Analysis: For tech investors, it’s hard to know when to bolt

(Reuters) – When Hewlett-Packard Co agreed to buy British software company Autonomy in August last year for $ 11.1 billion, two well-known investors made diametrically different bets on how the big deal would play out.

To short seller Jim Chanos, who had been raising red flags on Autonomy for years and had started shorting shares of HP in 2011, the deal was another nail in the coffin of the Silicon Valley tech giant, according to a source familiar with his thinking.

But to activist investor Ralph Whitworth, co-founder of Relational Investors LLC, it was time to commit to HP and the turnaround story the company was trying to sell to Wall Street. His fund bought more than 17.5 million HP shares after the deal was announced, and Whitworth received a seat on the company’s board. This year, Relational roughly doubled its stake in HP.

In the wake of HP’s decision to take an $ 8.8 billion write-down on the deal because of alleged accounting irregularities at Autonomy, it appears Chanos – whose call to short Enron before the energy company collapsed in a corporate scandal may be his most famous trade – was more astute.

HP’s shares are down 36 percent since Relational, which declined to comment, built its stake in the third quarter of 2011.

BARRIERS TO ENTRY

Relational’s big move into HP is a reminder that even smart investors can get things wrong in the fast-evolving technology sector, where once hot global names like Research in Motion and Yahoo can quickly become yesterday’s news.

It is a world where a company may effectively erect barriers to entry in a market only to have them torn down by a rival with a new whizz-bang product – just as Apple‘s iPhone broke the dominance that Research in Motion’s BlackBerry had enjoyed.

One warning sign that a tech company may be on the verge of losing its edge is when it makes acquisitions outside of its main area of expertise to move into new product lines. Savvy tech investors also say be wary of companies that experience a succession of management changes, or when a successful core business starts looking tired.

The pace of change in the technology sector is much faster than in other industries, said Kaushik Roy, an analyst at Hercules Technology Growth Capital. “It attracts new talent and capital, many startups are formed, which can be extremely disruptive to incumbents,” Roy said. “In other words, yesterday’s winners can rapidly become today’s losers and vice versa.”

In the case of HP, the company not only has had four CEOs since 1999, it has been striving to find another niche to dominate as demand for one of its core products – computer printers – wanes and as its PC business stumbles.

Or consider online search pioneer Yahoo, which has gone through six chief executives and is struggling to keep pace with Google.

Josh Spencer, a portfolio manager at T. Rowe Price, said frequent turnover in the executive suite at Yahoo was a warning sign to him. Spencer said he does not own Yahoo shares and has not in the recent past.

RED FLAGS

While a company may view an acquisition as a fresh start – that is what HP was trying to say about Autonomy – some investors see it as a warning the core business is struggling.

Spencer noted that the technology industry’s most successful companies – Apple and Samsung – generally have not made acquisitions and instead developed new products internally.

For Margaret Patel, managing director at Wells Capital Management, one of the first red flags she saw at HP was when former CEO Carly Fiorina bought Compaq for roughly $ 25 billion in 2002.

“I felt then that the acquisition was too large and expensive, and personal computers were not their core strength,” said Patel, who has since avoided investing in HP.

Of course, timing can be everything even if an investor is eventually proven right. Patel missed out on a 137 percent gain in HP’s stock price from the time of the Compaq deal up until the end of 2010.

PREMIUM VALUATIONS

A few money managers see a flashing yellow light in the big sell-off of Apple shares in the past few months.

Apple, the most valuable U.S. company, has shed nearly 30 percent of its value in the last three months.

Since the death of co-founder Steve Jobs – the driving force behind Apple’s iPod, iPhone and iPad – DoubleLine co-founder Jeffrey Gundlach has been recommending that investors short the company’s shares because “the product innovator isn’t there anymore.”

Gundlach said he began shorting Apple’s stock at around $ 610 and maintains that it could drop to $ 425. He declined to comment on Tim Cook, who succeeded Jobs over a year ago and is seen by many as less visionary and innovative than Jobs.

Christian Bertelsen, chief investment officer at Global Financial Private Capital, with assets under management of $ 1.7 billion, said his firm began paring back its exposure to Apple this fall because he felt the expectations for the company’s new iPhone5 had gotten overheated.

He said his firm dramatically took down its exposure to Apple shares when the stock hit $ 670 a share. “For us, the light bulb went off this fall,” he said. Mind you, Apple’s shares still remain up about 25 percent for the whole year.

And then there’s Research in Motion. Once a leader in smartphones, it’s now in danger of becoming irrelevant.

“They saw the move towards all touch-screen phones and didn’t move with it,” said Stuart Jeffrey, an analyst at Nomura Securities who noted how the BlackBerry 10 touch-screen phone will debut on January 30, 2013, six years after Apple released its first iPhone in 2007.

Robert Stimpson, a portfolio manager at Oak Associates Funds whose fund does not own any shares of Research in Motion, said the company’s BlackBerry phones are on a downward slope and it will be tough for the company to regain its lost luster.

“The end of the road is a long, lonely journey,” Stimpson said of Research in Motion. “I think they will fight the good fight for many years, probably unsuccessfully.”

(Reporting by Nicola Leske and Sam Forgione in New York; Editing by Paritosh Bansal, Tiffany Wu, Jennifer Ablan and Matthew Goldstein; Editing by Steve Orlofsky)

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‘Rescue Me’ singer Fontella Bass dies

ST. LOUIS (AP) — Fontella Bass, a St. Louis-born soul singer who hit the top of the R&B charts with “Rescue Me” in 1965, has died. She was 72.

Bass died Wednesday night at a St. Louis hospice of complications from a heart attack suffered three weeks ago, her daughter, Neuka Mitchell, said. Bass had also suffered a series of strokes over the past seven years.

“She was an outgoing person,” Mitchell said of her mother. “She had a very big personality. Any room she entered she just lit the room up, whether she was on stage or just going out to eat.”

Bass was born into a family with deep musical roots. Her mother was gospel singer Martha Bass, one of the Clara Ward Singers. Her younger brother, David Peaston, had a string of R&B hits in the 1980s and 1990s. Peaston died in February at age 54.

Bass began performing at a young age, singing in her church’s choir at age 6. She was surrounded by music, often traveling on national tours with her mother and her gospel group.

Her interest turned from gospel to R&B when she was a teenager and she began her professional career at the Showboat Club in north St. Louis at age 17. She eventually auditioned for Chess Records and landed a recording contract, first as a duet artist. Her duet with Bobby McClure, “Don’t Mess Up a Good Thing,” reached No. 5 on the R&B charts and No. 33 on the Billboard Top 100 in 1965.

She co-wrote and later that year recorded “Rescue Me,” reaching No. 1 on the R&B charts and No. 4 on the Billboard pop singles chart. Bass’s powerful voice bore a striking resemblance to that of Aretha Franklin, who is often misidentified as the singer of that chart-topping hit.

Bass had a few other modest hits but by her own accounts developed a reputation as a troublemaker because she demanded more artistic control, and more money for her songs. She haggled over royalty rights to “Rescue Me” for years before reaching a settlement in the late 1980s, Mitchell said. She sued American Express over the use of “Rescue Me” in a commercial, settling for an undisclosed amount in 1993.

“Rescue Me” has been covered by many top artists, including Linda Ronstadt, Cher, Melissa Manchester and Pat Benatar. Franklin eventually sang a form of it too — as “Deliver Me” in a Pizza Hut TV ad in 1991.

Bass lived briefly in Europe before returning to St. Louis in the early 1970s, where she and husband Lester Bowie raised their family. She recorded occasionally, including a 1995 gospel album, “No Ways Tired,” that earned a Grammy nomination.

Bass was inducted into the St. Louis Hall of Fame in 2000.

Funeral arrangements for Bass were incomplete. She is survived by four children. Bowie died in 1999.

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McCormick Place development fight held over to 2013

The lengthy battle for control over property slated for hotel development adjacent to McCormick Place will extend into 2013 after a federal bankruptcy judge on Thursday gave the long-time property owners more time to show their plans have financial viability.

Judge Jack Schmetterer this month had given Olde Prairie Block Owner LLC until Thursday to show him it had plausible plans to repay its lenders, chief among them CenterPoint Properties Trust.

Olde Prairie, whose principals include Pamela Gleichman, her husband, Karl Norberg, and Gunnar Falk, have proposed selling portions of the properties for hotel development, with two deals projected to bring in $180 million. The developers said this would be sufficient to pay back lenders in full and develop the properties.

The lender, CenterPoint Properties Trust, contends the plan is not financially viable, in part because the sales agreements contained contingencies. As well, it argued that the structure of the deals would not provide sufficient funds to fully repay lenders.

Schmetterer gave Olde Prairie until Jan. 10 to show the potential buyer of the larger parcel had a firm financing commitment. He also is seeking greater clarity in the sales contract language.

The case has been closely watched because it involves parcels long eyed for development linked to McCormick Place. Speculation has swirled around possibilities,from hotels, restaurants and entertainment venues, including a possible casino, to an arena that could host the DePaul men's basketball team as well as corporate and religious assemblies.

The properties include a 3.67-acre parcel at 330 E. Cermak Rd., directly north of the administrative offices of the Metropolitan Pier and Exposition Authority, the state-city agency that owns McCormick Place, and a 1.23-acre parcel directly west of it at 230 E. Cermak, across the street from the center's West Building.

The authority, known as McPier, this month purchased a separate parcel on the 230 E. Cermak block, with an eye toward gathering enough property to expand hotel, restaurant and entertainment amenities near the convention campus.

kbergen@tribune.com

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Melton among 5 Bears earning Pro Bowl honors

Henry Melton said last week he was as good as any 4-3 defensive tackle in the NFL than himself last week and now he’s been recognized as one of the best.

Melton was selected to the Pro Bowl for the first time, one of five Chicago Bears to be named to the NFC’s team Wednesday. Cornerback Tim Jennings, who leads the league with eight interceptions, also was a first-time honoree, joining fellow cornerback Charles Tillman, defensive end Julius Peppers and wide receiver Brandon Marshall as all-star selections.

Weak-side linebacker Lance Briggs, the team leader with 118 tackles, was not selected after being named to seven consecutive Pro Bowls. Briggs could be added later as an alternate.

Melton, who has not played in the last two games because of a clavicle injury, has six sacks and has improved greatly as a two-way player against the run this season. The Pro Bowl bid can only help him in his drive for a new contract as he will be a free agent after the season.

“It’s an amazing feeling. It’s been a long journey from playing running back and defensive end and now being a Pro Bowl defensive tackle,” Melton said. “It’s an amazing feeling. There are a lot of people who had a hand in helping me, and I just appreciate it.”

Melton was a fourth-round pick in 2009, and defensive coordinator Rod Marinelli quickly got the idea to move him from end to tackle. He started to take off last season, giving the Bears a pass-rushing presence on the inside that had been missing.

“He’s a great guy, a great coach,” Melton said. “We spend a lot of hours together working, working extremely hard trying to mold me into a better man and definitely a better football player. I’ve got a lot of love for him and hopefully we can keep it going.

“I just wanted to help the defense any way I could, and when he said I had the stuff that he looks for in a premier defensive tackle, I listened to him and just got to work. If he said that he saw me as an elite defensive tackle, he’s seen everybody -- (Warren) Sapp and a lot of guys that had come before me, and for him to say that I believed in what he was saying.”

When Melton got the news, he turned to Peppers, who was selected to his eighth Pro Bowl, and said, “We’re going to be roommates?”

Not exactly. But they can have fun in Hawaii during the week of the game -- one Jennings made clear he will be playing in.

“That's the most exciting thing really, playing really,” Jennings said. “Getting voted in and I'm actually going to play. They're not going to vote you in and you're not going to play. That's not the way it's going to work. Just being over there with all the guys, all the future Hall of Famers, just taking that in. I'm going to live for the moment and just kind of soak it all in right now. But I'm excited to just see what it's really about.”

Jennings, who was benched in Week 16 last season, re-signed with the Bears during free agency on a two-year deal. He started making plays and wound up leading all cornerbacks in the NFL in fan voting. At 5-8, he hopes he serves as an inspiration for undersized kids playing sports.

“Hopefully a lot of kids that's in my situation, that's gone through my situation, can take it all in and understand that it doesn't matter what people may think about you or you think you're not good enough,” Jennings said. “If you really want it and you enjoy doing it just kind of go out there and have fun and just try to be the best that you can be and everything can take care of itself.

“I think I've been doubted a lot. To put me where I am today, I took it all in stride. I enjoyed playing sports and I enjoyed playing football and I got a whole bunch of opportunities and blessings from God. And I just wanted to make the best of it and kind of just enjoy it and make the best of it while I still can because I know it's not going to last forever. So I just want to enjoy it while I can and make the best of every opportunity I get.”

Peppers had three sacks in Sunday’s victory at Arizona to give him 11 ½ for the season. He’s the first player opposing offenses prepare for and based on how the defense has played, even in the recent struggles for the team, it’s not a surprise he was selected. Tillman gets his second consecutive Pro Bowl selection. He had 10 forced fumbles, tying him for the most in a single season since 1991. He scored his third touchdown of the season in the victory over the Cardinals with an interception.

Marshall trails only the Lions’ Calvin Johnson in receiving yards with 1,466. He also is second with 113 receptions, both numbers Bears’ single-season records. Marshall, who was the MVP of the Pro Bowl last year playing for the Miami Dolphins, also had 11 touchdown receptions.

bmbiggs@tribune.com

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Police investigate NBC News anchor for showing gun clip

(Reuters) – NBC News anchor David Gregory is being investigated by police after displaying what he said was a high-capacity gun clip on Sunday’s broadcast of “Meet the Press,” Washington‘s Metropolitan Police Department said Wednesday.

Gregory held up what appeared to be a 30-round gun magazine – which would be barred under Washington municipal code – while hosting the nationally broadcast interview with National Rifle Association Chief Executive Officer Wayne LaPierre.

“Here is a magazine for ammunition that carries 30 bullets,” Gregory said as he held aloft the black cartridge, according to video posted on the network’s website.

“Now isn’t it possible that, if we got rid of these, if we replaced them and said ‘Well, you could only have a magazine that carries five bullets or ten bullets,’ isn’t it just possible that we can reduce the carnage in a situation like Newtown?” Gregory asked LaPierre.

“I don’t think it’s what will work,” LaPierre responded.

The network had contacted the police department prior to Sunday’s broadcast “inquiring if they could use a high capacity magazine for the segment,” police spokesman Araz Alali said on Wednesday.

“NBC was informed that possession of a high-capacity magazine was not permissible and their request was denied.”

Alali, the police spokesman, declined to elaborate on the investigation into NBC.

Washington’s municipal code prohibits possession, sale or transfer of “any large capacity ammunition feeding device, regardless of whether the device is attached to a firearm.”

The maximum penalty for conviction on such a charge is a $ 1,000 fine and one year in prison.

NBC spokeswoman Erika Masonhall, contacted by email, said the network had no comment on the investigation.

After the broadcast, which originated in Washington, a number of bloggers and websites questioned Gregory’s actions and the legality of the gun clip.

(Reporting by Chris Francescani and Paul Eckert; Editing by Paul Thomasch, Andrew Hay and Gunna Dickson)

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New York’s Mental Health System Thrashed by Services Lost to Storm

Marcus Yam for The New York Times

Dr. Richard Rosenthal of Continuum Health Partners, which owns Beth Israel, Roosevelt and St. Luke's hospitals, said he noticed more mentally ill people in the streets now  than he had in years.

When a young woman in the grip of paranoid delusions threatened a neighbor with a meat cleaver one Saturday last month, the police took her by ambulance to the nearest psychiatric emergency room. Or rather, they took her to Beth Israel Medical Center, the only comprehensive psychiatric E.R. functioning in Lower Manhattan since Hurricane Sandy shrank and strained New York’s mental health resources.

The case was one of 9,548 “emotionally disturbed person” calls that the Police Department answered in November, and one of the 2,848 that resulted in transportation to a hospital, a small increase over a year earlier.

But the woman was discharged within hours, to the shock of the mental health professionals who had called the police. It took four more days, and strong protests from her psychiatrist and caseworkers, to get her admitted for two weeks of inpatient treatment, said Tony Lee, who works for Community Access, a nonprofit agency that provides supportive housing to people with mental illness, managing the Lower East Side apartment building where she lives.

Psychiatric hospital admission is always a judgment call. But in the city, according to hospital records and interviews with psychiatrists and veteran advocates of community care, the odds of securing mental health treatment in a crisis have worsened significantly since the hurricane. The storm’s surge knocked out several of the city’s largest psychiatric hospitals, disrupted outpatient services and flooded scores of coastal nursing homes and “adult homes” where many mentally ill people had found housing of last resort.

One of the most affected hospitals, Beth Israel, recorded a 69 percent spike in psychiatric emergency room cases last month, with its inpatient slots overflowing. Instead of admitting more than one out of three such cases, as it did in November 2011, it admitted only one out of four of the 691 emergency arrivals this November, records show. Capacity was so overtaxed that ambulances had to be diverted to other hospitals 15 times in the month, almost double the rate last year, in periods typically lasting for eight hours, officials said.

Dr. Richard Rosenthal, physician in chief of behavioral services for Continuum Health Partners, Beth Israel’s parent organization, said he was proud of how much Continuum’s hospitals had done to handle psychiatric overflow since storm damage shuttered Bellevue Hospital Center, the city’s flagship public hospital; NYU Langone Medical Center; and the Veterans Affairs Hospital. But these days, he said, as he walks on Amsterdam Avenue between Continuum’s Roosevelt hospital on West 59th Street and its St. Luke’s hospital on West 114th Street, he notices more mentally ill people in the streets than he has seen in years.

“When you have the most vulnerable folks, all you need is one chink in the system and you lose them,” Dr. Rosenthal said. “Whether they lost their housing, or the outpatient services they usually go to were closed and they were lost to follow-up, they have become disconnected, with predictable results.”

Similar patterns are playing out in Brooklyn, where Maimonides Medical Center has been overwhelmed with mental health emergencies from the Coney Island vicinity since Coney Island Hospital, one of the city’s largest acute care psychiatric hospitals, suspended operations, hospital officials said.

“Triage has reached a different level: You have to get sicker to get in,” said Dr. Andrew Kolodny, the chairman of psychiatry at Maimonides, citing a 56 percent increase in psychiatric emergency room visits there from Oct. 26 to Dec. 7, compared with the same period last year, and a 24 percent rise in admissions. The increase in admissions was possible only with emergency permission from the state to exceed licensed limits.

“Not only is there decreased capacity, because Bellevue and Coney Island are off line,” Dr. Kolodny added, “but there’s increased demand because the storm or the loss of their residence has been a stressor for mental illness.”

The storm battered a mental health system that still relies heavily on private nursing homes and substandard adult homes to house people with mental illness. Such institutions have a sordid history of neglect and exploitation, and the courts have repeatedly found that their overuse by the state isolated thousands of people in violation of the Americans With Disabilities Act.

Plans are under way to increase supportive housing — dwellings where mentally ill people can live relatively independently, with support services. But even before Hurricane Sandy, the expansion fell far short of demand.

The storm underscored the fragility of the system. Many disabled evacuees who were sent first to makeshift school shelters lost access to the psychiatric medications that kept their symptoms at bay, Dr. Kolodny said. Even those lucky enough to have the drugs they need are at greater risk of relapse as they experience crowded living conditions. “If they’re now sleeping in a gym with 100 people, that can tip them over the edge and start making them really paranoid,” he said.

On Staten Island, where the chief of psychiatry at Richmond University Medical Center says psychiatric resources have been stretched to the limit, clergy members report that mentally ill people transferred to a large adult home in New Brighton from one that was washed away in Far Rockaway, Queens, are now showing up at church rectories, begging for socks and underwear.

“It’s heartbreaking, because they just found us by chance,” said Margaret Moschetto, a missionary at the Church of Assumption-St. Paul in New Brighton. “They were just walking around the neighborhood. They really didn’t know where they were.”

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Toyota to pay big to settle suits

Toyota Motor Corp., moving to put years of legal problems behind it, has agreed to pay more than $1 billion to settle dozens of lawsuits relating to sudden acceleration.

The proposed deal, filed Wednesday in federal court, would be among the largest ever paid out by an automaker. It applies to numerous suits claiming economic damages caused by safety defects in the automaker's vehicles, but does not cover dozens of personal injury and wrongful-death suits that are still pending around the nation.

The suits were filed over the last three years by Toyota and Lexus owners who claimed that the value of their vehicles had been hurt by the potential for defects, including floor mats that could cause the vehicles to surge out of control.

ROAD TO RECALL: Read The Times' award winning coverage

In addition, Toyota said it is close to settling suits filed by the Orange County district attorney and a coalition of state attorneys general who had accused the automaker of deceptive business practices. The costs of those agreements would be included in a $1.1-billion charge the Japanese automaker said it will take against earnings to cover the actions.

"We concluded that turning the page on this legacy legal issue through the positive steps we are taking is in the best interests of the company, our employees, our dealers and, most of all, our customers," Christopher Reynolds, Toyota's chief counsel in the U.S., said in a statement.

Toyota's lengthy history of sudden acceleration was the subject of a series of Los Angeles Times articles in 2009, after a horrific crash outside San Diego that took the life of an off-duty California Highway Patrol officer and his family.

Under terms of the agreement, which has not yet been approved in court, Toyota would install brake override systems in numerous models and provide cash payments from a $250-million fund to owners whose vehicles cannot be modified to incorporate that safety measure.

In addition, the automaker plans to offer extended repair coverage on throttle systems in 16 million vehicles and offer cash payments from a separate $250-million fund to Toyota and Lexus owners who sold their vehicles or turned them in at the end of a lease in 2009 or 2010. The total value of the settlement could reach $1.4 billion, according to Steve Berman, the lead plaintiff attorney in the case.

The lawsuits, filed over the last several years, had been seeking class certification.

News of the agreement comes scarcely a week after Toyota agreed to pay a record $17.35-million fine to the National Highway Traffic Safety Administration for failing to report a potential floor mat defect in a Lexus SUV. Those come on top of almost $50 million in fines paid by Toyota for other violations related to sudden acceleration since 2010.

The massive settlement does not, however, put Toyota's legal woes to rest. The automaker still faces numerous injury and wrongful death claims around the country, including a group of cases that have been consolidated in federal court in Santa Ana, and other cases awaiting trial in Los Angeles County.

The first of the federal cases, involving a Utah man who was killed in a Camry that slammed into a wall in 2010, is slated for trial in mid-February.

The California cases are set to begin in April, among them a suit involving a 66-year-old Upland woman who was killed after her vehicle allegedly reached 100 miles per hour and slammed into a tree.

Edgar Heiskell III, a West Virginia attorney who has a dozen pending suits against Toyota, said he is preparing to go to trial this summer in a case that involved a Flint, Mich., woman who was killed when her 2005 Camry suddenly accelerated near her home.

"We are proceeding with absolute confidence that we can get our cases heard on the merits and that we expect to prove defects in Toyota's electronic control system," he said.

Toyota spokesman Mike Michels said the settlement would have no bearing on the personal injury cases.

"All carmakers face these kinds of suits," he said. "We'll defend those as we normally would."

The giant automaker's sudden acceleration problems first gained widespread attention after the August 2009 crash of a Lexus ES outside San Diego.

That accident set off a string of recalls, an unprecedented decision to temporarily stop sales of all Toyota vehicles and a string of investigations, including a highly unusual apology by Toyota President Akio Toyoda before a congressional committee. Eventually Toyota recalled more than 10 million vehicles worldwide and has since spent huge sums — estimated at more than $2 billion, not including Wednesday's proposed settlement — to repair both its automobiles and public image.

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NY man who shot firefighters: Killing 'what I like doing best'

NEW YORK (Reuters) - A gunman who killed two volunteer firefighters and wounded two others in a Christmas Eve ambush in upstate New York left a typewritten note saying he planned to burn down his neighborhood and start "killing people," authorities said on Tuesday.

The gunman, William Spengler, 62, opened fire on volunteer firefighters who responded to a house fire he deliberately set early on Monday morning in Webster, New York, a suburb of Rochester, authorities said.

Spengler shot and killed himself in an ensuing gunfight with police. He had spent 17 years in prison for beating his 92-year-old grandmother to death with a hammer in 1981, authorities said.

Police said Spengler set the fire, laying a trap for the firefighters, and began shooting when they arrived.

He left a typewritten note describing his intent, Webster Police Chief Gerald Pickering said at a televised news conference.

"I still have to get ready to see how much of the neighborhood I can burn down and do what I like doing best, killing people," Pickering read from the gunman's statement.

Investigators had found human remains in Spengler's burned-out house, where he lived with his sister, Cheryl Spengler, 67, Pickering said. The remains are assumed to be the sister's and a medical examiner will determine the cause of death.

"A CLEAR AMBUSH"

Spengler started shooting at the arriving firefighters before they got out of their fire truck, Pickering said. He shot out the truck's windshield as they tried to drive away, he said.

"This was a clear ambush on first responders," Pickering said. Police fired back at the gunman, he said. "It was a combat condition. They were shooting at muzzle flash," Pickering said.

Spengler was in a natural depression in an embankment near a tree when he opened fire, he said.

His motive for attacking firefighters remained unknown, Pickering said. It may have been related to contributions his mother had made to the local fire department, he said.

Pickering said he was not sure what the victims were shot with, but said Spengler had an "arsenal of ammunition" and three weapons - a Smith & Wesson .38 caliber revolver, a pump-action Mossberg shotgun, and a .223 Bushmaster rifle with a flash suppressor.

The same model Bushmaster rifle was used in the killing of 20 students and six teachers in Newtown, Connecticut, on December 14.

Authorities with the Bureau of Alcohol, Tobacco, Firearms and Explosives were checking on the origin of the weapons, he said.

As a convicted felon, Spengler could not legally own guns. Pickering said authorities were examining potential links between the weapons and thefts of guns in the county.

The firefighters killed in the attack were Lieutenant Michael Chiapperini and Tomasz Kaczowka, authorities said.

The injured firefighters were identified as Joseph Hofsetter and Theodore Scardino. Both men were listed in guarded condition at Strong Memorial Hospital in Rochester.

An off-duty police officer was wounded by shrapnel as he drove past the scene. The officer was treated at a hospital and released.

Seven homes in the neighborhood were destroyed by the fire, and two were uninhabitable, Pickering said.

(Reporting by Ian Simpson; Editing by Ellen Wulfhorst, Dan Grebler, Steve Orlofsky and Leslie Gevirtz)

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Boston Cop Rescues Drowning Woman

A Boston police officer is being hailed a hero after he jumped into the frigid cold water to rescue a drowning woman.

Cell phone video showed police officer Edward Norton plunging into Fort Point channel Friday afternoon during a torrential downpour to rescue the unidentified woman who’d reportedly fallen in by accident.

Norton, who just happened to be in the right place at the right time, says he didn’t think twice about jumping in.

“It just kind of happened. I saw here there. Someone had to do it,” Norton told ABC News. “As I was in the air, I was thinking I don’t know what’s under the water.”

Once in the water, Norton’s bullet-proof vest weighed him down, making the rescue more complicated than he anticipated. Onlookers did their part by tossing in a life preserver, which helped keep the frantic woman afloat.

“She kept saying stuff like, ‘I can’t hold on.’ So, I told her, ‘Hold on. Help is coming,’” Norton said. The officer remained with the woman in the water until firefighters arrived on the scene and pulled them both out of the water to safety.

Both were taken to local hospitals and checked for hypothermia, but were released with a clean bill of health.

As for the people calling Norton a hero, he says, not really because it’s all in a day’s work.

“I feel like I did what I would expect to do for one of my loved ones. My wife, my daughter, anyone,” Norton said.

While everyone made it out of the water safely with no injuries, there was one casualty so to speak. Norton says his wedding band slipped off when he hit the water and hero or not, his wife is none too pleased.

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Jessica Simpson’s Christmas gift: She’s pregnant

NEW YORK (AP) — Jessica Simpson‘s daughter has the news all spelled out: “Big Sis.”

Simpson on Tuesday tweeted a photo of her baby daughter Maxwell playing in the sand, the words “Big Sis” spelled out.

The 32-year-old old singer and personality has been rumored to be expecting again. The tweet appears to confirm the rumors.

“Merry Christmas from my family to yours” is the picture’s caption. Simpson used a tweet on Halloween in 2011 to announce she was pregnant with Maxwell. She is engaged to Eric Johnson and gave birth to Maxwell in May.

One possible complication regarding her pregnancy: She is a spokeswoman for Weight Watchers.

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