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130-489: In 1966, George Wackenhut took his company public . In the mid-1960s, Florida Governor Claude Kirk commissioned the Wackenhut Corporation to help fight a "war on organized crime", awarding the company a $ 500,000 contract. The commission lasted about a year but led to more than 80 criminal indictments, including many for local politicians and government employees. Following the murder of a British tourist at

260-717: A small modular reactor and/or a light-water reactor , two nuclear fuel plants, a nuclear research reactor , a nuclear medicine plant, and a uranium processing centrifuge . Boeing operated a manufacturing plant in the city beginning in the early 1980s which closed in 2007. IPIX , Remotec (now a subsidiary of Northrop Grumman ), ZYP Coatings, and several other technology-based companies have been founded in Oak Ridge, including Greg LeMond 's carbon fiber -manufacturing business, LeMond Composites. Several radioactive waste processing companies, including EnergySolutions , have operations in Oak Ridge. The infrastructure that

390-399: A symphony orchestra , sporting facilities, church services for 17 denominations, and a Fuller Brush Company salesman served the new city and its 75,000 residents. No airport was built, for security reasons. Prefabricated modular homes , apartments, and dormitories, many made from cemesto (bonded cement and asbestos ) panels, were quickly erected. Streets were laid out in the manner of

520-557: A " planned community ". The original streets included several main east-to-west roads, namely the Oak Ridge Turnpike, Tennessee Avenue, Pennsylvania Avenue, Hillside Road, Robertsville Road, and Outer Drive. North-to-south oriented streets connecting these main roads were designated "avenues", and streets branching off from the avenues were designated "roads", "places", "lanes", or "circles". "Roads" connected two streets, while "lanes" and "places" were dead ends . The names of

650-580: A better result. In addition to the extensive international evidence that auctions have not been popular for IPOs, there is no U.S. evidence to indicate that the Dutch auction fares any better than the traditional IPO in an unwelcoming market environment. A Dutch auction IPO by WhiteGlove Health, Inc., announced in May 2011 was postponed in September of that year, after several failed attempts to price. An article in

780-482: A company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks , who also arrange for the shares to be listed on one or more stock exchanges . Through this process, colloquially known as floating , or going public , a privately held company is transformed into a public company . Initial public offerings can be used to raise new equity capital for companies, to monetize

910-421: A firm's stock of patents mitigates this effect. A Dutch auction allows shares of an initial public offering to be allocated based only on price aggressiveness, with all successful bidders paying the same price per share. One version of the Dutch auction is OpenIPO , which is based on an auction system designed by economist William Vickrey . This auction method ranks bids from highest to lowest, then accepts

1040-487: A government contract. In 1959 the town was incorporated. The community adopted a city manager and City Council form of government rather than direct federal control. The S-50 liquid thermal diffusion plant was demolished soon after the war. K-25, where uranium was enriched by the gaseous diffusion process until 1985, was demolished in 2013–15. Two of the four major facilities created for the wartime bomb production remain standing: The Department of Energy (DOE) runs ORNL,

1170-480: A gun to class. Also during his time as a trainee, a fellow trainee said he threatened to kill everyone at a barbecue after his hamburger touched a piece of pork, and he was escorted from the property. In 2010, Mateen was videotaped while working security for G4S at a site related to the BP oil spill . His cynical description of the work situation was included in the 2012 documentary, The Big Fix . Working with Mateen at

1300-413: A jury of first-degree murder and sentenced to life imprisonment without the possibility of parole." In 2010 the parents of Janet Chandler contended that Wackenhut did not thoroughly check the employees' backgrounds and then failed to properly supervise them, ignoring problems that arose with the workers. The suit also alleged that the company helped conceal the involvement of their employees, who swore to

1430-596: A lesson" by beating, sexually assaulting, and killing her). They acted on their plans sometime after midnight on January 31, 1979. The conspirators did not discuss the crimes over the years. Following the February 7, 2006 arrest of Wackenhut employee Robert Lynch, six people were charged with first-degree murder arising from Janet Chandler's death, five of whom were Wackenhut employees in 1979. Two persons pleaded guilty to second-degree murder and were sentenced to terms of years in prison. The other four persons were convicted by

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1560-591: A low during late summer. The rainiest calendar day on record is August 10, 1960, when 7.45 inches (189 mm) of rain fell; monthly precipitation has ranged from trace amounts in October 1963 to 19.27 inches (489 mm) in July 1967. As of the 2020 United States census , there were 31,402 people, 12,008 households, and 7,641 families residing in the city. As of the 2010 United States Census , there were 29,330 people, 12,772 households, and 7,921 families residing in

1690-579: A message from the principal: Senator McKellar wants me to tell you to go home and tell your parents you are going to have to find another place to live." There was no further explanation as to why. All the students were told was this: "The government is going to take your property for the war effort." By March 1943 the Corps had removed the area's earlier communities and established fences and checkpoints. Anderson County lost one-seventh of its land and $ 391,000 in annual property tax revenue. The manner by which

1820-533: A minimum". The name was formally adopted in 1949. The architectural and engineering firm Skidmore, Owings & Merrill was contracted to provide the layout for the town and house designs. John O. Merrill moved to Tennessee to take charge of designing the secret buildings at Oak Ridge. He directed the creation of a town, which soon had 300 miles (480 km) of roads, 55 miles (89 km) of railroad track, ten schools, seven theaters, 17 restaurants and cafeterias, and 13 supermarkets. A library with 9,400 books,

1950-614: A nuclear and high-tech research establishment. In 1983, the DOE declassified a report showing that significant amounts of mercury had been released from the Oak Ridge Reservation into the East Fork Poplar Creek between 1950 and 1977. A federal court ordered the DOE to bring the Oak Ridge Reservation into compliance with federal and state environmental regulations. In June 2018 IBM and ORNL unveiled Summit ,

2080-467: A preliminary prospectus, known as a red herring prospectus , during the initial quiet period. The red herring prospectus is so named because of a bold red warning statement printed on its front cover. The warning states that the offering information is incomplete, and may be changed. The actual wording can vary, although most roughly follow the format exhibited on the Facebook IPO red herring. During

2210-705: A rest stop in 1993, Florida contracted with Wackenhut to provide security at all state rest stops. G4S provides security to specific government and corporate sectors: energy, utilities, and chemical/petrochemical, financial institutions, hospitals and healthcare facilities, major corporations and the construction industry, ports and airports, residential communities, retail and commercial real estate and transit systems. Clients included GlaxoSmithKline and U.S. Customs and Border Protection . The Wackenhut Corporation provided armed security services for many nuclear power plants. In September 2007, its employees Kerry Beal and Paul A. Kennedy videotaped their fellow security guards at

2340-655: A string". In October 1942, the United States Army Corps of Engineers began acquiring more than 60,000 acres (24,000 ha) in the Oak Ridge area for the United States' Manhattan Project . Due to the urgency and secrecy of the Manhattan Project, the Corps' "declaration of taking" was swift and final. Many residents came home to find eviction notices tacked to their doors. Others found out when their children came home from school with

2470-626: A vow of secrecy, according to testimony in a 2007 trial. Fingers were pointed at Wackenhut when it was revealed that anti-nuclear protesters, including an 82-year-old nun, had managed to cut through fences of one of the United States’ most protected nuclear facilities at Oak Ridge in Tennessee in July 2012. Three activists broke into the US Government's only weapons grade storage facility to paint graffiti and throw what they claimed

2600-487: Is theglobe.com IPO which helped fuel the IPO "mania" of the late 1990s internet era. Underwritten by Bear Stearns on 13 November 1998, the IPO was priced at $ 9 per share. The share price quickly increased 1,000% on the opening day of trading, to a high of $ 97. Selling pressure from institutional flipping eventually drove the stock back down, and it closed the day at $ 63. Although the company did raise about $ 30  million from

2730-799: Is a city in Anderson and Roane counties in the eastern part of the U.S. state of Tennessee , about 25 miles (40 km) west of downtown Knoxville . Oak Ridge's population was 31,402 at the 2020 census. It is part of the Knoxville Metropolitan Area . Oak Ridge's nicknames include the Atomic City , the Secret City , and the City Behind a Fence . In 1942, the United States federal government forcibly purchased nearly 60,000 acres (240 km ) of farmland in

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2860-468: Is a component of the U.S. nuclear weapons complex. The DOE's Environmental Management office is conducting an extensive program of decontamination and decommissioning , environmental cleanup, and waste management to remove or stabilize the hazardous residues remaining from decades of government production and research activities. The DOE Office of Scientific and Technical Information disseminates government research and development information and operates

2990-534: Is also located in the city. ATDD began under AEC sponsorship in 1948 as a Weather Bureau research office providing meteorological information and expertise for the AEC. Currently its main function is to perform air quality -related research directed toward issues of national and global importance. The nuclear industry continues to grow in Oak Ridge following the demolition of the K-25 site. Currently planned in Oak Ridge are

3120-494: Is called an underwriting spread . The spread is calculated as a discount from the price of the shares sold (called the gross spread ). Components of an underwriting spread in an initial public offering (IPO) typically include the following (on a per-share basis): Manager's fee, Underwriting fee—earned by members of the syndicate, and the Concession—earned by the broker-dealer selling the shares. The Manager would be entitled to

3250-534: Is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum , near the Temple of Castor and Pollux . The shares fluctuated in value, encouraging the activity of speculators, or quaestors . Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with

3380-451: Is low enough to stimulate interest in the stock but high enough to raise an adequate amount of capital for the company. When pricing an IPO, underwriters use a variety of key performance indicators and non-GAAP measures. The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors. Some researchers (Friesen & Swift, 2009) believe that

3510-465: Is possible that the financial incentives of the advisor and client may not be aligned. The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under a specific circumstance known as the greenshoe or overallotment option. This option is always exercised when the offering is considered a "hot" issue, by virtue of being oversubscribed. In the US, clients are given

3640-399: Is to generate additional interest in the stock and a rapid rise in share price when it first becomes publicly traded (known as an "IPO pop"). Flipping , or quickly selling shares for a profit , can lead to significant gains for investors who were allocated shares of the IPO at the offering price. However, underpricing an IPO results in lost potential capital for the issuer. One extreme example

3770-443: Is −17 °F (−27 °C), set on January 21, 1985, while the all-time record high is 105 °F (41 °C), set on June 30, 2012, and July 28, 1952. However, temperatures reaching either 0 °F (−18 °C) or 100 °F (38 °C) are uncommon, having last occurred February 5, 1996 (the date of the all-time record low for February) and July 1, 2012. Precipitation averages 59.70 inches (1,516 mm) annually and reaches

3900-527: The Clinch River valley for the development of a planned city supporting 75,000 residents. It was constructed with assistance from architectural and engineering firm Skidmore, Owings & Merrill , from 1942 to 1943. Oak Ridge was established in 1942 as a production site for the Manhattan Project —the massive American, British, and Canadian operation that developed the atomic bomb . Being

4030-530: The Dutch auction have also been explored and applied for several IPOs. The earliest form of a company which issued public shares was the case of the publicani during the Roman Republic , although this claim is not shared by all modern scholars. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or partes . There

G4S Secure Solutions - Misplaced Pages Continue

4160-481: The Florida Department of Agriculture and Consumer Services fined G4S $ 151,400 for providing inaccurate psychological testing information after it found the psychologist whose opinion was necessary to permit Mateen to carry a weapon was not practicing as a screener. Between 2006 and 2016, 1,514 forms were submitted erroneously listing Nudelman's name. Mateen's form was among those investigated. The company

4290-508: The Massachusetts Bay Transit Authority police union with G4S to guard the transit agency's money room. The $ 400,000 contract with G4S was just more than half the cost of MBTA Transit Police , who had been replaced June 6 after security lapses were reported by outside experts. Initial public offering An initial public offering ( IPO ) or stock launch is a public offering in which shares of

4420-587: The National Park Service and the Department of Energy. A bus tour and several virtual tours are available for the public. In 2003, the city extended its borders west beyond the Clinch River boundary for the annexation of the master planned community, the Preserve at Oak Ridge, paving the way for economic growth into the 21st century. In January 2020, the city council of Oak Ridge approved

4550-907: The Peach Bottom Nuclear Generating Station sleeping while on duty. Beal had previously tried to notify supervisors at Wackenhut and the US Nuclear Regulatory Commission about the breaches of security. Wackenhut's contract was terminated, ending its role guarding Peach Bottom and nine other nuclear plants. In 2003, the management of WCC, the wholly owned subsidiary of Wackenhut's prison business, raised funds to repurchase all common stock held by G4S since 2002, changing its name to The GEO Group, Inc. The GEO Group , Inc. now operates former Wackenhut facilities in 14 states, as well as in South Africa and Australia . Some facilities, such as

4680-548: The Ridge-and-Valley Appalachians physiographic province. The main section of the city is located in the northeast, where East Fork and Pine Ridge give way to low, scattered hills. Many of the city's residences are located along the relatively steep northeastern slope of Blackoak Ridge. The completion of Melton Hill Dam (along the Clinch near Copper Ridge) in 1963 created Melton Hill Lake, which borders

4810-645: The Southern bloc of Democrats in Congress to authorize funding for the project. Due to generally holding lower-ranked jobs, their assigned dwellings were predominantly government-built "hutments" (one-room shacks) located very close to the Y-12 plant, in the one residential area designated as colored. Nichols, the MED District Engineer, was told by the main construction contractor for the K-25 plant that

4940-680: The Tennessee Senate , Oak Ridge is represented in the 5th district in Anderson County and the 12th district in Roane County, by Lieutenant Governor of Tennessee and Senator Randy McNally , and Senator Ken Yager respectively, both of whom are Republican. Oak Ridge is represented in the United States House of Representatives by Republican Chuck Fleischmann of the 3rd congressional district . Unlike

5070-478: The Treaty of Holston , ceding what is now Anderson County to the United States. A popular legend holds that John Hendrix (1865-1915), a largely unknown local man, predicted the creation of the city of Oak Ridge around 40 years before construction on the project began. Hendrix lacked any formal education and was a simple logger for much of his life. Following the death of his youngest daughter, Ethel, to diphtheria, and

5200-512: The United States Census Bureau , the city has an area of 90.0 square miles (233.0 km ), of which 85.3 square miles (220.8 km ) is land and 4.7 square miles (12.2 km ), or 5.25%, is water. The highest point is Melton Hill ( 35°54′35″N 84°18′19″W  /  35.90962°N 84.30525°W  / 35.90962; -84.30525 ) on the DOE reservation, at elevation 1,356 feet (413 m). Like much of

5330-547: The fissile isotope uranium-235 from natural uranium , which consists almost entirely of the isotope uranium-238 . During construction of the electromagnets required for the uranium separation process at the Y-12 site, a shortage of copper forced the MED to borrow 14,700 tons of silver bullion from the United States Treasury as a copper substitute in wire for the electromagnet coils. The X-10 site, now

G4S Secure Solutions - Misplaced Pages Continue

5460-488: The science.gov website. The Oak Ridge Institute for Science and Education , operated by Oak Ridge Associated Universities , conducts research and education programs for the DOE, Department of Homeland Security , and other federal agencies. The Atmospheric Turbulence and Diffusion Division (ATDD), one of several field divisions of the National Oceanic and Atmospheric Administration Air Resources Laboratory ,

5590-468: The "Wilson Street Corridor" project plan, intended to develop and construct a downtown area in the city situated along Wilson Street. The plan consists of a mixed-use development of retail, residential usage, and restaurants with a primary focus of multi-story residential space. Immediately northeast of Oak Ridge, the southwestward-flowing Clinch River bends sharply to the southeast for roughly 6 miles (10 km) toward Solway , where it turns again to

5720-408: The "issuer", enters into a contract with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell those shares. A large IPO is usually underwritten by a " syndicate " of investment banks, the largest of which take the position of "lead underwriter". Upon selling the shares, the underwriters retain a portion of the proceeds as their fee. This fee

5850-687: The "world's fastest supercomputer", claimed to be more than twice as powerful as the previous world leader, with a peak performance of 200,000 trillion calculations per second. Oak Ridge's scientific heritage is curated in the American Museum of Science and Energy . Its role in the Manhattan Project is preserved in the Manhattan Project National Historical Park (along with sites in Hanford, Washington and Los Alamos, New Mexico ), run cooperatively by

5980-414: The 1950s and converted to an indoor shopping mall in the 1980s, sat largely empty in the years leading to its eventual partial demolition and redevelopment. The city operates a preschool, four elementary schools enrolling kindergarten through grade 4, two middle schools enrolling grades 5 through 8, and one high school enrolling grades 9 through 12. The Oak Ridge school district was ranked number one in

6110-493: The Blue Mill Inn where plaintiff's daughter, Janet Chandler, worked as the overnight front desk clerk. Plaintiff alleges that some of the guards and motel staff had sexual relationships with each other, relationships that "bred jealousy and anger, much of it directed at Janet Chandler," for reasons not clear from the pleadings. Plaintiff alleges that several of the guards and motel employees conspired to "teach Janet Chandler

6240-475: The County ordered an audit of the contract in 2005. That audit was completed in 2009 and came up with an amount of estimated overbillings. In response, G4S Wackenhut filed a lawsuit in federal court alleging, among other things, that the audit's findings were erroneous. In February 2010, the issue was resolved, and Miami-Dade County commissioners approved a $ 7.5 million settlement agreement with Wackenhut to resolve

6370-766: The Courthouse. When G4S became aware the FBI was investigating Mateen, they did not dismiss Mateen but transferred him to the south guardhouse of the PGA Village , a gated community in Palm Beach County. Judges at two Treasure Coast courthouses that had been guarded by Mateen requested that G4S be replaced by sheriff's deputies. At $ 377,000 and $ 86,000 respectively, the G4S contracts for St. Lucie and Indian River were cheaper by margins of $ 200,000 and $ 60,000 than

6500-507: The Dutch auction is still a little used method in U.S. public offerings, although there have been hundreds of auction IPOs in other countries. In determining the success or failure of a Dutch auction, one must consider competing objectives. If the objective is to reduce risk, a traditional IPO may be more effective because the underwriter manages the process, rather than leaving the outcome in part to random chance in terms of who chooses to bid or what strategy each bidder chooses to follow. From

6630-407: The Dutch auction system for its initial public offering. Traditional U.S. investment banks have shown resistance to the idea of using an auction process to engage in public securities offerings. The auction method allows for equal access to the allocation of shares and eliminates the favorable treatment accorded important clients by the underwriters in conventional IPOs. In the face of this resistance,

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6760-473: The IPO are restricted from issuing any earnings forecasts or research reports for the company. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. A three-day waiting period exists for any member that has acted as a manager or co-manager in a secondary offering. Not all IPOs are eligible for delivery settlement through the DTC system , which would then either require

6890-483: The Oak Ridge Heritage and Preservation Association are fighting to have a monument placed on the site of his grave. In 1942, the United States federal government chose the area as a site for developing materials for the Manhattan Project . Major General Leslie Groves , military head of the Manhattan Project, liked the area for several reasons. Its relatively low population made acquisition affordable, yet

7020-765: The Oak Ridge area occurred during the Woodland period ( c.  1000 BC – 1000), although artifacts dating to the Paleo-Indian period have been found throughout the Clinch River valley. Two Woodland mound sites—the Crawford Farm Mounds and the Freels Farm Mounds —were uncovered in the 1930s as part of the Norris Basin salvage excavations. Both sites were just southeast of the former Scarboro community. The Bull Bluff site, which

7150-449: The Oak Ridge area was acquired by the government created a tense, uneasy relationship between the Oak Ridge complex and the surrounding towns. Although the area's original residents were allowed to be buried in existing cemeteries, every coffin was reportedly opened for inspection. The Corps' Manhattan Engineer District (MED) managed the acquisition and clearing. The K-25 , S-50 , and Y-12 plants were each built in Oak Ridge to separate

7280-535: The Scarboro community were the first to enter all-white classes in Oak Ridge High School and Robertsville Junior High School (now Robertsville Middle School). In 2023, on the 68th anniversary, a Scarboro 85 Monument was erected in Oak Ridge. Robertsville Junior High School, serving the west half of Oak Ridge, was desegregated at the same time as the high school. Elementary schools in other parts of

7410-621: The St. Lucie County Courthouse in 2013, a co-worker said he had complained to superiors at G4S about Mateen's frequent violent, racist and homophobic tirades, but that the company ignored him. G4S denied having a record of those complaints. After Mateen claimed to his co-workers a family connection to Al Qaeda and said he was a member of Hezbollah, the county sheriff's office called in the Federal Bureau of Investigation . The St Lucie Sheriff's office "demanded" Mateen no longer provide security for

7540-745: The United States, IPOs are regulated by the United States Securities and Exchange Commission under the Securities Act of 1933 . In the United Kingdom, the UK Listing Authority reviews and approves prospectuses and operates the listing regime. Planning is crucial to a successful IPO. One book suggests the following seven planning steps: IPOs generally involve one or more investment banks known as " underwriters ". The company offering its shares, called

7670-615: The Wackenhut Corrections Centers in New York, retain the Wackenhut name despite no longer having any actual connection with the company. A dispute between the Wackenhut corporation and Miami-Dade Transit arose from allegations made by a former employee. Michelle Trimble claimed that G4S Wackenhut over-billed Miami-Dade County for work that had not been performed. As a result of the allegations of that lawsuit,

7800-504: The Wall Street Journal cited the reasons as "broader stock-market volatility and uncertainty about the global economy have made investors wary of investing in new stocks". Under American securities law, there are two-time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's S-1 but before SEC staff declare

7930-445: The area was accessible by highway and rail, and utilities such as water and electricity were readily available with the recent completion of Norris Dam . The project location was established within a 17-mile-long (27 km) valley. This feature was linear and partitioned by several ridges, providing natural protection against the spread of disasters at the four major industrial plants—so the plants would not blow up "like firecrackers on

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8060-408: The assumption of independent private values (that the value of IPO shares to each bidder is entirely independent of their value to others, even though the shares will shortly be traded on the aftermarket). Theory that incorporates assumptions more appropriate to IPOs does not find that sealed bid auctions are an effective form of price discovery, although possibly some modified form of auction might give

8190-569: The black construction labor force had a large turnover rate, so Nichols gave permission to set up a separate black women's camp. When Groves visited the plant with K. T. Keller of Chrysler, Keller saw twelve Black women sweeping the 30-foot wide alley between the production units, and said "Nichols, don't you know there is a machine made to sweep a concrete floor like this?" Nichols replied "Sure I do, but these gals can do more than one of those machines". The men now had an opportunity to "fracas" on Saturday night, and labor turnover had reduced. During

8320-470: The city and Jefferson Junior High School, serving the east half of the city, were desegregated slowly as African-American families moved into housing outside of Gamble Valley. In 1967 Scarboro Elementary School was closed, and African-American students from Gamble Valley were bused to other schools around the city. The nearby high school in Clinton was desegregated in the fall of 1956. On October 5, 1958, it

8450-469: The city on the northeast and east. The lakefront on the east side of the city is a popular recreation area, with bicycling trails and picnic areas lining the shore. The lake is well known as a venue for rowing competitions. Watts Bar Lake , an impoundment of the Tennessee River which covers the lower 23 miles (37 km) of the Clinch, borders Oak Ridge to the south and southwest. According to

8580-462: The city. The population density was 344.0 inhabitants per square mile (132.8/km ). There were 14,494 housing units at an average density of 161.2 per square mile (62.2/km ). The racial makeup of the city was 86.8% White (81.8% non-Hispanic ), 8.1% African American , 0.4% Native American or Alaska Native , 2.5% Asian , 0.03% Pacific Islander , 2.0% from other races , and 3.0% from two or more races . Hispanics or Latinos of any race were 4.6% of

8710-402: The company in 2005 and denies ever having met him. G4S said Mateen was not interviewed by a psychologist, but rather, a psychologist evaluated the results of a standard test used in job screenings, and his test was evaluated by the firm that bought Nudelman's practice: Headquarters for Psychological Evaluation, owned by Dr Joanne Bauling. G4S said this was a "clerical error." On September 10, 2016,

8840-407: The deputies. The PGA Village board voted unanimously to review a $ 1 million annual contract with G4S and consider other vendors after the sale of a resident's home was cancelled by a purchaser who learned that Mateen had patrolled the community. On June 22, Massachusetts Senator Kathleen O'Connor Ives called it "crazy and beyond ironic" in light of Mateen and other scandals to replace members of

8970-466: The dispute. The settlement deal had $ 3 million going to the county, $ 1.25 million for whistle-blower Trimble, whose lawsuit led the county to launch its own audit, and $ 3.25 million going to Trimble's attorneys. As part of the deal, Wackenhut was allowed to bid on future contracts and the county agreed not to use this case against it when considering Wackenhut's bids. In 1979 employees of Wackenhut Corporations gang-raped and murdered Janet Chandler. Her body

9100-544: The early 19th century, several rural farming communities developed in the Oak Ridge area, namely Edgemoor and Elza in the northeast, East Fork and Wheat in the southwest, Robertsville in the west, and Bethel and Scarboro in the southeast. The European-American settlers who founded these communities arrived in the late 1790s after the American Revolutionary War and after the Cherokee signed

9230-500: The earth will shake. I've seen it. It's coming. Hendrix, in light of his tales of prophetic visions, was considered insane by most and at one point was institutionalized. His grave lies in an area of Oak Ridge now known as the Hendrix Creek Subdivision. There are ongoing concerns over the preservation of his gravestone, as the man who owns the lot adjacent to the grave wishes to build a home there, while members of

9360-468: The eastern end of the valley. The time required for the project's completion caused the Army to opt for a relatively permanent establishment rather than an enormous camp. The name "Oak Ridge" was chosen for the settlement in 1943 from suggestions submitted by project employees. The name evoked the settlement's location along Black Oak Ridge, and officials thought the rural-sounding name "held outside curiosity to

9490-416: The entire underwriting spread. A member of the syndicate is entitled to the underwriting fee and the concession. A broker-dealer who is not a member of the syndicate but sells shares would receive only the concession, while the member of the syndicate who provided the shares to that broker-dealer would retain the underwriting fee. Usually, the managing/lead underwriter, also known as the bookrunner , typically

9620-550: The fall of the Republic and the rise of the Empire . In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company becomes publicly listed, the money paid by the investing public for the newly issued shares goes directly to the company (primary offering) as well as to any early private investors who opt to sell all or a portion of their holdings (secondary offerings) as part of

9750-528: The federal sites and maintains a major office in the city. Oak Ridge National Laboratory is the largest multipurpose lab in the DOE's National Laboratory system . It is home to the Spallation Neutron Source , a $ 1.4 billion project completed in 2006, and " Titan ", one of the world's most powerful scientific supercomputers, which has peak performance of more than one quadrillion operations per second. The Y-12 National Security Complex

9880-451: The final IPO prospectus is for the issuer to retain one of the major financial "printers", who print (and today, also electronically file with the SEC ) the registration statement on Form S-1. Typically, preparation of the final prospectus is actually performed at the printer, wherein one of their multiple conference rooms the issuer, issuer's counsel (attorneys), underwriter's counsel (attorneys),

10010-427: The firearms refresher courses he took each four years at G4S suggested more substantial training on his own, the company's inability to detect prior warning signals brought it under widespread scrutiny. Under Florida state law, for him to work as an armed guard the company was required either to make a full psychiatric evaluation of Mateen, or to administer a "validated written psychological test". The test administered

10140-512: The first day of trading. Prior to 2009, the United States was the leading issuer of IPOs in terms of total value. Since that time, however, China ( Shanghai , Shenzhen and Hong Kong ) has been the leading issuer, raising $ 73 billion (almost double the amount of money raised on the New York Stock Exchange and Nasdaq combined) up to the end of November 2011. Read More Oak Ridge, Tennessee Oak Ridge

10270-539: The greatest war that ever will be. And there will be a city on Black Oak Ridge and the center of authority will be on a spot middle-way between Sevier Tadlock's farm and Joe Pyatt's Place. A railroad spur will branch off the main L&;N line, run down toward Robertsville and then branch off and turn toward Scarborough. Big engines will dig big ditches, and thousands of people will be running to and fro. They will be building things, and there will be great noise and confusion and

10400-421: The highest bids that allow all shares to be sold, with all winning bidders paying the same price. It is similar to the model used to auction Treasury bills , notes, and bonds since the 1990s. Before this, Treasury bills were auctioned through a discriminatory or pay-what-you-bid auction, in which the various winning bidders each paid the price (or yield) they bid, and thus the various winning bidders did not all pay

10530-401: The investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by

10660-431: The issuance of equity (see stock dilution ) without incurring any debt. This ability to quickly raise potentially large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to the previously private company: There are several disadvantages to completing an initial public offering: IPO procedures are governed by different laws in different countries. In

10790-458: The issued shares, the stock may fall in value on the first day of trading. If so, the stock may lose its marketability and hence even more of its value. This could result in losses for investors, many of whom being the most favored clients of the underwriters. Perhaps the best-known example of this is the Facebook IPO in 2012. Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that

10920-433: The larger IPO. An IPO, therefore, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of the debt, or working capital. A company selling common shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in

11050-586: The lead underwriter in the head selling group is also the lead bank in the other selling groups. Because of the wide array of legal requirements and because it is an expensive process, IPOs also typically involve one or more law firms with major practices in securities law , such as the Magic Circle firms of London and the white-shoe firms of New York City. Financial historians Richard Sylla and Robert E. Wright have shown that before 1860 most early U.S. corporations sold shares in themselves directly to

11180-668: The lead underwriter(s), and the issuer's accountants/auditors make final edits and proofreading, concluding with the filing of the final prospectus by the financial printer with the Securities and Exchange Commission. Before legal actions initiated by New York Attorney General Eliot Spitzer , which later became known as the Global Settlement enforcement agreement, some large investment firms had initiated favorable research coverage of companies in an effort to aid corporate finance departments and retail divisions engaged in

11310-430: The main avenues generally progressed alphabetically from east to west (e.g., Alabama Avenue in the east, Vermont Avenue in the west), and the names of the smaller streets began with the same letter as the main avenue from which they started (e.g., streets connected to Florida Avenue began with "F"). The dramatic population increase, and the secret nature of the project, meant chronic shortages of housing and supplies during

11440-399: The market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to

11570-520: The marketing of new issues. The central issue in that enforcement agreement had been judged in court previously. It involved the conflict of interest between the investment banking and analysis departments of ten of the largest investment firms in the United States. The investment firms involved in the settlement had all engaged in actions and practices that had allowed the inappropriate influence of their research analysts by their investment bankers seeking lucrative fees. A typical violation addressed by

11700-439: The median income for a family was $ 69,333. Full-time, year-round male workers had a median income of $ 54,316 versus $ 36,140 for females in the same employment situation. The per capita income for the city was $ 30,430. About 10.7% of families and 16.0% of the population were below the poverty line , including 28.1% of those under age 18 and 6.7% of those age 65 or over. Oak Ridge uses the council-manager government system, which

11830-772: The northeast, east, and southwest—in which Oak Ridge is situated. The Oak Ridge area is striated by five ridges that run roughly parallel to one another in a northeast-to-southwest direction. In order from west-to-east, the five ridges are Blackoak Ridge (which connects the Elza and K-25 bends of the Clinch and thus "walls off" the half-rectangle), East Fork Ridge, Pine Ridge, Chestnut Ridge, and Haw Ridge. The five ridges are divided by four valleys: East Fork Valley (between Blackoak Ridge and East Fork Ridge), Gamble Valley (between East Fork Ridge and Pine Ridge), Bear Creek Valley (between Pine Ridge and Chestnut Ridge), and Bethel Valley (between Chestnut and Haw). These ridges and valleys are part of

11960-427: The offering, it is estimated that with the level of demand for the offering and the volume of trading that took place they might have left upwards of $ 200 million on the table. The danger of overpricing is also an important consideration. If a stock is offered to the public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of

12090-401: The physical delivery of the stock certificates to the clearing agent bank's custodian or a delivery versus payment (DVP) arrangement with the selling group firm. "Stag profit" is a situation in the stock market before and immediately after a company's initial public offering (or any new issue of shares). A "stag" is a party or individual who subscribes to the new issue expecting the price of

12220-450: The population. There were 12,772 households, with 25.2% having children under the age of 18 living with them, 45.2% being married couples living together, 12.9% having a female householder with no husband present, 3.9% having a male householder with no wife present, and 38.0% being non-families. 33.3% of all households were made up of individuals, and 14.0% had someone living alone who was 65 years of age or older. The average household size

12350-608: The project (except for the production facilities under construction) on November 3, 1943; and he appreciated the bourbon-laced punch served (although Anderson County was "dry"). House and dormitory accommodations at the Clinton Engineer Works (CEW) in Oak Ridge and Hanford Engineer Works in Washington were basic, with coal rather than oil or electric furnaces. But they were of a higher standard than Groves wanted and were better than at Los Alamos. Medical care

12480-443: The proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus . Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter. Underwriters provide several services, including help with correctly assessing the value of shares (share price) and establishing a public market for shares (initial sale). Alternative methods such as

12610-636: The public without the aid of intermediaries like investment banks. The direct public offering (DPO), as they term it, was not done by auction but rather at a share price set by the issuing corporation. In this sense, it is the same as the fixed price public offers that were the traditional IPO method in most non-US countries in the early 1990s. The DPO eliminated the agency problem associated with offerings intermediated by investment banks. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include: Public offerings are sold to both institutional investors and retail clients of

12740-452: The public, at a fixed price , through a secondary market offering . This type of offering is not dilutive since no new shares are being created. Stock prices can change dramatically during a company's first days in the public market. Once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering . This method provides capital for various corporate purposes through

12870-522: The quiet period, the shares cannot be offered for sale. Brokers can, however, take indications of interest from their clients. At the time of the stock launch, after the Registration Statement has become effective, indications of interest can be converted to buy orders, at the discretion of the buyer. Sales can only be made through a final prospectus cleared by the Securities and Exchange Commission. The final step in preparing and filing

13000-413: The registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO (U.S. Securities and Exchange Commission, 2005). The other "quiet period" refers to a period of 10 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in

13130-490: The rest of Anderson County, Oak Ridge, along with nearby Norris , has voted Democratic in recent federal elections, with the majority of the city having voted for Democratic presidential candidate Joe Biden in 2020. The federal government projects at Oak Ridge are reduced in size and scope but are still the city's principal economic activity and one of the largest employers in the Knoxville metropolitan area . The DOE owns

13260-569: The rest of the state, Oak Ridge has a humid subtropical climate ( Cfa in the Köppen climate classification ); it is part of USDA hardiness zone 7a. The normal monthly mean temperature ranges from 37.9 °F (3.3 °C) in January to 77.5 °F (25.3 °C) in July, while on average there are 4.3 days where the temperature stays at or below freezing and 39 days with a high at or above 90 °F (32 °C) per year. The all-time record low

13390-549: The same price. Both discriminatory and uniform price or "Dutch" auctions have been used for IPOs in many countries, although only uniform price auctions have been used so far in the US. Large IPO auctions include Japan Tobacco, Singapore Telecom, BAA Plc and Google (ordered by size of proceeds). A variation of the Dutch auction has been used to take a number of U.S. companies public including Morningstar , Interactive Brokers Group , Overstock.com , Ravenswood Winery, Clean Energy Fuels, and Boston Beer Company . In 2004, Google used

13520-476: The settlement was the case of CSFB and Salomon Smith Barney , which were alleged to have engaged in the inappropriate spinning of "hot" IPOs and issued fraudulent research reports in violation of various sections within the Securities Exchange Act of 1934 . A company planning an IPO typically appoints a lead manager, known as a bookrunner , to help it arrive at an appropriate price at which

13650-458: The share price multiplied by the number of shares sold to the public) and as a proportion of the total share capital (i.e., the number of shares sold to the public divided by the total shares outstanding). Although IPO offers many benefits, there are also significant costs involved, chiefly those associated with the process such as banking and legal fees, and the ongoing requirement to disclose important and sometimes sensitive information. Details of

13780-414: The shares should be offered. There are two primary ways in which the price of an IPO can be determined. Either the company, with the help of its lead managers, fixes a price ("fixed price method"), or the price can be determined through analysis of confidential investor demand data compiled by the bookrunner (" book building "). Historically, many IPOs have been underpriced. The effect of underpricing an IPO

13910-399: The site of Oak Ridge National Laboratory and Y-12 National Security Complex , scientific and technological development still plays a crucial role in the city's economy and culture in general. In 2016, the element tennessine was named for Tennessee, in recognition of the role played by Oak Ridge and other institutions in the state in its discovery. The earliest substantial occupation of

14040-715: The site of Oak Ridge National Laboratory , was established as a pilot plant for production of plutonium using the Graphite Reactor. When the Tennessee Governor Prentice Cooper was officially handed the July 1943 presidential proclamation by a junior officer (a lieutenant)—making Oak Ridge a military district not subject to state control—he tore it up and refused to see the Manhattan Project engineer, Lieutenant Colonel James C. Marshall . The new district engineer, Lieutenant Colonel Kenneth Nichols , had to placate him. Cooper came to see

14170-423: The southwest. After flowing for approximately 17 miles (27 km), the river bends sharply to the northwest at Copper Ridge, and continues in this direction for nearly 7 miles (11 km). At the K-25 plant, the Clinch turns southwest again and flows for another 11 miles (18 km) to its mouth along the Tennessee River at Kingston . This series of bends creates a half-rectangle formation—surrounded by water on

14300-600: The spring-fed Oak Ridge Municipal Outdoor Swimming Pool, which had been completed in June 1945, became integrated. In the early 1960s, Oak Ridge briefly experienced protest picketing against racial segregation in public accommodations, notably outside a local cafeteria and a laundromat. Two years after World War II ended, Oak Ridge was shifted to civilian control, under the authority of the U.S. Atomic Energy Commission . The Roane Anderson Company administered community functions, including arranging housing and operating buses, under

14430-419: The stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. This term is more popular in the United Kingdom than in the United States. In the US, such investors are usually called flippers, because they get shares in the offering and then immediately turn around " flipping " or selling them on

14560-495: The subsequent departure of his wife and three remaining children, Hendrix began hearing voices in his head. These voices urged him to stay in the woods and pray for guidance for 40 days and 40 nights, which Hendrix proceeded to do. As the story is told, following these 40 days spent in rugged isolation, Hendrix began seeing visions of the future, and he sought to spread his prophetic message to any who would listen. According to published accounts, one vision that he described repeatedly

14690-447: The underpricing of IPOs is less a deliberate act on the part of issuers and/or underwriters, and more the result of an over-reaction on the part of investors (Friesen & Swift, 2009). One potential method for determining to underprice is through the use of IPO underpricing algorithms . Other researchers have discovered that firms with higher revenues from licensing-based technology commercialization exhibit greater IPO underpricing, while

14820-491: The underwriter selling the largest proportions of the IPO, takes the highest portion of the gross spread , up to 8% in some cases. Multinational IPOs may have many syndicates to deal with differing legal requirements in both the issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the major selling syndicate in its domestic market, Europe, in addition to separate group corporations or selling them for US/Canada and Asia. Usually,

14950-399: The underwriters. A licensed securities salesperson ( Registered Representative in the US and Canada) selling shares of a public offering to his clients is paid a portion of the selling concession (the fee paid by the issuer to the underwriter) rather than by his client. In some situations, when the IPO is not a "hot" issue (undersubscribed), and where the salesperson is the client's advisor, it

15080-405: The viewpoint of the investor, the Dutch auction allows everyone equal access. Moreover, some forms of the Dutch auction allow the underwriter to be more active in coordinating bids and even communicating general auction trends to some bidders during the bidding period. Some have also argued that a uniform price auction is more effective at price discovery , although the theory behind this is based on

15210-486: The war years. The town was administered by Turner Construction Company through a subsidiary named the Roane-Anderson Company. For most residents, however, their "landlord" was known as "MSI" (Management Services, Inc.). All workers wore badges. The town was surrounded by guard towers and a fence with seven gates. Oak Ridge was developed by the federal government as a segregated community, required by

15340-490: The war, plans were made for a colored neighborhood of houses equal in quality to those provided for whites, but it was not implemented because of limited resources. After the war, all hutments were dismantled, and a colored neighborhood of permanent houses was developed in the Gamble Valley area of Oak Ridge, which during wartime had been occupied by a white trailer community. Oak Ridge elementary education prior to 1954

15470-411: Was 2.26 and the average family size was 2.86. The age distribution was 22.0% under the age of 18, 7.1% from 18 to 24, 22.8% from 25 to 44, 28.9% from 45 to 64, and 19.3% who were 65 years of age or older. The median age was 43.5 years. For every 100 females, there were 89.4 males. For every 100 females age 18 and over, there were 86.3 males. The median income for a household in the city was $ 48,716, and

15600-560: Was a description of the city and production facilities built 28 years after his death, during World War II. The version recalled by neighbors and relatives reported: In the woods, as I lay on the ground and looked up into the sky, there came to me a voice as loud and as sharp as thunder. The voice told me to sleep with my head on the ground for 40 nights and I would be shown visions of what the future holds for this land.... And I tell you, Bear Creek Valley someday will be filled with great buildings and factories, and they will help toward winning

15730-455: Was bombed and closed while being rebuilt. Oak Ridge provided space at a recently vacated elementary school building (the original Linden Elementary School) for the education of high school students from Clinton for two years while Clinton High School was being rebuilt. Following the Brown decision , public accommodations in Oak Ridge were gradually integrated, which took several years. In 1955,

15860-464: Was established in 1959 when the city was incorporated. It is governed by a seven-member city council composed of the mayor and six council members. Oak Ridge is represented in the Tennessee House of Representatives in the 33rd District in Anderson County, and the 32nd district in Roane County, by Representatives John Ragan and Kent Calfee respectively, both of whom are Republican . In

15990-564: Was found in a snowbank near the time of her death but her accusers were not found until three decades later when a student documentary on Janet Chandler prompted the police to re-open the case. Eventually, the police showed this to Robert Lynch who confessed to being a participant and named his co-conspirators. Wackenhut Corporations obtained a security contract in Holland, Michigan in the fall of 1978, and approximately seventy of defendant's out-of-town security guards took up temporary residence at

16120-503: Was human blood on the walls. The breach and lack of security at the site at the time was blamed upon the absence of key Wackenhut personnel in the previous few weeks; the plant manager and chief operating officer had retired 12 days prior to the incident. On June 12, 2016, Omar Mateen, who worked at G4S from 2007 until his death, committed one of the largest mass shootings in United States history. Though Mateen's employment as an armed guard only slightly facilitated his access to firearms, and

16250-535: Was new in the 1940s is aging. The once-isolated city is now incorporated into the Knoxville metropolitan area. Oak Ridge is now challenged to blend into the suburban orbit of Knoxville as its heritage as a "super secret" government installation subsides. Changing economic forces have led to continuing changes in the commercial sector. For example, the Oak Ridge City Center , a shopping center built in

16380-563: Was occupied during the Woodland and Mississippian (c. 1000–1600) periods, was uncovered in the 1960s in anticipation of the construction of Melton Hill Dam . Bull Bluff is a cliff immediately southeast of Haw Ridge, opposite Melton Hill Park. The Oak Ridge area was largely uninhabited when Euro-American explorers and settlers arrived in the late 18th century, although the Cherokee claimed the land as part of their hunting grounds . During

16510-414: Was provided by Army doctors and hospitals, with civilians paying $ 2.50 per month ($ 5 for families) to the medical insurance fund. The location and low population helped keep the town a secret, though the settlement grew from 3,000 to 3,750 in 1942 to about 75,000 by 1945. Because of the large number of workers recruited to the area for the Manhattan Project, the Army planned a town for project workers at

16640-544: Was segregated; it was legally part of the Anderson County system though built and operated primarily with federal funds. Black children could attend only the Scarboro Elementary School. Oak Ridge High School was closed to black students, who had to be bused to Knoxville for an education. Starting in 1950, Scarboro High School was established at Scarboro Elementary School to offer classes for African-American students. In 1955, 85 young Black students from

16770-424: Was the updated Minnesota Multiphasic Personality Inventory (MMPI-2), a test used for job screenings and court cases requiring those subjected to it to agree or disagree with statements such as "My soul sometimes leaves my body" and "Once in a while I think of things too bad to talk about." Carol Nudelman, the psychologist listed on the character certification submitted by G4S to the state said she stopped working for

16900-478: Was unaware of Mateen's sealed and expunged juvenile arrest record for misdemeanor battery. Although they verified his employment they took Mateen at his word that he was fired as a Florida corrections trainee for failing to report due to a fever. He was actually dismissed for skipping classes, falling asleep in class, and asking two days after the Virginia Tech shooting if a classmate would tell if he brought

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