October 06, 2014

2/13/2014 @ 12:00AM

Unwilling Lenders

 

If Refco’s creditors get their way, hedge fund investors will face yet another risk.

Imagine the unimaginable–Fidelity Investments goes bankrupt. Fidelity’s creditors try to get what they’re owed–from the $1.2 trillion in client assets managed by the company. Sound crazy? It is, but it’s close to what Refco’s creditors are trying to do to investors in a hedge fund that kept accounts with the failed commodities trading firm.

Starting in 2004 brokers from firms like A.G. Edwards and Merrill Lynch sold clients shares of the S&P Managed Futures Index Fund, run by a company called PlusFunds. Refco was the clearing broker. Unlike most hedge funds, this one kept its barriers low. A net worth of $45,000 and the same in annual income was enough to qualify a customer.

The fund, which tracks the S&P Managed Futures Index and is meant to provide a hedge against the stock market, managed at least $312 million from some 1,000 investors when Refco collapsed. The fund were deposited with Refco, which placed the money in offshore accounts, where they aren’t subject to limits on margin debt that apply to domestic accounts

A lawsuit filed in U.S. Bankruptcy Court in New York by Refco’s unsecured creditors contends that when the fraud that led to Refco’s bankruptcy became clear in October, PlusFunds Chairman Christopher Sugrue stormed Refco’s offices and had $312 million transferred to new accounts at Lehman Brothers.

The creditors, including Wells Fargo and Cargill, say that this money should have stayed within Refco and that Sugrue and PlusFunds should get in line. The suit implies that Sugrue, a former Refco employee, used his influence at Refco to slide in front of other creditors. Luc A. Despins, the Milbank, Tweed, Hadley & McCloy attorney who filed the suit, declined comment.

But it’s not PlusFunds’ money–the $312 million comes from the investors in the S&P Managed Futures Index Fund. The creditors’ claims on those assets have prevented investors from getting their money back.

Marc Lowlicht, a certified financial planner with Further Lane Asset Management in Manhattan, has half a dozen clients in the fund. He complains: “If I wanted them to be creditors, I would have sold them bonds.”


October 06, 2014

2/13/2014 @ 12:00AM

Unwilling Lenders

 

If Refco’s creditors get their way, hedge fund investors will face yet another risk.

Imagine the unimaginable–Fidelity Investments goes bankrupt. Fidelity’s creditors try to get what they’re owed–from the $1.2 trillion in client assets managed by the company. Sound crazy? It is, but it’s close to what Refco’s creditors are trying to do to investors in a hedge fund that kept accounts with the failed commodities trading firm.

Starting in 2004 brokers from firms like A.G. Edwards and Merrill Lynch sold clients shares of the S&P Managed Futures Index Fund, run by a company called PlusFunds. Refco was the clearing broker. Unlike most hedge funds, this one kept its barriers low. A net worth of $45,000 and the same in annual income was enough to qualify a customer.

The fund, which tracks the S&P Managed Futures Index and is meant to provide a hedge against the stock market, managed at least $312 million from some 1,000 investors when Refco collapsed. The fund were deposited with Refco, which placed the money in offshore accounts, where they aren’t subject to limits on margin debt that apply to domestic accounts

A lawsuit filed in U.S. Bankruptcy Court in New York by Refco’s unsecured creditors contends that when the fraud that led to Refco’s bankruptcy became clear in October, PlusFunds Chairman Christopher Sugrue stormed Refco’s offices and had $312 million transferred to new accounts at Lehman Brothers.

The creditors, including Wells Fargo and Cargill, say that this money should have stayed within Refco and that Sugrue and PlusFunds should get in line. The suit implies that Sugrue, a former Refco employee, used his influence at Refco to slide in front of other creditors. Luc A. Despins, the Milbank, Tweed, Hadley & McCloy attorney who filed the suit, declined comment.

But it’s not PlusFunds’ money–the $312 million comes from the investors in the S&P Managed Futures Index Fund. The creditors’ claims on those assets have prevented investors from getting their money back.

Marc Lowlicht, a certified financial planner with Further Lane Asset Management in Manhattan, has half a dozen clients in the fund. He complains: “If I wanted them to be creditors, I would have sold them bonds.”



September 11, 2014

 
 

People Record For Christopher Sugrue Show All Details â?¼

Current Phone Number
(516) 431-0519
Current Address
117 West
East Rockaway, NY 11518
Current Email
CS44@WEBTV.NET

4 Possible Relatives View Details â?¼

5 Known Addresses View Details â?¼

3 Email Addresses View Details â?¼

2 AKAs View Details â?¼

 


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August 10, 2014

 

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August 10, 2014

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Tracking the Numbers

SEC Plumbs Money Firm's Files

Probe of Refco Leads to Company Started by Ex-Senior Executive; A Knowledge of Inner Workings

 
Updated March 24, 2006 12:01 a.m. ET

Authorities and some creditors of Refco Inc. want to know more about money the brokerage firm shuttled between some of its business units in the days before it filed for bankrupty protection.

They may be able to learn some important details from Christopher Sugrue, a New York money manager and past employee of Refco, which imploded just weeks after its August initial public offering when Refco disclosed that its former chief executive, Phillip Bennett, had hidden bad debts.

U.S. securities regulators have been seeking information regarding such business dealings with Refco. And lawyers working for Refco unsecured creditors have sought information from Mr. Sugrue because of what court filings by those creditors describe as a "close relationship" between the 35-year-old Long Island native and Refco, where Mr. Sugrue was an executive before he helped launch PlusFunds Group Inc.

After Refco filed for Chapter 11 bankruptcy-court protection Oct. 17, the Securities and Exchange Commission visited PlusFunds' Manhattan offices and asked for a battery of records, according to a report attached to a sworn statement by S. David Peress, a crisis consultant hired by PlusFunds.

In an interview, Mr. Peress said the firm is cooperating with "a compliance examination." Lawyers for Refco unsecured creditors also have asked for documents related to PlusFunds and Mr. Sugrue, according to court filings. A spokesman for the SEC declined to comment, but the court document that references the SEC request says: "The SEC has not made any suggestion that any action is contemplated involving [PlusFunds]."

Mr. Sugrue's own firm filed for bankruptcy-court protection earlier this month, after a wave of PlusFunds clients demanded their money when some of their cash transferred from Refco accounts was frozen. A portion of the money and trades Mr. Sugrue helped oversee for PlusFunds clients often processed through Refco's sprawling brokerage firm. Mr. Sugrue initially was able to prevent that money from being frozen by persuading Refco to transfer the funds from unregulated offshore accounts to regulated, onshore accounts.

Now PlusFunds is up for sale. Speaking by phone from Florida, where he was vacationing with his family at Disney World, Mr. Sugrue stressed that he did nothing wrong in the Refco matter. "I'll say that unequivocally," he said. Mr. Sugrue said his business "got caught up in a drive-by shooting."

Court filings by Refco creditors seeking to recover the money Mr. Sugrue had transferred to the onshore accounts cite ties between the money manager and Refco, including loans the brokerage firm provided last year to entities affiliated with Mr. Sugrue. Those loans were secured by equity in PlusFunds.

Before starting PlusFunds in 1998, Mr. Sugrue was a senior executive at Refco for more than five years, according to a biography in court papers. In addition to working with hedge funds on the firm's behalf, Mr. Sugrue helped negotiate the sale of 10% in Refco to Austrian bank Bawag P.S.K. in 1999. During that time, Refco was chaired by Thomas Dittmer, who later was listed on a register of PlusFunds shareholders. Mr. Dittmer couldn't be reached for comment. Mr. Sugrue's knowledge of the inner workings of Refco were demonstrated in a tense exchange last October. Six days before Refco began bankruptcy proceedings, Mr. Sugrue burst into Refco's Manhattan office demanding that the brokerage firm move more than $300 million of PlusFunds' client money "to seg funds," according to a sworn statement by Refco Treasurer Matthew Hreben.

Specifically, Mr. Sugrue wanted his clients' money moved from Refco's unregulated Bermuda account, where it was mingled with Refco's money, to segregated, or "seg," accounts, where it presumably would be less vulnerable to Refco creditors. The money was moved the next day and soon sent to accounts at Lehman Brothers Holdings Inc., according to court papers and sworn statements by Refco employees.

Stanley S. Arkin, a lawyer for Mr. Sugrue, said his client should be given a "silver star" for looking out for his clients. Mr. Sugrue said his investors told him: "Thank God you went and got it. That's what you are supposed to do."

Yet Refco creditors got a federal court to freeze the money in the Lehman accounts, alleging in court papers that Mr. Sugrue was given preferential treatment. Those frozen accounts triggered the redemptions by PlusFunds' clients -- and the subsequent bankruptcy-court filing. The clients yanked more than $1 billion from the firms' funds -- about half their assets -- in the first two months of this year.

It is a quick reversal of fortune for Mr. Sugrue. Still on the board at PlusFunds, he is no longer an employee. "It feels like you got thrown out of the house you built," Mr. Sugrue said in the phone interview.

PlusFunds mainly offered funds designed to mimic the performance of Standard & Poor's hedge-fund indexes. The controversial money transferred from Refco was invested there to track 15 funds in S&P's Managed Futures index. PlusFunds' assets stood at more than $2.5 billion last summer.

After Mr. Sugrue started his fund firm, he continued to work closely with his old employer. Refco served as a clearing broker for several portfolios overseen by PlusFunds, according to court papers filed by Refco's creditors. And in 2003, Refco hired PlusFunds to manage a futures fund that did much of its trading through accounts at Refco, according to court filings by Refco creditors.

But the relationship extended beyond trading. Last spring, Refco Capital lent $158 million to Suffolk LLC, an entity affiliated with Mr. Sugrue, according to court papers filed by Refco creditors. Mr. Sugrue used the money to buy out minority shareholders of PlusFunds, the creditors say in court papers, adding that since then, Refco units lent another $50 million to entities related to Mr. Sugrue and other PlusFunds shareholders. Of that, $19.4 million went to an entity in which Mr. Sugrue is the sole member, court documents claim.

Several potential acquirers have emerged for PlusFunds, which will be auctioned off in April, according to public disclosures.

Separately, the federal bankruptcy judge overseeing Refco's bankruptcy proceedings ruled yesterday that Refco creditors investigating the brokerage firm's meltdown are entitled to documents from the underwriters of Refco's IPO. The judge also said former Refco directors, including private-equity investor Thomas H. Lee, should be allowed to collect on an insurance policy to cover legal expenses they incur in shareholder suits related to Refco's collapse.

A judge in a criminal case against Mr. Bennett, the former Refco CEO, set two trial dates yesterday -- Oct. 16, with a backup date of March 12, 2007. Mr. Bennett is fighting securities and fraud charges related to the Refco matter. The backup trial date was provided to accommodate Mr. Bennett's lawyer, Gary Naftalis.

—-- Peter A. McKay and Paul Davies contributed to this article.

Write to Carrick Mollenkamp at carrick.mollenkamp@wsj.com and Ian McDonald at ian.mcdonald@wsj.com

 
 
 
 
 

August 10, 2014

Browse > Home / Christopher Sugrue Firm has Thrived

Christopher Sugrue Firm has Thrived

August 04, 2014


Posted by Admin - June 22nd, 2011

PlusFunds Group Inc. is not just another hedge fund sponsor in the industry. It is owned and operated by the employees and is a high quality firm with high aspirations. The firm’s main mission is to improve prevailing standards of independent oversight and transparency in the financial services industry in the United States. A lofty, but great, goal.

Public and corporate businesses, investing individuals, and pooled investment vehicles are all present in PlusFunds Group Inc.’s list of clients. The fixed income and public equity markets are the ones that attract the most interest from PlusFunds Group Inc., which uses long and short equity, merger arbitrage, and fixed income investing methods to invest in those markets, with a special focus put on distressed debt and futures. The firm also provides clients with investment advice and options, depending upon the clients’ risk profile and needs.

PlusFunds Group Inc. is a collaboration of an assortment of businesses in the financial services industry who wishes to improve the access to information in the industry because they believed that this was a cornerstone of success in the industry.

PlusFunds Group Inc. was founded in 1998 in New York City, New York. The firm has thrived under the leadership of Chairman Christopher Sugrue. PlusFunds Group Inc. is now an industry leader.

Additional Resources:

Christopher Sugrue :: Listed on Biowebinc.com

Christopher Sugrue :: Article on Onlinereviewinc.com

Christopher Sugrue :: Information on Hightechlistings.com

Christopher Sugrue :: Article on Nationalprofilebase.com

Christopher Sugrue :: Listed on 411inconline.com

    
 

 
Share this :
 
Browse > Home / Christopher Sugrue Firm has Thrived

Christopher Sugrue Firm has Thrived

August 04, 2014


Posted by Admin - June 22nd, 2011

PlusFunds Group Inc. is not just another hedge fund sponsor in the industry. It is owned and operated by the employees and is a high quality firm with high aspirations. The firm’s main mission is to improve prevailing standards of independent oversight and transparency in the financial services industry in the United States. A lofty, but great, goal.

Public and corporate businesses, investing individuals, and pooled investment vehicles are all present in PlusFunds Group Inc.’s list of clients. The fixed income and public equity markets are the ones that attract the most interest from PlusFunds Group Inc., which uses long and short equity, merger arbitrage, and fixed income investing methods to invest in those markets, with a special focus put on distressed debt and futures. The firm also provides clients with investment advice and options, depending upon the clients’ risk profile and needs.

PlusFunds Group Inc. is a collaboration of an assortment of businesses in the financial services industry who wishes to improve the access to information in the industry because they believed that this was a cornerstone of success in the industry.

PlusFunds Group Inc. was founded in 1998 in New York City, New York. The firm has thrived under the leadership of Chairman Christopher Sugrue. PlusFunds Group Inc. is now an industry leader.

Additional Resources:

Christopher Sugrue :: Listed on Biowebinc.com

Christopher Sugrue :: Article on Onlinereviewinc.com

Christopher Sugrue :: Information on Hightechlistings.com

Christopher Sugrue :: Article on Nationalprofilebase.com

Christopher Sugrue :: Listed on 411inconline.com

    
 

 
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1 Christopher D Sugrue
Christopher Sugrue
Chris Sugrue
42 Hingham, MA
Weymouth, MA
New York, NY
Naples, FL
Sewanee, TN
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Lisa Sugrue
Deborah Barry
John Sugrue
Rosemary Sugrue
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Parsons School Of Design Chelsea Art Museum
Eyebeam
Shakerag Workshops
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2 Christopher K Sugrue
Christopher Sugrue
Chris Sugrue
52 Chester, NY
Weymouth, MA
Hingham, MA
Westwood, NJ
Park Ridge, NJ
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Debra Sugrue
Lisa Sugrue
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Eat Well Inc
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3 Christopher John Sugrue
Chris Sugrue
48 Belchertown, MA
New York, NY
San Francisco, CA
Wilbraham, MA
South Hadley, MA
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Mary Sugrue
Christoper Sugrue
Carol Sugrue
Fitchburg State College Mckesson Corporation Get Your Report
4 Christopher S Sugrue
Christopher Stevens
38 Holyoke, MA
Florence, MA
Saratoga Springs, NY
Cherry Hill, NJ
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Erin Fitzgerald   Td Bank Get Your Report
5 Christopher C Sugrue 43 Highland Park, IL
Jersey City, NJ
Cleveland, OH
East Rockaway, NY
Milford, NJ
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Simin Haery
Lily Sugrue
Michael Sugrue
George Sugrue
Kathleen Kavanagh
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6 Christopher P Sugrue 48 Trevor, WI
Wheaton, IL
Antioch, IL
Round Lake, IL
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Susan Abernathy
Scott Reed
Evan Reed
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7 Christopher J Sugrue
Chris Sugrue
40 East Rockaway, NY
Long Beach, NY
Far Rockaway, NY
James Sugrue
Margaret Sugrue
Dennis Sugrue
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8 Christopher Sugrue 61 Encinitas, CA
Wappingers Falls, NY
Ciprianod Sugrue
Michael Cipriano
Steven Cipriano
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9 Christopher A Sugrue 28 Syracuse, NY Diana Stockdale
Nicholas Sugrue
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10 Christopher Sugrue   New York, NY       Get Your Report
11 Christopher Sugrue   Chicago, IL       Get Your Report
12 Christopher Sugrue   Newburgh, NY       Get Your Report

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August 10, 2014

Christopher Sugrue Has Lead It To Become A Leader

April 14th, 2011 - Posted by Admin

The financial industry is ripe with corruption, bad habits, and secrecy—which has, as of late, been on display due to the recession. Bernie Madoff is an excellent example of why the financial industry in general needs more transparency, responsibility, and accountability. PlusFunds Group Inc. is one organization that is trying to improve upon the standards of transparency and independent oversight in the industry and being met with some success. It is an employee-owned and operated hedge fund sponsor.

PlusFunds Group Inc. caters to a variation of clients, including public and corporate institutions, pooled investment vehicles, and individual investors. The fixed income markets and public equity markets attract the most investment attention from PlusFunds Group Inc. Merger arbitrage, fixed income, and long or short equity are the main methods by which PlusFunds Group Inc. makes its investments. The firm focuses on distressed debt and futures.

Christopher Sugrue is the chairman of PlusFunds Group Inc., and the man who has lead it to become a leader in the industry. The company was founded in 1998 and is headquartered in the city so nice they named it twice, New York City, New York. PlusFunds Group Inc. is actually an alliance of financial firms that provides investment advice and options to clients, based upon their risk profile.

Additional Resources:

Christopher Sugrue :: Article on INC Database.com

Christopher Sugrue :: Listed on INC Listings.com

Christopher Sugrue :: Article on INC 1000.com

Christopher Sugrue :: Information on Professional Database INC.com

Christopher Sugrue :: Listed on The Corporate Database.com

 

August 10, 2014

Christopher Sugrue Has Lead It To Become A Leader

April 14th, 2011 - Posted by Admin

The financial industry is ripe with corruption, bad habits, and secrecy—which has, as of late, been on display due to the recession. Bernie Madoff is an excellent example of why the financial industry in general needs more transparency, responsibility, and accountability. PlusFunds Group Inc. is one organization that is trying to improve upon the standards of transparency and independent oversight in the industry and being met with some success. It is an employee-owned and operated hedge fund sponsor.

PlusFunds Group Inc. caters to a variation of clients, including public and corporate institutions, pooled investment vehicles, and individual investors. The fixed income markets and public equity markets attract the most investment attention from PlusFunds Group Inc. Merger arbitrage, fixed income, and long or short equity are the main methods by which PlusFunds Group Inc. makes its investments. The firm focuses on distressed debt and futures.

Christopher Sugrue is the chairman of PlusFunds Group Inc., and the man who has lead it to become a leader in the industry. The company was founded in 1998 and is headquartered in the city so nice they named it twice, New York City, New York. PlusFunds Group Inc. is actually an alliance of financial firms that provides investment advice and options to clients, based upon their risk profile.

Additional Resources:

Christopher Sugrue :: Article on INC Database.com

Christopher Sugrue :: Listed on INC Listings.com

Christopher Sugrue :: Article on INC 1000.com

Christopher Sugrue :: Information on Professional Database INC.com

Christopher Sugrue :: Listed on The Corporate Database.com

 

August 08, 2014

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August 08, 2014

 
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August 08, 2014

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age 52 view details

Known also as: Christopher K Sugrue, Chris Sugrue ...

Has lived in: Chester, NYRivervale, NJPark Ridge, NJOld Tappan, NJ ...

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age 48 view details

Known also as: Christoper Sugrue, Christoph J Sugrue ...

Has lived in: Belchertown, MAWilbraham, MASouth Hadley, MAPalmer, MA

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age ~48 view details

Known also as: Christopher Sugrue, Chrstophr Sugrue ...

Has lived in: Antioch, ILTrevor, WIRound Lake Beach, IL

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age ~28 view details

Has lived in: Syracuse, NYWarners, NYClay, NYLiverpool, NY ...

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age 40 view details

Known also as: Christopher Sugrue, Christopher Sugrve ...

Has lived in: East Rockaway, NYLong Beach, NYFar Rockaway, NY

age 38 view details

Has lived in: Miami Beach, FLSaratoga Spgs, NYSaratoga Springs, NY

age ~43 view details

Known also as: Christopher Sugrue, Christophe Sugrue ...

Has lived in: Jersey City, NJLong Beach, NYEast Rockaway, NY ...

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age 52 view details

Known also as: Christopher Sugrue, Kit Sugrue, K Sugrue

Has lived in: Siletz, ORSeal Rock, OR

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Has lived in: Holyoke, MA

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Has lived in: Newburgh, NY

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Has lived in: Weymouth, MABraintree, MAHingham, MAAllston, MA ...

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Independent Consultant - Marketing & Advertising

Independent Consultant - Marketing & Advertising

Locality: Greater Los Angeles Area

Current: Independent Consultant - Marketing & Advertising at Christopher Sugrue

Work: Christopher Sugrue, Independent Consultant - Marketing & Advertising (2000-2013)

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Phones & Addresses

Name Address Phone
Christopher P Sugrue 324 Arbor Ave, Wheaton, IL 60187 (630) 462-8107
Christopher P Sugrue 12033 256Th Ave, Trevor, WI 53179 (262) 862-6215
Christopher J Sugrue 171 Riverboat Village Rd, South Hadley, MA 01075 (413) 596-2670
Christopher J Sugrue 160 Manchonis Rd, Wilbraham, MA 01095 (413) 323-9560
Christopher D Sugrue 10 West St, Hingham, MA 02043 (781) 749-0395, (617) 749-0395
Christopher D Sugrue 1704 Hockley Dr, Hingham, MA 02043 (781) 749-0395
Christopher C Sugrue 85 Vermont St, Long Beach, NY 11561 (516) 431-0519
Christopher J Sugrue, Christopher Sugrue 44 Pine Hill Rd, Chester, NY 10918 (845) 469-0996, (845) 469-3996
Christopher J Sugrue 19 Centennial Way, Woodcliff Lake, NJ 07677 (201) 930-1372
Christopher J Sugrue 566 Dorchester Dr, Westwood, NJ 07675 (201) 930-1372

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Business Records

Name / Title Company / Classification Phones & Addresses
Christopher Sugrue
Chairman Co-founder
Plusfunds Group, Inc.
Business Services
1500 Broadway FL 11
New York, NY 10036
(212) 653-1900
 

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August 08, 2014

Cook Islands

From Wikipedia, the free encyclopedia
For individual islands named "Cook Island", see Cook Island (disambiguation).
Cook Islands
KÅ«ki 'Ä?irani
Flag Coat of arms
Anthem: Te Atua Mou E
God is Truth
Capital
and largest city
Avarua
21°12′S 159°46′W
Official languages
Spoken languages
Ethnic groups ([1])
  • 87.7% MÄ?ori
  • 5.8% part-MÄ?ori
  • 6.5% other
Demonym Cook Islander
Government Constitutional monarchy
 -  Monarch Elizabeth II
 -  Queen's Representative Tom Marsters
 -  Prime Minister Henry Puna
Legislature Parliament
Associated state
 -  Self-government in free association with New Zealand 4 August 1965 
 -  UN recognition of independence in foreign relations 1992[2]
Area
 -  Total 240 km2 (210th)
91 sq mi
Population
 -  2006 census 19,569 (213th)
 -  Density 76/km2 (124th)
197/sq mi
GDP (PPP) 2005 estimate
 -  Total $183.2 million (not ranked)
 -  Per capita $9,100 (not ranked)
Currency New Zealand dollar (NZD)
Cook Islands dollar
Time zone CKT (UTC-10)
Drives on the left
Calling code 682
ISO 3166 code CK
Internet TLD .ck

The Cook Islands (Listeni/Ë?kÊ?k Ë?aɪlÉ?ndz/; Cook Islands MÄ?ori: KÅ«ki 'Ä?irani[3]) is an island country in the South Pacific Ocean in free association with New Zealand. It comprises 15 small islands whose total land area is 240 square kilometres (92.7 sq mi). The Cook Islands' Exclusive Economic Zone (EEZ), however, covers 1,800,000 square kilometres (690,000 sq mi) of ocean.[4]

The Cook Islands' defence and foreign affairs are the responsibility of New Zealand, which is exercised in consultation with the Cook Islands. In recent times, the Cook Islands have adopted an increasingly independent foreign policy. Although Cook Islanders are citizens of New Zealand, they have the status of Cook Islands nationals, which is not given to other New Zealand citizens.

The Cook Islands' main population centres are on the island of Rarotonga (14,153 in 2006), where there is an international airport. There is a much larger population of Cook Islanders in New Zealand, particularly the North Island. In the 2006 census, 58,008 self-identified as being of ethnic Cook Islands MÄ?ori descent.[5]

With about 100,000 visitors travelling to the islands in the 2010–11 financial year,[6] tourism is the country's main industry, and the leading element of the economy, far ahead of offshore banking, pearls, and marine and fruit exports.

Geography

Map of the Cook Islands.

The Cook Islands are in the South Pacific Ocean, northeast of New Zealand, between French Polynesia and American Samoa. There are 15 major islands spread over 2.2 million km2 of ocean, divided into two distinct groups: the Southern Cook Islands and the Northern Cook Islands of coral atolls.[7]

The islands were formed by volcanic activity; the northern group is older and consists of six atolls, which are sunken volcanoes topped by coral growth. The climate is moderate to tropical.

The 15 islands and two reefs are grouped as follows:

History

Beach on Rarotonga

The Cook Islands were first settled in the 6th century CE by Polynesian people who migrated from Tahiti,[8] an island 1154 km to the northeast of Cook Islands.

Spanish ships visited the islands in the 16th century; the first written record of contact with the islands came with the sighting of Pukapuka by Spanish sailor Álvaro de Mendaña de Neira in 1595 who called it San Bernardo (Saint Bernard). Pedro Fernandes de Queirós, a Portuguese captain working for the Spanish crown, made the first recorded European landing in the islands when he set foot on Rakahanga in 1606, calling it Gente Hermosa (Beautiful People). [9]

British navigator Captain James Cook arrived in 1773 and 1777[10] and named the islands the Hervey Islands; the name "Cook Islands", in honour of Cook, appeared on a Russian naval chart published in the 1820s.[11]

In 1813 John Williams, a missionary on the Endeavour (not the same ship as Cook's) made the first recorded sighting of Rarotonga.[12][dubious ] The first recorded landing on Rarotonga by Europeans was in 1814 by the Cumberland; trouble broke out between the sailors and the Islanders and many were killed on both sides.[13] The islands saw no more Europeans until missionaries arrived from England in 1821. Christianity quickly took hold in the culture and many islanders continue to be Christian believers today.

The Cook Islands became a British protectorate in 1888, due largely to community fears that France might occupy the territory as it had Tahiti. In 1901 the New Zealand Government decided to annex the country despite opposition from the country's traditional chiefs. As many of the islands were independent and ruled by local chiefs, the Cook Islands had no federal statutory law to decide the constitutional constraints regarding whether to agree to the country's annexation. When the British Nationality and New Zealand Citizenship Act 1948 came into effect on 1 January 1949, Cook Islanders who were British subjects gained New Zealand citizenship.[14] The country remained a New Zealand protectorate until 1965, when the New Zealand Government decided to offer self-governing status to its colony. In that year, Albert Henry of the Cook Islands Party was elected as the first Prime Minister. Henry led the country until he was accused of vote-rigging. He was succeeded in 1978 by Tom Davis of the Democratic Party.

Politics and foreign relations

The parliament building of the Cook Islands, formerly a hotel.

The Cook Islands is a representative democracy with a parliamentary system in an associated state relationship with New Zealand. Executive power is exercised by the government, with the Chief Minister as head of government. Legislative power is vested in both the government and the Parliament of the Cook Islands. There is a pluriform multi-party system. The Judiciary is independent of the executive and the legislature. The Head of State is the Queen of New Zealand, who is represented in the Cook Islands by the Queen's Representative.

The islands are self-governing in "free association" with New Zealand. New Zealand retains primary responsibility for external affairs, with consultation with the Cook Islands government. Cook Islands nationals are citizens of New Zealand and can receive New Zealand government services, but the reverse is not true; New Zealand citizens are not Cook Islands nationals. Despite this, as of 2013, the Cook Islands had diplomatic relations in its own name with 41 other countries. The Cook Islands is not a United Nations member state, but, along with Niue, has had their "full treaty-making capacity" recognised by United Nations Secretariat,[15][16] and is a full member of the WHO and UNESCO UN specialized agencies and is an associate member of the Economic and Social Commission for Asia and the Pacific (UNESCAP).

On 11 June 1980, the United States signed a treaty with the Cook Islands specifying the maritime border between the Cook Islands and American Samoa and also relinquishing any United States claim to the islands of Penrhyn, Pukapuka, Manihiki, and Rakahanga.[17] In 1990 the Cook Islands and France signed a treaty that delimited the boundary between the Cook Islands and French Polynesia.[18] As competition between the US and China heated up in the South China Sea and other areas closer to the mainland, even the far off Cook Islands began to feel the results. In late August 2012, for instance, United States Secretary of State Hillary Clinton visited the islands.[19][20]

Administrative subdivisions

There are Island Councils on all of the inhabited outer islands (Outer Islands Local Government Act 1987 with amendments up to 2004, and Palmerston Island Local Government Act 1993) except Nassau, which is governed by Pukapuka (Suwarrow, with only one caretaker living on the island, also governed by Pukapuka, is not counted with the inhabited islands in this context). Each council is headed by a Mayor.

The Ten Outer Islands Councils are
Aitutakitopo.png Aitutaki Aerial.jpg Aitutaki (including uninhabited Manuae)
Mangaia english version.png Mangaia (Correct Orientation).JPG Mangaia
Atiumap.png Atiu Aerial.jpg Atiu (including uninhabited Takutea)
Mauke map.jpg Mauke Aerial.jpg Ma'uke
Mitiaro Island map.jpg Mitiaro Aerial.jpg Mitiaro
Manihiki.jpg Manihiki Aerial.jpg Manihiki
Penrhyn.png Penhryn atoll.jpg Penrhyn
Rakahanga.jpg ISS002-E-10047rakahanga.jpg Rakahanga
Pukapuka.png Pukapuka Atoll.jpg Pukapuka (including Nassau and Suwarrow)
Palmerston Island map.jpg Palmerston Aerial.jpg Palmerston
Districts of Rarotonga

The three Vaka councils of Rarotonga established in 1997 (Rarotonga Local Government Act 1997), also headed by mayors,[21] were abolished in February 2008, despite much controversy.[22][23]

The three Vaka councils on Rarotonga were
Te-Au-O-Tonga (equivalent to Avarua, the capital of the Cook Islands)
Puaikura Arorangi
Takitumu Matavera, Ngatangiia, Takitumu

On the lowest level, there are village committees. Nassau, which is governed by Pukapuka, has an island committee (Nassau Island Committee), which advises the Pukapuka Island Council on matters concerning its own island.

Economy

The economy is strongly affected by geography. It is isolated from foreign markets, and has some inadequate infrastructure; it lacks major natural resources, has limited manufacturing and suffers moderately from natural disasters. Tourism provides the economic base which makes up approximately 67.5% of GDP. Additionally, the economy is supported by foreign aid, largely from New Zealand. The Peoples' Republic of China has also contributed foreign aid which has resulted in, among other projects, the Police Headquarters building. The Cook Islands is expanding its agriculture, mining and fishing sectors, with varying success.

Since approximately 1989, the Cook Islands have become a location specialising in so-called asset protection trusts, by which investors shelter assets from the reach of creditors and legal authorities.[24][25] According to The New York Times, the Cooks have "laws devised to protect foreigners’ assets from legal claims in their home countries" which were apparently crafted specifically to thwart the long arm of American justice; creditors must travel to the Cook Islands and argue their cases under Cooks law, often at prohibitive expense.[24] Unlike other foreign jurisdictions such as the British Virgin Islands, the Cayman Islands and Switzerland, the Cooks "generally disregard foreign court orders" and do not require that bank accounts, real estate, or other assets protected from scrutiny (it is illegal to disclose names or any information about Cooks trusts) be physically located within the archipelago.[24] Taxes on trusts and trust employees account for some 8% of the Cook Islands economy, behind tourism but ahead of fishing.[24]

Culture

Float parade during the annual Maeva Nui celebrations.

Language

The languages of the Cook Islands include English, Cook Islands MÄ?ori, or "Rarotongan," and Pukapukan. Dialects of Cook Islands Maori include Penrhyn; Rakahanga-Manihiki; the Ngaputoru dialect of Atiu, Mitiaro, and Mauke; the Aitutaki dialect; and the Mangaian dialect. Cook Islands Maori and its dialectic variants are closely related to both Tahitian and to New Zealand MÄ?ori. Pukapukan is considered closely related to the Samoan language. English and Cook Islands Maori are official languages of the Cook Islands.

Music

Music in the Cook Islands is varied, with Christian songs being quite popular, but traditional dancing and songs in Polynesian languages remain popular.

Public holidays

Holidays
Date Name
1 January New Year's Day
2 January Day after New Year's Day
The Friday before Easter Sunday Good Friday
The day after Easter Sunday Easter Monday
25 April ANZAC Day
The first Monday in June Queen's Birthday
During July Rarotonga Gospel Day
4 August Constitution Day (Te Maevea Nui Celebrations)
26 October Gospel Day
25 December Christmas
26 December Boxing Day

Art

Carving

This wooden late eighteenth or early nineteenth century carved figure escaped emasculation, despite its missionary collectors. Only one other comparable example is known apart from this one in the British Museum.[26]

Woodcarving is a common art form in the Cook Islands. The proximity of islands in the southern group helped produce a homogeneous style of carving but which had special developments in each island. Rarotonga is known for its fisherman's gods and staff-gods, Atiu for its wooden seats, Mitiaro, Mauke and Atiu for mace and slab gods and Mangaia for its ceremonial adzes. Most of the original wood carvings were either spirited away by early European collectors or were burned in large numbers by missionary zealots. Today, carving is no longer the major art form with the same spiritual and cultural emphasis given to it by the Maori in New Zealand. However, there are continual efforts to interest young people in their heritage and some good work is being turned out under the guidance of older carvers. Atiu, in particular, has a strong tradition of crafts both in carving and local fibre arts such as tapa. Mangaia is the source of many fine adzes carved in a distinctive, idiosyncratic style with the so-called double-k design. Mangaia also produces food pounders carved from the heavy calcite found in its extensive limestone caves.

Weaving

The outer islands produce traditional weaving of mats, basketware and hats. Particularly fine examples of rito hats are worn by women to church. They are made from the uncurled immature fibre of the coconut palm and are of very high quality. The Polynesian equivalent of Panama hats, they are highly valued and are keenly sought by Polynesian visitors from Tahiti. Often, they are decorated with hatbands made of minuscule pupu shells which are painted and stitched on by hand. Although pupu are found on other islands the collection and use of them in decorative work has become a speciality of Mangaia. The weaving of rito is a speciality of the northern island of Penrhyn.

Tivaevae

A major art form in the Cook Islands is tivaevae. This is, in essence, the art of handmade Island scenery patchwork quilts. Introduced by the wives of missionaries in the 19th century, the craft grew into a communal activity and is probably one of the main reasons for its popularity.

Contemporary art

The Cook Islands has produced internationally recognised contemporary artists, especially in the main island of Rarotonga. Artists include painter (and photographer) Mahiriki Tangaroa, sculptors Eruera (Ted) Nia (originally a film maker) and master carver Mike Tavioni, painter (and Polynesian tattoo enthusiast) Upoko’ina Ian George, Aitutakian-born painter Tim Manavaroa Buchanan, Loretta Reynolds, Judith Kunzlé, Joan Rolls Gragg, Kay George (who is also known for her fabric designs), Apii Rongo, Varu Samuel, and multi-media, installation and community-project artist Ani O'Neil, all of whom currently live on the main island of Rarotonga. Atiuan-based Andrea Eimke is an artist who works in the medium of tapa and other textiles, and also co-authored the book 'Tivaivai – The Social Fabric of the Cook Islands' with British academic Susanne Kuechler. Many of these artists have studied at university art schools in New Zealand and continue to enjoy close links with the New Zealand art scene.

New Zealand-based Cook Islander artists include Michel Tuffrey, print-maker David Teata, Richard Shortland Cooper, Sylvia Marsters and Jim Vivieaere.

On Rarotonga, the main commercial galleries are Beachcomber Contemporary Art (Taputapuatea, Avarua) run by Ben & Trevon Bergman, and The Art Gallery ('Arorangi). The Cook Islands National Museum also exhibits art.

Wildlife

Tiare mÄ?ori, the national flower of the Cook Islands
  • The national flower of the Cook Islands is the Tiare mÄ?ori or Tiale mÄ?oli (Penrhyn, Nassau, Pukapuka).[27]
  • The Cook Islands have a large non-native population of Kiore toka (Ship rat).[28] and Polynesian rat.[29] The rats have dramatically reduced the bird population on the islands.[30]
  • In April 2007, 27 Kuhl's lorikeet were re-introduced to Atiu from Rimatara. Fossil and oral traditions indicate that the species was formerly on at least five islands of the southern group. Excessive exploitation for its red feathers is the most likely reason for the species's extinction in the Cook Islands.[31]

Sport

Rugby league is the most popular sport in the Cook Islands.[32] Association football (soccer), Netball, and Cricket are also popular.[citation needed]

See also

References

  1. Cook Islands. CIA World Fact Book
  2. UN THE WORLD TODAY (PDF) and Repertory of Practice of United Nations Organs Supplement No. 8; page 10
  3. Cook Islands Maori dictionary by Jasper Buse & Raututi Taringa, Cook Islands Ministry of Education (1995) page 200
  4. A View from the Cook Islands. SOPAC
  5. "QuickStats About Culture and Identity – Pacific Peoples". 2006 Census. Statistics New Zealand. Archived from the original on 29 August 2007. Retrieved 12 June 2007.
  6. "The Cook Islands Half Year Economic and Fiscal Update For the Financial Year 2010/2011". Cook Islands Ministry of Finance & Economic Management. December 2010. p. 7.
  7. "Cook Islands Travel Guide" (with description), World Travel Guide, Nexus Media Communications, 2006. Webpage: WTGuide-Cook-Islands.
  8. Cook Islands (archived from the original on 2012-03-19).
  9. European discovery of the Cook Islands by Brian Hooker. Findingnz.co.nz. Retrieved on 2012-12-26.
  10. Thomas, Nicholas (2003). Cook : the extraordinary voyages of Captain James Cook, Walker & Company, ISBN 0802714129, pp. 310–311.
  11. "Cook Islands Government website". Cook-islands.gov.ck. Retrieved 18 November 2011.
  12. "Ten Decades: The Australasian Centenary History of the London Missionary Society, Rev. Joseph King (Word document)". Retrieved 18 November 2011.
  13. "History of the Cook Islands". Ck. Retrieved 18 November 2011.
  14. 3. Aliens and citizens – Citizenship – Te Ara Encyclopedia of New Zealand. Teara.govt.nz (2009-03-04). Retrieved on 2012-12-26.
  15. "Organs Supplement" (PDF), Repertory of Practice (8), UN, p. 10
  16. The World today (PDF), UN
  17. "Treaty Between the United States of America and the Cook Islands on Friendship and Delimitation of the Maritime Boundary Between the United States of America and the Cook Islands (and Exchange of Notes)". Pacific Islands Treaty Series. University of the South Pacific School of Law. Retrieved 18 May 2009.
  18. "Agreement on Maritime Delimitation Between the Government of the Cook Islands and the Government of the French Republic". Pacific Islands Treaty Series. University of the South Pacific School of Law. Retrieved 4 March 2010.
  19. "Secretary Clinton:Travel to the Cook Islands, Indonesia, China, Timor-Leste, Brunai, and Russia". U.S. Department of State. Retrieved 4 September 2012.
  20. Richter, Paul (29 August 2012). "Hillary Clinton's visit underscores new value of Cook Islands". LA Times. Retrieved 29 August 2012.
  21. Larmour, Peter and Barcham, Manuhuia. Cook Islands 2004, Transparency International Country Study Report.
  22. "Rarotonga Local Government (Repeal) Bill To Be Tabled, Cook Islands Government". Cook-islands.gov.ck. Retrieved 17 October 2013.
  23. Minister asked to answer queries over abolition of Vaka Councils. The Cook Islands Herald, No. 393 (2008-02-09)
  24. Wayne, Leslie. Cook Islands, a Paradise of Untouchable Assets, The New York Times, 14 December 2013, accessed 27 December 2013.
  25. Rosen, Howard; Donlevy-Rosen, Patricia. "Review of Offshore Jurisdictions: Cook Islands". The Asset Protection News.
  26. British Museum Highlights [1]
  27. "Cook Islands Wildlife". govisitcookislands.com.
  28. "Cook Islands Biodiversity: Rattus rattus – Ship Rat". Cookislands.bishopmuseum.org. Retrieved 18 November 2011.
  29. "Cook Islands Biodiversity: Rattus exulans – Pacific Rat". Cookislands.bishopmuseum.org. Retrieved 18 November 2011.
  30. "Cook Islands Biodiversity: The Status of Cook Islands Birds – 1996". Cookislands.bishopmuseum.org. 24 September 2005. Retrieved 18 November 2011.
  31. "BirdLife International: Rimatara Lorikeet (Vini kuhlii) at". Birdlife.org. Retrieved 18 November 2011.
  32. Cook Islands Financial Strife | We Are Rugby[dead link]

Further reading

  • Gilson, Richard. The Cook Islands 1820–1950. Wellington, New Zealand: Victoria University Press, 1980. ISBN 0-7055-0735-1

External links

 

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August 07, 2014


August 07, 2014

Chris Sugrue has been a fundamental part of Tosca’s team for twelve years. From the day to day duties of staff management to the commitment he has to his guests, Chris works as an inspiration to his team. With his past experiences, he has had the unique opportunity to have held both front-house and back-house management positions, and understands with personal experience, the demands and duties required through the entire restaurant. This intimate knowledge helps him to maintain the superior customer service that Tosca is known for.

Prior to working at Tosca, Chris served as the Food & Beverage Manager for the Harborside Hyatt Hotel in Boston. From room service to banquets and individual restaurants and bars, including Midships Lounge and Harborside Grill, he was responsible for overseeing a staff of 100 and for all the food and beverage activities that took place.

The food and beverage industry had been a part of Chris’s life since he was a young boy. When he was 11 years old, his family moved to Hingham, MA, and he began working as a “host boy” at the South Shore Country Club and, over his 10 year employment, he worked his way up from dishwasher, to prep cook, to Executive Chef. Chris’s transition from back- to front-house occurred upon graduating from Johnson & Wales with a Business degree, when he began working for the Hyatt.

Chris really particularly enjoys the front-house experience at Tosca, because of the customer interaction that is involved. “In the twelve years I have been working here, I’ve had the pleasure to know a lot of our guests on a personal basis. We have so many regulars at Tosca; they’re more like friends and family. It’s a very rewarding job.”


August 07, 2014

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Tracking the Numbers

SEC Plumbs Money Firm's Files

Probe of Refco Leads to Company Started by Ex-Senior Executive; A Knowledge of Inner Workings

 
Updated March 24, 2006 12:01 a.m. ET

Authorities and some creditors of Refco Inc. want to know more about money the brokerage firm shuttled between some of its business units in the days before it filed for bankrupty protection.

They may be able to learn some important details from Christopher Sugrue, a New York money manager and past employee of Refco, which imploded just weeks after its August initial public offering when Refco disclosed that its former chief executive, Phillip Bennett, had hidden bad debts.

U.S. securities regulators have been seeking information regarding such business dealings with Refco. And lawyers working for Refco unsecured creditors have sought information from Mr. Sugrue because of what court filings by those creditors describe as a "close relationship" between the 35-year-old Long Island native and Refco, where Mr. Sugrue was an executive before he helped launch PlusFunds Group Inc.

After Refco filed for Chapter 11 bankruptcy-court protection Oct. 17, the Securities and Exchange Commission visited PlusFunds' Manhattan offices and asked for a battery of records, according to a report attached to a sworn statement by S. David Peress, a crisis consultant hired by PlusFunds.

In an interview, Mr. Peress said the firm is cooperating with "a compliance examination." Lawyers for Refco unsecured creditors also have asked for documents related to PlusFunds and Mr. Sugrue, according to court filings. A spokesman for the SEC declined to comment, but the court document that references the SEC request says: "The SEC has not made any suggestion that any action is contemplated involving [PlusFunds]."

Mr. Sugrue's own firm filed for bankruptcy-court protection earlier this month, after a wave of PlusFunds clients demanded their money when some of their cash transferred from Refco accounts was frozen. A portion of the money and trades Mr. Sugrue helped oversee for PlusFunds clients often processed through Refco's sprawling brokerage firm. Mr. Sugrue initially was able to prevent that money from being frozen by persuading Refco to transfer the funds from unregulated offshore accounts to regulated, onshore accounts.

Now PlusFunds is up for sale. Speaking by phone from Florida, where he was vacationing with his family at Disney World, Mr. Sugrue stressed that he did nothing wrong in the Refco matter. "I'll say that unequivocally," he said. Mr. Sugrue said his business "got caught up in a drive-by shooting."

Court filings by Refco creditors seeking to recover the money Mr. Sugrue had transferred to the onshore accounts cite ties between the money manager and Refco, including loans the brokerage firm provided last year to entities affiliated with Mr. Sugrue. Those loans were secured by equity in PlusFunds.

Before starting PlusFunds in 1998, Mr. Sugrue was a senior executive at Refco for more than five years, according to a biography in court papers. In addition to working with hedge funds on the firm's behalf, Mr. Sugrue helped negotiate the sale of 10% in Refco to Austrian bank Bawag P.S.K. in 1999. During that time, Refco was chaired by Thomas Dittmer, who later was listed on a register of PlusFunds shareholders. Mr. Dittmer couldn't be reached for comment. Mr. Sugrue's knowledge of the inner workings of Refco were demonstrated in a tense exchange last October. Six days before Refco began bankruptcy proceedings, Mr. Sugrue burst into Refco's Manhattan office demanding that the brokerage firm move more than $300 million of PlusFunds' client money "to seg funds," according to a sworn statement by Refco Treasurer Matthew Hreben.

Specifically, Mr. Sugrue wanted his clients' money moved from Refco's unregulated Bermuda account, where it was mingled with Refco's money, to segregated, or "seg," accounts, where it presumably would be less vulnerable to Refco creditors. The money was moved the next day and soon sent to accounts at Lehman Brothers Holdings Inc., according to court papers and sworn statements by Refco employees.

Stanley S. Arkin, a lawyer for Mr. Sugrue, said his client should be given a "silver star" for looking out for his clients. Mr. Sugrue said his investors told him: "Thank God you went and got it. That's what you are supposed to do."

Yet Refco creditors got a federal court to freeze the money in the Lehman accounts, alleging in court papers that Mr. Sugrue was given preferential treatment. Those frozen accounts triggered the redemptions by PlusFunds' clients -- and the subsequent bankruptcy-court filing. The clients yanked more than $1 billion from the firms' funds -- about half their assets -- in the first two months of this year.

It is a quick reversal of fortune for Mr. Sugrue. Still on the board at PlusFunds, he is no longer an employee. "It feels like you got thrown out of the house you built," Mr. Sugrue said in the phone interview.

PlusFunds mainly offered funds designed to mimic the performance of Standard & Poor's hedge-fund indexes. The controversial money transferred from Refco was invested there to track 15 funds in S&P's Managed Futures index. PlusFunds' assets stood at more than $2.5 billion last summer.

After Mr. Sugrue started his fund firm, he continued to work closely with his old employer. Refco served as a clearing broker for several portfolios overseen by PlusFunds, according to court papers filed by Refco's creditors. And in 2003, Refco hired PlusFunds to manage a futures fund that did much of its trading through accounts at Refco, according to court filings by Refco creditors.

But the relationship extended beyond trading. Last spring, Refco Capital lent $158 million to Suffolk LLC, an entity affiliated with Mr. Sugrue, according to court papers filed by Refco creditors. Mr. Sugrue used the money to buy out minority shareholders of PlusFunds, the creditors say in court papers, adding that since then, Refco units lent another $50 million to entities related to Mr. Sugrue and other PlusFunds shareholders. Of that, $19.4 million went to an entity in which Mr. Sugrue is the sole member, court documents claim.

Several potential acquirers have emerged for PlusFunds, which will be auctioned off in April, according to public disclosures.

Separately, the federal bankruptcy judge overseeing Refco's bankruptcy proceedings ruled yesterday that Refco creditors investigating the brokerage firm's meltdown are entitled to documents from the underwriters of Refco's IPO. The judge also said former Refco directors, including private-equity investor Thomas H. Lee, should be allowed to collect on an insurance policy to cover legal expenses they incur in shareholder suits related to Refco's collapse.

A judge in a criminal case against Mr. Bennett, the former Refco CEO, set two trial dates yesterday -- Oct. 16, with a backup date of March 12, 2007. Mr. Bennett is fighting securities and fraud charges related to the Refco matter. The backup trial date was provided to accommodate Mr. Bennett's lawyer, Gary Naftalis.

—-- Peter A. McKay and Paul Davies contributed to this article.

Write to Carrick Mollenkamp at carrick.mollenkamp@wsj.com and Ian McDonald at ian.mcdonald@wsj.com

 
 
 
 
 

August 07, 2014

 
Michael Maiello

Michael Maiello

2/13/2006 @ 12:00AM

Unwilling Lenders

If Refco’s creditors get their way, hedge fund investors will face yet another risk.

Imagine the unimaginable–Fidelity Investments goes bankrupt. Fidelity’s creditors try to get what they’re owed–from the $1.2 trillion in client assets managed by the company. Sound crazy? It is, but it’s close to what Refco’s creditors are trying to do to investors in a hedge fund that kept accounts with the failed commodities trading firm.

Starting in 2004 brokers from firms like A.G. Edwards and Merrill Lynch sold clients shares of the S&P Managed Futures Index Fund, run by a company called PlusFunds. Refco was the clearing broker. Unlike most hedge funds, this one kept its barriers low. A net worth of $45,000 and the same in annual income was enough to qualify a customer.

The fund, which tracks the S&P Managed Futures Index and is meant to provide a hedge against the stock market, managed at least $312 million from some 1,000 investors when Refco collapsed. The fund were deposited with Refco, which placed the money in offshore accounts, where they aren’t subject to limits on margin debt that apply to domestic accounts

A lawsuit filed in U.S. Bankruptcy Court in New York by Refco’s unsecured creditors contends that when the fraud that led to Refco’s bankruptcy became clear in October, PlusFunds Chairman Christopher Sugrue stormed Refco’s offices and had $312 million transferred to new accounts at Lehman Brothers.

The creditors, including Wells Fargo and Cargill, say that this money should have stayed within Refco and that Sugrue and PlusFunds should get in line. The suit implies that Sugrue, a former Refco employee, used his influence at Refco to slide in front of other creditors. Luc A. Despins, the Milbank, Tweed, Hadley & McCloy attorney who filed the suit, declined comment.

But it’s not PlusFunds’ money–the $312 million comes from the investors in the S&P Managed Futures Index Fund. The creditors’ claims on those assets have prevented investors from getting their money back.

Marc Lowlicht, a certified financial planner with Further Lane Asset Management in Manhattan, has half a dozen clients in the fund. He complains: “If I wanted them to be creditors, I would have sold them bonds.”

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August 07, 2014

Lacrosse

From Wikipedia, the free encyclopedia
Lacrosse
UNC Lacrosse.jpg
Lacrosse at the University of North Carolina
Highest governing body Federation of International Lacrosse
First played As early as the 12th century
Codified in 1869
Characteristics
Contact Full contact
Team members 10 at a time 3 attack 3 midfielders 3 defenders 1 goalie
Equipment Lacrosse stick, helmet, shoulder pads, elbow pads, gloves
Presence
Olympic Part in the Summer Olympic programme in 1904 and 1908
Demonstrated in the 1928, 1932 and 1948 Summer Olympics

Lacrosse is a team sport of First Nations Iroquois origin played using a small rubber ball and a long-handled stick called a crosse or lacrosse stick. It is often played as a contact sport. The head of the lacrosse stick is strung with loose mesh designed to catch and hold the lacrosse ball. Offensively, the objective of the game is to score by shooting the ball into an opponent's goal, using the lacrosse stick to catch, carry, and pass the ball to do so. Defensively, the objective is to keep the opposing team from scoring and to gain the ball through the use of stick checking and body contact or positioning. The sport has four major types: men's field lacrosse, women's lacrosse, box lacrosse and intercrosse. The sport consists of four positions: midfield, attack, defense, and goalie.

History

Main article: History of lacrosse

Lacrosse, today a marginally popular team sport in North America, may have developed as early as 1100 AD among indigenous peoples on the continent.[1][2] By the seventeenth century, it was well-established. It was documented by Jesuit missionary priests in the territory of present-day Canada. The game has undergone many modifications since that time.

In the traditional aboriginal Canadian version, each team consisted of about 100 to 1,000 men on a field that stretched from about 500 meters to 3 kilometers long.[3] These lacrosse games lasted from sunup to sundown for two to three days straight. These games were played as part of ceremonial ritual, a kind of symbolic warfare, to give thanks to the Creator or Master.[4]

Ball-play of the Choctaw — ball up by George Catlin, circa 1846–1850

Lacrosse played a significant role in the community and religious life of tribes across the continent for many years. Early lacrosse was characterized by deep spiritual involvement, befitting the spirit of combat in which it was undertaken. Those who took part did so in the role of warriors, with the goal of bringing glory and honor to themselves and their tribes.[5] The game was said to be played "for the Creator" or was referred to as "The Creator's Game."

The French Jesuit missionary Jean de Brébeuf saw Iroquois tribesmen play the game during 1637 in present-day New York. He was the first European to write about the game.[6] He called it la crosse ("the stick"). Some say the name originated from the French term for field hockey, le jeu de la crosse.[7] Others suggest that it was named after the crosier, a staff carried by bishops that bears a similarity to the sticks used in the sport.[8]

In 1856, William George Beers, a Canadian dentist, founded the Montreal Lacrosse Club. In 1867, Beers codified the game, shortening the length of each game and reducing the number of players to 12 per team. The first game played under Beers' rules was at Upper Canada College in 1867; they lost to the Toronto Cricket Club by a score of 3–1. By the 20th century, teams in high schools, colleges, and universities in Canada and the United States began playing the game.

Lacrosse was contested for medals in the 1904 and 1908 Olympics with teams from Canada, the United States, and Great Britain. It was contested as a demonstration sport in the 1928 and 1932 Olympics. On each occasion, a playoff was held in the United States to determine what team would go to the Olympics; each time the playoffs were won by the Johns Hopkins Blue Jays of the university in Baltimore, Maryland.[9]

Richmond Hill "Young Canadians" lacrosse team, 1885.

In the United States, lacrosse during the 1900s was primarily a regional sport centered around the East Coast, including states such as the following: Connecticut, New Hampshire, Massachusetts, New York, New Jersey, Pennsylvania, Maryland, Virginia and North Carolina. In the last half of the 20th century, the sport has continued growth west of this region, including the Midwest, Oklahoma and Texas, as well as the West of Arizona, Utah, Colorado, California, Oregon, and Washington.

At the highest amateur level, it is represented by the collegiate NCAA Division I in the United States.[10] The first collegiate lacrosse program was established by New York University in 1877.[11] Nearly 100 years later, the 1971 tournament was the first Men's Lacrosse Championship sponsored by the National Collegiate Athletic Association (NCAA).[12]

In other countries, the sport is also played at a high level on the amateur level by the Australian Lacrosse League, the Canadian University Field Lacrosse Association, and club lacrosse leagues internationally.[13]

In 1998, a number of national lacrosse organizations in the United States merged to create US Lacrosse, a unified national governing body for men's and women's lacrosse in the United States. Headquartered in Baltimore, US Lacrosse seeks to provide a leadership role in virtually every aspect of the game.

In the summer of 2001, a men's professional field lacrosse league, known as Major League Lacrosse (MLL), was inaugurated in the United States. Initially starting with three teams, the MLL has grown to a current total of eight clubs located in major metropolitan areas in the United States. On July 4, 2008, Major League Lacrosse set the professional lacrosse attendance record: 20,116 fans attended a game at Invesco Field in Denver, Colorado.[10]

Types of play

Field lacrosse

There are ten players on each team: three attackers, three midfielders, three defenders and one goalie.

Diagram of a men's college lacrosse field

Each player carries a lacrosse stick (or crosse). A "short crosse" (or "short stick") measures between 40 inches (1.0 m) and 42 inches (1.1 m) long (head and shaft together) and is typically used by attackers or midfielders. A maximum of four players per team may carry a "long crosse" (sometimes called "long pole", "long stick" or "d-pole") which is 52 inches (1.3 m) to 72 inches (1.8 m) long; typically used by defenders or midfielders.

The head of the crosse on both long and short crosses must be 6.5 inches (17 cm) or larger at its widest point. The throat of the lacrosse head for college must be at least 3 inches wide. For high school play, there is no minimum width at its narrowest point; the only provision is that the ball must roll out unimpeded. The designated goalkeeper is allowed to have a stick from 40 inches (1.0 m) to 72 inches (1.8 m) long and the head of a goalkeeper's crosse may measure up to 12 inches (30 cm) wide, significantly larger than field players' heads, to assist in blocking shots.[14][15][16]

A face-off

The field of play is 110 yards (100 m) long and 60 yards (55 m) wide. The goals are 6 feet (1.8 m) by 6 feet (1.8 m). The goal sits inside a circular "crease", measuring 18 feet (5.5 m) in diameter.[14][15][16] Each offensive and defensive area is surrounded by a "restraining box." Each quarter, and after each goal scored, play is restarted with a face-off. During a face-off, two players lay their stick horizontally next to the ball, head of the stick inches from the ball and the butt-end pointing down the midfield line.[15] Face-off-men scrap for the ball, often by “clamping” it under their stick and flicking it out to their teammates. Attackers and defenders cannot cross their “restraining line” until one player from the midfield takes possession of the ball or the ball crosses the restraining line.[15] If a member of one team touches the ball and it travels outside of the playing area, play is restarted by awarding possession to the opposing team. During play, teams may substitute players in and out freely. Sometimes this is referred to as "on the fly" substitution. Substitution must occur within the designated exchange area (often called "the box") in order to be legal.[14][15][16]

For most penalties, the offending player is sent to the penalty box, which is located between each team's bench. His team must play without the player for a designated amount of time based upon the foul. (Most penalties are "releasable", that is, the penalty ends when a goal is scored by the non-offending team.) Technical fouls (such as offsides and holding) result in either a turnover or a player's suspension of 30 seconds, while personal fouls are generally penalized one minute. (Some infractions, such as playing with a stick that does not meet the specifications of the designated level of play, may serve non-releasable penalties of up to three minutes).[17] The team that has taken the penalty is said to be playing man down, while the other team is on the man up. Teams will use various lacrosse strategies to attack and defend while a player is being penalized. Offsides is penalized by a 30-second penalty. It occurs when there are more than 7 players on the defensive side of the field (three midfielders/three defensemen/one goalkeeper), or more than 6 players from one team on the offensive side of the field (three midfielders/three attack). The zones are separated by the midfield line.[14][15][16]

1904 Olympics Gold Medal winning Winnipeg Shamrocks lacrosse team

Lacrosse at the Olympics was a medal-earning sport in the 1904 and 1908 Summer Olympics.[18][19][20] Lacrosse was a demonstration sport in the 1928 and 1932 Summer Olympics, as well as at the 1948 Summer Olympics.[21][22][23][24]

The men's professional Major League Lacrosse has used different field lacrosse rules from the international, college, and high school programs. With intentions to increase scoring, the league employed a sixty-second shot clock and a two–point goal for shots taken outside a designated perimeter.[25] In 2007, the MLL was bolstered by a ten-year television contract with ESPN.[26]

Box lacrosse

Main article: Box lacrosse

Up until the 1930s, all lacrosse was played on large fields outdoors. The owners of Canadian hockey arenas invented a reduced-size version of the game, called box lacrosse, as a means to make more profit from their arena investments, and because severe winter weather in many areas limits outdoor play.

Since 1985, when the Canadian University Field Lacrosse Association (CUFLA) began operating a collegiate men's league, field lacrosse has witnessed a revival in Canada. There are now 12 varsity teams. In 1994, Canada declared lacrosse its national summer sport in the National Sports Act (Bill C-212).

In 1987, a men's professional box lacrosse league was started, called the Eagle Pro Box Lacrosse League. This league changed its name to the Major Indoor Lacrosse League, then later to the National Lacrosse League. It grew to encompass men's lacrosse clubs in 14 cities throughout the United States and Canada.

A game of box lacrosse

Box lacrosse is played by teams of six on a hockey rink where the ice has been removed or covered by artificial turf, or in an indoor soccer or lacrosse field. The enclosed playing area is called a box, in contrast to the open playing field of the traditional game.[27] This version of the game was introduced in the 1930s to promote business for hockey arenas,[28] and within several years had nearly supplanted field lacrosse in Canada.[29]

Box lacrosse is played at the highest level by the Senior A divisions of the Canadian Lacrosse Association and the National Lacrosse League (NLL). The National Lacrosse League employs some minor rule changes from the Canadien Lacrosse Association (CLA) rules. Notably, the games are played during the winter.[27] The NLL games consist of four fifteen-minute quarters compared with three periods of twenty minutes each (similar to ice hockey) in CLA games (multiple 15-minute OT periods for tied games, until whoever scores first). NLL players may use only sticks with hollow shafts, while CLA permits solid wooden sticks.:[30][31]

The goals in box lacrosse are much smaller than field lacrosse, traditionally 4 feet (1.2 m) wide by 4 feet (1.2 m) tall in box, and 4.6 feet (1.4 m) wide by 4 feet (1.2 m) tall in the NLL.[30] Also, the goaltender wears much more protective padding,[27] including a massive chest protector and armguard combination known as "uppers", large shin guards known as leg pads (both of which must follow strict measurement guidelines), and ice hockey-style masks or lacrosse helmets.[32] Also, at the professional level, box lacrosse goaltenders often use traditional wooden sticks outside of the NLL, which does not allow wooden sticks. This makes Box Lacrosse faster and rougher than the traditional Field Lacrosse.

The style of the game is quick, accelerated by the close confines of the floor and a shot clock. The shot clock requires the attacking team to take a shot on goal within 30 seconds of gaining possession of the ball. In addition, players must advance the ball from their own defensive end to the offensive side of the floor within 10 seconds.[27]

Box lacrosse is also a much more physical game. Since cross checking is legal in box lacrosse, players wear rib pads in addition to the shoulder and elbow pads that field lacrosse players wear. Box lacrosse players wear a different type of helmet as well, a hockey helmet with a box lacrosse cage.

For most penalties, the offending player is sent to the penalty box and his team has to play without him (thus lacking one player) for a short amount of time. Most penalties last for two minutes, unless a five-minute major penalty has been assessed. What separates box lacrosse (and ice hockey) from other sports is that at the top levels of professional and junior lacrosse, a five-minute major penalty is given and the players are not ejected for participating in a fight.[33]

Women's lacrosse

Main article: Women's lacrosse

The rules of women's lacrosse differ significantly from men's lacrosse, most notably by equipment and the degree of allowable physical contact.[34] Women's lacrosse rules also differ significantly between the US and all other countries, who play by the Federation of International Lacrosse, or FIL, rules. Women's lacrosse does not promote physical contact, primarily because the only protective equipment worn for this sport is a mouth guard sometimes and face guard (mandatory in the United States, optional internationally) and thin gloves. Stick checking (with several rules applied), and not body checking as in men's lacrosse, is permitted in the women's game, but only in certain levels of play. Sometimes checking can lead to body checking; while this is still not permitted in a women's game, some referees will allow limited body checking. Women's lacrosse also does not allow players to have a pocket, or loose net, on the lacrosse stick.

The first modern women's lacrosse game was held at St Leonards School in Scotland in 1890. It was introduced by the school's headmistress Louisa Lumsden after a visit to Quebec, where she saw it played.[35] The first women's lacrosse team in the United States was established at Bryn Mawr School in Baltimore, Maryland in 1926. Men’s and women’s lacrosse were played under virtually the same rules, with no protective equipment, until the mid-1930s.

Both the number of players on the field, as well as the general set up of the field, differ from men's lacrosse. In women's lacrosse there are 3 defensive players, five mid-fielders, three attack players and one goalie per team, as opposed to men's lacrosse, where there are only three mid-fielders. Also, women players must abide by certain boundaries that do not exist in men's play. The three specific boundaries are the 8-meter "fan" in front of the goal (11 meters internationally), the 12-meter (15 meters internationally) half circle that surrounds the 8-meter half circle, and the draw circle in the center of the field, which is used for the women's version of "face-offs", known as "draws". The goal circle is also positioned slightly closer to the end line in women's lacrosse, compared to men's. In women's lacrosse on either the offensive or defensive end, the players are not able to step inside the goal circle for any reason, except when the goalkeeper has stepped out of the circle and one defensive player has stepped in as her deputy; this becomes a "goal-circle violation". However, at the women's collegiate level, a new rule has been established that allows defenders to pass through the goal circle.

Internationally, the game is commonly played in British girls' independent schools. While a minor sport in Australia, it is played to a very high standard at the elite level. Women's lacrosse has seen significant growth in Europe since the beginning of the 21st century, particularly in Germany, the Czech Republic, and the Netherlands. Japan entered its first team into the World Cup in 1993, and South Korea followed suit in 2009. In 2012, the first Israeli international team competed in the European Championships in Amsterdam.

The Australia national squad won the 2005 Women's Lacrosse World Cup. The 2009 Women's World Cup was played in Prague, Czech Republic, won by the United States, and the 2013 World Cup was played in Oshawa, Canada, again won by the United States.[36]

College lacrosse

Main article: College lacrosse

Lacrosse in the United States is played at the collegiate level in both the club and sanctioned team sport. There are currently 87 and 3/4 NCAA sanctioned Division I men's lacrosse teams, 46 Division II men's lacrosse teams, and 189 Division III men's lacrosse teams. There are also currently 91 Division I women's lacrosse teams, 57 Division II women's lacrosse Teams, and 201 Division III women's lacrosse teams. 209 collegiate men's club teams compete at the Men's Collegiate Lacrosse Association level, including most major universities in the United States. Another 107 schools have club teams in the National College Lacrosse League.

The first U. S. intercollegiate game was played on November 22, 1877 between New York University and Manhattan College. Lacrosse had been introduced in upstate New York in the 1860s. Lacrosse was further introduced to the Baltimore area in the 1890s. These two areas continue to be the hotbeds of college lacrosse in the U.S. The first intercollegiate lacrosse tournament was held in 1881, with Harvard beating Princeton, 3-0, in the championship game.

The NCAA men's Lacrosse Division I in 1971, when Cornell took the first championship over Maryland, 12–6. Johns Hopkins has 9 championships with three consecutive wins from 1978 to 1980. The other two teams that have three consecutive wins are Syracuse from 1988 to 1990 and Princeton from 1996 to 1998. Syracuse also holds the NCAA record of championships with 11, the last occurring in 2009. In 2013 Duke beat Syracuse to claim the NCAA Division I Championship in Philadelphia.[37] The Division I national championship tournament draws one of the largest crowds of any Division I NCAA sport.

The NCAA men's Lacrosse Division III is growing at a much faster rate than Division I. There are currently 208 Division III teams playing in 25 different conferences in 2013,[38] compared to 130 teams in 2005. Stevenson University was the 2013 Division III national champion.

There is also the MCLA. This is Mens Club Lacrosse Association. It is played at schools that do not have a NCAA lacrosse team. The 2012 Division I MCLA champion was Colorado State University and Division II was won by the University of St. Thomas.[39]

NCAA women's Lacrosse Division I began play in 1982. The University of Maryland, College Park has traditionally dominated the women's intercollegiate play, producing many head coaches across the country and many U.S. national team players. The Terrapins won seven consecutive NCAA championships, from 1995 through 2001. Princeton University's women's teams have made it to the final game seven times since 1993 and have won three NCAA titles, in 1993, 2002, and 2003. In recent years, Northwestern University has become a force, winning the national championship from 2005 through 2009.[40] Maryland ended Northwestern's streak by defeating the Wildcats in the 2010 final, however Northwestern has since won the 2011 and 2012 national titles. Maryland again claimed the national championship in 2014.

Major League Lacrosse

Major League Lacrosse (MLL) is a Professional lacrosse league founded in 1999 in the United States that showcases the world's best players. The season consists of 56 games running from April to August. MLL uses standard lacrosse rules with several exceptions, such as a 16-yard 2-point line and a 60-second shot clock.[41] Regular season play began in 2001 with 6 teams, with plans to expand to 19 teams. The MLL currently has 8 teams: Boston, Annapolis, New York City, Rochester, Denver, Columbus, Charlotte, and Palm Beach County (formerly Hamilton).

International lacrosse

Lacrosse has been played for the most part in Canada and the United States, with small but dedicated lacrosse communities in the United Kingdom and Australia. Recently, however, lacrosse has begun to flourish at an international level, with teams being established particularly in Europe and east Asia.

With lacrosse not having been an official Olympic sport since 1908, the pinnacle of international lacrosse competition consists of the quadrennial World Championships. Begun in 1968, world championships began as a four-team invitational tournament sponsored by the International Lacrosse Federation. Until 1986, lacrosse world championships had been contested only by the US, Canada, England, and Australia. Scotland and Wales had teams competing in the women's edition. They are now held for lacrosse at senior men, senior women, under 19 men and under 19 women levels.

With the expansion of the game internationally, the 2006 Men's World Championship was contested by 21 countries and the Iroquois Nationals, representing the Six Nations of the Iroquois Confederacy. They are the only Native American/First Nations team to compete internationally. The 2009 Women's World Cup was competed for by 16 nations.

In 2003, the first World Indoor Lacrosse Championship was contested by six nations at four sites in Ontario. Canada won the championship in a final game against the Iroquois Nationals, 21-4. The 2007 WILC was held in Halifax from May 14–20, and also won by Canada. Competition included the Iroquois Nationals and teams from Australia, Canada, Czech Republic, England, Ireland, Scotland, and the United States.

The World Lacrosse Championships have been dominated by the United States, particularly in the men's game. Its only world championship game losses at either level was in the 1978 final and 2006 final, both to Canada. The USA has won 9 of the 11 senior men's and all six under-19 men's tournaments to date.

In the women's game, Australia has provided stiffer competition, having won 6 of 14 games against the USA at senior world championships, including one draw. The USA has won 6 of the 8 senior women's, and 2 of the 3 under-19 women's tournaments to date, with the other world championships won by Australia.

The Iroquois Nationals are a team with members representing the Six Nations of the Iroquois Confederacy. The team was admitted to the International Lacrosse Federation (ILF) in 1990. It is the only First Nations team sanctioned to compete in any sport internationally. The Nationals placed fourth in the 1998, 2002 and 2006 World Lacrosse Championships. In 2008, the Iroquois were admitted as the Haudenosunee Nation to the International Federation of Women's Lacrosse Associations (IFWLA), since merged with the FIL (see below).

Federation of International Lacrosse

One obstacle to the international development of lacrosse had been separate governing bodies for the men's and women's versions of the sport. Men's lacrosse was governed by ILF and the women's version by IFWLA. In August 2008, after four years of negotiation, the two bodies merged to form a single unified body, the Federation of International Lacrosse (FIL). All championships previously operated by the ILF and IFWLA were taken over by the FIL. The FIL hosted the 2010 World Lacrosse Championship in Manchester, England, between July 15 to 24, 2010.[42] The 2014 World Lacrosse Championship will be held in Denver, Colorado, US.

Internationally, as of 2013, a total of 47 members belong to the Federation of International Lacrosse (FIL). Only the United States, Canada, Australia, and the Iroquois Nationals have finished in the top three places at the World Lacrosse Championships.

Internationally, the World Indoor Lacrosse Championships are held every four years and are also sponsored by the FIL. Only eight nations have competed so far. Canada, the Iroquois Nationals and the United States have finished in the most coveted 1st, 2nd and 3rd places at these events.

European Lacrosse Foundation

A player taking a "dive shot".

The next largest international field lacrosse competition are the European Lacrosse Championships, held for both men and women's teams. Since 1995, the European Lacrosse Federation (ELF) has been running the European Championships. Before 2001 they held the Championships annually, but that year the ELF changed the format to every four years, between the World Championships. Before 2004, only seven nations had ever participated.

In 2004 a record number of countries participated, fielding 12 men's and 6 women's teams, making it the largest international lacrosse event of the year. In 2008 the European Lacrosse Championships were held in Lahti, Finland, with 18 competing countries. England placed first with the Netherlands and Germany placing second and third, respectively. The most recent ELF Championships were held in Amsterdam in 2012. England was victorious over Ireland in the championship game, and Sweden took third place. 32 nations compete now in the international lacrosse championships for the year 2014


August 07, 2014

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Surfers rejoice, residents stock up as Hawaii preps for rare cyclones

By Jason Hanna and Steve Almasy, CNN
updated 11:08 PM EDT, Wed August 6, 2014
Source: CNN
STORY HIGHLIGHTS
  • Big Island under hurricane warning, Hurricane Iselle expected Thursday night
  • Hurricanes and other tropical cyclones rarely make landfall in Hawaii
  • Julio has potential to brush islands later as a tropical storm
  • Schools in Hawaii and Maui counties will be closed Thursday
 

Are you preparing for the cyclones? Share your images with CNN iReport, but please stay safe.

(CNN) -- You'll have to pardon the people of Hawaii if they are freaking out over an approaching hurricane. It's the kind of thing that rarely happens around there.

And there are two headed that way.

There's Hurricane Iselle, which looks like it will smack into the Big Island on Thursday night, and the less threatening Hurricane Julio, due a few days later.

The Central Pacific Hurricane Center in Honolulu issued a hurricane warning for Hawaii County on Wednesday afternoon.

"Tropical storm conditions are expected on the Big Island of Hawaii Thursday, with hurricane conditions expected Thursday night," the center advised. The storm had maximum sustained winds of 90 mph on Wednesday night but Iselle was expected to weaken as it nears Hawaii.

Tropical storm warnings are in effect for the islands of Lanai, Maui, Molokai and Oahu.

Hawaii is a rare target for any tropical cyclone, let alone two.

In Hilo, people were standing on beaches, anxiously looking out at the water.

"The surfers get excited about these storms, but everyone else is freaking out," said Chris Owens, owner of East Side Builders and a longtime resident. "A lot of the locals here believe that the tall mountains on the Big Island shield them from hurricanes, but in 24 hours this theory could be proven wrong."

Customers formed lines from the front to the back of a Cost-U-Less store on Tuesday, clearing shelves of bottled water and stocking up on other supplies.

"A lot of rice, water, toilet paper," store worker Mike Kelley told CNN affiliate KGMB.

Bottled water also was sold out at a Honolulu-area Costco.

"So we're going to bottle up water at home now and just pray for the best," would-be customer Lisa Viela told CNN affiliate KHON on Tuesday.

Jackie Collins joined a steady stream of drivers trying to fill up vehicle gas tanks at the same Costco.

"We came last night, but it was too crowded, so I thought, 'Well, today I'd better go,'" she told KHON.

Not everyone was worried. Scott Murray, who owns the Hilo Surfboard Co. and has lived on the Big Island for more than 60 years, said many residents were more optimistic for good surf than concerned about damage and flooding.

"I'm not really worried about his storm," Murray said.

The schools on the Big Island and Maui will be closed Thursday as residents await Iselle's arrival.

Hawaii's primary elections will go on as scheduled Saturday, despite the storms, KGMB reported. Local media reported that many turned up for early voting in expectation of severe weather on election day. Others are concerned that voter turnout could be affected.

Julio, also churning westward in the Pacific, could potentially brush the islands on Sunday as a tropical storm, forecasters said.

Iselle is expected to bring heavy rain and high surf, which could lead to coastal flooding on islands already saturated by recent rains, the National Weather Service said.

Julio is expected to move north of Hawaii on Sunday, but outer bands of rain and strong winds still could affect the islands.

Hawaii Gov. Neil Abercrombie signed an emergency proclamation, his office said. It gives the government access to the state's disaster funds.

Some airlines are making concessions to customers ahead of the storms. For people who had been scheduled to travel to or from Hawaiian airports on Thursday and Friday, United Airlines and Hawaiian Airlines say they won't charge fees to change reservations, and they'll waive differences in fares for those changes.

Island Air will do the same for passengers ticketed from Thursday though Tuesday. Delta said it would waive fees for reservation changes for Thursday and Friday, but fare increases could apply.

Hawaii doesn't often have to prepare for cyclones. A 2002 report by the U.S. Geological Survey said that "actual hurricane strikes on the Hawaiian Islands are relatively rare in the modern record."

"More commonly, near-misses that generate large swell and moderately high winds causing varying degrees of damage are the hallmark of hurricanes passing close to the islands," according to the report.

CNN's Taylor Ward, Mariano Castillo, Katia Hetter and Tony Marco contributed to this report.

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