Insiders steal a march in leak prone Asian markets

SINGAPORE (Reuters) – When South Korean automaker Hyundai Motor Co announced last month it had overstated the fuel efficiency levels on around one million of its cars in the United States and Canada some investors were left fuming more than others.

Some had already sold their shares before the announcement on November 2. The stock fell 4 percent on November 1 with about 2.2 million shares changing hands, the highest trading volume of the year at that point.

“This smells pretty bad,” said Robert Boxwell, director of consulting firm Opera Advisors in Kuala Lumpur who has studied insider dealing patterns.

“It would have fallen into our suspect trading category,” he added.

Boxwell spots suspect trading by looking at how much the volume diverges from the average level in the days before a market moving announcement. In the Hyundai instance, the volume was more than five standard deviations, a measure of variation, away from the daily average of 598,741 shares over the past year.

A Hyundai spokeswoman declined to comment.

Research from the Capital Markets Co-operative Research Centre (CMCRC), an academic centre in Sydney that studies financial market efficiency, found that 26 percent of price-sensitive announcements in Asia Pacific markets showed signs of leakage in the first quarter of this year, the most recent period for which data was available.

That compared with 13 percent in North American markets.

The CMCRC says it looks for suspected information leaks by examining abnormal price moves and trading volumes ahead of price-sensitive announcements.

Investors say one reason for leaks in Asia has been low enforcement rates for insider trading and breaches of disclosure rules. Enforcement in some markets is virtually non-existent.

There are also misconceptions about whether trading on non-public information is a crime.

“The idea that insider trading is wrong rather than smart is only being ingrained in the current generation of Asian players, not the older generation who are often still in the driving seat,” said Peter Douglas, founder of GFIA, a hedge fund consultancy in Singapore.

LOSS OF CONFIDENCE

Japan’s largest investment bank Nomura Holdings was embarrassed this year after regulatory investigations found it leaked information to clients ahead of three public share offerings.

Nomura has acknowledged that its employees leaked information on three share issues it underwrote in 2010. In June, it published the results of an internal investigation that found breaches of basic investment banking safeguards against leaking confidential information and announced a raft of measures to prevent recurrence.

The bank was also fined 200 million yen ($ 2.37 million) by the Tokyo Stock Exchange and 300 million yen by the Japan Securities Dealers Association.

Such leaks hurt companies’ share prices in the long run because investors put in less money if they feel they are not on a level playing field.

“It is very damaging. You may not know how much money you’ve lost but if there is not confidence that the regulators are prosecuting and enforcing the rules on this then it undermines investor confidence and liquidity,” said Jamie Allen, secretary general of the Asian Corporate Governance Association.

The issue isn’t being ignored. Many Asian markets such as Hong Kong and China have tightened their rules on insider trading over the past decade.

Indeed some investors feel that while leaks and insider dealing are unfair, regulators in the region have more serious issues they should be tackling.

“I would like to see the regulators spend more resources on investigating and prosecuting fraud against listed companies, which severely damages shareholder value,” said David Webb, a corporate governance activist in Hong Kong, arguing insider dealing as less of an impact on a company’s long-term share price.

HTC AND APPLE

A week after Hyundai’s announcement about its problems in the United States, there was an unexpected move on the Taiwan Stock Exchange.

Shares in smartphone maker HTC Corp jumped almost seven percent on Friday, November 9, hitting the daily upper trading limit. On Sunday came the surprise announcement that the company was ending its long-running patent dispute with Apple Inc , a move seen as a positive for the stock.

The Taiwan bourse announced it was investigating the trading patterns to see if there was a possible leak.

When asked for comment, HTC referred back to a November 13 statement in which the company said it had kept the Apple settlement process confidential and has strict controls on insider trading.

Michael Lin, a spokesman for the Taiwan Exchange, told Reuters on Friday that the bourse is still working with the regulator on the case.

‘ENORMOUS LOSSES’

Michael Aitken, who oversees research at the CMCRC, said many other Asian markets lack tough enough rules to force information to be released as efficiently and timely as possible, a primary reason for the prevalence of leaks.

“Poor regulation hampers enforcement efforts,” he said pointing out that few markets have the “continuous disclosure” rules used in Australia which require listed companies to release material information as soon as possible.

In Korea, when Hyundai shares started to fall, rumours began swirling that news about a problem with some of its cars was on its way, but investors say it took the company too long to disclose what exactly was happening.

“Hyundai at that time did not confirm the rumours. We suffered enormous losses because of this,” said one fund manager, who declined to be named because he was not authorised to speak to the media.

An official from Korea Exchange declined to comment on whether it was investigating this case, saying only that the exchange looks carefully into possible cases of insider trading.

Across Asia, regulators concede that many company executives and insiders still do not appreciate that leaking or trading on material, non-public information is an offence.

“People don’t even know they are engaging in insider trading, for example if their friends are talking about it on the golf course,” said Tong Daochi director-general for international affairs at the China Securities Regulatory Commission, during a regulation conference last month.

“We try to tell society, what are the criminal issues, what are the insider trading issues? For example we have held 27 press conferences to tell the public what kind of activities are involved in insider trading and to let people know that this is an active crime.” ($ 1 = 84.2600 Japanese yen) ($ 1 = 0.6147 British pounds)

(Reporting by Rachel Armstrong; additional reporting by Nishant Kumar in HONG KONG and Hyunjoo Jin in SEOUL; Editing by Emily Kaiser)

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Marilyn Monroe subway grate photo on view in NYC

NEW YORK (AP) — A famous image of Marilyn Monroe with her skirt billowing atop a New York City subway grate is on display in a picture-perfect spot: outside the Times Square subway station.

The supersized version of Sam Shaw‘s well-known picture is part of an exhibit. The exhibit also features eight of Shaw’s other Monroe pictures, on view inside the 42nd Street-Bryant Park station on the B, D, F, M and 7 lines.

The show opened Thursday. It’ll be up for a year.

Shaw shot the subway grate photo for the 1955 film “The Seven Year Itch.” He took the other pictures in 1957.

The exhibit is part of the Metropolitan Transportation Authority’s Arts for Transit program. Manager Lester Burg says matching a mass transit setting with a popular figure from mass culture seemed a good fit.

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Recipes for Health: Marinated Olives

Andrew Scrivani for The New York Times

Marinated olives.

These are inspired by Patricia Wells’ “Chanteduc Rainbow Olive Collection” in her wonderful book “The Provence Cookbook.” It is best to use olives that have not been pitted.

1/4 cup extra virgin olive oil

2 tablespoons red wine vinegar

5 bay leaves

2 large garlic cloves, peeled, green shoots removed, thinly sliced

Strips of rind from 1 lemon (preferably organic)

1 tablespoon fresh thyme leaves, coarsely chopped

1 teaspoon chopped fresh rosemary

1/2 teaspoon fennel seeds

2 cups imported olives (black, green or a mix) (about 3/4 pound)

 

1. Combine the olive oil, vinegar, bay leaves and garlic in a small saucepan and heat just until warm over low heat. Remove from the heat and stir in the lemon rind, thyme, rosemary and fennel seeds.

2. Place the olives in a wide mouthed jar and pour in the olive oil mixture. Shake the jar to coat the olives. Refrigerate for two hours or for up to two weeks. Shake the jar a few times a day to redistribute the seasonings.

Yield: 2 cups, serving 12

Advance preparation: These will keep for about two weeks in the refrigerator.

Nutritional information per ounce (does not include marinade): 43 calories; 4 grams fat; 0 grams saturated fat; 0 grams polyunsaturated fat; 3 grams monounsaturated fat; 0 milligrams cholesterol; 1 gram carbohydrates; 0 grams dietary fiber; 468 milligrams sodium (does not include salt to taste); 0 grams protein

 

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Feds call for new safety review of airport scanners

Responding to critics, the Department of Homeland Security is launching another safety study of full-body scanners used to screen passengers at the nation's airports.

The Department of Homeland Security, which oversees the Transportation Security Administration, plans to award a contract to the National Academy of Sciences to perform the review.

But the nonprofit group of scientists will only be asked to review previous studies on the safety of a particular type of scanner used by the TSA.

The study comes in response to pressure from TSA critics, including Sen. Susan Collins (R-Maine), who introduced a bill this year to test the safety of the scanners.

[Updated, 3:35 p.m. Dec. 20: In a statement, Collins said she welcomes the new review.

"While TSA has told the public that the amount of radiation emitted from these machines is small, passengers and some scientific experts have raised questions about the impact of repeated exposure to this radiation," she said.] 

In an interview, TSA Administrator John Pistole said several previous studies have already shown the scanners do not expose passengers to dangerous levels of radiation, even for frequent travelers.

But he said he welcomes another study to address the concerns of members of Congress. "After all, they fund us," he said of the Senate and House.

The TSA uses two types of full-body scanners, both of which help the agency look for objects hidden under the clothes of passengers. About half of those scanners expose passengers to X-rays to see through their clothes, with the rest using non-ionizing radio frequency energy, known as millimeter waves.

The scanners that use X-rays, or backscatter technology, have received the most criticism from passenger advocates and scientists, including professors from UC San Francisco. The European Union last year banned the use of backscatter scanners at European airports over health concerns.

The Department of Homeland Security posted an advisory last week, saying it was awarding the National Academy of Science a contract to convene a committee to review whether exposure to backscatter scanners complies with health standards. The academy also is asked to determine whether the design of the machines and the procedures used by TSA staff prevent overexposure of radiation to travelers and the workers.

The proposal does not say when the academy should complete its review.

ALSO:

How new TSA body scans will work

TSA scanners pose negligible risk to passengers, new test shows

LAX's controversial full-body scanners out; new, faster scanners in

Follow Hugo Martin on Twitter at @hugomartin

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Theater review: Hilarious, hometown 'Book of Mormon'

Most of the audience flocking to “The Book of Mormon,” which officially descended on Chicago Wednesday night like satirical manna from some warped “South Park” heaven, are looking for amusement and escape. They'll surely find salvation from the rough old world in this new production of the deliciously over-eager 2011 Broadway hit, newly crafted for Chicago with a clutch of utterly committed, fresh-faced, faux-Mormon lads.

The true revelation in this brand new Chicago production — directed by Casey Nicholaw and Trey Parker and that stands up well to the original Broadway edition — is one Ben Platt, a hilariously funny young actor who finds an entirely different way into Elder Cunningham, the loser-geek Mormon, first played in New York by Josh Gad. He is the partner on this mission to Uganda for the alpha Elder Price (Nic Rouleau, who comes direct from Broadway and is also sharp and generally terrific, although very much in the original mold of the role). Platt, whose comic instincts are exquisite, really leans into this part, throwing himself out there with the abandonment of youth and shrewdly pushing the sincerity and charm of the character while downplaying the obvious manifestation of his quirks. Physical resemblance notwithstanding, Platt kicks the dangerous Jonah Hill-like cliches half way to Christendom, and makes the sidekick role about four times as funny and ten times as believable. He's no “American Idol” vocalist, but you won't care.

Laughs flow like Mormon wagon trains rolling West. But “The Book of Mormon,” like the enigmatic volume it lampoons so mercilessly, is actually a many-layered beast and therein, verily, lies its brilliance.

I'll try and not spoil narrative surprises. Somehow, the writing and composing team of Trey Parker, Robert Lopez and Matt Stone managed to poke wicked fun at the all-American religion without frying on the third rail of religious faith — and all the while convincing their audience that they actually are enjoying a rather sweet show.

“The Book of Mormon” is exquisitely toned. It brilliantly exploits the protection afforded by edges and extremes and mitigates its use of gags about such comedic untouchables as Jesus Christ, AIDS, Africa and genital mutilation (and those are the printable topics) with an earnestness impossible for even a nervous prude to resist. On Wednesday, those prudes were sputtering into their shirt collars with mirth.

In terms of risky content, “The Book of Mormon” makes the Monty Python boys look like they were writing the Acts of the Apostles. Yet it has a sweetness that few other satirical dramatic works have achieved. These Mormons are so lovable you feel half-inclined to take a couple of ‘em home with you. (It’s not like anyone ever wanted to give Mel Brooks a hug.)

Thanks mostly to Lopez, the show not only has a strikingly traditional and whip-tight musical structure; fans of the genre will recognize little stylistic spoofs of “Defying Gravity” from “Wicked,” “Tomorrow” from “Annie” and, of course, the hilarious Act 2 centerpiece wherein earnest Ugandans mangle Mormon doctrine in a skewering of “The Small House of Uncle Thomas” from “The King and I.” Jesus also looks remarkably like Prince Herbert from “Spamalot.”

But for those who hate musicals — and plenty of “South Park” fans are in that category — the caustic, relentless Parker-Stone worldview is very much is in evidence—especially in the truly inspired “spooky Mormon Hell” nightmare sequence centered on Adolf Hitler, Johnnie Cochran (“if it don't fit ..”) and dancing cups of illicit, mock Starbucks. These, they declare, are what keeps the members of the Church of Jesus Christ of Latter-day Saints awake at night. They may well be right. This show steers closer to the truth than you might think.

On a further viewing, I was blown away again by the disciplined narrative logic these writers applied to their outrageous storytelling. That's what comes of creating a TV show from whole imaginative cloth, almost every week for 16 years. One learns how to ensure the outlandish makes perfect sense.

Look behind the gags and you can find much pondering of the central problem faced by all people of faith: the apparent inability of religion to end the suffering of the innocent. You can find discussion of how faith is an all-or-nothing proposition; who could believe about 50 percent of Mormonism? The show lampoons the ability of persons of faith to compartmentalize and, most brilliantly of all, the pervasive nature of racial condescension. Indeed, it's in the racial arena (speaking of third rails) that this show is at its most risky and most admirable, as when white Mormon missionaries sing “We Are Africa” (a dead-on take-down of the smugness of “We Are the World”) even as actual Africans (well, African characters) stare at them in quiet amazement. Chicago actor James Vincent Meredith, who plays Mafala likes he's doing Athol Fugard, is a huge asset to the show.

The one performer who needs work is Syesha Mercado, who plays the lead ingenue role of Nabulungi (her name is constantly bungled as “Neutrogena” and the like by Elder Cunningham). Mercado sings well, albeit at a certain remove, but she has yet to grab hold of the necessary vulnerability of her character and hit the lyrical gags. She was a late replacement and surely will improve with time. Pierce Cassedy, as Elder McKinley (a Mormon who insists on turning off his gay identity) is hilarious and, more importantly, very poignant.

With tickets this scarce and prices this high, you might well wonder if “The Book of Mormon” is worth your time and elevated expectations. Be not afraid, suburban pilgrim. The Chicago production pulses with the just the right combination of Broadway production values, proven material, sufficient buy-in by the original creative team (who all took a bow on opening night) and new young men on a mission, not quite from God.

cjones5@tribune.com

Twitter@ChrisJonesTrib

THE BOOK ON ‘THE BOOK': Check out the Tribune's site dedicated to all things “Book of Mormon,” at chicagotribune.com/bookofmormon.

When: Through June 2

Where: Bank of America Theatre, 18 W. Monroe St.

Running time: 2 hours, 30 minutes

Tickets: $42-$107 at 800-775-2000, broadwayinchicago.com

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Brazilian company releases the ‘IPHONE’ after trademarking the name back in 2000

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$66M Kinkade estate dispute secretly settled

SAN JOSE, Calif. (AP) — Thomas Kinkade‘s widow and girlfriend have reached a settlement after a dispute over the late artist’s $ 66 million estate, their attorneys said Wednesday.

The San Jose Mercury News reports (http://bit.ly/Wq5kti ) that counsel for Nanette Kinkade and his girlfriend Amy Pinto announced the settlement but wouldn’t provide further details, leaving it unclear who will inherit Kinkade’s San Francisco Bay area mansion and his warehouse of paintings.

In a statement, they said the women kept Kinkade’s message of “love, spirituality and optimism” in their amicable resolution.

The dispute went public after the 54-year-old artist died April 6 from an accidental overdose of alcohol and prescription tranquilizers.

Pinto, who began dating Kinkade six months after his marriage of 28 years imploded, claimed Kinkade wrote two notes bequeathing her his mansion and $ 10 million to establish a museum of his paintings. Her lawyers filed court papers stating that she and Kinkade had planned to marry as soon as his divorce went through.

Nanette Kinkade disputed those claims and sought full control of the estate. She portrayed Pinto in court papers as a gold-digger who is trying to cheat the artist’s rightful heirs.

Kinkade, the self-described “Painter of Light,” was known for sentimental scenes of country gardens and pastoral landscapes. His work led to a commercial empire of franchised galleries, reproduced artwork and spin-off products that was said to fetch some $ 100 million each year in sales.

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Europe Proposes New Tobacco Rules

BRUSSELS — Health warnings should cover 75 percent of cigarette packs but governments should also have leeway to require plain packaging, the European Commission said Wednesday.

Yves Logghe/Associated Press

European Commissioner for Health and Consumer Policy Tonio Borg held up a mock package of cigarettes during a news conference on proposals to revise the Tobacco Products Directive, at the European Commission headquarters in Brussels on Wednesday.

The commission’s proposal would also ban cigarettes containing large quantities of flavorings including menthol and vanilla, restrict the sale of slimmer cigarettes and maintain a ban in most of the European Union on a form of chewing tobacco called snus.

The proposals still are less strict than in Australia, where a prohibition on logos and colorful designs went into effect this month. But the proposed ban on slim and super-slim cigarettes that are marketed to young women “is a positive development and a world first,” said the Smoke Free Partnership, a European organization that promotes tobacco control and research.

Tonio Borg, the E.,U. commissioner for health and consumer policy, said the overall goal of the so-called Tobacco Products Directive was to make smoking less attractive and to discourage young people from tobacco consumption.

“Consumers must not be cheated,” Mr. Borg said. “Tobacco products should look and taste like tobacco products, and this proposal ensures that attractive packaging and flavorings are not used as a marketing strategy.”

But Unitab, a European association of tobacco growers, said regulators had declared “total war” on their industry. The increased restrictions on branding would make price the deciding factor in tobacco sales; that in turn would favor suppliers from countries with lower production costs and put thousands of jobs in Europe at risk, the association said.

Written health warnings already must cover about 40 percent of a cigarette pack in the Union, although some countries also use pictorial warnings. In the future, Mr. Borg would like pictorial warnings to be mandatory, and for the warnings to cover three-quarters of the front and back of each pack of cigarettes, and half of each side.

E.U. officials conceded that the entire top and bottom sides of cigarette packs sold in Europe still could be used for branding under Mr. Borg’s proposals. Member states could opt to require plain packaging, however.

The directive also would require that smokeless electronic cigarettes providing more than a certain amount of nicotine should be available only in outlets like pharmacies. National or Europe-wide “test panels” would determine what quantities of flavoring like menthol should be banned, they said.

Much of the interest in the legislation in recent months had focused on apparent attempts to influence its wording.

Mr. Borg’s predecessor, John Dalli, resigned in October after the commission concluded that he had probably known about an attempt by a lobbyist to solicit a multimillion-dollar payoff in exchange for easing the ban on snus. The product can be sold only in Sweden, where some people consider it a safer alternative to smoking.

Mr. Dalli denied the allegations and said he was forced to resign under pressure from José Manuel Barroso, the president of the commission. Mr. Dalli also said his ouster had jeopardized chances for the revised directive to be passed before the current term of the European Parliament, which must approve the legislation, expires in 2014.

Mr. Borg suggested Wednesday that the law still could be adopted before the Parliament’s term expires, and go into force in 2015 or 2016.

But the Smoke Free Partnership warned that lobbying still could water down the proposals on labeling and packaging, as well as the ban on flavors and slim cigarettes. Governments and members of the European Parliament “are likely to face attempts by the tobacco industry to further block, weaken and delay this important legislation,” said Florence Berteletti Kemp, the director of the partnership.

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Chicago electric bills set to rise $1 a month next year

In the new year Chicago area residents can expect to pay about $1 more per month on average to have ComEd deliver electricity to their homes.

The new rates, approved Wednesday by the Illinois Commerce Commission, affect all 3.7 million residential electricity customers in ComEd's service territory, including those who have switched to other suppliers. ComEd, which owns the wires that flow into homes, delivers electricity and is responsible for fixing outages regardless of which company supplies the power.

The rate "update" is the second under a law enacted in 2011 that changed the way electricity delivery rates are determined. Rather than intensely debated court-like proceedings, electric rates are now set according to a fill-in-the blank formula. The formula devised by the ICC in May, however, has been controversial. ComEd has taken the regulators to court over 12 items that amount to $100 million per year for the utility.

For now, ComEd must use the formula.

Consumers saw lower bills through 2012 with thhe first electricity rates set under the law. Despite Wednesday's hike, customer bills remain lower than they were before the Energy Infrastructure and Modernization Act was passed. That law allows ComEd to charge customers to modernize the electric grid and recover those costs each year.

ComEd will file for another rate update in May to take effect in January 2014.

Separately, the ICC approved an electricity procurement plan by the Illinois Power Agency -- the government agency that procures electricity on behalf of ComEd and Ameren for  customers who continue to have their electricity both supplied and delivered by their legacy utility -- that has it not purchasing additional power in the New Year. The agency said that with about 1.5 million residential electricity customers recently fleeing for alternative electricity suppliers,  it has enough power on hand to serve the customers who remain.

At the same time, the plan helps a so-called clean coal plant slated for Morgan County, Ill. clear a major financial hurdle by requiring the state's electric utilities to purchase electricity from the power plant for 20 years. The federally-backed FutureGen project, long stalled, would mean retrofitting a coal plant in Merdosia in order to largely prevent carbon dioxide and other pollutants from entering the atmosphere. The plant is not expected to generate electricity until 2017 but its backers needed to prove the plant would have customers ready to purchase the electricity in order to receive government approval to move forward with preliminary design, pre-construction and engineering work.  

jwernau@tribune.com

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Document shows CPS had detailed school closing plans

An internal Chicago Public Schools document obtained by the Tribune shows for the first time that the Emanuel administration has weighed how many elementary and high schools to close in which neighborhoods and how to manage the public fallout.

Labeled a "working draft," the Sept. 10 document lays out the costs and benefits of specific scenarios — revealing that the administration has gone further down the path of determining what schools to target than it has disclosed.

While schools are not listed by name, one section of the document contains a breakdown for closing or consolidating 95 schools, most on the West and South sides, as well as targeting other schools to be phased out gradually or to share their facilities with privately run charter schools.

Mayor Rahm Emanuel and his top school leaders have said they are in the early stages of making difficult decisions and that the city cannot afford to keep operating deteriorating schools with dwindling student populations in the face of a billion-dollar budget deficit. The document goes well beyond what the administration has outlined to the public.

Amid a September teachers strike, the Tribune reported that the Emanuel administration was considering plans to close 80 to 120 schools, most in poor minority neighborhoods. Administration officials have repeatedly denied they have such a figure.

"Unless my staff has a hidden drawer somewhere where they've got numbers in there, we don't have a number," schools CEO Barbara Byrd-Bennett said in November.

But the internal document, prepared at a time when school leaders faced a December deadline to make their decisions public, lays out multiple scenarios for closing neighborhood schools and adding privately run charters — a key component of Emanuel's plans for improving public education. Chicago Teachers Union members, aldermen and other charter school critics have accused the administration of favoring the charters while depriving schools in poor neighborhoods of needed improvements.

The document discusses how to deal with public reaction to school closing decisions, with ideas ranging from establishing "a meaningful engagement process with community members" to building a "monitoring mechanism to ensure nimble response to opposition to proposed school actions."

It is unclear how closely the administration is following the ideas in the 3-month-old document; sources told the Tribune the school closing plans are being constantly updated and subsequent proposals have been kept under close wraps.

The detailed document obtained by the Tribune comes from a time when a Chicago teachers strike interrupted the beginning of the school year and Jean-Claude Brizard was still Emanuel's schools chief; the embattled Brizard quit soon after. Byrd-Bennett was a top education official at CPS under Brizard and was named by Emanuel to succeed him.

CPS spokeswoman Becky Carroll said Tuesday that "this plan was proposed by past leadership at CPS and is not supported by CEO Byrd-Bennett."

"In terms of whatever document you have, I don't care when it's dated, as of today there's no list and there's no plan," Carroll said. "Maybe there were multiple, different scenarios passed around at some point, I don't know, but there's no list of schools.

"When CEO Barbara Byrd-Bennett took this position, she made it very clear that we were going to do this differently than how it's been done in the past," which is why she appointed a commission to take public input on school closings, Carroll said.

But under Byrd-Bennett's tenure, at least one of the proposals outlined in the secret document has come to pass — the idea of a five-year moratorium on further school closings after this school year.

First mention: The September document raises the idea of a moratorium that would extend beyond Emanuel's first term in office as part of the rollout of school closings. But the mayor's first public mention of a moratorium came in November, when he offered it as a sweetener that helped persuade state lawmakers to extend the December deadline for announcing school closings to March.

Critics called the delay a ploy to give opponents less time to organize against the closings. But Emanuel said school officials needed the time to gather community input on the "tough choices" about school closings.

Byrd-Bennett said her decisions on what schools to close won't come until after she receives recommendations from the commission she created. The Tribune reported last week that the commission chairman doesn't plan on issuing recommendations until days before the March 31 deadline for announcing school closings — and even then, there are no plans for the commission to identify individual schools.

While CPS has not released a list of schools to close, it has made publicly available a breakdown of how much a building is used, performance levels per school and how expensive the facility is to keep open. School officials have said underenrollment is a key factor in school closing decisions this year. The school system recently released a list of about 300 "underutilized" schools — nearly half the district — that have dwindling student populations.

But the document obtained by the Tribune contains clues as to how the administration could make those decisions.

Closing breakdown: The most stark page in the document is a graphic that breaks down the 95 schools that could be closed in each of CPS' 19 elementary and high school networks.

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