DealBook: Michael Dell’s Empire in a Buyout Spotlight

The computer empire of Michael S. Dell spreads across a campus of low-slung buildings in Round Rock, Tex.

But his financial empire — estimated at $16 billion — occupies the 21st floor of a dark glass skyscraper on Fifth Avenue in Manhattan.

It is there that MSD Capital, started by Mr. Dell 15 years ago to manage his fortune, has quietly built a reputation as one of the smartest investors on Wall Street. By amassing a prodigious portfolio of stocks, companies, real estate and timberland, Mr. Dell has reduced his exposure to the volatile technology sector and branched out into businesses as diverse as dentistry and landscaping.

Now, Mr. Dell is on the verge of making one of the biggest investments of his life. The 47-year-old billionaire and his private equity backers are locked in talks to acquire Dell, the company he started with $1,000 as a teenager three decades ago, in a leveraged buyout worth more than $20 billion. MSD could play a role in the Dell takeover, according to people briefed on the deal.

The private equity firm Silver Lake has been in negotiations to join with Mr. Dell on a transaction, along with other potential partners like wealthy Asian investors or foreign funds. Mr. Dell would be expected to roll his nearly 16 percent ownership of the company into the buyout, a stake valued at about $3.5 billion. He could also contribute additional personal money as part of the buyout.

That money is managed by MSD, among the more prominent so-called family offices that are set up to handle the personal investments of the wealthy. Others with large family offices include Bill Gates, whose Microsoft wealth financed the firm Cascade Investment, and New York’s mayor, Michael R. Bloomberg, who set up his firm, Willett Advisors, in 2010 to manage his personal and philanthropic assets.

“Some of these family offices are among the world’s most sophisticated investors and have the capital and talent to compete with the largest private equity firms and hedge funds,” said John P. Rompon, managing partner of McNally Capital, which helps structure private equity deals for family offices.

A spokesman for MSD declined to comment for this article. The buyout talks could still fall apart.

In 1998, Mr. Dell, then just 33 years old — and his company’s stock worth three times what it is today — decided to diversify his wealth and set up MSD. He staked the firm with $400 million of his own money, effectively starting his own personal money-management business.

To head the operation, Mr. Dell hired Glenn R. Fuhrman, a managing director at Goldman Sachs, and John C. Phelan, a principal at ESL Investments, the hedge fund run by Edward S. Lampert. He knew both men from his previous dealings with Wall Street. Mr. Fuhrman led a group at Goldman that marketed specialized investments like private equity and real estate to wealthy families like the Dells. And Mr. Dell was an early investor in Mr. Lampert’s fund.

Mr. Fuhrman and Mr. Phelan still run MSD and preside over a staff of more than 100 overseeing Mr. Dell’s billions and the assets in his family foundation. MSD investments include a stock portfolio, with positions in the apparel company PVH, owner of the Calvin Klein and Tommy Hilfiger brands, and DineEquity, the parent of IHOP and Applebee’s.

Among its real estate holdings are the Four Seasons Resort Maui in Hawaii and a stake in the New York-based developer Related Companies.

MSD also has investments in several private businesses, including ValleyCrest, which bills itself as the country’s largest landscape design company, and DentalOne Partners, a collection of dental practices.

Perhaps MSD’s most prominent deal came in 2008, in the middle of the financial crisis, when it joined a consortium that acquired the assets of the collapsed mortgage lender IndyMac Bank from the federal government for about $13.9 billion and renamed it OneWest Bank.

The OneWest purchase has been wildly successful. Steven Mnuchin, a former Goldman executive who led the OneWest deal, has said that the bank is expected to consider an initial public offering this year. An I.P.O. would generate big profits for Mr. Dell and his co-investors, according to people briefed on the deal.

Another arm of MSD makes select investments in outside hedge funds. Mr. Dell invested in the first fund raised by Silver Lake, the technology-focused private equity firm that might now become his partner in taking Dell private.
MSD’s principals have already made tidy fortunes. In 2009, Mr. Fuhrman, 47, paid $26 million for the Park Avenue apartment of the former Lehman Brothers chief executive Richard S. Fuld. Mr. Phelan, 48, and his wife, Amy, a former Dallas Cowboys cheerleader, also live in a Park Avenue co-op and built a home in Aspen, Colo.

Both are influential players on the contemporary art scene, with ARTNews magazine last year naming each of them among the world’s top 200 collectors. MSD, too, has dabbled in the visual arts. In 2010, MSD bought an archive of vintage photos from Magnum, including portraits of Marilyn Monroe and Mahatma Gandhi, and has put the collection on display at the University of Texas, Mr. Dell’s alma mater.

Just as the investment firms Rockefeller & Company (the Rockefellers, diversifying their oil fortune) and Bessemer Trust (the Phippses, using the name of the steelmaking process that formed the basis of their wealth) started out as investment vehicles for a single family, MSD has recently shown signs of morphing into a traditional money management business with clients beside Mr. Dell.

Last year, for the fourth time, an MSD affiliate raised money from outside investors when it collected about $1 billion for a stock-focused hedge fund, MSD Torchlight Partners. A 2010 fund investing in distressed European assets also manages about $1 billion. The Dell family is the anchor investor in each of the funds, according to people briefed on the investments.

MSD has largely remained below the radar, though its name emerged a decade ago in the criminal trial of the technology banker Frank Quattrone on obstruction of justice charges. Prosecutors introduced an e-mail that Mr. Fuhrman sent to Mr. Quattrone during the peak of the dot-com boom in which he pleaded for a large allotment of a popular Internet initial public offering.

“We know this is a tough one, but we wanted to ask for a little help with our Corvis allocation,” Mr. Fuhrman wrote. “We are looking forward to making you our ‘go to’ banker.”

The e-mail, which was not illegal, was meant to show the quid pro quo deals that were believed to have been struck between Mr. Quattrone and corporate chieftains like Mr. Dell — the bankers would give executives hot I.P.O.’s and the executives, in exchange, would hold out the possibility of giving business to the bankers. (Mr. Quattrone’s conviction was reversed on appeal.)

The MSD team has also shown itself to be loyal to its patron in other ways.

On the MSD Web site, in the frequently asked questions section, the firm asks and answers queries like “how many employees do you have” and “what kind of investments do you make.”

In the last question on the list, MSD asks itself, “Do you use Dell computer equipment?” The answer: “Exclusively!”

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This post has been revised to reflect the following correction:

Correction: January 18, 2013

An earlier version of this article misstated when an MSD affiliate raised money from outside investors for a hedge fund. It was last year, not earlier this year. The article also misstated which hedge fund and its focus. It was MSD Torchlight Partners, a stock-focused hedge fund, not MSD Energy Partners, an energy-focused hedge fund.

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European regulators ground the Boeing 787 Dreamliner

European regulators ordered all Boeing 787 Dreamliners grounded Thursday, following the lead of U.S. aviation safety officials. (David McNew / Getty Images / January 17, 2013)

By Henry Chu

January 17, 2013, 2:27 a.m.

LONDON – European air-safety officials followed their American counterparts’ lead Thursday by grounding Boeing 787 Dreamliner jumbo jets after a series of worrisome incidents aboard the new aircraft.

The European Aviation Safety Agency, or EASA, announced that it was adopting the Federal Aviation Administration’s directive, issued Wednesday, ordering all 787s taken out of service. Jeremie Teahan, a spokesman for the EASA, said the action was taken “to ensure the continuing airworthiness of the European fleet.”

As a practical matter, the decision by European regulators will affect only two 787s being used by the Polish airline LOT. But the move increases pressure on Boeing, which insists that its new passenger jet is safe but has promised to work with the FAA to resolve any concerns.

Doubts about the 787’s safety grew after a fire aboard a plane parked at Boston’s airport and an emergency landing by an All Nippon Airways flight whose crew reported a strange smell and noticed indications of a problem with a lithium-ion battery.

The FAA’s directive was issued less than a week after U.S. transport officials deemed the 787 safe to fly. The agency said that Boeing now had to “address a potential battery fire risk in the 787.”

Teahan said the EASA would “carefully monitor the situation and is prepared to provide any support the FAA may require in their investigation.”

ALSO:

London copter crash kills 2

FAA grounds entire fleet of Boeing 787s

Germany to bring home its gold by 2020

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Secret Nuclear Redesign Will Keep U.S. Subs Running Silently for 50 Years

The U.S. Navy is betting the future of its submarine force on a secret and revolutionary nuclear drive system that aspires to be more efficient and quieter than anything under the water today.

The heart of the planned ballistic missile Ohio Replacement (OR) program will be built around a drive that will not need to be refueled for the 50-year life of the boats and cuts out potentially noisy direct mechanical connection to the drive train. In other words, the Navy’s next-gen subs could be almost silent, and keep running for a half-century straight.

The Navy’s ballistic missile fleet, or boomers, rely on stealth to hide from rival boats, ships and sub-hunting aircraft. The quieter the boat, the harder it is to find. (And these boats are big: the current Ohio boomer is more than a football field and half long displacing 19,000 tons.)

Now the Navy is developing an innovation that attempts to give OR boomers the quietest nuclear engine yet by “going to [an] electric drive,” Sean Stackley, the Navy’s chief weapons buyer, said in a January interview with the U.S. Naval Institute.

Current boomers have a direct mechanical connection to the props that drive the boat. Steam turbines driven by the nuclear power plant go through a series of mechanical gears that translate the high torque power from the nuclear plant into lower torque energy needed to propel the ship. All of those mechanical connections can generate noise, the bane of the submariner.

Moving forward, the Navy wants to use the power from the reactor to create an elaborate electrical grid inside of the submarine. The reactor power would feed the grid and in turn the electric motors that would drive the boats. Eliminating the mechanical connection would mean less noise under water. The set up would also free up power previously devoted to driving the ship. Currently anywhere from 75 to 80 percent of the power from a nuclear submarine is devoted to driving the ship through the water. Extra power could be routed to other systems like sonars and potentially unmanned underwater vehicles.

This will be the second try for the Navy to use electric drive subs. The service experimented with the technology in the 1960s and 1970s but found the boats equipped with the drives to be underpowered and maintenance heavy.

Unlike other programs, the Navy hasn’t gone out of its way to tout the electric drive technology it plans to use for the OR boomers. A 2010 Analysis of Alternatives for the OR program, then known as the SSBN(X), was closely held by the service. Gene Taylor, the chairman of the Seapower subcommittee of the House Armed Services Committee at the time, demanded publicly that Congress get a chance to evaluate the proposal. He lost his 2010 election and the Navy kept specifics mostly quiet.

Among the details they have discussed, in addition to the electric drive, is the development of a new nuclear power plant for the OR boats.

“There is investment in the front end in the reactor plant to arrive at a core that will last the life of the boat,” Stackley said.

Now, the Navy’s nuclear fleet requires a mid-life refueling and overhaul that can keep a ship or submarine out of commission for almost three years with a cost in the billions.

“By eliminating that midlife refueling, you effectively get greater operational availability out of the boat,” Stackley said.

The standard ratio for ballistic missile submarines on patrol to subs in port is about four to one. Currently the navy fields 14 Ohio-class boomers packing 24 Trident II D5 intercontinental ballistic missiles. (The first four Ohios were converted to carry missiles with conventional warheads).

“There are still going to be midlife upgrades but the refueling portion is effectively eliminated which allows us to reduce from today’s 14 Ohios to reduce down to 12 Ohio Replacements,” Stackley said.

The original Ohio-class builder General Dynamics Electric Boat hasn’t built a boomer in more than 20 years and the durability of the drive and the boats to last until 2080 is a tall order.

Added to the pressure is a Pentagon imposed cost cap that reduce the cost of the boat from about $7 to 8 billion down to $4.9 billion. But the Navy will have little margin for error if they want to keep the price tag that low.

The Navy has already delayed work two years as part of its 2013 budget. Currently the first OR boat is scheduled to begin construction in 2021 for a decade-long construction and development process. The super-silent boat is scheduled to make its first patrol in 2031. After that, you may never hear from it again.

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Sniping, then singing as ‘American Idol’ returns

LOS ANGELES (AP) — There was no hair-pulling between Mariah Carey and Nicki Minaj on the season debut of “American Idol,” although some viewers may have been reduced to it.

The pop divas exchanged insults worthy of middle schoolers, fellow freshman judge Keith Urban looked trapped between them, and there was a whiff of make-believe Wednesday about the show’s touted feud.

“We can have accessories. I didn’t know that was allowed. That’s all I’m gonna say,” Carey commented archly about Minaj’s flashy, drum major-style hat.

The rapper took offense.

“Why’d you have to reference my hat?” Minaj said, with Carey then accusing Minaj of rudeness to her during an earlier elevator meeting.

Mercifully, a contestant arrived to break up the bickering and remind us that we tuned in to a talent show, not an episode of “Real Housewives of American Idol.”

When the action resumed, Minaj demonstrated a magnificent talent for eye-rolling and upped the ante with a muttered insult.

“If she called me something that begins with a ‘b’ and ends with an ‘itch,’ I rebuke it,” Carey declared.

Whether the clash is real or not, Minaj’s scrappiness came off as far more entertaining than Carey’s demure, even queenly manner. Carey is getting a truly royal paycheck: $ 18 million, to Minaj’s $ 12 million.

The award for least self-absorbed judge goes to genial country singer Urban.

The two-hour episode opened by showcasing last year’s winner, Phillip Phillips, and those alumni with established careers, including Carrie Underwood, Kelly Clarkson and Jennifer Hudson.

Then host Ryan Seacrest brought “American Idol” back down to earth and to its new judges.

“Our legacy continues as a new era begins,” he said, reciting the panelists’ resumes, including record sales, Grammys won and, in Carey’s case, vocal range (five octaves, “the definition of diva,” Seacrest said).

Cue the parade of good, bad and touching performances and biographies, with contestants facing serious challenges once again an “Idol” hallmark.

The judges, including veteran Randy Jackson, hardened their hearts and rejected a young man who had lost a leg to cancer but melted for a teenage girl whose family fosters children with medical concerns and another singer with partial hearing loss.

Forty-one people survived the New York auditions to sing another day in the Hollywood rounds, with the action moving to Chicago on Thursday’s episode.

“I feel like we jell well in a weird, crazy way,” Minaj declared optimistically of the panel near the episode‘s conclusion.

Fox certainly hopes so. Last season, “Idol” lost its status as the most-watched TV program for the first time since 2003, eclipsed by NBC’s “Sunday Night Football,” and pegged its lowest-rated season since it debuted in summer 2002.

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Online:

http://www.fox.com

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The New Old Age Blog: Officials Say Checks Won't Be in the Mail

The jig is up.

Two years ago, the Treasury Department initiated its Go Direct campaign to persuade people still receiving paper checks for their Social Security, Veterans Affairs, S.S.I. and other federal benefits to switch to direct deposit.

“At that point, we were issuing approximately 11 million checks each month,” or about 15 percent of the total, Walt Henderson, director of the campaign, told me.

After putting notices in every monthly check envelope, circulating public service announcements and putting the word out through banks, senior centers, the Red Cross, AARP and other organizations, the Treasury Department has since shrunk that number to five million monthly checks.

That means 93 percent of those getting federal benefits are using direct deposit or, if they prefer or lack a bank account, a Direct Express debit card that gets refilled each month and can be used anywhere that accepts MasterCard.

“So people have been getting the word and making the switch,” Mr. Henderson said. Now, federal officials are pushing the last holdouts to convert to direct deposit by March 1.

Although officials say the change is not optional, the jig isn’t entirely up. If you or your older relative does not respond to their pleading, “we’re not going to interrupt their payments,” Mr. Henderson said. But the department will start sending letters urging people to switch.

The major motive is financial: shifting the last paper checks to direct deposit or a debit card (only 2 percent of recipients go that route) will save $1 billion over the next decade, the department estimates.

But safety enters the picture, too. One reason some beneficiaries resist direct deposit, Mr. Henderson said, is that they fear their electronic deposits can be hacked or diverted. Having grown up in a predigital age, perhaps they feel safer with a check in their hands.

But they probably aren’t. In 2011, the Treasury Department received 440,000 reports of lost or stolen benefits checks. With direct deposit, “there’s no check lingering unattended in a mailbox,” Mr. Henderson noted.

The greater reason for sticking with paper is probably simple inertia. “It’s human nature to procrastinate,” he said.

But unless you or your relatives want a series of letters from the Treasury Department, it is probably time for the last fence-sitters to get with the program.

They don’t need to use a computer. People can switch to direct deposit, or get the debit card, at their banks or the local Social Security office. More simply, they can call a toll-free number, (800) 333-1795, and have agents walk them through the change. Or they can sign up online at www.GoDirect.org.

They will need:

1. Their Social Security number.
2. The 12-digit federal benefit number found on their checks.
3. The amount of the most recent check.
4. And, for direct deposit, a bank or credit union routing number, usually found on the front of a check. They can have direct deposit to a savings account, too.

A caution for New Old Age readers: If you think your relative has not switched because he or she is cognitively impaired and can no longer handle his finances, you can be designated a representative payee and receive monthly Social Security or S.S.I. payments on your relative’s behalf. This generally requires a visit to your local Social Security office, documentation in hand.

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Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”

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Regulators Around the Globe Ground Boeing 787s

Kyodo News, via Reuters

The 787 that made an emergency landing in Japan on Wednesday. All 137 passengers and crew members were evacuated safely.

Regulators around the globe ordered the grounding of Boeing 787s on Thursday until they could determine what caused a new type of battery to catch fire on two planes in recent days.

The directives in Europe, India and Japan followed an order Wednesday by the U.S. Federal Aviation Administration grounding the planes operated by U.S. carriers.

The decisions are a result of incidents involving a plane that was parked in Boston and one in Japan that had to make an emergency landing Wednesday morning after an alarm warning of smoke in the cockpit.

In Japan on Thursday, the transportation ministry issued a formal order to ground all 787s indefinitely, until concerns over the aircraft’s battery systems are resolved. All Nippon Airways and Japan Airlines had already voluntarily grounded their 787s on Wednesday, leading to more than two dozen canceled flights.

European safety regulators also said they would ground Dreamliners, affecting LOT of Poland, the only carrier that operates the jets in that region. In India, the aviation regulator grounded all six of the 787s operated by the state-owned carrier Air India.

LAN Airlines of Chile said it was following suit, acting in coordination with the Chilean Aeronautical Authority.

And on Thursday, Qatar Airways said it would follow the F.A.A.’s decision and ground its five 787s, effective immediately.

The F.A.A.’s emergency directive, issued Wednesday night, initially applies to United Airlines, the only American carrier using the new plane so far, with six 787s.

Boeing, based in Chicago, has a lot riding on the 787, and its stock dropped nearly 3.4 percent Wednesday to $74.34. The company has outlined ambitious plans to double its production rate to 10 planes a month by the end of 2013. It is also starting to build a stretch version and considering an even larger one after that.

“We are confident the 787 is safe and we stand behind its overall integrity,” Jim McNerney, Boeing’s chief executive, said in a statement.

The grounding — an unusual action for a new plane — focuses on one of the more risky design choices made by Boeing, namely to make extensive use of lithium-ion batteries aboard its airplanes for the first time.

Until now, much of the attention on the 787 was focused on its lighter composite materials and more efficient engines, meant to usher in a new era of more fuel-efficient travel, particularly over long distances. The batteries are part of an electrical system that replaces many mechanical and hydraulic ones that are common in previous jets.

The 787’s problems could jeopardize one of its major features, its ability to fly long distances at a lower cost. The plane is certified to fly 180 minutes from an airport. The U.S. government is unlikely to extend that to 330 minutes, as Boeing has promised, until all problems with the plane have been resolved.

For Boeing, “it’s crucial to get it right,” said Richard L. Aboulafia, an aviation analyst at Teal Group in Fairfax, Virginia. “They’ve got a brief and closing window in which they can convince the public and their flying customers that this is not a problem child.”

In Japan on Thursday, government investigators examined the 787 that made the emergency landing. Footage on the public broadcaster, NHK, showed officials removing a charred and swollen lithium-ion battery pack from the front of the plane.

Corrosive liquid appeared to have leaked out of the batteries, leaving streaks on their blue casing, said Hideo Kosugi, a safety official who is head of the inquiry. Investigators also found black discolorations outside exhaust vents on the plane, which suggested that there had been smoke inside the aircraft at one point.

“The batteries have retained their basic shape, but are black all over,” Mr. Kosugi said. Something caused the battery to overheat and spew liquid, he added, “but we still do not know what is the cause.”

The 787 uses two identical lithium-ion batteries, each about one and a half to two times the size of a typical car battery. One battery, in the rear electrical equipment bay near the wings, is used to start the auxiliary power unit, a small engine in the tail that is used most often to provide power for the plane while it is on the ground. The other battery, called the main battery, starts the pilot’s computer displays and serves as a backup for flight systems.

The maker of the 787’s batteries, GS Yuasa of Japan, has declined to comment on the problems.

Boeing has defended the novel use of the batteries and said it had put in place a series of systems meant to prevent overcharging and overheating.

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Confession could be bad for Lance Armstrong's bank account

Now that Lance Armstrong has finally admitted to using performance-enhancing drugs during his storied athletic career, the shamed cyclist could be pulled into courtrooms around the globe for legal battles with people seeking millions of dollars.

That's one of the many downsides to the confession of a once-adored athlete who for more than a decade not only denied doping but aggressively counterattacked his accusers.

But a significant question remains about whether there is an upside to his coming clean in an interview with Oprah Winfrey scheduled to air later this week.

The confession potentially represents a first step in trying to rebuild his tarnished public image. It might also help in persuading sports officials to reduce his lifetime ban so that the 41-year-old might someday compete in sanctioned triathlons and marathons.

Armstrong faces an uphill climb.

"For him to chart a course to redemption is really complicated and would take a lot of time," said Adam Hanft, a branding and crisis communications strategist. "It's not going to be reversed with a TV appearance."

In his 21/2-hour interview at a downtown Austin, Texas, hotel, Armstrong was forthcoming about the doping allegations that dogged him during a career that included seven Tour de France victories, Winfrey told "CBS This Morning" on Tuesday.

"I don't think 'emotional' begins to describe the intensity or the difficulty he experienced in talking about some of these things," she said, declining to provide further details.

Armstrong has come under increasing pressure in the months since the U.S. Anti-Doping Agency enforced the ban and issued a 1,000-plus-page report that accused him of leading "the most sophisticated, professionalized and successful doping program that sport has ever seen."

With 11 former teammates providing depositions, he was stripped of his Tour championships and lost several big-money sponsors, including Nike, that had made him one of the sporting world's richest endorsers.

Now, Armstrong stands to lose a large chunk of his personal wealth, reported at about $100 million.

His most pressing concern appears to be a federal whistle-blower lawsuit filed by former teammate Floyd Landis, who was stripped of the 2006 Tour de France title for doping. The suit accuses Armstrong of defrauding the U.S. Postal Service, which sponsored his racing team for a number of years.

Armstrong's attorneys have met with government officials to discuss, among other things, how much the Postal Service was actually damaged by his misconduct, according to a person with knowledge of the situation who is not authorized to speak publicly.

During those talks, settlement figures were discussed, the person said.

A lengthy federal investigation into Armstrong and his team was dropped early last year without charges being brought. It remains to be seen whether the criminal statute of limitations has elapsed, but the Department of Justice could join in the civil suit.

The False Claims Act, the basis of whistle-blower suits, carries heavy penalties, including triple damages and fines, said Mike Morse, a Philadelphia-based lawyer who specializes in such cases.

"Violations of the federal False Claims Act can expose him to some really significant monetary damages," Morse said. "There could also be a whole host of private lawsuits."

Reacting to early allegations of Armstrong's doping, a Dallas-based promotional company declined to pay him a $5-million bonus for winning the 2004 Tour de France. He sued and received a $7.5-million settlement.

Now SCA Promotions plans to sue Armstrong to get its money back. "We do expect to file soon," said Jeffrey Dorough, the company's in-house counsel. "We don't know what impact the interview will have until we see it."

The government of South Australia state has said it will seek to recoup several million dollars in appearance fees paid to Armstrong for competing in the Tour Down Under from 2009 through 2011.

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Here They Are — The Best Comic Books of 2013!

Okay, fine: Comic books aren’t the most predictable things ever. We've seen fantastic comics take a sudden turn and become all but unreadable, and seen comics no one heard of until two seconds ago skyrocket to greatness. But we can still make some pretty good guesses about the most promising comics, graphic novels, and collected editions on the horizon -- or even if we can’t, we’re about to give it a shot. Whether you’re a long-time reader of the sequential arts or just looking for some titles to try out, here are the comics to keep your eye on in 2013.

Above:

FF, by Matt Fraction and Mike Allred (Marvel, ongoing)

It’s been a rough couple of years for superhero comics—thanks to Marvel charging as much as they can for endless “event” books, and DC still stumbling through their clumsy “New 52” reboot, it’s hard to find superhero books that are as much fun as they should be. But here’s one! Teaming up with Madman genius Mike Allred, Casanova and Invincible Iron Man writer Matt Fraction digs into the bizarre, poppy, retro fun that the Marvel Universe can still provide—what begins as just one more book about the Fantastic Four soon heads into territory that’s a lot more fun. (If FF doesn’t sate your superhero hunger, Fraction’s got another great ongoing, too: With Hawkeye, Fraction and artist David Aja have somehow given the crappiest Avenger a way better book than any of his teammates have.)

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A Minute With: Patti Smith on her photography show

TORONTO (Reuters) – Singer Patti Smith is best known for her rock ‘n’ roll songs from the punk era of the 1970s, but visitors to a new photo exhibition will see a different side of the musician, poet and artist.

The 70 photos in Toronto’s Art Gallery of Ontario (AGO) “Camera Solo” show, which runs from February 9 to May 19, include poetic images of gravestones, religious iconography and objects that belonged to dead writers and artists.

“The show expresses a lot about my inner life — about a certain vision I have of the world, my travels, my aesthetic vision and some of the wonderful things I’ve seen, the people I’ve met,” Smith said in an interview.

“Hopefully, it will inspire people to learn more about some of the artists or places I’ve shown, or to embark on their own studies or adventures.”

The 66-year-old artist, whose songs include her rendition of “Gloria” and “Because the Night,” hopes the Polaroid snapshots will rekindle a sense of appreciation for the commonplace.

The show includes photographs of photographer Robert Mapplethorpe‘s slippers, author Virginia Woolf’s bed, writer Susan Sontag’s grave and poet Arthur Rimbaud’s fork and spoon.

In a 2010 memoir “Just Kids” Smith wrote about her love affair and friendship with Mapplethorpe, which lasted until his death from AIDS-related complications in 1989 at age 42.

Smith, a mother of two was married to guitarist Fred “Sonic” Smith who died in 1994. She released the album “Banga” last year and will begin a music tour in Japan.

She spoke to Reuters about the show and Polaroid photography, a pre-digital technique that produces an instant print.

Q: What inspires you as a photographer?

A: “Truthfully, I don’t really think of myself as a photographer. I don’t have all the disciplines and knowledge of a person who’s spent their life devoted to photography. I’ve been taking pictures most of my life, but more seriously in the last decade …

“Light inspires me. I’m drawn to architecture — often graves, statues, trees — things usually that are quite still … I’ve been taking pictures continuously since 1995 until the end of Polaroid film. I’m taking very few pictures now because I have very little film left, most of it expired.

Q: Are your pictures about nostalgia or trying to hold on and remember that person?

A: It’s not nostalgia. I’m not really a nostalgic person. I’m memory-oriented, so a sense of remembrance … All of these things are to bring all these people and things up to date, to walk with us. These are artists, family, people that we love — people that pass away. We can keep them with us always.

Q: So you aren’t out there snapping everything — you are being quite selective?

A: I never snapped everything. Polaroid by its nature makes you frugal. You walk around with maybe two packs of film in your pocket. You have 20 shots, so each shot is a world.

Q: Was there anything that you learned from Mapplethorpe in doing your photography?

A: “The one thing that we had in common is that both of us had a very good sense of composition. It’s the same type of work ethic but I work quite differently. The atmosphere of my pictures is different. I drew a lot from 19th-century photographers and I don’t really strive for the things that Robert strived for — the deepest blacks and the most radiant whites.

“Robert was a real photographer. He was an artist, but he also really immersed himself in every aspect of how to project light in his work. In any event, we had a different eye, but we understood each other.

Q: How would you say photography intersects with your other creative work?

A: I think of myself really as a writer. So perhaps the pictures are somewhat literary, but I think they also stand on their own.”

Q: Do you identify with the punk scene, a romantic tradition or is it more organic?

A: “I was involved in the pre- and post-punk scene in the 1970s … I’m where I am today. I have two grown children, I’ve experienced a beautiful husband. I’m a widow. I’m doing my work. I feel unfettered by any scene. I feel like I’ve moved through many scenes, scenes before the punk movement and scenes after the punk movement, and the punk movement is in flux. It’s still going on and it was going on before it had the name “punk movement.”

Q: How do you reflect on the fact that you not only pushed music forward, but you also pushed things forward for women in the music scene?

A: “I think I work in two worlds. I’ll always try to kick through a wall. I did that when I was younger and I still have my way of doing that … People have said that I’ve opened up things for women, but look what they’ve done.”

(Editing by Patricia Reaney and Paul Casciato)

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The New Old Age Blog: In Flu Season,Use a Mask. But Which One?

Do face masks help prevent people from getting the flu? And if so, how much protection do they give?

You might think the answer to this question would be well established. It’s not.

In fact, there is considerable uncertainty over how well face masks guard against influenza when people use them outside of hospitals and other health care settings. This has been a topic of discussion and debate in infectious disease circles since the 2009 H1N1 flu pandemic, also known as swine flu.

As the government noted in a document that provides guidance on the issue, “Very little information is available about the effectiveness of facemasks and respirators in controlling the spread of pandemic influenza in community settings.” This is also true of seasonal influenza — the kind that strikes every winter and that we are experiencing now, experts said.

Let’s jump to the bottom line for older people and caregivers before getting into the details. If someone is ill with the flu, coughing and sneezing and living with others, say an older spouse who is a bit frail, the United States Centers for Disease Control and Prevention recommends the use of a face mask “if available and tolerable” or a tissue to cover the nose and mouth.

If you are healthy and serving as a caregiver for someone who has the flu — say, an older person who is ill and at home — the C.D.C. recommends using a face mask or a respirator. (I’ll explain the difference between those items in just a bit.) But if you are a household member who is not in close contact with the sick person, keep at a distance and there is no need to use a face mask or respirator, the C.D.C. advises.

The recommendations are included in another document related to pandemic influenza — a flu caused by a new virus that circulates widely and ends up going global because people lack immunity. That is not a threat this year, but the H3N2 virus that is circulating widely is hitting many older adults especially hard. So the precautions are a good idea, even outside a pandemic situation, said Dr. Ed Septimus, a spokesman for the Infectious Diseases Society of America.

The key idea here is exposure, Dr. Septimus said. If you are a caregiver and intimately exposed to someone who is coughing, sneezing and has the flu, wearing a mask probably makes sense — as it does if you are the person with the flu doing the coughing and sneezing and a caregiver is nearby.

But the scientific evidence about how influenza is transmitted is not as strong as experts would like, said Dr. Carolyn Bridges, associate director of adult immunization at the C.D.C. It is generally accepted that the flu virus is transmitted through direct contact — when someone who is ill touches his or her nose and then a glass that he or she hands to someone else, for instance — and through large droplets that go flying through the air when a person coughs or sneezes. What is not known is the extent to which tiny aerosol particles are implicated in transmission.

Evidence suggests that these tiny particles may play a more important part than previously suspected. For example, a November 2010 study in the journal PLoS One found that 81 percent of flu patients sent viral material through air expelled by coughs, and 65 percent of the virus consisted of small particles that can be inhaled and lodge deeper in the lungs than large droplets.

That is a relevant finding when it comes to masks, which cover much of the face below the eyes but not tightly, letting air in through gaps around the nose and mouth. As the C.D.C.’s advisory noted, “Facemasks help stop droplets from being spread by the person wearing them. They also keep splashes or sprays from reaching the mouth and nose of the person wearing them. They are not designed to protect against breathing in the very small particle aerosols that may contain viruses.”

In other words, you will get some protection, but it is not clear how much. In most circumstances, “if you’re caring for a family member with influenza, I think a surgical mask is perfectly adequate,” said Dr. Carol McLay, an infection control consultant based in Lexington, Ky.

By contrast, respirators fit tightly over someone’s face and are made of materials that filter out small particles that carry the influenza virus. They are recommended for health care workers who are in intimate contact with patients and who have to perform activities like suctioning their lungs. So-called N95 respirators block at least 95 percent of small particles in tests, if properly fitted.

Training in how to use respirators is mandated in hospitals, but no such requirement applies outside, and consumers frequently put them on improperly. One study of respirator use in New Orleans after Hurricane Katrina, when mold was a problem, found that only 24 percent of users put them on the right way. Also, it can be hard to breathe when respirators are used, and this can affect people’s willingness to use them as recommended.

Unfortunately, research about the relative effectiveness of masks and respirators is not robust, and there is no guidance backed by scientific evidence available for consumers, Dr. Bridges said. Nor is there any clear way of assessing the relative merits of various products being sold to the public, which differ in design and materials used.

“Honestly, some of the ones I’ve seen are almost like a paper towel with straps,” Dr. McLay said. Her advice: go with name-brand items used by your local hospital.

Meanwhile, it is worth repeating: The single most important thing that older people and caregivers can do to prevent the flu is to be vaccinated, Dr. Bridges said. “It’s the best tool we have,” she said, noting that preventing flu also involves vigilant hand washing, using tissues or arms to block sneezing, and staying home when ill so people do not transmit the virus. And it is by no means too late to get a shot, whose cost Medicare will cover for older adults.

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