 years for using communication app to entice minor

    Source: Office of United States Attorneys

    McALLEN, Texas – A 28-year-old man has been sent to prison for coercion and enticement of a minor, announced U.S. Attorney Nicholas J. Ganjei.

    James Christopher Ruiz pleaded guilty Sept. 10, 2024. 

    U.S. District Judge Drew B. Tipton has now ordered Ruiz to serve 300 months in prison. At the hearing, the court heard additional information including testimony from the victim’s mother detailing significant trauma the victim is dealing with and how this crime has negatively impacted not just the her, but everyone in her family. After handing down the sentence, the court addressed the victim and informed her there was nothing wrong with or bad about her and she did not bring this upon herself. The court explained that all the blame lies with the Ruiz who will also serve the rest of his life on supervised release following completion of his prison term. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the internet. He will also be ordered to register as a sex offender. 

    In August 2023, law enforcement learned Ruiz had been communicating with a 12-year-old minor online. The investigation revealed he had been chatting with the victim from June to July 2022 via Discord.

    “People like the defendant can make the internet a dangerous place for children,” said Ganjei. “Fortunately, law enforcement was able to discover and arrest Mr. Ruiz, bringing an end to his predatory online behavior.”

    Ruiz knew the minor victim was only 12 years of age. During their conversations, Ruiz sent sexually explicit photos and videos to the minor and enticed the victim to send nude images of her breasts and genitals on multiple occasions. He also explained what masturbating was and persuaded her to send videos of her doing so. 

    Ruiz admitted to communicating with other minors via Discord and virtual reality. He said he would tell the minor females to send him sexually explicit images and videos of themselves and instructed them on what to do.

    Ruiz has been and will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    Homeland Security Investigations conducted the investigation with the assistance of the New Castle County Police Department. 

    Assistant U.S. Attorney M. Alexis Garcia prosecuted the case, which was brought as part of Project Safe Childhood (PSC), a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state and local resources to locate, apprehend and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources tab on that page. 

    MIL Security OSI –

  • MIL-OSI Security: Leader of organization who smuggled aliens through Corpus Christi sent to prison and ordered to forfeit $1 million

    Source: Office of United States Attorneys

    CORPUS CHRISTI, Texas – A 39-year-old Honduran national who illegally resided in Houston has been ordered to prison following his conviction for transporting illegal aliens, announced U.S. Attorney Nicholas J. Ganjei.

    Marvin Reyes pleaded guilty May 30, 2024.

    U.S. District Judge David Morales has now ordered him to serve 108 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court heard additional information including how the conspiracy had stretched over three years with over 200 aliens transported. In handing down the prison term, the court commented that over 200 people could have been hurt or killed because of the Reyes’ actions, and that he was responsible as the leader. The court also took note of the funds received as a result of the criminal activity and imposed a $1 million money judgement.

    “Thanks to the teamwork of our office’s Corpus Christi prosecutors and their law enforcement partners, the leader of an alien smuggling ring has been put out of action,” said Ganjei. “Successful interdiction of illegal alien smuggling at the border or at interior checkpoints benefits the nation as a whole. The Southern District of Texas is proud to do its part to support a secure border.”

    In July 2021, law enforcement discovered a human smuggling organization based out of Houston that Reyes led. Numerous individuals had been attempting to smuggle illegal aliens further into the United States. 

    The investigation revealed Reyes and others were coordinating the movement of illegal aliens through the Border Patrol checkpoints located near Sarita and Falfurrias as well as by airplane. Reyes also arranged private flights for illegal aliens from Weslaco to Houston. 

    Bank records showed Reyes received at least $1 million in proceeds from the human smuggling activities.

    Reyes will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    Homeland Security Investigations conducted the investigation with the assistance of Border Patrol. Assistant U.S. Attorneys Patrick Overman and Tyler Foster prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Montgomery Man Sentenced to Eight Years in Prison Following Federal Drug and Gun Convictions

    Source: Office of United States Attorneys

                Montgomery, Ala. – Today, Acting United States Attorney Kevin Davidson announced the sentencing of a Montgomery, Alabama man following his convictions on federal drug and gun charges. On March 4, 2025, 23-year-old Arthur Varcea Colvin, received a sentence of 96 months in prison. Following his prison sentence, Colvin will serve three years of supervised release. There is no parole in the federal system. 

              According to his indictment and other court records, on February 1, 2023, officers with the Montgomery Police Department observed the driver of a vehicle commit a traffic violation and conducted a traffic stop. Occupants of the vehicle included Colvin in the front passenger’s seat, 28-year-old Le’Anthony Washington in the driver’s seat, and another passenger in the rear seat. Officers developed a suspicion that the vehicle contained illegal narcotics and requested the three occupants exit the vehicle. During a search, law enforcement found three firearms, including a .40 caliber handgun under the driver’s seat, an AR-15 pistol under the front passenger’s seat, and a 9mm handgun on the back floorboard. Investigators also found over 400 grams of marijuana in the trunk. In addition, officers found a handgun and a small amount of marijuana on Colvin’s person.

               On October 28, 2024, Colvin pleaded guilty to possession of marijuana with the intent to distribute and possession of a firearm in furtherance of a drug trafficking crime. Washington has a previous felony conviction and is prohibited from possessing a firearm or ammunition. In October of last year, Washington pleaded guilty to being a felon in possession of a firearm. Washington received a sentence of 35 months in federal prison on January 31, 2025. 

              The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Montgomery Police Department investigated this case, which Assistant United States Attorney Michelle R. Turner prosecuted.

    MIL Security OSI –

  • MIL-OSI Security: Ohio Man Sentenced to 15 Years in Prison for Child Pornography Crime

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Leonard Samiia, 32, of Wapakoneta, Ohio, was sentenced today to 15 years in prison, to be followed by 15 years of supervised release, for production of child pornography. Samiia must register as a sex offender.

    According to court documents and statements made in court, on or about February 20, 2023, Samiia employed, used, persuaded, induced, and enticed a minor victim residing within the Southern District of West Virginia to send images of her nude vagina to him through the internet using an instant messaging service. Samiia also sent the images back to the minor victim using the messaging service.

    Samiia admitted that he sent a series of messages to the minor victim, directing her to make specific poses and take specific actions for these images. Samiia further admitted that he threatened the minor victim with the images she sent him, including by messaging her “(h)ave fun with these pics being posted now,” “being posted all over Facebook google snapchat twitch and everywhere,” and “THEY WILL BE POSTED ON YOUR SCHOOL WEBSITE TOO.” In one message, Samiia threatened to travel to where the minor victim lived and physically harm her and her family.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the West Virginia State Police and the U.S. Department of Homeland Security-Homeland Security Investigations (HSI).

    United States District Judge Thomas E. Johnston imposed the sentence. Assistant United States Attorneys Jennifer Rada Herrald and Holly Wilson prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-18.

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    MIL Security OSI –

  • MIL-OSI Security: Okmulgee Couple Sentenced For Child Abuse And Child Neglect

    Source: Office of United States Attorneys

    MUSKOGEE, OKLAHOMA – The United States Attorney’s Office for the Eastern District of Oklahoma announced that John Ray Collins Jr., age 49, and Tambara Lorene Collins, age 38, of Okmulgee, Oklahoma, appeared in United States District Court for sentencing.

    John Ray Collins Jr. was sentenced to 240 months in prison for one count of Attempted Murder, and 360 months each on two counts of Child Abuse, and 360 months for one count of Child Neglect.  The terms of imprisonment will run concurrently for a total of 30 years imprisonment, to be followed by a five year term of supervised release.

    Tambara Lorene Collins, age 38, of Okmulgee, Oklahoma, was sentenced to 216 months in prison per count on two counts of Child Abuse, and 216 months in prison for one count of Child Neglect.  The terms of imprisonment will run concurrently for a total of 18 years imprisonment, to be followed by a five year term of supervised release.

    The charges arose from an investigation by the Federal Bureau of Investigation, the Okmulgee County Sheriff’s Office, and the Muscogee (Creek) Nation Lighthorse Police.

    On November 17, 2023, a federal jury convicted John Collins at trial of all counts.  On October 24, 2023, Tambara Collins entered a guilty plea to two counts of child abuse and one count of child neglect.

    According to investigators, between January 1, 2023, and June 12, 2023, John and Tambara Collins repeatedly abused and failed to protect two children in their care.  The children sustained bruising and abrasions to the face, ears, back, legs, and feet.  In mid-June, John Collins escalated his abuse, beating one of the children with a pipe.  The child was then denied food, water, medical care, and sanitary living conditions.  The child suffered head lacerations, internal bleeding, a broken arm, broken fingers, and traumatic skeletal muscle deterioration before rescuers were able to remove the children from the Collins residence.

    The crimes occurred in Okmulgee County, within the boundaries of the Muscogee (Creek) Nation Reservation, within the Eastern District of Oklahoma.

    “The suffering these innocent children endured at the hands of two people who were supposed to love and care for them is horrific and unconscionable,” said FBI Oklahoma City Special Agent in Charge Doug Goodwater.  “The FBI is proud to have been part of the investigative team that helped put John and Tambara Collins behind prison bars where they undoubtedly belong.”

    “The defendants subjected children in their care to unthinkable abuse and neglect, and I am thankful for the collaborative work of county, tribal, and federal investigators and federal prosecutors in securing convictions and significant sentences in this case,” said United States Attorney Christopher J. Wilson.

    The Honorable John F. Heil, III, U.S. District Judge in the United States District Court for the Eastern District of Oklahoma, presided over the hearing.  The defendants will remain in the custody of the U.S. Marshals Service pending transportation to a designated United States Bureau of Prisons facility to serve a non-paroleable sentence of incarceration.

    Assistant U.S. Attorneys Caila M. Cleary and Sarah McAmis represented the United States.

    MIL Security OSI –

  • MIL-OSI Security: Mexican national sentenced for possession of child sexual assault material

    Source: Office of United States Attorneys

    BROWNSVILLE, Texas – A 26-year-old citizen of Mexico has been ordered to federal prison following his conviction of possession of child pornography, announced U.S. Attorney Nicholas J. Ganjei.

    Ezequiel Vallejo-Hernandez pleaded guilty Feb. 12, 2024.

    U.S. District Judge Rolando Olvera has now ordered him to serve 78 months in federal prison. Vallejo-Hernandez was further ordered to pay $57,500 in restitution to various victims and will serve 10 years on supervised release following the completion of his prison term. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the Internet. He will also be ordered to register as a sex offender. 

    On Sept. 16, 2023, Vallejo-Hernandez attempted to enter the United States through the Gateway International Port of Entry, at which time authorities referred him to secondary inspection. At that time, they noticed that Vallejo-Hernandez had a “lookout” placed on him based on a Cybertip report from the National Center for Missing and Exploited Children. Law enforcement conducted a basic search of his cell phone which led to the discovery of child sexual assault material (CSAM) on the device.

    “Since its founding, the Department of Justice’s Project Safe Childhood (PSC) has allowed prosecutors and law enforcement to uncover and prosecute those that prey on children online. This case is a textbook example on how PSC is making the internet safer for children,” said Ganjei.

    A forensic analysis resulted in the discovery of a total of 557 CSAM files within his MEGA application – a cloud-based storage application – on his phone. 

    Vallejo-Hernandez admitted to downloading the CSAM files to his cell phone and acknowledged it was a crime to be in possession of that material.

    Homeland Security Investigations conducted the investigation.

    Assistant U.S. Attorney Ana C. Cano prosecuted the case, which was brought as part of PSC, a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources link on that page.

    MIL Security OSI –

  • MIL-OSI Security: Fort Hall Man Sentenced to 5 Years for Robbery at Knifepoint

    Source: Office of United States Attorneys

    POCATELLO – Malik Marin Ish, 23, of Fort Hall, was sentenced to 5 years in prison for robbery, Acting U.S. Attorney Justin Whatcott announced today.  Chief U.S. District Court Judge David C. Nye sentenced Ish on March 3, 2025, to 54.5 months in federal prison in addition to the 8.5 months of tribal jail time, which Ish served leading up to his sentencing.

    According to court records, on February 19, 2024, Ish approached a man getting gasoline in his Jeep Cherokee at a gas station in Fort Hall and demanded the man’s vehicle at knifepoint.  The man and Ish struggled for a time and Ish tried to stab him.  Ish took the Jeep and crashed it a short distance away.  Fort Hall Police officers located Ish later that day and recognized Ish as the robbery suspect, based on the unique red clothing he was wearing.  Police officers also obtained video surveillance from the gas station, which showed Ish as the robber.

    Chief Judge Nye also ordered Ish to serve three years of supervised release following his prison sentence.  Ish pleaded guilty to the charge in December 2024.  Ish will also concurrently serve 21 months for a supervised release violation from an earlier conviction.

    Acting U.S. Attorney Whatcott thanked the Federal Bureau of Investigation and the Fort Hall Police Department for their joint investigation in this case.  Assistant U.S. Attorney Jack Haycock prosecuted this case.

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    MIL Security OSI –