http://www.freerepublic.com/tag/bankruptcy/ en-us Sun, 27 Dec 2009 21:37:18 GMT Focus Forum 15 http://www.freerepublic.com/focus/f-news/2415907/posts Banta Tile & Marble closed this week after the bricklayers union won a $2.9 million judgment against it. The small Loop Road firm laid off its 25 workers Tuesday and filed for bankruptcy liquidation Wednesday. "It's obviously devastating to all of our employees and their families, and to our customers," said Banta president Ken Morris. Banta installed luxurious tile and stone surfaces at thousands of homes and companies across the region during its 80 years in operation. But it was forced to close after U.S. District Judge John Jones III in Harrisburg agreed with earlier rulings in a case that... Lancaster online http://www.freerepublic.com/focus/f-news/2415907/posts#comment Sun, 27 Dec 2009 21:37:18 GMT http://www.freerepublic.com/focus/f-news/2415776/posts It is becoming increasingly clear that the structural deficit in California cannot be solved by any means available to the legislature, by economic growth, or by just plain luck. It is time to think the unthinkable: that the only way for California to get its financial house in order is through bankruptcy. A few decades ago, California was a Republican state. It was growing like crazy, had great roads, top public schools, top universities, and a vibrant growing economy. Drawn by the nice weather, a business friendly environment and all sorts of creative capital formation, entrepreneurs in technology, biology, engineering,... Flopping Aces http://www.freerepublic.com/focus/f-news/2415776/posts#comment Sun, 27 Dec 2009 16:57:57 GMT http://www.freerepublic.com/focus/f-news/2415451/posts Federal health care legislation could add hundreds of millions of dollars in costs to Georgia’s state budge... Pages A1 (Front Page) & A15 in the Sunday December 27th edition in, and online at, The ajc. Atlanta Jouranl Constipation http://www.freerepublic.com/focus/f-news/2415451/posts#comment Sat, 26 Dec 2009 21:12:49 GMT http://www.freerepublic.com/focus/f-bloggers/2412175/posts Kremlin position papers presented to Prime Minister Putin today on his upcoming meeting with NATO Secretary General Anders Fogh Rasmussen state that the European-US military alliance has authorized an ‘emergency request’ from President Obama to utilize American and Canadian NATO troops to put down what is expected to be a “rebellion” after the expected January, 2010 ‘declaration of bankruptcy’ by the State of California. According to these reports, Obama’s fears of rebellion are due to the economic health of California (the United States largest State) after the 3rd largest US State, New York, declared a ‘fiscal emergency’ and refused to... Communists 4 Obama http://www.freerepublic.com/focus/f-bloggers/2412175/posts#comment Mon, 21 Dec 2009 13:58:00 GMT http://www.freerepublic.com/focus/f-news/2412212/posts The California Legislative Analyst’s Office recently reported that the State faces a $21 billion shortfall in the current as well as the next fiscal year. That’s a problem, a really big problem. My young son would say it was a ginormous problem. In fact, it may be an insurmountable problem. Our governor and legislature used every trick in their books when they created the most recent budget. They even resorted to mandatory interest-free loans from the taxpayers. Now, they have no idea where to go. The Democrats have declared that they will not allow budget cuts. The Republicans will not... New Geography http://www.freerepublic.com/focus/f-news/2412212/posts#comment Mon, 21 Dec 2009 14:57:06 GMT http://www.freerepublic.com/focus/f-news/2411993/posts Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue. Citadel owns and operates 224 radio stations, including KABC-AM in Los Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM in San Francisco. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin. My Way http://www.freerepublic.com/focus/f-news/2411993/posts#comment Mon, 21 Dec 2009 03:07:00 GMT http://www.freerepublic.com/focus/f-news/2411734/posts DECEMBER 20, 2009 Citadel Broadcasting to File for Bankruptcy BY MIKE SPECTOR AND SARAH MCBRIDE Citadel Broadcasting Corp., the third-largest radio broadcaster in the U.S., plans to file for bankruptcy as soon as Sunday, according to people familiar with the matter. Citadel is expected to file in a deal supported by many lenders collectively owed $2 billion, known as a "prearranged" deal in bankruptcy parlance. Wall St. Journal http://www.freerepublic.com/focus/f-news/2411734/posts#comment Sun, 20 Dec 2009 17:47:15 GMT http://www.freerepublic.com/focus/f-news/2409095/posts President Obama told ABC News’ Charles Gibson in an interview that if Congress does not pass health care legislation that will bring down costs, the federal government “will go bankrupt.” The president laid out a dire scenario of what will happen if his health care reform effort fails. “If we don't pass it, here's the guarantee….your premiums will go up, your employers are going to load up more costs on you,” he said. “Potentially they're going to drop your coverage, because they just can't afford an increase of 25 percent, 30 percent in terms of the costs of providing health... http://www.freerepublic.com/focus/f-news/2409095/posts#comment Wed, 16 Dec 2009 22:53:54 GMT http://www.freerepublic.com/focus/f-news/2409093/posts President Obama: Federal Government 'Will Go Bankrupt' if Health Care Costs Are Not Reigned In December 16, 2009 3:01 PM President Obama told ABC News’ Charles Gibson in an interview that if Congress does not pass health care legislation that will bring down costs, the federal government “will go bankrupt.” The president laid out a dire scenario of what will happen if his health care reform effort fails. “If we don't pass it, here's the guarantee….your premiums will go up, your employers are going to load up more costs on you,” he said. “Potentially they're going to drop your coverage,... ABC News http://www.freerepublic.com/focus/f-news/2409093/posts#comment Wed, 16 Dec 2009 22:50:51 GMT http://www.freerepublic.com/focus/f-news/2409032/posts (AP)The latest calculation of the National Debt as posted by the Treasury Department has - at least numerically - exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill. The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion. A senior Treasury official told CBS News that the department has some "extraordinary accounting tools" it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling. Were it not for those "tools,"... See BS http://www.freerepublic.com/focus/f-news/2409032/posts#comment Wed, 16 Dec 2009 21:25:17 GMT http://www.freerepublic.com/focus/f-news/2405692/posts Will consumers buy from a bankrupt auto maker? There always are bargain hunters, but I was certain many would stay away. With Pontiac and Saturn out of the picture, I figured General Motors would be down to 16% market share, losing perhaps another 3% as worried potential buyers talked themselves out of visiting a GM showroom. That would have left GM with as little as 13% share. At least, that’s what I figured, and I have a lot of experience covering failing auto companies. So far, I’m wrong. GM’s market share has been climbing since it left bankruptcy, hitting 20.2%... WardsAuto.com http://www.freerepublic.com/focus/f-news/2405692/posts#comment Fri, 11 Dec 2009 21:17:41 GMT http://www.freerepublic.com/focus/f-news/2403963/posts Los Angeles Opera asked for and received a $14-million emergency loan from Los Angeles County on Tuesday to keep it afloat through the middle of next year. The loan "is needed now, literally next week," Stephen Rountree, chief executive of both the opera company and its landlord, the Music Center, told the Board of Supervisors at its Tuesday meeting. The company is $20 million in debt, Rountree said. County supervisors voted 4 to 1 to approve the money, the first time the county has given such a loan to a resident company of the county-owned Music Center.... Some of the... LA Times http://www.freerepublic.com/focus/f-news/2403963/posts#comment Wed, 9 Dec 2009 20:26:42 GMT http://www.freerepublic.com/focus/f-news/2402828/posts "People are hurting, and it is showing up in the bankruptcy courts." This statement, profoundly simple then and depressingly obvious now, is from the March 2008 blog of University of Illinois law professor Robert Lawless. Two months later, Lawless, a national expert on bankruptcy trends, explained to Newsweek, "People borrow to stave off the day of reckoning, and then when credit tightens, the bankruptcy numbers go up." By the end of the year, Lawless got specific: "For 2009, I am expecting a little under 1,400,000 bankruptcy filings." In early October 2009, Lawless's skill as a prognosticator was substantiated. Using data... Miller McCune http://www.freerepublic.com/focus/f-news/2402828/posts#comment Tue, 8 Dec 2009 14:43:21 GMT http://www.freerepublic.com/focus/f-news/2399403/posts General Growth Properties Inc. said Wednesday that it has filed its reorganization plan, and its lenders have agreed to restructure about $9.7 billion in shopping mall mortgage loans, more than previously planned. Last month the mall operator, which earlier this year filed the largest U.S. real estate bankruptcy case in history... The company had about $27 billion in debt piled up at the time. General Growth, based in Chicago, is the second-largest U.S. mall operator. Associated Press http://www.freerepublic.com/focus/f-news/2399403/posts#comment Thu, 3 Dec 2009 16:24:10 GMT http://www.freerepublic.com/focus/f-news/2397637/posts The Democratic Party has always sold itself as the advocate of the little guy. They are out to make life better for the poor, for minorities, and for women. They aim to balance the inequality of opportunity, and protect them from abuse by the rich. And they do all of this for the good of society. But their policies help none of these contrived factions. In fact, they hurt them. The tacit assumption behind all Democratic policies is that government can help the little guy better in a burdened economy than he can help himself in a robust economy. The... The Examiner http://www.freerepublic.com/focus/f-news/2397637/posts#comment Tue, 1 Dec 2009 15:55:21 GMT http://www.freerepublic.com/focus/f-news/2396815/posts Decline of the City (and) State Submitted by Marla Singer on 11/29/2009 19:29 -0500 /snip After all, direct democracy (and the mob rule that accompanies it) had killed Socrates, hadn't it? That Plato dedicates The Republic partly to the import of the Philosopher King years later might have been predictable. In the spirit of this background, enter San Diego, a year ago last week: Lame duck City Attorney Michael Aguirre will ask the City Council during a closed-door hearing today to consider hiring legal counsel to explore taking San Diego into bankruptcy. Aguirre said Chapter 9 bankruptcy protection would allow... Zero Hedge http://www.freerepublic.com/focus/f-news/2396815/posts#comment Mon, 30 Nov 2009 13:50:59 GMT http://www.freerepublic.com/focus/f-news/2394389/posts It's one of those numbers that's so unbelievable you have to actually think about it for a while... Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that's not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That's an amount equal to nearly 30% of our entire GDP. And we're the world's biggest economy. Where will the money come from? How did we end... The Daily Crux http://www.freerepublic.com/focus/f-news/2394389/posts#comment Wed, 25 Nov 2009 18:35:48 GMT http://www.freerepublic.com/focus/f-news/2394558/posts U.S. bankruptcy filings rose 33 percent in the third quarter to the highest number since 2005, government data show, as rising unemployment and tight credit made it more difficult for consumers and businesses to stay current on their debts. "With unemployment surpassing 10 percent and credit to businesses remaining tight, consumers and businesses are increasingly turning to the financial relief of bankruptcy," said Samuel Gerdano, executive director of the nonpartisan American Bankruptcy Institute, in a statement. There were 388,485 filings in the July-to-September period, up from 292,291 a year earlier and up 2 percent from the second quarter's 381,073, according... CNBC http://www.freerepublic.com/focus/f-news/2394558/posts#comment Wed, 25 Nov 2009 23:01:27 GMT http://www.freerepublic.com/focus/f-news/2391247/posts Anxious to avoid raising taxes too much to pay for their healthcare proposals, the Obama administration and its congressional allies hit on a great new idea: Make the states raise their taxes to fund the program instead. Both the House and the Senate bills require that states cover a larger percentage of their people under Medicaid — a joint state and federally funded program. The idea was to force the states to raise their taxes to cover a big part of the healthcare bill for treating poor people. Since the Feds simply can charge any increase in spending to their... http://www.freerepublic.com/focus/f-news/2391247/posts#comment Sat, 21 Nov 2009 03:05:57 GMT http://www.freerepublic.com/focus/f-news/2388424/posts The total combined national debt has just officially hit $12. In the 300+ days that Obama has been our president, Obama and Pelosi have accumulated more than $1.4 trillion dollars of debt, an astounding rate of increase of nearly $4.7 billion a day. Congratulations federal government, you're the best! Our children and grandchildren will really appreciate it. The United States Department of the Treasury http://www.freerepublic.com/focus/f-news/2388424/posts#comment Tue, 17 Nov 2009 20:08:49 GMT http://www.freerepublic.com/focus/f-news/2387193/posts Link only, per FR copyright rules The Detroit News http://www.freerepublic.com/focus/f-news/2387193/posts#comment Mon, 16 Nov 2009 02:58:52 GMT http://www.freerepublic.com/focus/f-bloggers/2385214/posts As reported earlier today, ACORN filed suit against Congress in federal court to overturn the congressional act cutting off their funding. The timing of the law suit was very strange, unless Congress acts again the government spigot turns back on in the middle of December. Why didn't they wait a month before spending the legal fees? One reason is that the ACORN suit isn't only asking for the spigot to be turned back on, it asks for the government to give back the money that it would have received if they weren't cut off in the first place. The Lawsuit... Newsmax/The Lid http://www.freerepublic.com/focus/f-bloggers/2385214/posts#comment Fri, 13 Nov 2009 02:02:41 GMT http://www.freerepublic.com/focus/f-news/2380470/posts Jefferson's criminal sentencing, bankruptcy hearing a month apartBy Jonathan Tilove November 03, 2009, 6:52AM Former Rep. William Jefferson will face sentencing Nov. 13 on 11 counts of federal public corruption. But it will not be the last court hearing this fall for Jefferson. On Dec. 9, if he is still a free man, Jefferson is due to appear before Judge Jerry A. Brown in United States Bankruptcy Court in New Orleans to argue that he and his wife should be able to keep their wedding rings and that his family has the right to hold onto one of his guns.... NOLA http://www.freerepublic.com/focus/f-news/2380470/posts#comment Sat, 7 Nov 2009 00:14:43 GMT http://www.freerepublic.com/focus/f-news/2378499/posts Never a pleasant statistic, the American Bankruptcy Institute today released the numbers for American bankruptcies that occurred in October. Bankruptcies are on the rise, despite previous legislation that made it harder to file: ABI (via Reuters): The 135,913 consumer bankruptcy filings in October represented a 27.9 percent increase over last October’s monthly total of 106,266, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October 2009 consumer filings represented an 8.9 percent increase from the September 2009 total of 124,790. Chapter 13 filings constituted 28.5 percent of all consumer cases in... The Business Insider http://www.freerepublic.com/focus/f-news/2378499/posts#comment Wed, 4 Nov 2009 18:39:50 GMT http://www.freerepublic.com/focus/f-news/2376282/posts CIT Files Chapter 11, 76.5% Of Creditors Vote For Prepack (90% of 85% Voting) http://www.zerohedge.com/article/cit-chapter-11 Zerohedge http://www.freerepublic.com/focus/f-news/2376282/posts#comment Mon, 2 Nov 2009 04:54:40 GMT