Keyword: bankruptcy

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  • Florida’s boondoggle bridge carries a curse for all who touch it

    09/12/2021 4:53:49 AM PDT · by Tolerance Sucks Rocks · 13 replies
    The Florida Phoenix ^ | August 12, 2021 | Craig Pittman
    For years, I have heard that the only constants in this life are death and taxes, but I suspect this is not true. I think there’s at least one other constant, at least in my life — the Garcon Point Bridge. I have been writing about this Panhandle boondoggle for more than 20 years. Every time I’ve written a story about it, I have been convinced that that would be the last. Then something else happened that made me shake my head and start writing another bridge story. I’ve gotten more mileage out of that bridge than the motorists who...
  • Social Security won’t be able to pay full benefits by 2034. Now there’s renewed pressure on Congress to come up with a fix

    09/05/2021 7:21:49 PM PDT · by SeekAndFind · 68 replies
    CNBC ^ | 09/05/2021 | Lorie Konish
    Social Security’s latest report on the status of the trust funds on which it relies to pay benefits has both good and bad news. The good news is that the funds have not been as hard hit by the Covid-19 as was initially feared, due the economic recovery that has taken place. The bad news is that the funds’ depletion dates have moved up sooner, prompting a chorus of calls for Congress to act swiftly to correct the problem. “If this report does not trigger a pretty serious and swift discussion on Capitol Hill among lawmakers about what needs to...
  • When Is the Social Security Asset Fund Running Out?

    09/05/2021 6:35:51 PM PDT · by SeekAndFind · 30 replies
    Statista ^ | 09/04/2021 | Katharina Buchholz
    A social safety net is synonymous with a failsafe for many, but, as Statista's Katharina Buchholz notes, in the case of the U.S. Social Security system, additional action is needed to ensure it stays that way.The annual OASDI trustees report by the Social Security Administration, covering old-age, survivors and disability insurance, shows that under the present circumstances, the asset reserve dedicated to the benefit program could be depleted sooner rather than later. Under the report’s intermediate scenario, asset funds would run out sometime in 2034, while this could happen as soon as 2031 if the administration was to shoulder a...
  • China State-Owned Asset Management Company, Huarong in Talks With Investors After $16 Billion Loss

    08/30/2021 9:14:30 PM PDT · by SeekAndFind · 4 replies
    SHANGHAI—China Huarong Asset Management Co., Ltd., a state-owned asset management company, sought to turn the page on a deep annual loss on Aug. 30, as its chairman said it was in talks with potential new strategic investors alongside a CITIC-led (CITIC Group Corporation Ltd., a state-owned investment company) consortium.Wang Zhanfeng, on a call a day after releasing earnings results, said many investors continue to have faith in Huarong and that it was speaking with new potential domestic and foreign strategic investors.On Aug. 29, Huarong announced a first-half 2021 profit of $24.5 million and a nearly $16 billion loss for 2020....
  • BSA — The Bankrupt Scouts of America

    07/25/2021 2:19:31 PM PDT · by T Ruth · 35 replies
    The Patriot Post ^ | Jul. 9, 2021 | Mark Alexander
    The BSA’s leftist agenda results in a membership drop from 1.97 million to 762,000. *** The BSA announced last week its $850 million settlement with thousands of abuse claimants, the vast majority being from many decades ago. *** In January of 2013, in a “Letter to an Eagle Scout,” I responded to the dismay over a proposal by the BSA National Board to remove the membership restriction regarding sexual orientation. In May of that year, the BSA’s national board, under the “leadership” of wealthy corporate types who were completely out of touch with grassroots Scouting values, promoted and implemented a...
  • China’s Chip Ambitions Fade as State-Backed Chip Giant Faces Bankruptcy

    07/22/2021 8:46:12 PM PDT · by SeekAndFind · 8 replies
    Epoch Times ^ | 07/22/2021 | Anne Zhang
    Tsinghua Unigroup, a Chinese state-backed chip maker, said it received court notice that one of its creditors had initiated bankruptcy proceedings for the group, dated July 12. Tsinghua Unigroup is a commercial arm of China’s Tsinghua University and an integral part of Chinese Leader Xi Jinping’s semiconductor self-reliance dream. One of its creditors had requested the court to initiate bankruptcy and reorganization proceedings due to Tsinghua Unigroup’s failure to repay debts and its glaring insolvency. The company is a key member of China’s microchip national team. According to a Unigroup filing to the Shanghai Stock Exchange, the creditor who requested...
  • It Turns Out Anti-virus Software Pioneer John McAfee Was Broke When He Died

    07/18/2021 7:48:14 PM PDT · by SeekAndFind · 9 replies
    Townhall ^ | 07/17/2021 | Rebecca Downs
    When John McAfee was found dead in his cell last month, reportedly due to suicide by hanging, the Internet was quick to doubt that. McAfee died in his prison cell in Spain, not long after a court ruled he could be extradited back to the United States. There's been another update, though. The man who founded the anti-virus protection company, and was once a millionaire, died broke, as reported by Keith Griffith with the Daily Mail. The piece also points to McAfee's tweets. In fact, the pinned tweet to McAfee's account, from June 16 claims "I have nothing."The US believes...
  • Catholic Diocese In Connecticut Is Filing For Bankruptcy With 60 Pending Sexual Abuse Lawsuits

    07/17/2021 1:44:22 PM PDT · by Dr. Thorne · 23 replies ^ | July 16, 2021 | Cassandra Basler
    The Roman Catholic Diocese of Norwich, Connecticut, is seeking Chapter 11 bankruptcy to help pay for more than 60 pending lawsuits over alleged sexual abuse. The lawsuits stem from former students at the Academy of Mount St. John in Deep River. Gale Howard is a leader of the Connecticut chapter of Survivors Network of those Abused By Priests, or SNAP. Howard said the bankruptcy limits fair compensation, especially for those who have yet to come forward.
  • Hertz, one of the largest worldwide vehicle rental companies, on Track to Exit Bankruptcy Protection This Month

    06/11/2021 6:58:26 AM PDT · by SeekAndFind · 5 replies
    US News and World Report ^ | 06/10/2021 | MICHELLE CHAPMAN
    A bankruptcy court has confirmed Hertz’s reorganization plan, which helps clear the way for the car rental company to emerge from Chapter 11 bankruptcy protection by the end of the month. Hertz will likely emerge from Chapter 11 bankruptcy protection by the end of the month after a bankruptcy court confirmed the reorganization plan for the beleaguered car rental company. Hertz Global Holdings Inc., owner of which filed for bankruptcy protection in May 2020, said Thursday that its plan will eraser more than $5 billion in debt and provide more than $2.2 billion in liquidity. Creditors will be paid in...
  • Judge Delivers Major Ruling In Case Involving NRA Verse New York

    05/11/2021 3:56:07 PM PDT · by TrumpianRepublican · 11 replies
    Conservative Brief ^ | 5/11 | Martin Walsh
    A federal judge on Tuesday dismissed the National Rifle Association’s bankruptcy case, leaving the powerful gun-rights group to face a New York state lawsuit that accuses it of financial abuses and aims to put it out of business. The case was over whether the NRA should be allowed to incorporate in Texas instead of New York, where the state is suing in an effort to disband the group. Though headquartered in Virginia, the NRA was chartered as a nonprofit in New York in 1871 and is incorporated in the state. Judge Harlin Hale said in a written order that he...
  • Judge to Rule Early Next Week in NRA Bankruptcy Trial

    05/03/2021 4:35:22 PM PDT · by Navy Patriot · 19 replies
    Newsmax ^ | May 3, 2021
    Are the leaders of the National Rifle Association abusing the legal system to duck accountability for their mismanagement? Or are they making a legitimate move to reorganize in the face of an attack from politicians bent on dismantling the powerful gun-rights group? A federal judge in Dallas was left to weigh those competing narratives Monday during closing arguments in the NRA's bankruptcy trial. Judge Harlin Hale said he expects to issue a written ruling early next week in the case over whether the NRA can move its incorporation from New York to Texas.
  • Biden’s 2030 Carbon Goal Will Fail—and Bankrupt America

    03/31/2021 6:35:09 PM PDT · by SeekAndFind · 4 replies
    Epoch Times ^ | 03/31/2021 | Jason Isaac
    CommentaryPresident Joe Biden followed his raft of heavy-handed climate executive orders by announcing his loftiest goal yet: slashing U.S. carbon dioxide emissions in half by the end of the decade.Biden’s ambitious climate fantasy is doomed to fail—not only failing to reach his emissions target, but also failing utterly to make the slightest impact on climate change.The best solution for preserving the natural beauty of our nation, contrary to the president’s pontificating, is to fully embrace domestically produced energy. Long-term environmental quality is a product not of big-government mandates, but of freedom and economic prosperity.Biden’s plan is hopeless because modern life...
  • The wave of covid bankruptcies has begun

    03/01/2021 2:07:02 AM PST · by RomanSoldier19 · 55 replies
    Washington Post via msn ^ | February 26. 2021 | Jonathan O'Connell, Anu Narayanswamy
    A New Albany, Ohio, music school offering piano, guitar and violin lessons racked up under nearly $1 million in loans and $35,000 in credit card debt. A fine dining restaurant in Providence, R.I., received more than $450,000 in federal small-business funds to help pay workers but still had to close its doors. A nonprofit overseeing the Kit Carson Home and Museum in Taos, N.M., welcomes visitors to learn about the famous frontiersman but listed just $17,000 in assets even after every bone-handled knife, buffalo hide apron and flintlock musket had been tallied. Nearly a year since coronavirus-related shutdowns began affecting...
  • China' Once High-Flying Conglomerate - HNA Group Enters Bankruptcy Proceedings: Company Once Had 25% stake in Hilton Hotels and 10% stake in German banking giant Deutsche Bank

    01/30/2021 6:54:58 PM PST · by SeekAndFind · 3 replies
    Epoch Times ^ | 01/30/2021 | Fan Yu
    HNA Group, the acquisitive conglomerate once synonymous with China’s global ambitions, has succumbed to its massive debt load and entered bankruptcy proceedings at the behest of its creditors. The Hainan-based company was served by its creditors on Jan. 29 in the provincial court to begin bankruptcy restructuring, the company announced on its WeChat board. Previously, a government-led effort to restructure its debts failed to sufficiently repay HNA Group’s creditors. It’s been a precipitous fall for one of China’s highest-profile conglomerates. HNA Group was established by Chen Feng, who worked for the civil aviation authority before starting Hainan Airlines, the flag...
  • Biden’s Energy Nominee Divvied Millions In Taxpayer Funds To Alternative Energy Startups That Went Bankrupt

    01/27/2021 4:55:33 PM PST · by rktman · 24 replies ^ | 1/27/2021 1118 hrs est | Andrew Kerr
    President Joe Biden’s nominee to head the Department of Energy, Jennifer Granholm, divvied out millions in taxpayer funds during her two terms as Michigan governor to alternative energy companies that eventually went bankrupt. In one instance, Granholm’s administration provided a $9.1 million refundable tax credit to a renewable energy company registered to the address of a single-wide trailer and run by a convicted embezzler named Richard Short. Short was found to be in violation of his parole and sent back to prison after appearing on stage with Granholm in 2010 to accept assistance from the Michigan Economic Growth Authority, according...
  • Belk Files for Bankruptcy but Plans to keep Stores Open

    01/26/2021 3:55:53 PM PST · by Cecily · 17 replies ^ | January 26, 2021
    CHARLOTTE, N.C. (WTVD) -- A 133-year-old North Carolina retail icon has filed for bankruptcy amid the COVID-19 pandemic. Belk announced Tuesday that it plans to restructure financially under Chapter 11 of the U.S. Bankruptcy Code. The company hopes to complete the reorganization by the end of February. "Belk has a 130-year legacy of providing quality products at great prices," said Lisa Harper, Belk CEO. "Like all retailers navigating COVID-19, our priority has been the safety of our associates, customers and communities. As the ongoing effects of the pandemic have continued, we've been assessing potential options to protect our future. We're...
  • Pizza buffet chain Cici's files for bankruptcy

    01/26/2021 10:52:25 AM PST · by Responsibility2nd · 80 replies
    CNN ^ | 01/26/2021 | Jordan Valinsky
    In a court filing late Monday, Cici's blamed its Chapter 11 filing on the "unpredictable and unprecedented scale" of the pandemic, which decimated its bottom line and customer demand because it relies heavily on its dining rooms. The Texas-based company has more than 300 locations in 26 states — a sharp decrease from the roughly 650 restaurants it owned about a decade ago. Cici's dropped "pizza" from its name in 2015 and expanded its menu to focus on its unlimited soup, salad and dessert options. The company was bought by Arlon, a food and agriculture investment firm, a year later.
  • NRA files for bankruptcy, says it will reincorporate in Texas

    01/15/2021 1:30:18 PM PST · by Anti-Bubba182 · 122 replies
    CNBC ^ | 1-15-21 | Staff
    This is breaking news. Please check back for updates.
  • Bankrupt Jalesh Cruises Leaves Employees High and Dry

    12/28/2020 11:44:36 AM PST · by Capt. Tom · 43 replies
    Porthole Cruise ^ | December 28, 2020 | Evan Gove
    April 17, 2019 was an important date for India’s Jalesh Cruises. It was the first time passengers set foot onboard the recently purchased Karnika for a cruise from Mumbai. Less than a year later, the cruise line is out of business and the ship sold for scrap. COVID-19 is to blame, but sources tell Porthole Cruise that the cruise line’s financial issues were obvious onboard long prior to the pandemic. Jalesh Cruises was one of six cruise operators that was forced to shut down due to the COVID-19 pandemic, leaving behind lost opportunity and a number of outstanding debts owed...
  • A Word Of Advice To Business Owners Being Fined For Resisting Lockdowns (language warning)

    11/25/2020 9:50:03 AM PST · by Enlightened1 · 7 replies
    Twitter ^ | 11/25/20 | Rampage
    A Word Of Advice To Business Owners Being Fined For Resisting Lockdowns. Rack up as many fines as possible before you file that Bankruptcy that is coming either way if you submit. Here’s Why. I’ve done this and speak from experience!(2min 20 seconds video at the link)