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Keyword: bankruptcy

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  • This policy has correlated with higher unemployment, more bankruptcies and greater inequality...

    05/12/2015 8:41:27 AM PDT · by fredericbastiat1 · 4 replies
    TheBlaze Books ^ | 2015-05-12 | Benjamin Weingarten
    "From 1947 when [the] Bretton Woods System really got operating to 1971, when the dollar was convertible into gold at a 35th of an ounce, unemployment in America averaged 4.7 percent. And then we got rid of the Bretton Woods system — we defaulted on it — we went to fiat money, and in the years from 1971 to today, unemployment has averaged significantly above 6 percent. Low unemployment: gold standard. High unemployment: fiat money. But it’s not just unemployment. The bankruptcy rate which Elizabeth Warren likes to focus on was one point something per thousand for years, and suddenly...
  • American Eagle Energy Becomes Fourth U.S. Bankruptcy Of The Oil Bust

    05/12/2015 4:46:11 AM PDT · by thackney · 16 replies
    Forbes ^ | 5/11/2015
    American Eagle Energy became the fourth U.S. energy producer to file for bankruptcy protection in the aftermath of the big drop in crude oil prices. The Colorado-based company that buys and develops oil wells in the Bakken oil fields of North Dakota and Montana filed for chapter 11 bankruptcy protection on Monday in Denver’s bankruptcy court. American Eagle Energy, which recently missed an interest payment on its debt, listed assets of $222 million and liabilities of $215 million. Shares of American Eagle Energy traded for as much as $7.05 less than a year ago, reflecting the stunningly fast collapse of...
  • Here's Moody's latest sobering take on Chicago's pension crisis

    05/02/2015 8:00:06 AM PDT · by george76 · 15 replies
    Crain's Chicago Business ^ | May 01, 2015 | Thomas A. Corfman
    Chicago has a simple financial choice: Stay in frying pan or get in the fire. That in simple terms is what Moody's Investors Service said in a report today about the difficult options the Emanuel administration faces over the city's woefully underfunded pension funds. The city must cut spending and raise taxes now or the risks of becoming insolvent will grow, forcing even harsher decisions later. The credit rating agency offers a sobering reminder of what's at stake in the eight-page report, which focuses on the pensions problems. ... A CUT ABOVE JUNK. Moody's, typically the most conservative of the...
  • State university considers 'college bankruptcy,' liberal arts schools aren't only ones in trouble

    04/24/2015 1:41:36 PM PDT · by SeekAndFind · 31 replies
    Business Insider ^ | 04/24/2015 | Abby Jackson
    Proving it's not only small, private, liberal-arts colleges that are susceptible to financial distress, Louisiana State University (LSU) announced that it's in the midst of drawing up a financial exigency plan. Bloomberg News, which reported the development, called the plan "equivalent to a college bankruptcy" and noted that it would let LSU fire tenured faculty and restructure its finances. The Baton Rouge-based university with over 30,000 students is drafting the plan, in part, because the most recently proposed budgetary cuts by Louisiana Governor Bobby Jindal threaten to severely impact the higher-education system in the state. The governor's plans would cut...
  • FREDERICK’S OF HOLLYWOOD LINGERIE CHAIN FILES FOR BANKRUPTCY

    04/21/2015 9:51:02 AM PDT · by C19fan · 35 replies
    Breitbart ^ | April 20, 2015 | Staff
    Racy lingerie retailer Frederick’s of Hollywood is seeking bankruptcy protection in federal court after closing all of its stores and switching to an online-only business, which it intends to sell to the highest bidder. The privately held company says competition, decreased mall foot traffic and onerous leases helped push it into a Chapter 11 bankruptcy filing.
  • Coal Producer Xinergy Files for Bankruptcy in Virginia

    04/17/2015 12:09:17 PM PDT · by 2ndDivisionVet · 8 replies
    ROANOKE, VA (AP) -- Coal producer Xinergy Ltd. and more than two dozen subsidiaries have filed for Chapter 11 bankruptcy. Knoxville, Tennessee-based Xinergy filed a Chapter 11 petition last week in U.S. Bankruptcy Court in Roanoke, Virginia. The petition lists zero to $50,000 in assets and about $100 million to $500 million in liabilities....
  • 16% of retired NFL players go bankrupt, a report says

    04/16/2015 5:20:28 AM PDT · by SeekAndFind · 52 replies
    Fortune ^ | 04/15/2015 | Daniel Roberts
    The stat comes from a new paper from the National Bureau of Economic Research. It may be hard to believe that professional athletes, who earn so much money at such a young age, could possibly end up bankrupt. But nearly 16% of those in the National Football League do—just not right away. According to a new working paper from the National Bureau of Economic Research (NBER), 15.7% of NFL players have filed for bankruptcy 12 years after they retired. The paper, entitled “Bankruptcy Rates Among NFL Players with Short-Lived Income Spikes,” examines the traditional model of consumption smoothing (save money...
  • GM is shielded from some ignition-switch suits, ruling finds

    04/15/2015 3:38:25 PM PDT · by Theoria · 33 replies
    Reuters ^ | 15 April 2015 | Jessica Dye and Nick Brown
    General Motors Co will not have to face dozens of lawsuits accusing it of concealing an ignition-switch defect that has been blamed for more than 200 deaths and serious injuries, a U.S. bankruptcy judge ruled on Wednesday. Plaintiffs in the lawsuits said the company violated their constitutional rights by failing to disclose the defect, while GM had argued it was protected from claims on vehicles pre-dating its 2009 exit from Chapter 11 bankruptcy. The decision by U.S. Bankruptcy Judge Robert Gerber means GM may avoid potentially billions of dollars in liability, as well as the cost of defending those lawsuits,...
  • RadioShack co-branding of stores with Sprint wins court approval

    04/01/2015 7:56:40 AM PDT · by mac_truck · 27 replies
    Reuters ^ | 3/31/2015 | Nick Brown and Tom Hals
    A plan to salvage RadioShack Corp’s RSHCQ.PK business by co-branding most of its 1,740 surviving stores with cellular phone provider Sprint Corp (S.N) earned U.S. bankruptcy court approval on Tuesday, ending four days of contested court hearings. The stores are what survived of more than 4,000 outlets after RadioShack went bankrupt in February. Founded in 1921, the chain was a go-to retailer for electronics before becoming increasingly irrelevant in the digital age. Judge Brendan Shannon, in Delaware bankruptcy court, approved a sale of the stores to the Standard General hedge fund, which plans to keep most of them open under...
  • Family Christian Stores Withdraws Bankruptcy Plan

    03/17/2015 7:41:52 PM PDT · by PAR35 · 1 replies
    Christianity Today ^ | 3/17/15 | Sarah Eekhoff Zylstra
    The nation's largest chain of Christian retail stores has withdrawn its controversial bankruptcy plan, according to a court filing yesterday. The decision by Family Christian Stores (FCS) comes after dozens of Christian publishers sued the ministry over $20 million of consignment inventory, and both the US Trustee and creditors committee objected to how the sale plan would allegedly benefit one of FCS' owners.
  • CalPERS Seeks To Escape Fiscal Reality Of Failing Pensions

    03/11/2015 6:35:26 AM PDT · by SeekAndFind · 16 replies
    IBD ^ | 03/11/2015 | David Tawil
    To the outsider, CalPERS — the largest U.S. pension fund, created by California state law and run by an arm of the state of California — may seem like the champion of the working man, fighting for the rights of municipal employees and pensioners. But that perception may be undeserved, per the Chapter 9 bankruptcy of Stockton, Calif., where CalPERS sought to shift to taxpayers (an even larger and more sympathetic party than CalPERS) the financial burden to support what some consider CalPERS' outrageous costs. U.S. Bankruptcy Judge Christopher Klein openly opined, "CalPERS has bullied its way about in this...
  • AWG to convert 5 Dahl's to Price Chopper (Iowa supermarkets)

    03/06/2015 1:03:46 PM PST · by 2ndDivisionVet · 8 replies
    Supermarket News ^ | March 6, 2015
    Associated Wholesale Grocers plans to convert five of seven Dahl’s Foods stores in Iowa to the Price Chopper banner in early April and two others, in the Des Moines market, to a new, unspecified format, according to published reports. Kansas City, Kansas-based AWG acquired the stores in January following Dahl’s bankruptcy filing in November. Price Chopper is an AWG-licensed name used by 51 members in Kansas.
  • Chicago's Only Possible Salvation: Bankruptcy

    03/04/2015 10:19:48 AM PST · by SeekAndFind · 10 replies
    Townhall ^ | 03/04/2015 | Mike Shedlock
    Is the Chicago pension system so messed up and union work rules so entrenched the only way to change either of them is bankruptcy? I think so. So does Dennis Byrne who wrote on his blog today Chicago's Only Salvation: A Detroit-Like Bankruptcy. This is a guest post from Byrne. Chicago's Only Salvation: A Detroit-Like Bankruptcy Wait, I thought only the Republican Party was being torn asunder by a rift between the establishment middle and the fringe. That impression was nailed down, again, last week by the embarrassing fracture among House Republicans over funding for the Department of Homeland Security....
  • Ukraine Enters The Endgame

    02/25/2015 6:06:04 PM PST · by tcrlaf · 49 replies
    Zerohedge ^ | 2-25-2015 | Durden
    Back in March 2014 we forecast that it in the aftermath of the US State Department-sponsored coup in Kiev, it was only a matter of time before Ukraine (all of its sovereign gold having since "vaporized") succumbed to full blown hyperinflation and economic implosion. Less than a year later, precisely this outcome has finally played out, and as a result, the entire nation has finally entered its economic endgame, which has two conclusions: either it joins Greece in becoming a ward of Europe and the IMF (thank you Joe Q taxpayer), or it quietly fades away into insolvent "failed state"...
  • Nation's largest Christian bookstore and gift chain files for Chapter 11 bankruptcy protection

    02/15/2015 9:50:53 PM PST · by 2ndDivisionVet · 44 replies
    The Grand Rapids Press ^ | February 13, 2015 | Jim Harger
    GRAND RAPIDS, MI -- Family Christian Stores, the nation's largest Christian bookstore and gift chain, has filed for Chapter 11 bankruptcy in hopes of restructuring its debt in the face of declining sales. The Grand Rapids-based chain said it does not expect to close any of its 266 stores in 36 states or layoff any of its 3,100 full-time and part-time employees. "We strive to serve God in all that we do and trust his guidance in all our decisions, especially this very important one," said President and CEO Chuck Bengochea in a news release. "We have carefully and prayerfully...
  • America's Largest Christian Bookstore Chain Files for Bankruptcy

    02/14/2015 11:00:52 AM PST · by marshmallow · 30 replies
    Christianity Today ^ | 2/12/15 | Morgan Lee
    CEO: 'We have carefully and prayerfully considered every option.'Family Christian Stores (FCS) has filed for Chapter 11 bankruptcy protection. Yet the ministry assured customers yesterday that it "does not expect" to close any of its more than 250 stores or lay off any of its approximately 4,000 employees. “We strive to serve God in all that we do and trust His guidance in all our decisions, especially this very important one,” stated FCS president and CEO Chuck Bengochea. “We have carefully and prayerfully considered every option. This action allows us to stay in business and continue to serve our customers,...
  • RadioShack Files for Chapter 11 Bankruptcy After Striking Deal to Sell Some Stores (Sprint)

    02/05/2015 9:28:45 PM PST · by 2ndDivisionVet · 42 replies
    The New York Times' DealBook ^ | February 5, 2015 | Rebecca R. Ruiz and Michael J. de la Merced
    For years, RadioShack — the retailer that helped bring personal computers to the masses — outlasted untold predictions that it would buckle in the face of bigger rivals and online competitors. But its clock has finally run out. RadioShack, a long-ailing 94-year-old electronics chain, filed for bankruptcy protection on Thursday after striking a deal to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. The Chapter 11 filing, made in federal bankruptcy court in Delaware, took few unaware. RadioShack had not turned a profit since 2011, and...
  • RadioShack Files for Chapter 11 Bankruptcy Protection

    02/05/2015 3:02:05 PM PST · by Zakeet · 12 replies
    Fox News ^ | February 5, 2015
    Electronics retailer RadioShack Corp filed for Chapter 11 bankruptcy protection and said shareholder Standard General LP would buy 1,500 to 2,400 of its stores. RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court.
  • Atlantic City bankruptcy possible as Christie names manager

    01/22/2015 1:26:44 PM PST · by Olog-hai · 26 replies
    Associated Press ^ | Jan 22, 2015 3:39 PM EST | Wayne Parry
    In naming an emergency manager for Atlantic City on Thursday, New Jersey Gov. Chris Christie left the door open for the seaside gambling resort to file for bankruptcy if it can’t get its finances under control. The Republican governor and likely presidential candidate appointed a corporate turnaround specialist as the city’s emergency manager, and tabbed the man who led Detroit through its municipal bankruptcy as his assistant. Corporate finance consultant Kevin Lavin will have broad powers over Atlantic City’s finances and operations. Kevyn Orr, who helped lead Detroit through a financial crisis, will serve as special counsel to Lavin. Christie...
  • ALCO stores closing across state, nation

    01/18/2015 10:48:50 AM PST · by george76 · 21 replies
    The Hutchinson News ^ | November 21, 2014 | Ken Stephens
    ALCO stores nationwide, including those in South Hutchinson and 21 other small Kansas communities, are closing. The stores, which typically serve small towns with few other options for everything from clothing to housewares and groceries, began conducting going-out-of-business sales on Friday morning, a day after a U.S. Bankruptcy Court in Dallas authorized ALCO’s owners – Tiger Capital Group LLC, SB Capital Group LLC and Great American Group LLC – to begin doing so. In all, 198 stores in 23 states will close, as will the 113-year-old discount retailer’s 352,000-square-foot distribution center in Abilene. During the liquidation sale, the company plans...
  • How Japan Bankrupted Itself: The story of Japan’s decline — and the lessons for Europe.

    12/22/2014 4:18:21 PM PST · by SeekAndFind · 33 replies
    The Globalist ^ | 12/22/2014 | By Daniel Stelter
    Following the start of Abenomics in 2012, Japan moved back to the center of attention of global financial markets. After two and a half decades of economic stagnation, hopes were high that Japan would escape its long stagnation and deflation. Plenty of economists around the globe hoped that, in so doing, Japan would show the western world, mainly the Eurozone, the way to do the same and avoid a similar long period of low growth and stagnating incomes. Conversely, the failure of AbeÂ’s plan for JapanÂ’s recovery would not only be a disaster for the country of the rising sun....
  • Publisher Bitcomposer files for bankruptcy (Video games maker)

    12/19/2014 12:50:34 PM PST · by 2ndDivisionVet · 9 replies
    GamaSutra ^ | December 16, 2014 | Phill Cameron
    Bitcomposer, the publisher of games such as Space Hulk and Jagged Alliance, has filed for bankruptcy after having applied for a protective shield procedure back in September. The company also published Shadowrun Returns in German and Russian. The procedure was applied for on September 26th and protected the company from creditors while it organised a plan for insolvency, reports Develop. It was still able to publish titles in the period of time between then and now, and hopes to find an investor at this point to ensure it can continue to operate as a publisher and aid with development. Bitcomposer...
  • Did GM Bailout Cost Lives?

    12/15/2014 1:08:59 PM PST · by jazusamo · 5 replies
    NLPC ^ | December 15, 2014 | Mark Modica
    The death toll for General Motors' faulty ignition switch victims continues to rise with the last reported number being 42. There has been speculation that the death count is significantly higher, as safety advocate Clarence Ditlow has written to GM to request an expansion of efforts to uncover victims of accidents resulting from defective GM vehicles. GM has known about the ignition switch defect for years and failed to recall the deadly vehicles for almost five years after the Obama Administration took over the company in June of 2009. President Obama's Auto Task Force guided the company through a...
  • "The City Is On The Verge Of Collapse" - East Cleveland Is Begging To File For Bankruptcy

    12/11/2014 3:00:51 PM PST · by SeekAndFind · 41 replies
    Zero Hedge ^ | 12/11/2014 | Tyler Durden
    With Detroit emerging from bankruptcy yesterday, its experience under Chapter 9 was apparently so successful (occasional subsequent massive power outage notwithstanding), that suddenly every other insolvent city in the US is also i) admitting it is in dire straits and ii) hoping to recreate the Detroit experience. Enter East Cleveland. As Bloomberg Brief reports, the council president in East Cleveland said if she had her way, the city would follow Detroit's path and become Ohio's first municipality to file for bankruptcy to help solve its fiscal woes.State Auditor Dave Yost said the suburb of 17,500, where oil baron John...
  • Kevyn Orr: Detroit’s financial emergency over

    12/09/2014 4:11:51 PM PST · by Olog-hai · 19 replies
    Associated Press ^ | Dec 9, 2014 6:24 PM EST | Corey Williams
    Kevyn Orr has agreed to step down as Detroit’s emergency manager, saying in a letter released Tuesday that the city will no longer be in a financial emergency once it exits bankruptcy. Orr also told Gov. Rick Snyder in his letter, dated Monday, that he has implemented the city’s two-year budget that reflects the elimination of about $7 billion in debt through the largest municipal bankruptcy in U.S. history. […] Orr—a turnaround expert who helped steer Chrysler through the automaker’s Chapter 11 bankruptcy—had been the official face of Detroit government since he was appointed in March 2013 by Snyder. …
  • Sears' Collapse Is Now 'Inevitable'

    12/04/2014 12:38:36 PM PST · by SeekAndFind · 65 replies
    Business Insider ^ | 12/04/2014 | ASHLEY LUTZ
    Sears is shutting down hundreds of stores. The chain announced today that it is accelerating store closings to 235 this year, 100 more than previously planned. Sears' total net loss for the quarter was $296 million. Sears' and K-Mart's collapse is "inevitable" and could happen by the year 2016, retail analyst and author Robin Lewis writes on his blog. "These two retail brands are dead men walking," Lewis writes. "As a retailer they're at the point of no return," David Tawil, cofounder of Maglan Capital and an expert in distressed retail companies, told Business Insider earlier this year. "The real...
  • The Obama Debt Tracker: total combined national debt hits $18 trillion for the first time

    12/01/2014 1:49:17 PM PST · by jpl · 19 replies
    United States Department of the Treasury ^ | Monday December 1, 2014 | United States Department of the Treasury
    Today, America's national debt hit the staggering total combined amount of $18 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than six years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $7.4 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 01/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08 11/28/2014       12,922,681,725,432.94         5,082,867,603,128.51         ...
  • Drug Maker Dendreon files for bankruptcy as cancer vaccine disappoints

    11/10/2014 11:34:38 AM PST · by SeekAndFind · 5 replies
    Reuters ^ | 11/10/2014 | NATALIE GROVER
    Dendreon Corp filed for Chapter 11 bankruptcy protection after sales of the world's first cancer vaccine fell short of expectations and left the company deep in debt. More than two-thirds of the company's market value was wiped out in early trading on Monday. Seattle-based Dendreon said it had agreed terms of a financial restructuring with certain bond holders that may involve a standalone recapitalization or the sale of the company or its assets. After its approval by U.S. regulators in 2010, hopes were high that Provenge, Dendreon's only drug on the market, would become a blockbuster. But adoption of the...
  • How A Company That's Worth $1.5 Billion On A Friday Could Go Bankrupt On A Monday

    10/07/2014 9:41:00 AM PDT · by Kartographer · 9 replies
    Bussiness Insider via Yahoo ^ | 10/6/14 | Myles Udland
    The move caught the market flat-footed, and, after the announcement, shares of the company were down 90%. The drop in shares of GT on Monday has taken the company's market cap from roughly $1.5 billion Friday to about $175 million.
  • Stockton's Bankruptcy - A Long Term Home Run

    10/06/2014 12:45:24 PM PDT · by Kaslin · 19 replies
    Townhall.com ^ | October 6, 2014 | Hank Adler
    U.S. Bankruptcy Judge Christopher Klein is having his Andy Warhol moment. Were it not for ISIS and the Ebola virus, all we would be hearing about on these pages and on FoxNews is Judge Klein's ruling in Stockton, California. In a case likely to be heard before the Supreme Court of the United States, if Judge Klein's ruling is confirmed and employee pensions are not sacrosanct in City and State bankruptcies, many cities in California that are insolvent today because of long term bad decision making will bite the bullet and declare bankruptcy. When these cities exit bankruptcy, they will...
  • Apple Sapphire Glass Display Supplier GT Advanced Files For Bankruptcy, Stock Falls 90%

    10/06/2014 8:27:22 AM PDT · by SeekAndFind · 13 replies
    Business Insider ^ | 10/06/2014 | Myles Udland
    GT Advanced Technologies is filing for bankruptcy. In an announcement on Monday, GT Advanced, which makes sapphire displays that many investors hoped would be in Apple's newest iPhone, said it was filing for Chapter 11 bankruptcy. Ahead of the announcement, shares of GT Advanced were halted for trade. After re-opening on Monday, shares of GT Advanced were down more than 90% to $1.06. Ahead of the announcement, GT Advanced had a market cap of about $1.5 billion, and after the collapse in the share price on Monday this had fallen to about $175 million. In early September, shares of GT...
  • Bankruptcy Judge Hammers Unions by Allowing Stockton Pension Cut

    10/04/2014 10:22:18 PM PDT · by 2ndDivisionVet · 23 replies
    Breitbart California ^ | October 4, 2014 | Chriss W. Street
    In what will be a devastating blow to California public employee unions, U.S. Bankruptcy Judge Christopher Klein ruled in the Chapter 9 municipal bankruptcy of the City of Stockton that pensions managed by the California Public Employee Retirement System, known as CalPERS, can be cut in bankruptcy “like any other garden variety” unsecured debt. He rejected the unions’ argument that the world’s largest pension fund is an “arm of the state” and that public employee pensions are protected by federal and state laws. Stockton city employees and city council members, who are all CalPERS pension beneficiaries, received retirement benefit enhancements...
  • Christian Bakers Who Declined to Make Lesbian ‘Wedding’ Cake Face Bankruptcy Over Govt. Fine

    10/04/2014 10:37:33 AM PDT · by marshmallow · 56 replies
    Christian News ^ | 10/1/14 | Heather Clark
    PORTLAND – The Christian owners of a bakery in Oregon state that they will be forced into bankruptcy if the government stands by its imposition of a fine in excess of $150,000 after the couple declined to make a “wedding” cake for a lesbian because they viewed it as a form of personal participation in the event. As previously reported, Aaron and Melissa Klein operate Sweet Cakes by Melissa in Gresham, which is now operated from the couple’s home after the Kleins’ shut their doors due to harassment. In January 2013, Aaron was approached by a mother and her daughter...
  • Student Loan Debt: The Only Debt You Can’t Discharge in Bankruptcy

    09/30/2014 1:59:54 PM PDT · by SeekAndFind · 57 replies
    San Diego Free Press ^ | 09/30/2014 | John Lawrence
    Today’s students are being crushed with John Bunyan’s proverbial burden on their backs – student loan debt. Until relatively recently this debt could have been discharged in bankruptcy. Then all that changed when Sallie Mae, the Student Loan Marketing Association, was privatized in 2004. Albert Lord, the new CEO, and his lobbyists went to work to change the laws so that student loans could not be discharged in bankruptcy. Today the cumulative student loan debt is more than $1 trillion. While a generation ago a high school diploma was considered sufficient for a decent middle class entry level job, today...
  • Detroit elected officials regain city control

    09/25/2014 8:57:19 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | Sep 25, 2014 10:05 PM EDT | Corey Williams
    The Detroit City Council on Thursday unanimously approved a plan to return oversight of daily operations to elected officials while retaining the city’s state-appointed emergency manager to oversee bankruptcy matters until they are resolved. Kevyn Orr, who was appointed by the state in March 2013 to manage Detroit’s troubled finances and who took the city into the largest municipal bankruptcy in U.S. history, said Thursday that Detroit is “more than ready for the change.” …
  • Trump casinos file Chapter 11; seek concessions (Atlantic City)

    09/10/2014 5:50:59 AM PDT · by C19fan · 16 replies
    AP ^ | September 9, 2014 | Wayne Parry
    Trump Entertainment Resorts filed for bankruptcy Tuesday and threatened to shut down the Taj Mahal Casino Resort, which would make it the fifth Atlantic City casino to close this year. The company owns Trump Plaza, which is closing in a week, and the Taj Mahal, which has been experiencing cash-flow problems and had been trying to stave off a default with its lenders. The company said the Taj Mahal could close Nov. 13 if it doesn't win salary concessions from union workers.
  • Detroit’s historic bankruptcy trial to begin

    09/02/2014 1:37:42 AM PDT · by Olog-hai · 12 replies
    Associated Press ^ | Sep 2, 2014 2:05 AM EDT | Corey Williams
    Lawyers for Detroit will attempt to convince a federal judge at the city’s bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved. After some delays, the start of the trial Tuesday in U.S. District Court comes just over 13 months after Detroit became the largest U.S. city to file for bankruptcy. Detroit expects to cut $12 billion in unsecured debt to about $5 billion, which is “more manageable,” according to Bill Nowling, a spokesman for emergency manager Kevyn Orr. …
  • Another For-Profit College Bites The Dust

    08/30/2014 8:26:41 PM PDT · by 2ndDivisionVet · 6 replies
    The Daily Caller ^ | August 30, 2014 | Blake Neff
    Nearly 10,000 students across the country are facing an uncertain future following the sudden collapse of another for-profit college system this week. After a summer which saw the dramatic collapse of Corinthian Colleges, fellow for-profit education company Anthem Education is rapidly closing its doors after the company filed for bankruptcy this week. Prior to filing for bankruptcy, Anthem Education had no fewer than 34 different campuses around the country. That number is in rapid free fall, with nine campuses shutting down Friday after the Department of Education failed to approve a deal that would temporarily keep them open. Anthem’s collapse...
  • Paul Ryan: Big government has U.S. at ‘tipping point’

    08/29/2014 8:43:14 AM PDT · by afraidfortherepublic · 33 replies
    Watchdog.org ^ | 8-26-14 | Ben Yount
    It is no longer a question of how much government Americans want. The only question is how much government Americanscan afford. And the former Republican vice presidential candidate, U.S. Rep. Paul Ryan, R-Wis., said the answer is becoming clear. “I talk about this in the book,” Ryan told Watchdog Radio Monday. “About very progressive policies. About the outcomes they produce, and how they bankrupt governments.” Ryan writes in his new book, “The Way Forward: Renewing the American Idea”, that the federal government has expanded entitlement programs, Medicare, Social Security and now Obamacare, to the point where they cost far more...
  • Atlantic City is going bust if it can’t break the gambling habit

    08/14/2014 6:44:12 AM PDT · by C19fan · 20 replies
    Washington Post ^ | August 14, 2014 | Max Ehrenfreund
    The winning streak has run cold for Atlantic City, N.J. Earlier this week, the upscale Revel Casino Hotel announced it will close, bringing the total number of casinos in the city expected to close by the end of the year to four. Thousands of workers are confronting unemployment. The state has long guaranteed Atlantic City a monopoly on gambling within New Jersey's borders, but gambling revenues there have been declining due to increased competition from new casinos in neighboring states and the lingering effects of the financial crisis. The monthly report from the state Division of Gaming Enforcement issued Wednesday...
  • US is Bankrupt: $89.5 Tril. in US Liabilities vs. $82 Tril. in Household Net Worth & Gap is Growing.

    08/04/2014 7:19:38 PM PDT · by SeekAndFind · 29 replies
    Biderman's Money Blog ^ | 08/04/2014 | Chris Hamilton
    There are many ways to look at the United States government debt, obligations, and assets. Liabilities include Treasury debt held by the public or more broadly total Treasury debt outstanding. ThereÂ’s unfunded liabilities like Medicare and Social Security. And then the assets of all the real estate, all the equities, all the bonds, all the depositsÂ…all at todayÂ’s valuations. But letÂ’s cut straight to the bottom line and add it all upÂ…$89.5 trillion in liabilities and $82 trillion in assets. There. ItÂ’s not a secret anymoreÂ…and although these are all government numbers, for some strange reason the government never adds...
  • Coal company bankruptcies accellerating [Obama keeping his campaign promise]

    07/26/2014 11:41:06 AM PDT · by SeekAndFind · 14 replies
    American Thinker ^ | 07/25/2014 | Rick Moran
    Bloomberg is reporting on the increase in coal company bankruptcies in recent years, due to the switch by power companies to natural gas and fracking, which has flooded the market with cheap gas. Driving this conversion is the prospect of new, draconian rules to be issued by the EPA on emissions from coal plants. Exports are failing to save U.S. miners. Slowing Chinese growth and rising competition from overseas, including increased Australian output, have sent the price of metallurgical coal, used in steelmaking, to a six-year low. Central Appalachian thermal coal, used in power plants to produce electricity, fell on...
  • Let Students Discharge College Debts In Bankruptcy? Yes, But...

    07/25/2014 5:42:54 AM PDT · by reaganaut1 · 46 replies
    Forbes ^ | July 24, 2014 | George Leef
    Ever since the obstreperous Occupy Wall Street protests of 2011, Americans have been getting an earful about the alleged crisis of student loan debt. Sensing a chance to appear both compassionate and pro-education, many lawmakers want to do something to ease the plight of indebted students. Senator Elizabeth Warren, for example, is pushing her populist plan of allowing students to refinance their loans at absurdly low interest rates. President Obama recently expanded the touchy-feely repayment system so that students would never have to pay more than ten percent of their discretionary income for 20 years before the rest of the...
  • Detroit retirees back pension cuts by a landslide

    07/22/2014 6:54:56 AM PDT · by Olog-hai · 9 replies
    Associated Press ^ | Jul 22, 2014 9:13 AM EDT
    A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history. Pension cuts were approved in a landslide, according to results filed shortly before midnight Monday. The tally from 60 days of voting gives the city a boost as Judge Steven Rhodes determines whether Detroit’s overall strategy to eliminate or reduce $18 billion in long-term debt is fair and feasible to all creditors. Trial starts...
  • Detroit retirees vote in favor of Pension Cuts

    07/22/2014 4:12:53 AM PDT · by taildragger · 17 replies
    Link only:http://www.clickondetroit.com/consumer/detroit-retirees-vote-in-favor-of-pension-cuts/27081476Many covering this Story at this early Stage can't be posted on FR.
  • Detroit showing signs of recovery ahead of bankruptcy trial

    07/21/2014 9:48:56 AM PDT · by SeekAndFind · 60 replies
    The Guardian ^ | 07/21/2014
    Detroit neighbourhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule and the city has renegotiated some burdensome union contracts. In the little more than a year since the state-appointed emergency manager, Kevyn Orr, made Detroit the largest US city to seek bankruptcy protection, it has experienced a wide range of improvements that will factor into Judge Steven Rhodes's decisions during next month's bankruptcy trial. A major piece of the bankruptcy puzzle could fall into place on Monday, with the expected release of the results of...
  • First Detroit, Now Flint Warns Bankruptcy "Train Is Headed For The Cliff"

    07/20/2014 4:22:59 AM PDT · by Zakeet · 29 replies
    Zero Hedge ^ | July 19, 2016
    Flint may be Michigan’s second city to plunge into bankruptcy unless retirees accept cuts in health benefits that threaten to unravel a balanced budget. As Crain's Detroit reports, Emergency Manager Darnell Earley (Flint’s third emergency leader since it was placed under state control in 2011) warned "If we have no ability to mitigate the cost of retiree health care, that’s going to make it very difficult for the city to remain financially stable over the next few years." As Eric Scorsone notes, "Flint's at the forefront, but a lot of cities are on the same train, and that train is...
  • Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection

    07/18/2014 12:41:10 PM PDT · by Former Proud Canadian · 10 replies
    Zerohedge ^ | July 18, 2014 | Tyler Durden
    Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly... *ESPIRITO SANTO INTERNATIONAL SAYS IT CAN'T MEET OBLIGATIONS *ES INTERNATIONAL APPLIES FOR `CONTROLLED MANAGEMENT' REGIME *ES INTERNATIONAL APPLIES FOR REGIME UNDER LUXEMBOURG LAW The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.
  • Kuhner Report: Mayor Judy Kennedy tells Jeff that illegal aliens are bankrupting Lynn.

    07/15/2014 8:17:50 AM PDT · by Prolixus · 26 replies
    Kuhner Report on WRKO ^ | July 15, 2014 | Jeff Kuhner
    <p>“Weekday morning from six to ten on WRKO. Important hours for. 3617666868. Here on AM 680. WRKO. And now I’m 93 point seven HDQ. My friends as I’ve been talking about for the last couple of days. Lynn. Has now become in many ways ground zero. For the immigration crisis engulfing this country. And now. Berlin’s mayor. Judy Kennedy. Has now come out and sad that — is basically now at the breaking point.</p>
  • Detroit Retirees Asked to Pay for Decades of Democrat Government

    07/08/2014 5:05:54 PM PDT · by Kaslin · 61 replies
    Townhall.com ^ | July 8, 2014 | Michael Schaus
    Retired city workers in the Liberal Utopia of Detroit are being asked whether or not they want the city to exit bankruptcy, by slashing retirement pensions and cost of living adjustments. Officials are urging retirees to agree to a 4.5 percent cut in pension payouts, and an end to COLA. Unsurprisingly, some former city workers are less than thrilled by the idea of taking a pay-cut in an attempt to lessen the city’s debt obligation. Now, I understand the retirement pension of an average city worker is not amazingly lush in the city of Detroit; but (and this is...