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Keyword: bankruptcies

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  • The truth about medical bankruptcies

    03/26/2018 7:19:17 AM PDT · by reaganaut1 · 19 replies
    Washington Post ^ | March 26, 2018 | Megan McArdle
    Pop quiz: What percentage of bankruptcies in the United States are caused by medical bills? If you lived through the debate over passing Obamacare, you probably answered something like “half.” That was the figure in common currency among advocates of health-care reform; then-Sens. Chris Dodd (D-Conn.) and Hillary Clinton (D-N.Y.) were just two of the prominent advocates who used it. Other variants were also popular; Barack Obama, for example, was fond of saying that “the cost of health care now causes a bankruptcy in America every 30 seconds.” It’s a memorable number. But it’s almost certainly many times the true...
  • Great Debt Unwind: Consumer Bankruptcies Jump, First since 2010. Commercial Bankruptcies Spike

    04/30/2017 7:38:09 AM PDT · by george76 · 17 replies
    Wolf Street ^ | Apr 8, 2017 | Wolf Richter
    But don’t blame the oil bust. Commercial bankruptcy filings, from corporations to sole proprietorships, spiked 28% in March from February, the largest month-to-month move in the data series of the American Bankruptcy Institute going back to 2012. They’re up 8% year-over-year. Over the past 24 months, they soared 37%! At 3,658, they’re at the highest level for any March since 2013. Commercial bankruptcy filings skyrocketed during the Financial Crisis and peaked in March 2010 at 9,004. Then they fell sharply until they reached their low point in October 2015. November 2015 was the turning point, when for the first time...
  • VDOT awards I-66 procurement bid: Project to be funded entirely by private sector

    11/11/2016 8:22:30 PM PST · by Tolerance Sucks Rocks · 15 replies
    The Fairfax County Times ^ | November 11, 2016 | Angela Woolsey
    The Commonwealth of Virginia awarded procurement of its Transform66 Outside the Beltway project to I-66 Express Mobility Partners, a consortium of private companies, Virginia Gov. Terry McAuliffe announced on Nov. 3. I-66 Express Mobility Partners, which consists of transportation infrastructure company Cintra, public infrastructure investment firm Meridiam, and the contractors Ferrovial Agroman US and Allan Myers VA, Inc., will be responsible for financing, designing, building, maintaining and operating the interstate expansion. The Virginia Department of Transportation’s (VDOT) Transform66 Outside the Beltway project will add two express lanes in each direction between I-495 and Gainesville along with three general purpose lanes...
  • Zombie Drillers: A Halloween Horror Story For Oil Markets

    11/01/2016 10:24:50 AM PDT · by bananaman22 · 4 replies ^ | 01-11-2016 | Mike
    Investors may not realize it, but the Walking Dead is not the only zombie show running right now. The oil markets are at least as scary and have zombies that are much harder to kill than AMC’s popular program. While about 100 oil companies have gone bankrupt in 2015 and 2016, almost none of those companies have actually “died”. Instead, most of the firms are still pumping oil just as rapidly as before. That, in turn, has significant implications for investors in the market.
  • Deutsche Bank to close almost 200 branches

    07/18/2016 5:50:13 PM PDT · by Olog-hai · 9 replies ^ | 18 Jul 2016 09:04 GMT+02:00 | (DPA/The Local)
    Germany’s largest lender is set to shut over a quarter of its branches across the country as the company goes through a major restructuring process. The closures are set to take place over the next few months, with 188 of Deutsche Bank’s 723 branches nationwide due to close their doors. […] After recording colossal losses of around €7 billion in 2015, the Frankfurt lender is desperately seeking ways to cut costs. […] The bank said it hopes to redirect funds to digital banking, in which it hopes to invest €750 million by 2020. …
  • The Big Unravel – US Commercial Bankruptcies Skyrocket

    07/07/2016 4:07:59 AM PDT · by expat_panama · 5 replies
    Naked Capitalism ^ | July 6, 2016 | Wolf Richter
    Yves here. While commercial bankruptcies are still below the level of late 2013, Wolf is correct to point out that the spike during this year’s bankruptcy season is bigger and longer-lived than in recent years. Presumably a fair bit of the change is due to stress in oil producing areas, but it may also include an intensification of the ongoing shakeout in bricks and mortar retailers.By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf StreetThis year through June, there have been 91 corporate defaults globally,...
  • Ivanka Trump Scarves Recalled Because Of "Burn Risk"

    04/06/2016 7:48:51 PM PDT · by Steelfish · 80 replies
    CBSNews ^ | April 6, 2016
    April 6, 2016 Ivanka Trump Scarves Recalled Because Of "Burn Risk" Scarves made in China and sold as part of Ivanka Trump's fashion line are being recalled because they are too flammable and pose a "burn risk" to consumers. The U.S. Consumer Product Safety Commission said Wednesday that no injuries have been reported. The recall involves about 20,000 rayon scarves, sold from October 2014 through January 2016 in department stores and online. They range in cost from $12 to $68. A representative for the Ivanka Trump brand, which includes clothing, accessories and fragrances, said that it is disappointed for the...
  • Who will buy New York's Plaza Hotel? Chinese or Arabs

    03/20/2016 10:52:40 PM PDT · by CutePuppy · 15 replies
    FTNews ^ | 2016 March 17 | Ozgur Tore
    New York's famous Plaza Hotel is set to go on sale in an auction next month and experts believe that the five-star hotel could sell for more than $1billion. Billionaire brothers David and Simon Reuben hold the mortgage for the storied five-star hotel and scheduled a foreclosure auction for April 26. The auction was prompted after the hotel's 75 per cent owner Sahara India Pariwar — whose chairman went to prison in 2014 for defrauding investors — defaulted on loan agreements... < snip > Foreign investors are pouring capital into New York hotels at a historic rate. Much of the...
  • Romney’s Bain Capital record shows mixed record on bankruptcies (Romney Bankruptcies Flashback 2011)

    03/03/2016 7:09:15 AM PST · by jimbo123 · 17 replies
    Washington Post ^ | 12/14/2011 | Jia Lynn Yang
    With Newt Gingrich accusing Mitt Romney this week of “bankrupting companies” during his time at Bain Capital, Romney’s wildly lucrative business career continues to draw fire from opponents who seek to paint him as a heartless financier. So did Romney wreck companies as Gingrich says he did? Under Romney’s leadership at Bain, which spanned from 1984 to 1990 and from 1992 to 1999, at least five companies eventually filed for bankruptcy after being acquired by the private equity firm.
  • 'Worse than 2007': Top banker warns of looming wave of worldwide bankruptcies

    01/20/2016 11:44:23 AM PST · by Roman_War_Criminal · 27 replies
    Business Insider ^ | 1/20/2016 | David Scutt
    The world's financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, according to a leading global banker. William White, chairman of the OECD's review committee and former chief economist of the Bank for International Settlements, suggests the stresses in the financial system are "worse than it was in 2007." Speaking with the UK Telegraph's Ambrose Evans-Pritchard before the start of the World Economic Forum in Davos, Switzerland, White warned that macroeconomic ammunition to fight further economic downturns was essentially "all used up."
  • Dallas Fed says U.S. has lost 70,000 oil jobs in the past year

    12/24/2015 12:42:05 PM PST · by o_1_2_3__ · 31 replies
    Fuel Fix (Aramco) ^ | Posted on December 24, 2015 | By Collin Eaton
    HOUSTON - For American drillers, the New Year will likely bring more of the same - financial pressure and mass layoffs. The U.S. petroleum industry hasn't seen this many bankruptcies in one quarter since the Great Recession, the Federal Reserve Bank of Dallas says, counting nine Chapter 11 court filings in the year's final three-month period. And that's just a third of the year's domestic casualty count. The Dallas Fed also estimates in a new report on Thursday the nation has lost about 70,000 oil and gas jobs since October 2014, a 14.5 percent drop in the 14 months after...
  • The Backstory on Donald Trump's Four Bankruptcies

    09/21/2015 6:50:22 AM PDT · by SeekAndFind · 54 replies
    The Street ^ | 09/21/2015 | Emily Stewart
    Donald Trump has never declared bankruptcy, but his businesses have -- four times. The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J. And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his...
  • Trump: Hack Obama's birth records

    09/08/2014 1:04:46 AM PDT · by 2ndDivisionVet · 65 replies
    The Hill's Briefing Room ^ | September 6, 2014 | Kevin Cirilli
    Donald Trump wants hackers to hack into President Obama's college records to check his place of birth. The controversial real estate mogul tweeted Saturday morning: Donald J. Trump âś” @realDonaldTrump Attention all hackers: You are hacking everything else so please hack Obama's college records (destroyed?) and check "place of birth" 5:06 AM - 6 Sep 2014 1,595 Retweets 1,362 favorites Trump's birther remarks have been widely criticized. The administration released Obama's birth certificate in 2011, putting to end unsubstantiated conspiracy theories that Obama wasn't born in the United States. Obama was born in Honolulu on Aug. 4, 1961.
  • No April Fools: Obama's Green Energy Stimulus is Officially a Joke

    04/01/2013 10:43:33 AM PDT · by jazusamo · 6 replies
    NLPC ^ | April 1, 2013 | Paul Chesser
    President Obama ’s alternative energy “stimulus,” administered through hisDepartment of Energy by previous SecretarySteven Chu, had already become a joke because of the failures and foibles of so many recipients of Recovery Act funds. But now – as though officially commemorating the absurdity of this historically bad U.S. government program – one of its bankrupt beneficiaries has changed its name from one of simplicity to one of mockery. Electric vehicle battery maker A123 Systems has changed its name to B456 Systems. Incorporated. Reporting the development, headline writers across the nation rubbed their eyes, double-checked the wire information, and then...
  • Bankrupt Bakers Footwear liquidating 21 Los Angeles-area stores (150 altogether)

    11/11/2012 4:11:50 AM PST · by 2ndDivisionVet · 9 replies
    The Los Angeles Daily News ^ | November 9, 2012 | Gregory J. Wilcox, Staff Writer
    Bankrupt Bakers Footwear Group on Friday began liquidating 150 stores across the country, including 21 in the Los Angeles area. The St. Louis-based company's stores are being liquidated by Tiger Capital Group and SB Capital Group and the process should be completed by year's end. Stores being closed have about $30 million in inventory, the companies said in a statement. There are 33 stores in California. The going-out-of-business sales involve 70 percent of the group's Bakers and Wild Pair mall-based stores, which are familiar to shoppers throughout Los Angeles and Orange counties. Bakers Footwear Group sells a private-label and national-brand...
  • Hoping for just a little change, 200, 000 bankruptcy filers are paying with their tax refunds

    04/17/2012 7:59:28 AM PDT · by jmaroneps37 · 4 replies ^ | April 17, 2012 | Kevin "Coach" Collins
    Bled white and destroyed by Barack Obama’s “hope and change” hundreds of thousands of Americans have been forced to use tax refunds to pay the filing costs of their bankruptcies. The National Bureau of Economic Research (NBER) reports that bankruptcy lawyers have seen an increase in personal bankruptcies filings which follow this pattern: many clients are filing bankruptcy soon after receiving their tax refunds. This has been especially true since a law passed in 2005 made bankruptcy more costly and more difficult. For some people, in Barack Obama’s upside down America as fast as money comes in it goes to...
  • A Tale of Two (More) Bankruptcies (The DOE striked out again, with our money of course)

    10/31/2011 9:14:03 AM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 10/31/2011 | Ed Morrissey
    Stop me if this sounds familiar. The Department of Energy approves multi-million-dollar loan to green-tech energy firm as part of its job-stimulus bill, only instead of stimulating jobs, the company declares bankruptcy. In this case, it only took a year after the loan was granted for Beacon Power to file for protection from its creditors: Beacon Power Corp filed for bankruptcy on Sunday, just a year after the energy storage company received a $43 million loan guarantee from a controversial Department of Energy program.The bankruptcy comes about two months after Solyndra — a solar panel maker with a $535 million...
  • Bankruptcies Up Again In 2010 For Minnesotans

    02/01/2011 11:31:08 AM PST · by Son House · 4 replies
    StarTribune ^ | January 31, 2011 | By KARA McGUIRE
    In addition to medical bills, divorce and chronic overspending -- ever-present bankruptcy catalysts -- the more recent problems of long-term unemployment and homes that are worth less than people paid for them continue to push people to court. Even December, usually a slow month for bankruptcy attorneys as families try to forget their financial struggles and celebrate the holidays, remained busy for Barbara May. "We're swamped here," the Roseville attorney said. Nationally 1.53 million Americans filed for bankruptcy in 2010 -- 9 percent higher than 2009, when 1.41 million people filed, according to the American Bankruptcy Institute. The 22,070 Minnesota...
  • Muni Bonds: Tax Free Doesn't Mean Worry Free

    12/28/2010 8:52:37 AM PST · by george76 · 3 replies
    Financial Sense ^ | 18 Dec 2010 | Kevin Brekke
    Prior to the 1930s, it was not legally possible for a U.S. municipality to declare bankruptcy as no legislation existed covering this event. The growing number of insolvent towns during the 1930s depression necessitated a change in the Bankruptcy Act. The act was amended by Congress in 1934 to cover municipalities... The majority of municipal bankruptcies are the result of two things, 1) economic problems, and 2) financial mismanagement by elected and/or appointed officials. No surprise here... Chapter 9 bankruptcies are not designed to forgive debt. Rather, their intent is to aid a municipality through reorganization ... There are two...
  • Kudlow Gets Into Foreclosuregate

    10/05/2010 7:25:45 AM PDT · by blam · 31 replies
    The Market Ticker ^ | 10-5-2010 | Karl Denninger
    Kudlow Gets Into ForeclosuregateThe Market TickerKarl DenningerOctober 5, 2010 Yes, I've dubbed it: Foreclosuregate. I'd love to tell you that I think there's some reasonable way to get out of this. There isn't. The reality of this is far worse than it appears. Kudlow is still downplaying it, really, even though I emailed him today with the source documents of a half-dozen Tickers. Whether they prompted him to spend the time on it tonight I'll never know. The real problem isn't the foreclosures. It's the REMICs. The "loose document standards" of the go-go years were all predicated on this never...