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Keep abreast of evidence, don’t jump the gun on boosters — doctors 

A SENIOR citizen got injected with his first dose of the Sinovac vaccine at the Mega vaccination facility at the Marikina Sports Complex on June 15. — PHILIPPINE STAR/ MICHAEL VARCAS

By Brontë H. Lacsamana 

THOUGH booster shots of coronavirus disease 2019 (COVID-19) vaccines have been proven safe based on a few limited studies, their efficacy remains inconclusive amid ongoing trials, according to doctors in a webinar on booster shots organized by the University of the Philippines (UP).   

“More antibodies produce stronger affinity,” said the Department of Science and Technology’s Vaccine Expert Panel chief Dr. Nina G. Gloriani, referring to antibodies that develop over time after vaccination. “Therefore, there is wisdom in waiting for the right time to boost. Hindi po pwedeng agad-agad. [We can’t do it right away].”  

She cited a study by Wang et al. which found that a third booster dose of an inactivated vaccine produced better neutralization of COVID-19.  

“The optimal timing for when to get a booster also depends on each vaccine’s dosage requirement or duration of immunity,” Dr. Gloriani said. 

According to National Institutes of Health professor Dr. Marie Carmela M. Lapitan, there are, thus far, 21 reports worldwide on boosters, all of which show a significant increase in antibody titers that are effective in preventing infection — they are, however, observational studies that have short follow-ups and thus provide low certainty evidence.  

There are ongoing trials, one of which is being conducted in UP-Philippine General Hospital.  

Huwag muna tayo tumalon agad sa ating mga booster shots kung ang vaccines natin ngayon under emergency use authorization (EUA) pa,” said Food and Drug Administration (FDA) Director-General Rolando Enrique D. Domingo. “Aaralin pa natin nang husto ’yan. [Let’s not jump the gun on booster shots while our vaccines are still under EUA. We need to conduct further studies.]”  

Emergency use of booster shots, he added, will be granted on the condition that they are effective, that the potential benefits outweigh risks, and that there is no adequate alternative treatment.  

Six congressmen recently filed a resolution for the government to provide booster shots for frontline health workers and patients. While the FDA recently allowed Pfizer and Moderna vaccines to be used for children as young as 12 years, the Philippine government has said that health workers, seniors, and people with comorbidities will still be prioritized due to supply issues.   

In light of the growing number of individuals getting a third shot ahead of those who haven’t even gotten a first, the World Health Organization and the Department of Health both previously warned the public in August that boosters do not guarantee protection against the Delta variant of the coronavirus.  

The Philippines has received close to 66 million doses of coronavirus vaccines. Around 19.38 million people or 25.12% of adults had been fully vaccinated as of Sept. 22.  

Gov’t fully awards 10-year bonds at higher rate

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as its yield climbed due to concerns over rising inflation.

The Bureau of the Treasury (BTr) raised P35 billion as planned via the reissued 10-year T-bonds it offered on Tuesday. The papers have a remaining life of nine years and nine months.

The offering was more than twice oversubscribed, attracting P73.59 billion in tenders, bigger than the P61.83 billion in bids seen when the papers were last offered on Sept. 14.

This caused the Treasury to open its tap facility to raise another P5 billion from the papers.

The average yield on the 10-year bonds jumped by 44.3 basis points to 4.689% on Tuesday from the 4.246% fetched when the series was last offered.

This was also higher than 4.363% fetched for the tenor at the secondary market prior to the auction, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said the average rate of the papers offered on Tuesday tracked US Treasury yields after the Federal Reserve said it could start reducing its asset purchases by November.

The rate of the benchmark 10-year papers went up to 1.48% on Monday from just 1.31% a week ago, based on US Department of the Treasury’s website.

The Fed, following its two-day policy meeting, last week said it could begin tapering its monthly bond purchases by November if jobs data will remain strong, Reuters reported.

Interest rate hikes may also begin next year once its bond-buying program ends, as nine of 18 Fed policy makers believe borrowing costs have to increase in 2022.

The yield on the reissued 10-year bonds also rose due to higher inflation forecasts for 2021 and 2022 from the Bangko Sentral ng Pilipinas (BSP), Ms. De Leon said.

The BSP last week hiked its inflation forecasts as supply issues continue to push food prices higher. It raised its outlook for this year to 4.4% from 4.1% previously. For next year, the BSP also hiked its forecast to 3.3% from 3.1%.

Headline inflation quickened to 4.9% in August from 4% in July, its fastest pace in more than two years. This brought the eight-month average to 4.4%, above the central bank’s 2-4% target for the year.

Meanwhile, a bond trader said the rate fetched for the T-bonds was within market expectations, given the Fed’s hawkish hints and the BSP’s inflation outlook.

The trader added that the movement of bond rates will depend on the BTr’s borrowing plan for October.

“We can expect it to go higher, especially if the BTr decides to continue with the same borrowing mix for October. If there will be no 10-year paper next month, then we are likely seeing the peak for this space,” the trader said via Viber.

The BTr has raised P262 billion from the local debt market this month, excluding the results of the tap facility offer on Tuesday. This is above the P250-billion program for the month after it opened the tap facility on several occasions.

Broken down, it borrowed P185 billion via T-bonds, higher than its plan to raise P175 billion. It also raised P77 billion from the short-term T-bills, slightly higher than the P75-billion program.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — B.M. Laforga

PLDT Global, UniPin partner for online game payments

PLDT Global Corp. announced on Tuesday that it had partnered with UniPin, a digital entertainment provider for online games.

The partnership aims to provide online game vouchers and allow users to top up their accounts directly via Vortex, a digital distribution platform of PLDT Global, the international arm of PLDT, Inc.

“We recognize the growing demand for services that cater to the emerging industry of esports globally, and our partnership with UniPin allows us to provide Filipinos worldwide with digital products and services made available through Vortex,” PLDT Global Senior Vice-President and Chief Commercial Officer Albert V. Villa-Real said in an e-mailed statement.

UniPin Chief Executive Officer Ashadi Ang said the partnership will enable the two companies to build a “finely tuned” digital ecosystem for enterprises and end users.

“Aside from that, PLDT has a strong network and IT infrastructure that is essential to thrive in this digital era and help businesses harness the power of technology for growth,” he noted.

PLDT Global said UniPin serves seven million active game users across 30 countries.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Singer R. Kelly convicted of luring women, underage girls for sex

SINGER R. Kelly attends Brooklyn’s Federal District Court during the start of his trial in New York, US, Aug. 18, 2021 in a courtroom sketch. — REUTERS/JANE ROSENBERG

NEW YORK — R. Kelly was convicted by a federal jury on Monday in his sex trafficking trial, where prosecutors accused the R&B singer of exploiting his stardom over a quarter-century to lure women and underage girls into his orbit for sex.

Jurors in Brooklyn federal court deliberated for a little more than a day before voting to convict the 54-year-old Mr. Kelly on all nine counts he faced, after a 5-1/2 week trial.

A woman watching from an overflow courtroom cried as the verdict was read, as did others who had waited to learn Mr. Kelly’s fate in a park adjacent to the courthouse. One supporter played the singer’s music there, including the song “Shut Up.”

Deveraux Cannick, a lawyer for Kelly, told reporters that the defense was disappointed. “I’m sure we’ll be appealing,” he said.

Mr. Kelly faces a mandatory minimum of 10 years behind bars, and could face up to life in prison at his May 4, 2022, sentencing.

The singer, whose full name is Robert Sylvester Kelly, is one of the most prominent people tried on sex charges during the #MeToo movement, which amplified accusations that had dogged him since the early 2000s.

Like Mr. Kelly, many of his accusers were Black, differentiating the case from recent #MeToo convictions of comedian Bill Cosby and movie producer Harvey Weinstein. Mr. Cosby’s conviction was overturned in June.

Mr. Kelly had been charged with one count of racketeering and eight counts of violating the Mann Act, which prohibits transporting people across state lines for prostitution. The racketeering charge gave prosecutors leeway to offer evidence that might otherwise be too old to prosecute.

“We hope that today’s verdict brings some measure of comfort and closure to the victims,” Acting US Attorney Jacquelyn Kasulis told reporters. — Reuters

Theater-based alcohol education program addresses underage drinking  

SCREENSHOT VIA SMASHED PH 

SMASHED, a global alcohol education program, has been adapted to the local context by the Philippine Educational Theater Association (PETA) through a website (online.smashedproject.org) that includes an interactive film about three friends struggling with the misuse of alcohol.  

It will initially be rolled out in 120 schools, or 40,000 students, across Manila, Pasig, and Quezon City.  

To effectively reach the target audience of Filipino teenagers, the program “harnesses critical thinking through informed choices” and supplements this with a teachers’ guide that PETA’s curriculum committee designed, as basis for follow-up sessions on the effects of drinking, said Smashed Philippines’ Program Director Melvin E. Lee.  

The Department of Education assisted Smashed PH in adapting the program for grades 5 to 12, which already have an existing alcohol education curriculum, he added.  

Developed in the United Kingdom in 2004 by educational theater company Collingwood Learning, Smashed has since reached 1 million young people in 30 countries. The Philippines is one of several countries where the virtual program, which underwent a trial run in the UK, will be piloted on a larger scale due to the pandemic.  

“Globally, underage drinking is in decline. It’s less prevalent now than it was in the past, but that doesn’t mean the problem has gone away,” said Andy Summers, communications manager of Collingwood Learning, citing a report by the International Alliance for Responsible Drinking which found that underage consumption declined in two-thirds of 63 countries

Smashed aims to shape teenagers’ understanding and attitude towards early alcohol consumption, particularly its facts, causes, and consequences. “Early onset alcohol consumption remains a predictor of alcohol-related problems in adulthood,” Mr. Summers said. 

In the Philippines, online alcohol sales went up in the past few months due to quarantine restrictions reducing operations of bars and restaurants. This led to alcohol firms pledging to prevent online sales to minors, who continue to undergo remote learning that leaves them at home where alcohol can be easily accessed.  

The localized Smashed short film, written by Joanna Marie “J-mee” L. Katanyag and directed by Randolph Longjas, is non-linear and interactive. — Brontë H. Lacsamana

InLife expects turnaround this year

INSULAR LIFE Assurance Co., Ltd. (InLife) aims to end the year strong despite an increase in claims due to the prolonged coronavirus pandemic, its top official said.

Raoul E. Littaua, InLife’s newly appointed president and chief executive officer, said the company saw its gross premiums written climb by 52.6% to P3.54 billion in the first quarter from P2.32 billion in the same period a year ago.

The company’s new business annual premium equivalent also grew 42% to P422.21 million during the period from P297.44 million the year prior.

“What we’ve seen in the second quarter actually has been a stronger performance and this continues to be sustained all the way to this month as we approach the last quarter of the year. And I think that’s going to be sustained. We’re going to have a very good turnaround this year,” he told reporters at an online briefing on Tuesday.

Mr. Littaua expects the company to rebound from the “challenging” year it had in 2020, which was when the coronavirus pandemic hit, with lockdown restrictions affecting their ability to offer insurance products that were traditionally sold in person until the Insurance Commission (IC) allowed remote selling in early April.

“In the case of InLife, it’s also a fortunate thing that we have made investments in technology [and] in digitization way before the pandemic. InLife is the first insurance company in the country to have automated underwriting so it was fairly quick for us to move to fully digital platform,” he said.

Despite its impact on their business, Mr. Littaua said the pandemic improved awareness of the importance of insurance protection, which also helped their sales.

“[Based on] the growth in our business, we can say there’s a surge in demand for protection products. We’ve seen that in our agency channel and our bancassurance channel. That’s because of the heightened awareness of people for life insurance protection at this time,” he said.

Claim applications also rose last year, especially with the addition of coronavirus-related claims, but Mr. Littaua said the insurer has the “financial strength to meet all those obligations.” 

He noted that insurers need to shift their business model from the traditional approach of purely indemnifying risks towards the more forward-looking view of prevention, where “longer, healthier and more meaningful lives for Filipinos” is the top priority.

He said InLife wants to become the local industry’s sole provider of complete risk protection services, including life, nonlife, health and group insurance products.

Gross premiums collected by the country’s life and nonlife insurance firms and mutual benefit associations rose 27.82% from a year earlier to P99.89 billion in the first quarter, IC data showed.

The insurance industry also made P4.35 billion in pandemic-related payouts in the first half of 2021, 12% higher than the P3.9 billion released in the whole of last year. — B.M. Laforga

Ninja Van PHL bullish on growth prospects despite challenges

COURIER and logistics company Ninja Van Philippines on Tuesday said it saw a 150% growth in its parcel volumes in the last 12 months despite the challenges caused by the pandemic crisis.

“The COVID-19 (coronavirus disease 2019) [pandemic] has been a challenging time for everyone, but I’m proud to share that the business continues to grow despite the challenges,” Ninja Van Philippines Country Head Martin Cu said at a virtual briefing.

“I am confident that numbers will continue to rise especially that we are getting closer to the holiday season,” he added.

At the same time, he said Ninja Van Philippines has attained nearly 100% nationwide coverage.

The company has more than 7,000 riders and drivers.

“This level of coverage is especially meaningful here in the Philippines given how challenging the geography is,” Mr. Cu noted.

Aside from the Philippines, Ninja Van also operates in Singapore, Malaysia, Indonesia, and Vietnam.

Ninja Van announced recently that it secured $578 million in a Series E funding round.

“The funds from this round of investment will be allocated towards infrastructure and technology systems that will support a sustainable long-term cost structure, as well as the quality and consistency of Ninja Van’s operations,” it said in a statement.

“Funds will also be invested in Ninja Van’s suite of micro-supply chain solutions to help Southeast Asian businesses optimize e-commerce opportunities,” the company added. — Arjay L. Balinbin

Never released John Lennon recording to be auctioned in Copenhagen

COPENHAGEN — A cassette tape recording of an interview with John Lennon and Yoko Ono, including a never released song, made while they visited Denmark in 1970 will be auctioned in Copenhagen on Tuesday.

The tape, featuring the song “Radio Peace,” was recorded on Jan. 5, 1970 by four Danish boys who had succeeded in getting an interview with the couple for a local school magazine.

The tape, which the four are selling along with photographs from the meeting, will go on sale with an estimated price of between $31,500 and $47,000, auction house Bruun Rasmussen said.

During the 33-minute recording, Mr. Lennon speaks about the couple’s peace campaign, his frustration with the Beatles image, and the length of his hair.

The recording also features the pair humming along to Christmas songs while dancing around a Christmas tree, and Lennon playing the guitar and singing “Give Peace a Chance” and “Radio Peace.”

Mr. Lennon wrote “Radio Peace” as part of the couple’s peace campaign because they wanted to open a radio station in Amsterdam under the same name.

Mr. Lennon and Yoko Ono arrived in northern Denmark in late December 1969 and stayed at an isolated farm for more than a month, according to the auction house. —  Reuters

Digital banks must guard vs fraud, data privacy risks, BSP says 

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) expects online banks to guard against risks that come with digitalization, such as data privacy issues and fraud. 

“Data privacy concerns, money laundering, and electronic frauds are among the issues that can undermine the confidence in this policy initiative [of allowing digital banks to operate],” BSP Governor Benjamin E. Diokno said at an online webinar organized by the Management Association of the Philippines. 

“We therefore expect that the key stakeholders, particularly the financial institutions, to adopt adequate measures and controls to manage such risks,” he added. 

The BSP has issued six digital bank licenses and has said it will likely cap this at seven until 2023. Mr. Diokno said nine more players submitted applications that met its Aug. 31 deadline, with the last successful market entrant to be announced soon. 

The firms that were granted digital bank licenses were state-owned Overseas Filipino Bank (OFBank); Tonik Digital Bank, Inc. (Philippines); UNObank, Aboitiz-led UnionBank of the Philippines, Inc., which will operate Union Digital Bank (UnionDigital); GOtyme, which is owned by the Gokongwei Group and Singapore fintech firm Tyme; and PayMaya Philippines, which will operate Maya Bank. 

“On the part of the BSP, we are committed to establish the policy and regulatory environment that will enable innovations to flourish while ensuring that the controls and safeguards are in place,” Mr. Diokno added. 

UnionDigital Co-Founder and Chief Executive Officer Ramon Vicente “Arvie” V. de Vera II said in the same forum that digital banks have the responsibility to ensure customers’ data are protected amid the rise in online transactions. 

“The data of our customers, the threats to cybersecurity, are things we have to take care of, especially in an era of open finance. As data becomes more freely shared, how do you secure that?” Mr. de Vera said. 

Data are valuable for financial players as these can help them improve their products and services, Maya Bank Director Shailesh Baidwan said, noting they have learned from the experiences of PayMaya’s user base of 40 million. 

“These users, MSMEs (micro-, small-, and medium-sized enterprises), we get to know them better and better as they do everyday transactions with us. We get to know more of their needs and we have to constantly update our products and offerings,” Mr. Baidwan said. 

Tonik Digital Bank Country Head Maria Lourdes Jocelyn “Long” S. Pineda said they likewise use alternative data, such as social media information, for their credit underwriting standards. 

Ms. Pineda added that they are optimistic about the opportunities in the country’s retail lending market. 

“We’re looking at something like $13 billion for consumer lending in the Philippines that is largely untapped. A lot of people want to have access to financial services, particularly loans, but because of certain pain points in dealing with traditional banks, that’s something that’s been a bit difficult particularly for the underbanked segments,” she said. 

UNOBank Co-Founder and CEO Manish Bhai said they are looking to focus on consumer lending in the Philippines but noted they will also offer other products. He said they are working on a “Netflix-type” hyper-customization model to service their clients.   

“For someone to make ends meet, there is no point for trying to show investment options to that person. We want to approach banking that is relevant for them,” Mr. Bhai said. 

Meanwhile, GOtyme Founding President and Co-CEO Elmer “Jojo” M. Malolos said their edge lies in the retail networks of their parent unit as this will let them capture specific target markets. 

“GOtyme is fortunate to have two big conglomerates that give us a head-start on who will benefit on this innovation,” Mr. Malolos said. 

OFBank President and CEO Leila C. Martin said they have expanded to providing channels where their clients can perform online government transactions from mainly targeting Filipino migrants and their families back home. 

“We will soon be coordinating with government agencies to onboard their services, having a suite of products and services that will allow payments and contributions to government agencies,” Ms. Martin said. — L.W.T. Noble 

St. Luke’s invests in research on cancer, schizophrenia 

IMAGE COURTESY OF ST. LUKE’S MEDICAL CENTER COLLEGE OF MEDICINE-WILLIAM H. QUASHA MEMORIAL

By Patricia B. Mirasol 

THE Basic Science Research Laboratory (BSRL) of St. Luke’s Medical Center College of Medicine-William H. Quasha Memorial (SLMCCM-WHQM) is investing in equipment to support its cancer research, among other things.  

The lab is conducting three student-led studies on breast cancer, an anticancer drug, and schizophrenia.  

“The BSR Laboratory has the capacity to test for anti-cancer activity, as well as test for in-vitro baseline studies in cancer and other pathologies. These studies are important in understanding drug interactions, cellular responses to stimuli, and compound bioactivity, among others,” said Mark Pierre S. Dimamay, BSR department head, in an e-mail to BusinessWorld.   

The lab plans to expand its cell library to accommodate cancer and non-cancer cell lines — tools to understand the mechanisms involved in cancer — and invest in an advanced multimodal microplate reader, which enables the study of biochemical reactions. No official word on the timeline was given. 

“By investing in the BSR laboratory’s capabilities, we envision the laboratory to be a nationally competitive research center for studies involving cell cultures moving forward,” Mr. Dimamay said in a press statement.  

SOCIETAL RELEVANCE
The aforementioned student-led studies involve proteins associated with epithelial-mesenchymal transition (EMT), said to have a role in the spread of breast tumor to other parts of the body; the toxicity caused by doxorubicin, an anti-cancer drug, in heart cells called cardiomyocytes; and the regulation of a schizophrenia-related protein using sequences of miRNAs, which help regulate processes at the cellular level and is importance in brain function and disease 

“In SLMCCM, students are encouraged to work on proposals and projects involving health issues that are of particular interest to them and more importantly, issues that they deem relevant to our society today,” senior research technologist Carlo A. Limbo told BusinessWorld 

Breast cancer is among the leading types of cancer worldwide, according to the World Health Organization (WHO). Schizophrenia, meanwhile, is a leading diagnosis among mental health disorders in the Philippines, according to a 2021 study by Gueverra et al. WHO reported in March 2020 that of the 213,423 Filipinos diagnosed with schizophrenia, 18.5% received treatment 

“Establishing genetic links and other physical manifestations of schizophrenia can also help eliminate the stigma surrounding mental health issues and its negative impacts on all aspects of a patient’s life,” Mr. Limbo said. 

The laboratory, which started hosting research undertakings in the latter half of 2019, counts an inverted light microscope, CO2 incubator, refrigerated benchtop centrifuge, and a biosafety cabinet as its core equipment.  

SLMCCM-WHQM is fourth among 87 health universities ranked by the Institute of Research, Innovation, and Scholarship (IRIS). According to IRIS, a vibrant research culture is correlated with a high quality of instructions at the tertiary level.  

Its base hospital, SLMC, is a member of the Metro Manila Health Research Development Consortium under the Department of Science and Technology’s Philippine Council for Health Research and Development. SLMC is also a research partner with the planned Virology and Vaccine Institute of the Philippines.

SMC: Discussions with Palafox for PAREX ‘ongoing’

SAN Miguel Corp. (SMC) on Tuesday said it has ongoing discussions with Felino A. Palafox, Jr., Palafox Associates principal architect-urban planner and founder, for a potential consulting agreement for the Pasig River Expressway (PAREX) project.

SMC issued the statement after Palafox Associates and Palafox Architecture Group, Inc. said on Sept. 26 that “they have not signed any contract to be the consultant” of the PAREX project.

“[D]iscussions are ongoing. [Mr.] Palafox signified his intention to think about the project and see how he can marry both his and RSA’s (SMC President Ramon S. Ang) vision for a sustainable, inclusive, green, hybrid infrastructure that will benefit both people and the environment,” the company said in a statement.

“We’ve come to learn from him, however, that forces critical of the project have been exerting pressure on him, his associates, and his family to drop the project. We believe this is part of an orchestrated and continuing demolition job to paint the project as the opposite of what it truly is,” Mr. Ang said.

In their previous statement, Palafox Associates and Palafox Architecture Group said that they remain “strong” with their stand that public and private sectors must work together to address the climate crisis through multicultural development.

“This means that all economic, social, health, and environmental aspects must be carefully assessed before proceeding with any project,” they added.

The PAREX project is a six-lane elevated expressway that will run from Radial Road 10 in the city of Manila to Circumferential Road 6, also known as the future South East Metro Manila Expressway, in Taguig. It will run along the banks of the Pasig River. — Arjay L. Balinbin

Britney’s lawyer says dad ‘crossed unfathomable lines’ by monitoring her calls

LOS ANGELES — An attorney for Britney Spears on Monday stepped up demands for the swift suspension of the singer’s father from his role as her guardian, saying he had “crossed unfathomable lines” by reportedly bugging her phone and bedroom.

In a court filing ahead of a hearing on Wednesday, attorney Mathew Rosengart said a TV documentary released on Friday contained “deeply disturbing allegations” that “magnify the need to suspend Mr. Spears immediately.”

The New York Times documentary Controlling Britney Spears featured a former employee of a security firm hired by Jamie Spears who said he monitored the singer’s phone calls and text messages, including some with her previous lawyer. A listening device was also placed in her bedroom, the employee said.

Lawyers for Jamie Spears did not discuss specific allegations but said last week his actions were within his authority as a conservator and “were done with knowledge and consent of Britney, her court-appointed attorney and/or the court.”

Jamie Spears has controlled his daughter’s business affairs since 2008, when he put in place a conservatorship after she suffered a mental breakdown. The conservatorship has dictated her personal, medical, performing and financial affairs.

The “Stronger” singer stepped up her efforts in June to break free of the arrangement. In a surprise move earlier in September, Jamie Spears said that he supported ending the conservatorship but said there were no grounds to suspend him. A hearing on the case is scheduled for Wednesday in Los Angeles Superior Court.

“He must be suspended on Sept. 29; followed by the prompt termination of the conservatorship,” Mr. Rosengart wrote in Monday’s filing. — Reuters