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Saturday, August 6, 2011 – Daily News 5B Europe crisis revives ’08 fears By PAUL WISEMAN and JONATHAN FAHEY AP Business Writers Wild gyrations in the stock market. Big banks holding risky bonds. Fear that toxic assets will contaminate banks and freeze up credit on both sides of the Atlantic. Wall Street is having a flash- back to the panicky days of Sep- tember and October 2008, when Lehman Brothers collapsed and American International Group needed a bailout that became the biggest on Wall Street — $182 billion. This time investors are wor- ried that Europe’s debt crisis could slam an already weak U.S. economy. But few analysts think it will do as much damage as the collapse in home prices and mortgage-backed securities did in 2008, when they caused a credit squeeze and banks feared lending to each other. Compared with the fall of 2008, ‘‘our larger banks are in pretty good shape,’’ says Philip Swagel, a former Treasury offi- cial who is now an economist at the University of Maryland. ‘‘They’ve rebuilt their capital positions. The institutions that are exposed (to European debt) are in much better shape.’’ After months of worrying about the risk of default by Greece and Portugal, investors fear that two much bigger coun- tries — Italy and Spain — might be unable to meet their debt pay- ments. They also worry that Ital- ian and Spanish banks have loaded up on their countries’ gov- ernment bonds and haven’t val- ued them accurately. Analysts say a default by an economy as big as Italy’s or Spain’s would likely throw Europe into recession. That would further strain a fragile U.S. economy and weigh on the glob- al financial system. If Italy or Spain defaulted, their banks would absorb big losses that could spread to other institutions. French banks have lent heavily to Italian banks, and U.S. banks have lent heavily to French banks. ‘‘You have the potential for a domino effect,’’ says Thomas Abruzzo, head of the North American financial institutions team at Fitch Ratings. But Abruzzo says he’s confi- dent that U.S. banks have hedged much of the risk they’ve taken in Europe to protect against steep losses. They’ve also built up their capital — the financial buffer that protects them against losses. What’s more, the Italian and Spanish government debts are better understood than the exotic mortgage securities at the heart of the 2008 crisis that began in the United States. Then, no one knew which banks were holding how much in mortgage securities or what those securities were worth. Banks stopped lending to each other. Credit froze up. Panic set in. Corporations that relied on short-term loans faced a debilitat- ing cash crunch. These days, U.S. corporations are hoarding cash and don’t require immediate access to financial markets. Banks also have changed the way they fund themselves. In 2007, they relied heavily on very short-term loans. They needed to be repaid, and replaced, quickly. When markets seized up, banks quickly ran out of money. Now they have diversified their funding streams with longer-term borrowings. They have more agility to avoid heavy losses. ‘‘Companies now are not in a position where they can be quick- ly put into a liquidity crisis,’’ said Thomas Tzitzouris, head of fixed income research at Strategas Partners. The scope of the current trou- ble, however, is much wider than it was in 2008. The institutions in trouble now are not a few banks or trading firms: They are entire countries. Italy is the third-largest bor- rower in the world, with more than $2 trillion in debt. That dwarfs the debt of Lehman Brothers, Bear Stearns and Mer- rill Lynch, the companies on the brink in 2008. Measured by the interest rates being charged on Italian debt compared with other countries’ debt, investors are putting the odds of an Italian default at high- er than 50 percent. ‘‘The markets are saying Italy is on the chopping block,’’ Tzit- zouris says. An Italian default, he says, would bust huge holes in the bal- ance sheets of banks and insur- ance companies, among others. ‘‘Contagion would quickly spread, and you are looking at a severe worldwide recession.’’ Though U.S. banks are better protected from a credit crisis this time, a deep recession in Europe would hurt a U.S. economy already struggling to grow. The economy expanded at an annual rate of only 0.8 percent in the first half of the year. July’s 9.1 percent unemploy- ment rate was down a tick from June’s — but still stuck at reces- sionary levels. Consumers, pinched by high gasoline and food prices, are reluctant to spend. And businesses, worried about future sales, are reluctant to hire. A European default crisis would put a dent in U.S. exports, which have been one of the U.S. economy’s few bright spots. The Standard & Poor’s 500 compa- nies get about 20 percent of their earnings in Europe. ‘‘In this interconnected world, such a large default would have repercussions on banks and cor- porations around the world,’’ says Uri Dadush, director of the international economics program at the Carnegie Endowment for International Peace. ‘‘We know it’s going to be big. But we don’t want to find out how big.’’ NASA spacecraft begins 5-year voyage to Jupiter CAPE CANAVERAL, Fla. (AP) — A sun-powered robot- ic explorer named Juno is rock- eting toward Jupiter on a fresh quest to discover the secret recipe for making planets. Hundreds of scientists and their families and friends — among thousands of invited guests — cheered and yelled ‘‘Go Juno!’’ as the unmanned Atlas rocket blasted into a clear midday sky Friday. It will take five years to reach Jupiter, the solar system’s most massive and ancient planet. ‘‘Next stop is Jupiter,’’ exulted Scott Bolton, Juno’s principal investigator and an astrophysicist at Southwest Research Institute in San Anto- nio. ‘‘It’s fantastic!’’ said Fran Bagenal, a planetary scientist at the University of Colorado at Boulder, who is also part of the NASA project. ‘‘Huge relief all around.’’ Within an hour of liftoff, Juno hurtled out of Earth’s orbit at 24,000 mph on a round- about course for Jupiter. It was expected to whip past the orbit of the moon in half a day, or early Saturday morning. It is the first step in Juno’s 1.7 billion-mile voyage to the gas giant Jupiter, just two plan- ets away but altogether differ- ent from Earth and next-door neighbor Mars. Juno is solar powered, a first for a spacecraft meant to roam so far from the sun. The three huge solar panels popped open an hour into the flight, each one stretching as long and wide as a tractor-trailer. Previous space- craft to the outer planets have relied on nuclear energy. With Juno, scientists hope to answer some of the most fun- damental questions of our solar system. ‘‘How Jupiter formed. How it evolved. What really hap- pened early in the solar system that eventually led to all of us,’’ Bolton said earlier in the week. Bolton said Jupiter is like a time capsule. It got most of the leftovers from the sun’s cre- ation nearly 5 billion years ago — hence the planet’s immense size — and its enormous gravi- ty field has enabled it to hold onto that original material. Jupiter is so big it could con- tain everything in the solar sys- tem, minus the sun, and still be twice as massive. Astronomers say it probably was the first planet in the solar system to form. Juno will venture much closer to Jupiter than any of the eight spacecraft that have visit- ed since the 1970s, most of them just passing by. It’s by far the most focused and elaborate Jupiter mission. ‘‘We look deeper. We go much closer. We’re going over the poles. So we’re doing a lot of new things that have never been done, and we’re going to get all this brand-new informa- tion,’’ Bolton said. The $1.1 billion mission — which will end with Juno tak- ing a fatal plunge into Jupiter in 2017 — kicks off a flurry of astronomy missions by NASA. Next up is Grail, twin space- craft with a $496 million price tag that will be launched next month and go into orbit around Earth’s moon. Then comes the $2.5 billion Curiosity, a six- wheeled, jeep-size rover that will blast off for Mars at the end of November in search of environments conducive to life. Unlike many other NASA missions, this one came in on cost and on time. It’s relatively inexpensive; the Cassini probe launched in 1997 to Saturn, by way of Jupiter, cost $3.4 bil- lion. Exploring the solar system is all about ‘‘unlocking the mysteries of how we got here’’ and is worth the money it takes to get those answers, said Jim Adams, NASA’s deputy direc- tor of planetary science. ‘‘These investments are real- ly in ourselves,’’ added Bolton. With the end of the space shuttle program just two weeks ago, Juno’s liftoff created more buzz than usual. Several thou- sand invited guests jammed Kennedy Space Center to watch the Atlas V blast off with Juno from Cape Canaveral Air Force Station next door. Until Americans start flying into space again from U.S. soil, NASA’s science missions will provide the launch excitement. The goal is to send astronauts to an asteroid by 2025 and to Mars in the mid-2030s. ‘‘The public ... needs to understand that NASA’s more than about the shuttle,’’ Bolton noted. A few special passengers actually are riding aboard Juno. Attached to the probe are three little Lego figures special- ly made of space-grade alu- minum. They represent the Ital- ian physicist Galileo, who dis- covered Jupiter’s four biggest moons; the Roman god Jupiter; and his wife Juno, for whom the spacecraft is named. If all goes well, Juno will go into orbit around Jupiter’s poles — a first — on July 4, 2016. The oblong orbit will bring Juno within 3,100 miles of the cloudtops and right over the most powerful auroras in the solar system. In fact, that’s how the spacecraft got its name — Juno peered through clouds to keep tabs on her husband, Jupiter. Juno will circle the planet 33 times, each orbit lasting 11 days for a grand total of one year. By mission’s end, ‘‘we’ve essentially dropped a net around the planet with all of our measurements,’’ Bolton said. That’s crucial for under- standing Jupiter’s invisible gravity and magnetic force fields. Radiation is so intense around Jupiter that Bolton and his team put Juno’s most sensi- tive electronics inside a titani- um vault — an armored tank, as he calls it. Juno’s experiments also will attempt to ascertain the abun- dance of water, and oxygen, in Jupiter’s atmosphere, and determine whether the core of the planet is solid or gaseous. Juno bears nine instruments, including a wide-angle color camera, JunoCam, that will beam back images that the pub- lic can turn into photos. The spacecraft also bears a small Italian-supplied plaque honoring Galileo. It shows his self-portrait, as well as his description of observing Jupiter’s moons, in his own handwriting from 1610. Legal Notices Legal Notices LEGAL NOTICE The following person(s) is (are) doing business as: Round-Up Realty 530-527-1106, 2150 N. Main St., Ste 16, Red Bluff, CA 96080 File No. 2011000235 STATEMENT FICTITIOUS BUSINESS NAME The following ABANDONMENT OF USE OF FICTI - TIOUS BUSINESS NAME File # 2011000234 LEGAL NOTICE STATEMENT OF Laurence Paul Lalaguna 14710 McCoy Rd Red Bluff, CA 96080 The registrant commenced to transact business under the fic- titious business name or names listed above on 8/1/11 This business is conducted by: an individual S/By: Laurence Paul Lalaguna Laurence Paul Lalaguna This statement was filed with the County Clerk of Tehama County on 8/1/2011 BEVERLY ROSS Tehama County Clerk & Recorder Publish: Aug 6, 13, 20 & 27, 2011 LEGAL NOTICE The following person(s) is (are) doing business as: Corning Ford Chrysler Jeep Dodge 530-824-5434, 220 Short Drive, Corning, CA 96021 Corning Ford, Inc. P.O. Box 347 File No. 2011000224 STATEMENT FICTITIOUS BUSINESS NAME has/have abandoned the use of the following fictitious business name: Round Up Realty 2150 N. Main St Ste 16, Red Bluff, CA 96080 Tyler Maize Lalaguna 1728 Soda Springs Circle Redding CA 96002 The fictitious business name re- ferred to above was filed on: 8/17/2010 in the County of Tehama person(s) #2010000249 Original File S/By: Tyler Maize Lalaguna Tyler Maize Lalaguna This statement was filed with the County Clerk of Tehama County on 08/01/2011 Publish: Aug 6, 13, 20 & 27, 2011 LEGAL NOTICE The following ABANDONMENT OF USE OF FICTI - TIOUS BUSINESS NAME File # 2011000223 STATEMENT OF Corning, CA 96021-0347 The registrant commenced to transact business under the fic- titious business name or names listed above on N/A This business is conducted by: a corporation S/By: Benny M. Brown Benny M. Brown, President This statement was filed with the County Clerk of Tehama County on 7/20/2011 Publish: Jul 30, Aug 6, 13 & 20 2011 BEVERLY ROSS Tehama County Clerk & Recorder LEGAL NOTICE The following person(s) is (are) doing business as: Motel 6 Red Bluff 916-203-1562, 20 Williams Ave, Red Bluff, CA 96080 File No. 2011000202 STATEMENT FICTITIOUS BUSINESS NAME has/have abandoned the use of the following fictitious business name: Corning Ford Mercury Chrysler Jeep Dodge 530-824-5434, 2280 Short Drive, Corning, CA 96021 Corning Ford, Inc 2280 Short Drive Corning, CA 96021 The fictitious business name re- ferred to above was filed on: 1- 13-2010 in the County of Tehama Original File #2008000412 S/By: Benny M. Brown Benny M. Brown, President This statement was filed with the County Clerk of Tehama County on 07/20/2011 person(s) Publish: Jul 30, Aug 6, 13 & 20, 2011 BEVERLY ROSS Tehama County Clerk & Recorder LEGAL NOTICE Kumar Hospitality Inc 199 Humboldt Ave Willows, CA 96080 The registrant commenced to transact business under the fic- titious business name or names listed above on N/A This business is conducted by: a corporation S/By: Pawan Kumar Pawan Kumar, Member This statement was filed with the County Clerk of Tehama County on 6/30/2011 Publish: Jul 23, 30, Aug 6 & 13, 2011 BEVERLY ROSS Tehama County Clerk & Recorder LEGAL NOTICE The following person(s) is (are) doing business as: Glamorous Beauty and Fashion Lounge 530-646-5729, 709 4th St., Corning, CA 96021 Olivia Cristina Tapia 388 Papst Ave Orland, CA 95963 Virginia Tapia 22080 Corning Rd Corning, CA 96021 The registrant commenced to transact business under the fic- titious business name or names listed above on N/A This business is conducted by: a general partnership S/By: Olivia Tapia Olivia Tapia This statement was filed with the County Clerk of Tehama County on 7/18/2011 File No. 2011000221 STATEMENT FICTITIOUS BUSINESS NAME Publish: Jul 23, 30, Aug 6 & 13, 2011 BEVERLY ROSS Tehama County Clerk & Recorder LEGAL NOTICE NOTICE INVITING INFORMAL BIDS NOTICE IS HEREBY GIVEN that the County of Tehama will re- ceive informal bids at the Teha- ma County Administration Of- fice, 727 Oak Street, Red Bluff, CA 96080, until 11:00 A.M. on Monday, August 15, 2011 for voice and data cabling at the Te- hama County Assessor’s Office. Bid requirements may be ob- tained at 727 Oak Street, Red Bluff CA or by contacting Cindee Brewer, Staff Analyst, at 530- 527-4655, ext. 3027. This is a prevailing wage project as set forth by the Department of Industrial Relations. The County of Tehama reserves the right to reject any and all bids and waive any informalities or irregularities in the bids. Williams J. Goodwin Purchasing Agent S/By: Julie Sisneros Julie Sisneros, Deputy Publish: August 6, 2011 LEGAL NOTICE The following person(s) is (are) doing business as: Gallick Home & Garden 530-840- 6536, 6957 Blackfood Rd., Corn- ing, CA 96021 Shawn S. Gallick 240 Edith Ave #204 Corning, CA 96021 Stacy R. Gallick 240 Edith Ave #204 Corning, CA 96021 The registrant commenced to transact business under the fic- titious business name or names listed above on 7/1/11 This business is conducted by: husband & wife S/By: Shawn Gallick Shawn Gallick S/By: Stacy Gallick Stacy Gallick This statement was filed with the County Clerk of Tehama County on 7/13/2011 File No. 2011000217 STATEMENT FICTITIOUS BUSINESS NAME Publish: Jul 16, 23, 30 & Aug 6, 2011 BEVERLY ROSS Tehama County Clerk & Recorder APN 069-010-29 Reference MURPHY NOTICE TO PROPERTY OWNER, YOU ARE IN DEFAULT UNDER SAID DEED OF TRUST DATED June 24, 2010. Unless you take action to protect your property, it may be sold at a public sale. If you need an explanation of the na- ture of the proceedings against you, you should contact an at- torney. On September 5, 2011 at 1:30 PM, PAMELA NELSON, Attorney at Law as Trustee, or Successor Trustee or Substituted Trustee of that certain Deed of Trust executed on June 17, 2010 by DE- NISE A. YOUNIE which was re- corded on June 24, 2010 as Docu- ment #2010006594, of Official Re- cords of the Tehama County Re- corder, State of California and pursuant to that certain Notice of Default and Election To Sell Under Deed of Trust thereunder recorded on March 31, 2011 as Document #2011003711 of Sell Under Deed of Trust thereunder recorded on March 31, 2011 as Document # 2011003711 of the Official Records of Tehama County, California, will under and pursuant to said Deed of Trust sell at public sell at public auction for cash, lawful money of the United States of America, a cashier’s check payable to said Trustree drawn on a state or national bank, a check drawn by state of federal credit union, or a check drawn by a state or federal savings and loan associ- ation or savings bank specified in Section 6102 of the Financial Code and authorized to do busi- ness in this state, at the en- trance to the Tehama County Courthouse at 444 Oak Street, Red Bluff, California, 96080 all that right, title and interest con- veyed to and now held by it un- der said Deed of Trust in the property situated in said County and State and described as fol- lows: AMENDED NOTICE OF TRUSTEE’S SALE BEVERLY ROSS Tehama County Clerk & Recorder LEGAL DESCRIPTION All that certain real property sit- uated in the Unincorporated Area of Corning, County of Tehama, State of California, de- scribed as follows: Parcel One: Parcel D of Parcel Map 77-185 filed in the Tehama County Recorder’s Office, March 24, 1978 in Book 4 of Parcel Maps, at Pages 242 and 243, and as amended by Book 6 of Parcel Maps at Pages 207, 208 and 209, being a portion of section 5, township 24 north, range 3 west, Mount Diablo Meridian, accord- ing to the Official Plat thereof. Parcel Two: A non-exclusive easement for private roadway and utility purposes over, under and across that portion of "Vernazza Way" lying within Parcels B and C of parcel map 77-185 filed in the Tehama Coun- ty Recorder’s Office, March 24, 1978 in Book 4 of Parcel Maps, at pages 242 and 243. The property is more commonly known as 21980 Moran Road, Corning, California 96021. APN 069-010-29. SAID SALE will be made, without covenant or warranty, express or implied, regarding title, pos- session or encumbrances, to pay the remaining principal sum of the Note(s) secured by said Deed of Trust with interest thereon, as provided in said Note(s) advances, if any under the terms of the Deed of Trust, fees, estimated costs and ex- penses of the Trustee and of the trusts created by said Deed of Trust, to-wit, $227,444.82 esti- mated. DATED: 7-21-2011 S/ PAMELA NELSON, Attorney at Law As Trustee 218 South Lincoln Way P.O. Box 773 Galt, Ca. 95632 (209) 745-3071 REference: MURPHY State of California Sacramento County On 7-21-11, before me, Shaleigh D. Sinclair, a notary public, per- sonally appeared PAMELA NEL- SON, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instru- ment, and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the in- strument the person, or the enti- ty upon behalf of which the per- son acted, executed the instru- ment. I certify under PENALTY OF PER- JURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. s/ Shaleigh D. Sinclair Notary Public My Comm. Expires: July 9, 2013. 8/6, 8/13, 8/20/11 CNS-2150685# DAILY NEWS (RED BLUFF)