Appeals court to send Limbaugh's medical privacy case
to Florida Supreme Court
Rush Limbaugh's attorney, Roy Black, said the decision of Florida's Fourth District Court of Appeal to send the talker's medical privacy case to the state Supreme Court represents a victory for his client and for all Floridians.
In a split 2-1 ruling last month, a three-judge panel of the Fourth District Court of Appeal said that prosecutors were not required to follow the notice and hearing procedure defined in state law. The panel majority said the laws applied only to subpoenas and that prosecutors properly seized the records using search warrants obtained in secret court hearings.
Black filed motions with the appeals court for a rehearing and for certification of a question to the Florida Supreme Court. The Fourth District Court this week denied the motion for a rehearing, but granted the motion to certify the following question to the Florida Supreme Court:
"Do (Florida statutes) 395.3025(4) and 456.057(5)(a) bar the State from obtaining a search warrant to seize and inspect a patient's medical records without providing the patient notice and a prior hearing to oppose the seizure and inspection?"
Of course, the outcome could affect a subsequent criminal case in Limbaugh's "Doctor Shopping" charge in obtaining thousands of painkillers.
CC Radio support for emerging music hits milestones
CC Radio revealed its New Music Network, an online promotional resource for unsigned artists, received its 20,000th uploaded song and has doubled the number of acts showcased on the site in the past year. Natalie Loftin, the winner of the company's first Radio Star competition, has released her first single for Epic Records. CC Radio stations have increased programming dedicated to showcasing new and emerging talent and are organizing a growing number of festivals and concerts that play a key role in local support of these new artists.
Between 1998 and 2002, CC Radio stations increased the number of unique songs played by 15,215 and the number of unique artists by 3,093, according to Mediabase.
B of A downgrades Sirius to "sell"
Banc of America Securities has downgraded Sirius Satellite Radio to "sell" from "neutral." The firm, however raised the 12-month price target to 3.68 from 3.19 to reflect slightly lower out-year subscriber acquisition costs, and slightly higher operating cash flow from increased deferred revenue collections.
"We continue to believe Sirius is in a fast growing industry with tremendous potential. But our new price target of 3.68 implies a downside of 25.7% from the current stock price, necessitating a 'sell' rating based upon the Banc of America ratings system," B of A said.
The firm said the upside from an early switch by Howard Stern to Sirius would be only slightly positive to overall firm value and will be expensive, potentially increasing cash costs per user by about 30% next year. The analysis assumes Howard's standard costs of 100 million would occur in 2005, plus assumes a one-time 80 million cash settlement with Viacom to buy out the last remaining year on the show. The firm said, "Upside for the stock from an early Stern move to Sirius Satellite Radio is limited, we believe, and more than priced in."
RBR observation:
First of all, we wonder if the announcement that Mel Karmazin is now running the show will change this downgrade. Yes, it's looking more and more that Sirius will get Stern earlier than the 2006 Infinity contract expiration. His big giveaway of Sirius radios yesterday at a charity event is the latest in the pissing match. Last night's appearance and announcement in Letterman was another. But B of A has a point. Sirius acquiring Stern is a double-edged sword. First, they have to pay him a whopping 500 million (plus the likely 80 million settlement fee mentioned), putting them further into debt. Secondly, to bring the Stern channel(s) ROI, they'll have to run a significant amount of advertising. Won't satellite radio listeners be the first to be instantly repelled by a ton of back-to-back spots when they're now used to having so few or none? Obviously, XM's attempt to make listeners pay a premium for Opie and Anthony isn't much of an option either.
Tom Joyner Foundation kicks off 2005 fundraising
A driving force in raising much-needed funds for students attending historically black colleges and universities, the Tom Joyner Foundation announced the 11 schools that will receive funding in 2005: Arkansas Baptist College,
Little Rock, AK; Bluefield State College, Bluefield, WV; West Virginia State College, Institute, WV; Concordia College, Selma, AL; Oakwood College, Huntsville, AL; Stillman College, Tuscaloosa, AL; Selma University, Selma, AL; Harris Stowe State College, St Louis, MO; Mississippi Valley State University, Itta Bena, MS; Morris College, Sumter, SC - pending; St. Paul's College, Lawrenceville, VA.
Each institution selected by the Foundation as the featured 'School of the Month' will be promoted on the Tom Joyner Morning Show. The school will then receive 100% of the funds raised by listeners, alumni, and other various donors for the duration of the month.
Are you reading this from a forwarded email?
