http://www.freerepublic.com/tag/bankruptcy/ en-us Mon, 29 Jun 2009 15:06:33 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2281680/posts The region had the nation's biggest percentage jump in 2008, and the number this year through April is up 75% despite a 2005 rule overhaul aimed at curbing filings by those who would benefit unfairly. Going legally broke has made a big comeback -- especially in the Los Angeles area -- despite a mid-decade revision to the U.S. Bankruptcy Code intended to curb filings. The number of Southern Californians seeking bankruptcy protection nearly doubled in 2008 from 2007 in the U.S. Bankruptcy Court's seven-county California Central District, by far the biggest increase in the nation. Bankruptcy is still booming. Personal... LAT http://www.freerepublic.com/focus/f-news/2281680/posts#comment Mon, 29 Jun 2009 15:06:33 GMT http://www.freerepublic.com/focus/f-bloggers/2277247/posts "They're on you day and night. Their oversight is just too extreme," said former Chrysler CEO Lee Iacocca. The Freedom Post http://www.freerepublic.com/focus/f-bloggers/2277247/posts#comment Tue, 23 Jun 2009 01:48:23 GMT http://www.freerepublic.com/focus/f-news/2276634/posts Edra Denise Blixseth, age 55, is tiny, barely 5 feet 3, but she is at the center of a huge financial mess. According to personal bankruptcy papers her lawyer filed in March, she owes $500 million to $1 billion and has assets of barely half that, almost none of them liquid. Earlier this month, the court approved the sale of one of her most prized possessions - the private ski resort in Big Sky, Mont., known as the Yellowstone Club - to the private-equity firm of one of its members for $115 million. Just a year ago, that same buyer,... San Francisco Chronicle/NYT http://www.freerepublic.com/focus/f-news/2276634/posts#comment Mon, 22 Jun 2009 05:28:04 GMT http://www.freerepublic.com/focus/f-news/2276031/posts Several weeks ago President Obama pilloried holders of Chrysler debt who refused to take a deal for less than they had expected as secured creditors of the company, famously dismissing them as "a small group of speculators." Bloomberg reported that he also questioned their motives, saying that, "A group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout." Among other things, Obama tried to cast the conflict as a moral issue, in effect suggesting that bondholders were greedy and threatening the jobs of hardworking Americans with unfair demands and a lack... Morningstar http://www.freerepublic.com/focus/f-news/2276031/posts#comment Sat, 20 Jun 2009 23:06:08 GMT http://www.freerepublic.com/focus/f-news/2273772/posts NEW YORK – Clothing retailer Eddie Bauer Holdings Inc. filed on Wednesday for Chapter 11 bankruptcy court protection, the latest retail casualty of the recession. It said CCMP Capital Advisors LLC has bid for its assets. Other buyers may also make bids while the company is under court protection. AP http://www.freerepublic.com/focus/f-news/2273772/posts#comment Wed, 17 Jun 2009 19:02:24 GMT http://www.freerepublic.com/focus/f-news/2273074/posts WASHINGTON (Reuters) - A judicial body is urging Congress to authorize new bankruptcy judgeships to cope with a surge in bankruptcy filings that has tracked weakness in the U.S. economy. Barbara Lynn, chair of the bankruptcy committee of the Judicial Conference of the United States, recommended at a congressional hearing that Congress authorize 13 new permanent bankruptcy judgeships and make 22 temporary bankruptcy judgeships permanent. The conference, which advises Congress on where to place judges, also called on Congress to extend the term of two temporary bankruptcy judgeships for five years. Washington Post http://www.freerepublic.com/focus/f-news/2273074/posts#comment Tue, 16 Jun 2009 21:31:38 GMT http://www.freerepublic.com/focus/f-news/2271725/posts Chrysler Group LLC's restructuring is altering the bankruptcy landscape well beyond the auto industry. Within days of a bankruptcy-court judge's approval of the government's plan to sell Chrysler to Fiat SpA and leave creditors with big losses, a lawyer in the bankruptcy case of the National Hockey League's Phoenix Coyotes invoked Chrysler in trying to push through the speedy sale of the team. Should the judge approve that move and allow the Coyotes to be sold quickly, as Chrysler was, it could put some creditors out in the cold, leaving the NHL and other investors without the kind of input... Wall Street Journal http://www.freerepublic.com/focus/f-news/2271725/posts#comment Sun, 14 Jun 2009 21:50:59 GMT http://www.freerepublic.com/focus/f-news/2271363/posts Debt-ridden amusement park operator Six Flags, controlled by Washington Redskins owner Dan Snyder, has filed for Chapter 11 bankruptcy reorganization. The New York-based chain of parks has been trying unsuccessfully this year to renegotiate terms with lenders on hundreds of millions of dollars in debt. Six Flags parks, including its Six Flags Great Escape and Indoor Water Park in Queensbury, will continue to operate as usual under reorganization. “The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets,” said Six Flags chief executive Mark Shapiro in a statement. “As a... Business Review http://www.freerepublic.com/focus/f-news/2271363/posts#comment Sun, 14 Jun 2009 03:39:41 GMT http://www.freerepublic.com/focus/f-news/2270696/posts "Crony capitalism” is a term often applied to foreign nations where government interference circumvents market forces. The practice is widely associated with tin-pot dictators and second-rate economies. In such a system, support for the ruling regime is the best and only path to economic success. Who you know supersedes what you know, and favoritism trumps the rule of law. Unfortunately, this week’s events demonstrate that the phrase now more aptly describes our own country. On Monday, the Supreme Court refused to hear an appeal from Chrysler’s secured creditors based on the government’s argument that the needs of other stakeholders outweighed... Europac.net http://www.freerepublic.com/focus/f-news/2270696/posts#comment Fri, 12 Jun 2009 22:05:02 GMT http://www.freerepublic.com/focus/f-chat/2269316/posts Robert A. Mark, the Judge overseeing Psystar's bankruptcy in Florida, ordered a hearing on Apple's Motion For Relief From Stay for June 17. Apple filed the motion in hopes of quickly resuming its case against Psystar for selling PCs with Mac OS X pre-installed. Apple's legal battle was temporarily stalled when Psystar filed for Chapter 11 bankruptcy protection because of mounting legal expenses. Judge Mark would likely lift the stay eventually, but Apple is hoping to expedite the process with its motion and avoid losing more time while waiting for the bankruptcy proceedings to complete. Psystar is still selling PCs... The Mac Observer http://www.freerepublic.com/focus/f-chat/2269316/posts#comment Thu, 11 Jun 2009 04:35:26 GMT http://www.freerepublic.com/focus/f-news/2267817/posts Leader of Australia's influential Greens party, whose support the government needs to begin its carbon trading scheme, could be forced to leave parliament over a forestry court battle that threatens to bankrupt him. Senator Bob Brown accused the island state of Tasmania's government and its powerful logging industry of trying to push him out of the national upper house, where his party controls five of seven key swing votes. A letter was sent to Mr Brown last week by state-owned Forestry Tasmania demanding he pay a $239,368 (£120,000) legal bill by June 29 or face bankruptcy proceedings that would see... The Telegraph http://www.freerepublic.com/focus/f-news/2267817/posts#comment Tue, 9 Jun 2009 07:15:06 GMT http://www.freerepublic.com/focus/f-news/2268519/posts The International Air Transport Association has doubled its estimates for global airline industry losses compared to its figure of three months ago. That presages another round of carrier bankruptcies similar to these in the early part of the decade. Reuters reports that the IATA expects the red ink at the world’s airlines to hit $9 billion this year. The main culprit is the same as it was last year–rising fuel costs. That is now married to a sharp drop in traffic. Most of the Chapter 11 filings during the 2008 affected small airlines, at least in America. That could change... Wall St 24/7 http://www.freerepublic.com/focus/f-news/2268519/posts#comment Wed, 10 Jun 2009 04:41:52 GMT http://www.freerepublic.com/focus/f-news/2268498/posts Hey Detroit! Get ready for your new Italian overlords. Read So much for the valiant Indiana pension fund, bravely standing up for its shareholders against the UAW-Chrysler-Fiat-White House-TARP banks juggernaut. Alas, this is the end of the road. The Supreme Court, after putting a surprise block on the deal last night, has given it a go. WSJ: The high court pulled back from the issue after granting itself additional time to consider appeals filed by several Indiana pension funds and a coalition of consumer groups. The bulk of Chrysler's assets can now be transferred to Fiat, which is set to... The Business Insider http://www.freerepublic.com/focus/f-news/2268498/posts#comment Wed, 10 Jun 2009 04:08:35 GMT http://www.freerepublic.com/focus/f-news/2268293/posts Chrysler and Italy's Fiat urged the US Supreme Court late Tuesday to move quickly on Chrysler's proposed sale to Fiat, saying their government-brokered deal could still unravel if it doesn't close by a June 15 deadline. But the high court is unlikely to rule immediately on the case because the Justice Department is working on another legal brief, NBC News has learned. AOL Money and Finance http://www.freerepublic.com/focus/f-news/2268293/posts#comment Tue, 9 Jun 2009 22:03:42 GMT http://www.freerepublic.com/focus/f-news/2268270/posts (Reuters) - A U.S. bankruptcy judge on Tuesday approved Chrysler's motion to reject 789 dealers. The bankruptcy judge said the order rejecting dealership contracts was effective immediately. Reuters http://www.freerepublic.com/focus/f-news/2268270/posts#comment Tue, 9 Jun 2009 21:29:07 GMT http://www.freerepublic.com/focus/f-news/2268240/posts DETROIT -- A former CEO and chairman of telecommunications giant AT&T Inc. will lead General Motors Corp.'s board after the automaker emerges from bankruptcy protection, GM said Tuesday. Edward Whitacre Jr., 67, eventually will replace Kent Kresa, who will remain GM's interim chairman until the reorganized automaker emerges as a new company that's majority-owned by the U.S. government. Whitacre was chairman and chief executive of AT&T and its predecessor companies from 1990 to 2007. During his tenure, he led the company through several acquisitions and sales. Whitacre sits on the boards of Exxon Mobil Corp. and the railroad company Burlington... MLive http://www.freerepublic.com/focus/f-news/2268240/posts#comment Tue, 9 Jun 2009 20:41:18 GMT http://www.freerepublic.com/focus/f-news/2267992/posts Even though city officials would prefer to avoid a public conversation, behind closed doors the Oakland City Council has discussed filing for bankruptcy protection in the midst of a $100 million budget deficit. "We have asked the (bankruptcy) question because we wanted to know the impact," said District 5 council member Ignacio De La Fuente. "In closed session, the question has been asked, and an answer was given." He would not elaborate. "It's a possibility," he acknowledged. "Things are that bad." Council President Jane Brunner was equally aloof. She ably acknowledged the city's dire financial problem while managing to avoid... San Francisco Chronicle http://www.freerepublic.com/focus/f-news/2267992/posts#comment Tue, 9 Jun 2009 14:42:25 GMT http://www.freerepublic.com/focus/f-news/2267618/posts A US Supreme Court justice granted Monday a request to put on hold the sale of bankrupt automaker Chrysler to a group led by Italian carmaker Fiat. Supreme Court Justice Ruth Bader Ginsburg, in a one-sentence order, said the orders of the bankruptcy judge allowing the sale "are stayed pending further order of the undersigned or of the court." AP Ginsburg acted as a 4 p.m. deadline from a U.S. appeals court in New York was due to expire. The appeals court order would have allowed Chrysler to proceed with its sale to Fiat, a union-aligned trust and the U.S.... CNBC http://www.freerepublic.com/focus/f-news/2267618/posts#comment Tue, 9 Jun 2009 00:20:45 GMT http://www.freerepublic.com/focus/f-news/2267434/posts Breaking on CNBC: USSC delays Chyrsler asset sale! Mourdock: USe of Tarp Funds in automotive industry was illegal Obama admin had urged USSC NOT to keep chrysler deal on hold CNBC Breaking News (live) http://www.freerepublic.com/focus/f-news/2267434/posts#comment Mon, 8 Jun 2009 20:08:48 GMT http://www.freerepublic.com/focus/f-news/2267432/posts U.S. Supreme Court Justice Ruth Bader Ginsburg issued a stay in the Chrysler hearing, delaying its proposed sale to Fiat. The Supreme Court extended the current stay on the sale to here arguments against the merger, at the behest of groups that comprise Chrysler’s senior secured lenders. The primary opponents of the deal include three Indiana employee pension funds, the widow of a Chrysler employee and several consumer advocacy organizations who filed emergency applications to the Supreme Court Saturday. Fox News http://www.freerepublic.com/focus/f-news/2267432/posts#comment Mon, 8 Jun 2009 20:07:23 GMT http://www.freerepublic.com/focus/f-news/2266987/posts I was shaving Friday morning in a small, unaccommodating, shared bathroom on when a stranger walked in. He said hello, I said hello, and I felt like Cary Grant, shaving in the bathroom of the train station in Chicago, in North by Northwest. Well, he wasn’t a complete stranger. I knew he was a member of the Class of 1964 from Yale University, since we were up for our 45th Reunion (yes, we are older’n dirt). Anyway, he noticed my faceful of shaving cream and said, “Still doing it the old-fashioned way?” I replied, “It lets me see where I’m... Special to FreeRepublic http://www.freerepublic.com/focus/f-news/2266987/posts#comment Mon, 8 Jun 2009 05:08:23 GMT http://www.freerepublic.com/focus/f-news/2266717/posts It is patently false to claim that Chrysler has not made public the criteria that it used to determine which dealerships it would close. In a May 14th Motion, Chrysler attorneys outlined the criteria that were factored into those decisions. The criteria were initially defined in Project Genesis, which was an analytical and statistical data model developed by Chrysler in 2008 to improve its viability going forward. The following is taken from pages 17 and 18 of that motion. The Debtors' Extensive Qualitative Assessment of Each Dealership 37. Project Genesis and the selection of dealerships to be included in the... Chrysler http://www.freerepublic.com/focus/f-news/2266717/posts#comment Sun, 7 Jun 2009 18:28:16 GMT http://www.freerepublic.com/focus/f-news/2266621/posts This is nothing short of Americans asking the Judiciary Branch to step in and exercise its check and balance powers to stop an out-of-control Executive Branch. Our Republic is held together by such power, and in this instance, the Supreme Court is the last bulwark against an authoritarian president nationalizing a private company and extinguishing Constitutionally protected contract and property rights to reach his goal of giving the company to his political allies. DC Republican Examiner http://www.freerepublic.com/focus/f-news/2266621/posts#comment Sun, 7 Jun 2009 14:49:10 GMT http://www.freerepublic.com/focus/f-news/2266599/posts WASHINGTON (Dow Jones)--A group of Indiana pension funds opposed to Chrysler LLC's sale to Fiat SpA (FIATY) on Saturday filed an emergency appeal with the U.S. Supreme Court to stay the sale while they continue their attempts to block it. The emergency stay request, filed shortly before midnight Saturday, came after the 2nd U.S. Circuit Court of Appeals in New York approved the acquisition of most of Chrysler's assets by a group led by Fiat, the Italian auto manufacturer. A U.S. bankruptcy judge early last week approved the sale. A coalition of consumer groups lodged a separate stay request early... Wall Street Journal http://www.freerepublic.com/focus/f-news/2266599/posts#comment Sun, 7 Jun 2009 13:52:45 GMT http://www.freerepublic.com/focus/f-news/2266576/posts Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early Sunday to put the sale on hold so they can pursue an appeal. Associated Press http://www.freerepublic.com/focus/f-news/2266576/posts#comment Sun, 7 Jun 2009 12:29:35 GMT