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Keyword: bankruptcy

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  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 20 replies
    FT.com ^ | July 3, 2015 | Kerin Hope
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
  • Greek Prime Minister Alexis Tsipras learning EU’s No. 1 rule: Don’t mess with Angela Merkel

    07/03/2015 6:12:43 AM PDT · by canuck_conservative · 9 replies
    Financial Post [Canada] / Bloomberg ^ | Friday, July 3, 2015 | Matthew Campbell
    ... The German chancellor’s disapproval helped end the political careers of former Italian prime minister Silvio Berlusconi and Greek leader George Papandreou. After burning through whatever goodwill he had with Merkel’s lawmakers and the German public, the current Greek premier could be next.... “We are watching the end of the political career of Alexis Tsipras,” Jacob Kirkegaard, a senior fellow at Peterson Institute in Washington, said in a Bloomberg Radio interview. “Mr. Tsipras can continue his career on T-shirts for students, replacing Che Guevara.”... Refusing to play ball with Germany didn’t turn out well for Berlusconi, whose premiership had survived...
  • The Greeks Invented Mathematics, and Now It’s Bankrupting Them

    07/02/2015 7:39:59 AM PDT · by SeekAndFind · 23 replies
    National Review ^ | 07/02/2015 | Kevin Williamson
    In the short term, the world runs on words; in the long term, the world runs on numbers. It is as though the Muses came to an agreement: In the here and now, mankind is subject to rhetoric, but mathematics gets the final say. In Athens, in San Juan, in Detroit, in Sacramento, in Springfield, and, soon enough, in Washington, Mathematics is arousing herself from her torpor, and she is cranky as hell. The long term is here. Greece has defaulted on its sovereign debt, and its banks have been shut down. Television viewers accustomed to watching a few odd...
  • Obama urges Congress to pass law letting Puerto Rico declare bankruptcy, time to let Illinois...

    07/01/2015 11:02:05 AM PDT · by re_tail20 · 28 replies
    Illinois Policy Institute ^ | June 30, 205 | Mike Shedlock
    Puerto Rico is bankrupt. The key problem is that while municipalities can declare bankruptcy, states and territories cannot. President Barack Obama recognizes the problem. “No federal bailout for Puerto Rico” is the White House’s position. Instead, he urges Congress to pass a bill allowing Puerto Rico to declare bankruptcy. The Associated Press gives details: “The White House threw cold water Monday on the notion of bailing out Puerto Rico from its financial crisis, instead urging Congress to consider changing the law so the island can declare bankruptcy. “On the heels of a dismal economic report, Puerto Rico’s governor has warned...
  • It's Official: Greece defaults on IMF payment

    06/30/2015 7:24:07 PM PDT · by SeekAndFind · 55 replies
    The Star ^ | 06/30/2015 | Tanya Talaga
    Greece joins Somalia, Sudan and Zimbabwe on the latest to be in debt to the International Monetary Fund. As Athenians rallied underneath thunderclouds to show their support for keeping Greece in the eurozone of single currency nations, their broke government defaulted on a $2.2-billion payment to the International Monetary Fund. At midnight on Tuesday, Greece joined Sudan, Somalia and Zimbabwe as countries in arrears to the IMF. Also at midnight, the bailout assistance package that began in February 2012 formally expired, leaving Greece without access to any emergency finances. In Washington, the IMF acknowledged that Greece had failed to meet...
  • Puerto Rico now belongs to Wall Street [Governor Admits Debts Cannot be Paid]

    06/29/2015 9:27:01 AM PDT · by SeekAndFind · 33 replies
    Business Insider ^ | 06/29/2015 | LINETTE LOPEZ AND SHANE FERRO
    The governor of Puerto Rico has admitted that it can't keep paying down the over $72 billion worth of public debt obligations. As a result, it finds itself in a uniquely awful position. It can't go into bankruptcy according to its own laws, so now it has to deal exclusively with its creditors to restructure its debt. That means it has to deal with Wall Street. "I think the surprise was that it happened this quickly," said Brian Kelly, CEO of Connecticut-based fund Brian Kelly Capital. "We thought it would take 6 months to a year... the solution is a...
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • Pension Armageddon: Can California voters avoid it?

    06/26/2015 5:37:27 AM PDT · by SeekAndFind · 5 replies
    Weekly Standard ^ | 06/26/2015 | BY STEPHEN EIDE
    Not all Californians believe that drought is the greatest threat to their state’s future. Early this month, a bipartisan group of current and former local officials filed the “Voter Empowerment Act of 2016,” a statewide ballot measure aimed at reforming the politics of public pensions. Its passage would forbid politicians in California from lavishing expensive retirement benefits on workers without explicit voter approval. The effort is being led by Carl DeMaio, a Republican former member of the San Diego city council, and Chuck Reed, a Democrat and former mayor of San Jose. If they prevail, the effects will be felt...
  • Social Security Is the Titanic Headed For the Iceberg

    06/25/2015 7:51:26 AM PDT · by SeekAndFind · 18 replies
    RCM ^ | 06/25/2015 | Andrew Biggs
    There is bad news to come regarding Social Security - not merely for the "1 percenters" but for ordinary Americans, who must either pay more to Social Security or receive less from it. Expanding Social Security, as some of members of Congress have proposed, isn't rearranging the deck chairs on the Titanic. It is like adding more passengers. The Congressional Budget Office (CBO) recently released its latest financing projections for the Social Security program, showing a long-term funding shortfall that has more than quadrupled since 2008. The program's trust fund, which in 2008 the CBO projected would last until mid-century,...
  • Judge reopens FOIA case on Hillary Clinton aide Abedin (Huma)

    06/20/2015 8:23:41 AM PDT · by PROCON · 15 replies
    politico ^ | June 19, 2015 | JOSH GERSTEIN
    Reacting to the disclosure that Hillary Clinton exclusively used a private email account during her tenure as secretary of state, a federal judge agreed Friday to reopen a conservative group's Freedom of Information Act lawsuit seeking details about the employment arrangements of top Clinton aide Huma Abedin. However, U.S. District Court Judge Emmet Sullivan declined — for now — to address claims from Judicial Watch that Clinton's use of the private account and server led State Department officials to commit a fraud on the court by certifying they had turned over all responsive records.
  • Greeks fear bank closures — and possible ‘Grexit’ — if deal isn’t made at emergency EU summit

    06/21/2015 7:56:25 PM PDT · by canuck_conservative · 25 replies
    National Post [Canada] ^ | Sunday, June 21, 2015 | Matthew Fisher
    Either Greece’s banks will open on Monday and Christos Dranos’s butcher’s shop will still be in business. Or they won’t and his shop and the country’s ties to the Euro will be in serious peril.... Greece’s banks suffered a €4.2 billion ($5.8 billion) run last week ahead of an emergency European Union summit called for Monday in Brussels on the country’s deepening debt crisis and the continuing standoff between Athens and its foreign creditors.... A continuing rush for cash at ATM machines over the weekend suggests that panic has already set in. But beaches and coffee shops in Athens were...
  • San Bernardino: Broken City

    06/15/2015 6:43:47 PM PDT · by artichokegrower · 37 replies
    Los Angles Times ^ | June 14, 2015 | Joe Mozingo
    San Bernardino, once a sturdy, middle class "All-America City," is now bankrupt, the poorest city of its size in California, and a symbol of the nation's worst urban woes.
  • EXCLUSIVE: Trump will declare $9 billion in assets as he reveals 2016 plans

    06/15/2015 12:32:31 PM PDT · by GIdget2004 · 92 replies
    Washington Post ^ | 06/15/2015 | Robert Costa and Matea Gold
    Donald J. Trump, the billionaire real-estate mogul, on Tuesday will release a summary of assets that total about $9 billion as part of his likely entry into the race for the Republican presidential nomination, according to people familiar with his plans. The two-page document — which will be published after he holds a political rally at Trump Tower in New York — will provide a valuation of his hotels and other properties. It will also show hundreds of millions in cash on hand and an outline of his debt, the people said. The details he will reveal Tuesday will provide one...
  • Colt Defense to file for chapter 11 bankruptcy protection by Monday

    06/15/2015 7:31:48 AM PDT · by Enlightened1 · 37 replies
    Market Watch ^ | 06/15/15 | Matt Jarzemsky
    Gun maker Colt Defense LLC plans to file for chapter 11 bankruptcy protection by Monday, according to people familiar with the matter, amid business and accounting troubles. The company has secured financing to continue operating while in bankruptcy and expects to remain in business after the restructuring, the people said. The West Hartford, Conn.-based company, with a legacy dating to 17th century New England, developed a pistol it calls “the gun that won the West” and enjoyed a lucrative stretch in the late 1990s and early 2000s as the U.S. military’s sole supplier of the M4 line of firearms widely...
  • 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.