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Keyword: bankruptcy

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  • Get ahead of Hillary's lie about Trump Bankruptcies!

    05/25/2016 8:17:54 AM PDT · by AuntB · 51 replies
    TheTownCrier ^ | May 25, 2016 | TheTownCrier
    Hillary Clinton is a lawyer, unlike most of the population out there, and KNOWS Trump never liquidated creditors in a typical bankruptcy. Every media report repeated her lie dozens of times yesterday. People think there is one kind of bankruptcy and have no clue about Chapter 11 reorganization to PAY OFF THE CREDITORS. (photo) Donald Trump has NEVER filed personal bankruptcy! Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times? http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/ Written by James Hirby | Fact checked by The Law Dictionary staff People might ask "How is Donald Trump able to file for bankruptcy...
  • ObamaCare, Illegal Aliens Pushing New York to Bankruptcy

    05/05/2016 9:44:34 AM PDT · by detective · 10 replies
    FrontPage ^ | May 5, 2016 | Daniel Greenfield
    Undocumented illegal aliens are having a documented effect on New York City's finances. New York's flailing left-wing mayor is proposing $2 billion for the city's hospitals as part of an $82 billion budget. A budget that the city can't afford. What's driving the costs? Illegal aliens and ObamaCare. Closer to home, de Blasio said the growth in tax revenue that has swelled city coffers is starting to slow — with projected growth of 3.6% in 2016 and 1.9% in 2017, compared to an average of 7% in the last five years.
  • Aeropostale: One of the hottest teen brands from a decade ago just filed for bankruptcy

    05/04/2016 9:12:39 AM PDT · by SeekAndFind · 29 replies
    Business Insider ^ | 05/04/2016 | Mallory Schlossberg
    Aeropostale used to be one of the most popular teen retailers. Cheaper than Abercrombie & Fitch, and less bohemian than American Eagle, the brand was the go-to for teens who still wanted to fit in with the trends. But those days are gone. The retailer has filed for bankruptcy protection, though it says it will be out of debt in six months. Last June, Crain's New York reported that the retailer lost 95% of its value in just five years. The brand has plans to close 113 stores in the US and all 41 stores in Canada. According to Reuters,...
  • How to turn Puerto Rico into Hong Kong

    05/02/2016 10:27:48 AM PDT · by SeekAndFind · 38 replies
    Washington Times ^ | 05/02/2016 | Stephen Moore and Arthur Laffer
    Later this week or next, Congress will take up legislation to rescue the commonwealth of Puerto Rico from its financial crisis that is getting worse by the day. Puerto Rico faces more than $70 billion of debt and the government is already in technical default on many of its bonds. Billions more come due in weeks ahead and the government says they are out of money to repay. These debts don’t even include an additional $43.2 billion of unfunded pension liabilities. Add it all together and the debt reaches at least 150 percent of GDP. That’s a lot of weight...
  • Why Sports Authority is throwing in the towel and closing all of its stores

    04/29/2016 6:54:23 PM PDT · by kaehurowing · 80 replies
    Pasadena Star News ^ | April 27, 2016 | Kevin Smith
    Why Sports Authority is throwing in the towel and closing all of its stores When struggling retailer Sports Authority filed for Chapter 11 bankruptcy last month in the face of more than $1 billion in debt, the company indicated that it had two options going forward. One of those was to shed underperforming stores and emerge from bankruptcy as an intact, but pared-down company. The other was to sell everything and cease operating. On Tuesday, the company appeared to choose the latter. . . . “With the minimum wage going up to $15 an hour and more people turning to...
  • The company behind 'American Idol' just filed for bankruptcy

    04/28/2016 2:48:16 PM PDT · by SeekAndFind · 11 replies
    Business Insider ^ | 04/28/2016 | Jethro Nededog
    Core Media Group, the company behind "American Idol" and "So You Think You Can Dance," has filed for Chapter 11 bankruptcy in New York. According to court papers, the company says it owes $398 million. That includes money owed for loans, back payments to former employees, and investors, according to The Hollywood Reporter. "American Idol" was the company's biggest breadwinner. And now that the show has ended at Fox, the company is unable to find a similar source of revenue. The company has been seeing losses from a decline in "American Idol" ratings for several years now, however. In 2014,...
  • End Of An Era: Peabody Declares Bankruptcy

    04/13/2016 10:26:33 AM PDT · by bananaman22 · 27 replies
    Oilprice.com ^ | 13-04-2016 | Obunga-bunga
    In a sign of the times, the world’s largest private sector coal miner just went bankrupt. The St. Louis-based Peabody Energy Corp. warned a month ago that it was considering filing for Chapter 11 bankruptcy, and on Wednesday they made it official. Peabody’s mines will continue to operate uninterrupted through the bankruptcy process. According to Peabody’s court filing, it has obtained $800 million in debtor-in-possession financing facilities. “Through today’s action, we will seek an in-court solution to Peabody’s substantial debt burden amid a historically challenged industry backdrop. This process enables us to strengthen liquidity and reduce debt, build upon the...
  • World’s Largest Green Energy Company Is Facing Bankruptcy

    03/30/2016 9:20:40 AM PDT · by Twotone · 40 replies
    The Daily Caller ^ | March 29, 2016 | Michael Bastach
    SunEdison, which bills itself as the world’s largest green energy company, may soon file for bankruptcy protection, according to a recent Securities and Exchange Commission filing, as the company faces “liquidity difficulties” despite getting millions in government subsidies.
  • SunEdison Under SEC Scrutiny As Bankruptcy Looms

    03/29/2016 2:51:35 PM PDT · by bananaman22
    Oilprice.com ^ | 29-03-2016 | Solarbust
    The U.S. Securities and Exchange Commission is looking into SunEdison to see whether or not the company exaggerated its cash on hand in disclosures last year. The news comes as the solar developer is teetering on the brink of bankruptcy. The solar company has seen its stock collapse since last year as mounting debt problems have raised concerns about the company’s ability to keep the lights on. SunEdison’s share price is off by 96 percent since last July. That has translated to a decline of the company’s market capitalization from $10 billion last summer to just $400 million today. SunEdison...
  • Democrats propose allowing Puerto Rico to declare bankruptcy

    03/14/2016 12:13:04 PM PDT · by jazusamo · 25 replies
    The Hill ^ | March 14, 2016 | Peter Schroeder
    Senate Democrats have unveiled legislation to alleviate Puerto Rico’s debt woes, urging that the island be allowed to declare bankruptcy on all of its debt. The bill, released Monday, would allow the U.S. territory to restructure its $72 billion in outstanding debt and create a fiscal oversight board for the island. “For the 3.5 million American citizens living on the island of Puerto Rico, time is running short,” said Sen. Bob Menendez (D-N.J.), one of the bill’s sponsors. “Congress has to act immediately to fix the federal funding shortfalls and give Puerto Rico the tools it needs to fully restructure...
  • Sports Authority Files For Bankruptcy, Will Close One Third Of Its Stores

    03/02/2016 9:04:20 AM PST · by SeekAndFind · 31 replies
    Zero Hedge ^ | 03/02/2016 | Tyler Durden
    Following weeks of fertile speculation whether it will or won't file for bankruptcy, this morning Colorado-based Sports Authority, whose name graces the home stadium to the Super Bowl champion Denver Broncos, put all doubts to rest when it filed Chapter 11 in Delaware bankruptcy court (Case 16-10527) listing $500,000-$1 Bn in assets and between $1 and 10 billion in liabilities in its bankruptcy filing, adding that it will close as many as 140 of its 463 locations. As part of its bankruptcy process, the bankrupt retailer reported that it has access to a $595 million in debtor in possession...
  • Will GOP Bailout Big Spenders in Puerto Rico?

    03/02/2016 8:25:57 AM PST · by 54fighting · 12 replies
    Inside Sources ^ | 3/2/16 | Andrew Quinlan
    Years of fiscal irresponsibility have caught up to Puerto Rico. Its government has long lived beyond its means and today the bills are coming due, but the island’s economy has also been hampered by costly local and federal mandates. Rather than reward Puerto Rico’s spend-happy politicians with a bailout as legislators are currently contemplating, Congress should remove impediments to economic growth so that the island can prosper. As the third-largest issuer of municipal bonds in the United States, Puerto Rico has racked up $73 billion in debt under the mistaken notion that borrowing and spending are the path to prosperity....
  • Atlantic City could run out of cash within weeks

    02/19/2016 8:23:04 AM PST · by SeekAndFind · 31 replies
    NJ.COM ^ | 02/19/2016 | Brent Johnson
    <p>TRENTON -- Atlantic City may run out of money within three weeks after the Borgata casino announced Friday it will stop paying taxes until the city hands over $62.5 million in court-ordered tax refunds.</p> <p>It's the latest in a long stretch of bad news for the financially ailing Jersey Shore gambling resort town, which has spent more than year reeling from the closure of four casinos -- a scenario that has decimated its tax base and led top New Jersey officials to announce a proposal last month for the state assume greater control of the city's finances to stave off municipal bankruptcy.</p>
  • San Diego’s Pension Battle Hits the Courts [City Facing impending municipal bankruptcy]

    02/19/2016 8:18:10 AM PST · by SeekAndFind · 14 replies
    Breitbart ^ | 02/19/2016 | by Chriss W. Street
    Following an effort by Governor Jerry Brown's union-stacked Public Employment Relations Board (PERB) to nullify its 66 percent voter-approved public pension restructure, the San Diego City Council voted unanimously to appeal the PERB's ruling to the courts. Facing impending municipal bankruptcy due to a $2.3 billion unfunded pension liability, San Diego City voters passed Proposition B by a two-thirds vote on June 5, 2012. The initiative amended the city charter to replace defined benefit pensions for all newly-hired city employees, except sworn police officers, with a 401-K type defined contribution plan that most private sector workers have. Prop B is...
  • "I Guess It's Food Stamps": 400,000 Jeopardized As Giant State Pension Fund Plans 50% Benefit Cuts

    02/19/2016 7:27:00 AM PST · by SeekAndFind · 125 replies
    Zero Hedge ^ | 02/19/2016 | Tyler Durden
    Dale Dorsey isn't happy.After working 33 years, he's facing a 55% cut to his pension benefits, a blow which he says will "cripple" his family and imperil the livelihood of his two children, one of whom is in the fourth grade and one of whom is just entering high school.Dorsey attended a town hall meeting in Kansas City on Tuesday where retirees turned out for a discussion on "massive" pension cuts proposed by the Central States Pension Fund, which covers 400,000 participants, and which will almost certainly go broke within the next decade."A controversial 2014 law allowed the pension...
  • Let Them Go Bankrupt: The federal student loan guarantee isn't all it's cracked up to be.

    02/18/2016 6:33:13 AM PST · by SeekAndFind · 14 replies
    Weekly Standard ^ | 02/18/2016 | Ike Brannon
    Most student loans in the United States are guaranteed by the federal government. The main difference between private loans and the guaranteed loans is that the former usually come with a higher interest rate: Students generally don't seek these out until they cannot access guaranteed loans any longer. However, neither type can normally be discharged via bankruptcy. The problem with government-backed loans is that the guarantee creates a moral hazard of the same sort that bedeviled mortgage markets before and during the Great Recession. A college can treat a guaranteed student loan as a sure thing with no attendant obligations:...
  • Fact-checking claims about Donald Trump's four bankruptcies

    02/12/2016 9:07:05 AM PST · by AndyJackson · 147 replies
    Politifact ^ | September 21st, 2015 | Lauren Carroll, Clayton Youngman
    In an effort to take out frontrunner Donald Trump, Republican presidential candidates have pelted Trump with criticism over his multiple trips to federal bankruptcy court. That criticism was on full display in CNN's Republican debate Sept. 16. Most notably, former Hewlett-Packard CEO Carly Fiorina criticized Trump's history of bankruptcies in his businesses. "You know, there are a lot of us Americans who believe that we are going to have trouble someday paying back the interest on our debt because politicians have run up mountains of debt using other people's money," Fiorina said. "That is in fact precisely the way you...
  • In 2009, Obama stole money from retired teachers and police officers in Indiana

    02/03/2016 8:18:19 AM PST · by grundle · 7 replies
    wordpress ^ | February 6, 2015 | Dan from Squirrel Hill
    In 2009, Obama stole money from retired teachers and police officers in Indiana During the Chrysler bankruptcy, Obama violated the Fifth Amendment and more than 150 years of bankruptcy law by illegally treating secured creditors worse than unsecured creditors. Some of these secured creditors were retired teachers and police officers from Indiana. Richard A. Epstein, a law professor at New York University School of Law, wrote of this:"Upsetting this fixed hierarchy among creditors is just an illegal taking of property from one group of creditors for the benefit of another, which should be struck down on both statutory and constitutional...
  • Why Bankruptcy Is Atlantic City's Best Hope

    02/02/2016 7:13:44 AM PST · by SeekAndFind · 11 replies
    Manhattan Institute ^ | 02/02/2016 | By Nicole Gelina
    Chris Christie, stalking New Hampshire votes, is reportedly embarrassed at the idea of Atlantic City declaring bankruptcy. He shouldn't be. There's no shame in an honest bankruptcy, whether for a city or a person. If you've taken on more than you can ever repay, it doesn't do you any good to pretend you haven't. It doesn't really help the people you owe money to, either. Last year, Atlantic City's budget deficit was more than $120 million -- or more than a third of revenues. That would be like if New York City had a budget shortfall of $20 billion. The...
  • The Obama Debt Tracker: total combined national debt hits $19 trillion for the first time

    02/01/2016 1:25:27 PM PST · by jpl · 27 replies
    The United States Department of the Treasury ^ | Monday February 1, 2016 | The United States Department of the Treasury
    Today, America's national debt hit the staggering total combined amount of $19 trillion. It has been a little over fourteen months since it hit $18 trillion. Since President Barack Hussein Obama was inaugurated into office a little more than seven years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $8.4 trillion: Date                 Debt Held by the Public       Intragovernmental Holdings   Total Public Debt Outstanding 1/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08...
  • Trump and His Debts: a Narrow Escape

    01/13/2016 5:43:11 PM PST · by dschapin · 87 replies
    The Wall Street Journal ^ | Jan 4, 2016 | Peter Grant and Alexandra Berzon
    ... After gaining control of two casinos through deals that loaded them with debt, [Trump] turned in 1987 to the Taj Mahal, a megaproject being built by publicly traded Resorts International Inc. Mr. Trump bought a class of shares that gave him just a slice of Resorts’ equity, but voting control. From that perch, he pushed through a service contract that would have the company pay him $108 million over five years. He told casino regulators the company could raise the cash needed to finish its casino only by assuring lenders Mr. Trump would remain involved, which this contract did....
  • ‘Four Times Greater Than Solyndra’: DOE Drops 1,200 Pages Of Heavily Redacted Docs On Green

    12/25/2015 12:59:55 PM PST · by Nachum · 18 replies
    The Daily Caller ^ | 12/25/2015 | Michael Bastasch
    The Department of Energy recently turned over more than 1,200 pages of heavily redacted documents in response to a records request about a subsidized biofuels company from The Daily Caller News Foundation. In October, TheDCNF filed a FOIA request with the Energy Department, asking for email records from government officials regarding federal loan guarantees given to Abengoa, a Spanish-based green energy company. The request came on the heels of reports Abengoa was running into big financial problems, despite being given generous taxpayer-backed loans. The DOE gave TheDCNF the records it requested Dec. 18, and after spending time reviewing the documents,...
  • Despite making more than $40 million, Clinton Portis is broke

    12/19/2015 6:15:51 AM PST · by C19fan · 39 replies
    NBC Sports ^ | December 19, 2015 | Michael David Smith
    Clinton Portis made enough money during his NFL career in Denver and Washington that he should be set for life: In nine NFL seasons, Portis made more than $40 million. But Portis isn’t just not set for life, he’s broke. Portis filed for bankruptcy this week, saying he has debts of more than $5 million that he can’t afford to pay.
  • NY’s biggest Obamacare co-op goes broke, leaving hospitals holding the bag

    11/17/2015 10:52:23 AM PST · by SeekAndFind · 10 replies
    Hotair ^ | 11/17/2015 | Jazz Shaw
    When Health Republic came on the New York health insurance scene in 2014 it made a huge splash. Flush with Obamacare cash they offered bargain basement rates which attracted customers away from many other established insurance companies. It was simply the picture of success for the President’s new Affordable Care Act and the people rejoiced. (Syracuse.com) Health Republic of New York made a big splash when it debuted in 2014 with rock-bottom health insurance prices that undercut its competitors across the state.Its premium rates were 30 percent below average in Onondaga County. The new company, backed with $265 million...
  • The Obama Debt Tracker: eight trillion bucks of national debt under Obama in less than seven years

    11/16/2015 7:40:13 AM PST · by jpl · 12 replies
    United States Department of the Treasury ^ | Monday November 16, 2015 | United States Department of the Treasury
    On Thursday November 12, 2015 America's national debt hit the staggering total combined amount of $18.65 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than seven years ago, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by more than $8 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 11/12/2015       13,422,684,032,364.47         5,226,340,763,474.31 ...
  • O.C. Register owner files for bankruptcy protection; CEO's group plans bid

    11/01/2015 9:21:16 PM PST · by Cringing Negativism Network · 14 replies
    Los Angeles Times ^ | November 1, 2015 | Andrew Khouri
    Freedom Communications Inc., owner of the Orange County Register, filed for bankruptcy protection Sunday, and its chief executive said he plans to lead a bid to acquire the troubled newspaper company. The Santa Ana-based newspaper firm, which also owns the Riverside Press-Enterprise, filed for Chapter 11 reorganization in U.S. Bankruptcy Court’s Central District of California. http://www.latimes.com/business/la-fi-orange-county-register-bankruptcy-20151101-story.html
  • Feds hiding list of 11 more Obamacare co-ops in danger of going under

    10/19/2015 8:50:36 AM PDT · by SeekAndFind · 20 replies
    Hotair ^ | 10/19/2015 | Jazz Shaw
    I wish this headline was more surprising but these days it’s probably just another brick in a very large wall. The Daily Caller has been peeking under the covers of the Obamacare system of co-ops across the country in the wake of several of them going under recently, including outfits in Tennessee and Nevada. It turns out that, unbeknownst to both the public and Congress, nearly a dozen other co-ops have been placed on a special watch list because their future is highly uncertain and they may be at risk of folding as well. So how did nobody know...
  • Our Debt and Unfunded Obligations: Bankruptcy Is Our Only Hope

    10/16/2015 6:43:29 AM PDT · by SeekAndFind · 27 replies
    National Review ^ | 10/16/2015 | Kevin D. Williamson
    It’s an ill financial wind that blows no one some good. A very nice and very rich old lady once explained to me that, in her view, the golden age of the American economy happened in the first years of the Reagan administration. This puzzled me: The United States had dipped into recession in 1980, and Paul Volcker was standing on the economic brakes to wring the Carter-era inflation out of the economy, jacking the federal-funds target rate up to damned near 20 percent. People were paying 18.5 percent on their mortgages. But, of course, usurious interest rates are pretty...
  • Yes, You Can Discharge Student Debts And The Feds Want To Make It Even Easier

    10/12/2015 8:26:54 AM PDT · by reaganaut1 · 28 replies
    Forbes ^ | October 12, 2015 | George Leef
    Mark Twain famously said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” That observation could easily be applied to the situation facing students who have amassed large college debt burdens: they think they know that those debts cannot be discharged through bankruptcy. But that just ain’t so. The “undue hardship” provision in the U.S. Bankruptcy Code says that student loans cannot be discharged unless “excepting such debt … would impose an undue hardship on the debtor and the debtor’s dependents….” Just how difficult is it for a...
  • If Your Town Is Failing, Just Go: A prescription for impoverished communities

    10/06/2015 7:23:49 AM PDT · by SeekAndFind · 27 replies
    National Review ^ | 10/06/2015 | Kevin D. Williamson
    The town where my parents grew up and where my grandparents lived no longer exists. Phillips, Texas, is a ghost town. Before that it was a company town, a more or less wholly owned subsidiary of the Phillips Petroleum Company. Phillips had already lost a great deal of its population as highway improvements sent residents off to the relative urban sophistication of Borger, and there were fewer than 2,000 people living there in 1980 when an explosion at the refinery destroyed practically all of the town’s economic infrastructure, along with a fair number of houses. Phillips, Inc., in the end...
  • Why millions of Russians could go bankrupt today

    10/01/2015 9:53:07 AM PDT · by elhombrelibre · 4 replies
    NBC ^ | 1 Oct 15 | Holly Ellyatt
    Millions of indebted Russians will gain the right to file for bankruptcy for the first time ever on Thursday, as the country's authorities try to ease people's debt burdens as they struggle amid a deep recession. From October 1, a new law in Russia will allows citizens with total debt of more than 500,000 rubles ($7,600) and over three months of missed payments to file for bankruptcy. In addition, penalties can be imposed on debtors who fail to register as bankrupt if they cannot fulfil loan repayments.
  • Beneath Chicago’s Gloss: How it is possible for a city this booming to be this broke?

    09/28/2015 6:58:10 AM PDT · by SeekAndFind · 18 replies
    City Journal ^ | 09/28/2015 | AARON M. RENN
    Chicago’s Loop hums with life and commerce today. A parade of companies, including Kraft and Motorola, has moved from the suburbs into the central business district. The greater downtown apartment market is booming, with thousands of new units being constructed. Chicago hotels will add 2,200 new hotel rooms this year to accommodate throngs of tourists. The city has rolled out new amenities and attractions, including an enhanced Riverwalk along the once-polluted Chicago River, and Maggie Daley Park, a fantasy-like playground that replaced the forlorn Daley Bicentennial Plaza section of Grant Park. Also opening this year: a long-anticipated elevated rail trail...
  • Once-thriving Puerto Rico mountain town finds itself at economic abyss amid population flight

    09/21/2015 8:04:37 AM PDT · by george76 · 44 replies
    ap ^ | September 18, 2015
    LARES, Puerto Rico – Ismael Rodriguez looked out on a nearly empty plaza from the clothing store he opened in 1960, now hemmed in by padlocked businesses in this mountain town in northwestern Puerto Rico... experiencing the deepest malaise of just about any community on this island in the depths of an economic crisis. "I have seen the destruction of a town," Rodriguez, 67, said as he gestured toward the plaza. "Look at all the shuttered stores." Lares has become emblematic of the economic stagnation that is overwhelming Puerto Rico, and those who live here believe it is a warning...
  • The Backstory on Donald Trump's Four Bankruptcies

    09/21/2015 6:50:22 AM PDT · by SeekAndFind · 54 replies
    The Street ^ | 09/21/2015 | Emily Stewart
    Donald Trump has never declared bankruptcy, but his businesses have -- four times. The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J. And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his...
  • Donald Trump: Carly Fiorina was even worse at Lucent than at HP

    09/17/2015 3:49:52 AM PDT · by RC one · 88 replies
    Fortune ^ | September 16, 2015, 9:46 PM EDT | Claire Zillman
    A comparison of the tenures is a battle of bad vs. worse. It’s well known by now that GOP presidential hopeful Carly Fiorina has never held political office and is running on her business record. As many commentators have pointed out, that’s a dicey proposition since her highest-profile job as CEO of Hewlett-Packard from 1999 to 2005 was sort of a disaster.But in an interview with Fortune contributor and Yale School of Management professor Jeffery Sonnenfeld, GOP frontrunner Donald Trump—who has made a habit of criticizing Fiorina—took aim at a different stage of her career.When asked about what he thought...
  • Forget what Trump says about Fiorina's face. Her HP record is the issue

    09/10/2015 9:07:32 AM PDT · by RoosterRedux · 58 replies
    CNN ^ | Paul R. La Monica
    Fiorina was the CEO of Hewlett-Packard (HPQ, Tech30) during a tumultuous time for the Silicon Valley legend. She joined the company in July 1999 after a successful stint at AT&T (T, Tech30) and its networking equipment spinoff Lucent. But the tech bubble burst only a few months after she took the HP job. Fiorina tried to jump start the company's growth in the PC market by acquiring rival Compaq in 2002 for $19 billion. That deal is now considered one of the worst in the history of the tech sector. And HP wound up laying off 30,000 workers during her...
  • Puerto Rico’s Bankruptcy is a Preview of Things to Come Stateside

    08/19/2015 11:13:44 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | August 19, 2015 | Jesse Hathaway
    The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default. Over the summer, about a year and a half after insiders warned of the territory’s looming problems, Gov. García Padilla (PPD) announced, “[T]he debt is not payable.” “My administration is doing everything not to default,” Garcia Padilla said in an interview with The New York Times. “But we have...
  • New Zealand's First Booze-Free Bar Flops ... "No One Showed Up"

    08/10/2015 9:53:36 PM PDT · by DogByte6RER · 19 replies
    The Spirits Business ^ | 10th August, 2015 | Melita Kiely
    New Zealand's First Booze-Free Bar Flops The first alcohol-free bar in New Zealand has been forced to permanently close after just five weeks of trading after “no one showed up”. Situated in Auckland, Tap Bar – which stands for The After Party – charged NZ$15 for entry and non-alcoholic drinks started from NZ$5. The venue opened at midnight in the hope it would be a hot spot for customers rolling out of local nightclubs at 4am, but those revellers who did frequent the bar drank only water. “We gave it a shot and Auckland drinking culture just didn’t tie in...
  • Fox News moderator confronts Trump: How can we trust you after 4 bankruptcies?

    08/10/2015 3:45:30 PM PDT · by SeekAndFind · 96 replies
    Business Insider ^ | 08/06/2015 | HUNTER WALKER AND COLIN CAMPBELL
    Real-estate mogul Donald Trump shot back during Fox News' Republican presidential debate on Thursday night and said he was "very proud" of his business record after he was asked whether his company's bankruptcies disqualified him for the presidency. "I have never gone bankrupt, by the way," Trump said. "I have never." Moderator Chris Wallace questioned whether Trump could be trusted to handle the American economy in light of the fact Trump-related businesses have filed for corporate bankruptcy four times since 1991. The most recent of these incidents occurred in 2009 when Trump Entertainment Resorts declared Chapter 11. "In 2011, you...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue — bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • The Looming Bankruptcy Of Saudi Arabia

    08/06/2015 1:46:33 PM PDT · by SeekAndFind · 41 replies
    Forbes ^ | 08/06/2015 | Tim Worstall
    There’s two interesting little stories in this idea that Saudi Arabia is going to go bust in a couple of years as a result of the sagging oil price. Both are more general economic ideas than just the story of that oil price. The first is that mono-anything in economics is something we don’t really like. We certainly don’t like either monopolies or monopsonies, but we should also be very careful of an economy that relies on any one product or even supplier. The perils of resting an entire economy on the production of just the one commodity should be...
  • Milwaukee archdiocese reaches $21 million settlement with sexual abuse victims

    08/05/2015 12:59:09 PM PDT · by Jyotishi · 8 replies
    UPI.com ^ | Wednesday, August 5, 2015 | Amy R. Connolly
    Roman Catholic Archbishop of Milwaukee Jerome E. Listecki, seen here in 2011, announced the archdiocese reached a $21 million settlement with 330 victims of sexual abuse by clergy members. Photo by Amg910/CC MILWAUKEE, Aug. 5 (UPI) -- The Roman Catholic Archdiocese of Milwaukee announced Tuesday it has agreed to pay $21 million to hundreds of victims of childhood sexual abuse by clergy, clearing the way for the archdiocese to emerge from its five-year bankruptcy. Under the agreement, 330 of the 570 who filed sexual abuse claims in the bankruptcy will get financial settlements of varying amounts determined by a court-ordered...
  • 12 Donald Trump businesses that no longer exist

    07/25/2015 7:22:24 AM PDT · by Not gonna take it anymore · 85 replies
    Yahoo finance ^ | October 10, 2014 | Elena Holodn
    Donald Trump catapulted himself into the spotlight with his gilded real estate ventures and vibrant personality. The latter is what has made his show "The Apprentice" such a huge success. And over the years, he's had an opinion or two about the business world. "In the end, you're measured not by how much you undertake but by what you finally accomplish," Trump once said. But like any successful business person, Trump has had his share of setbacks. Here, we present to you 12 Trump businesses that went belly up or no longer exist.
  • Absent Strong Action, Medicare Goes the Way of Greece

    07/23/2015 6:57:10 AM PDT · by SeekAndFind · 6 replies
    RCM ^ | 07/23/2015 | Joseph Antos
    Greece owes $320 billion to its creditors and cannot repay the loans. Like Greece, Medicare is also accumulating an unaffordable mountain of debt. And both Greece and Medicare are more likely to default on their debts than to adopt the highly unpopular reforms needed to pay them off. Wednesday's news from the Medicare Trustees may not seem that dire. The headline is comforting, but misleading. Medicare's Hospital Insurance (HI) trust fund-also known as Part A-will run short of money, but not until 2030. Starting that year, Part A benefits can be paid out only to the extent that money comes...
  • A “Wave of Bankruptcies” About To Hit Coal Industry

    03/20/2015 5:17:21 AM PDT · by thackney · 18 replies
    Oil Price ^ | 19 March 2015 | Nick Cunningham
    The future for the coal industry is looking “increasingly bleak,” according to an investor’s note from Macquarie Research. The analysis firm also said that “a wave of bankruptcies” appear to be just over the horizon as coal mining companies deal with mounting debt and a shrinking market. The coal markets have collapsed in spectacular fashion over the last few years due to a perfect storm of factors. U.S. coal producers first had to compete ferociously with shale gas in America’s electric power sector as fracking took off about a decade ago. That forced an array of coal plants to shut...
  • Patriot Coal Files for Chapter 11 Bankruptcy Protection

    05/12/2015 6:42:58 AM PDT · by Rodamala · 9 replies
    ABC New (AP Story) ^ | May 12, 2015, 9:35 AM ET | John Raby
    CHARLESTON, W.Va. Patriot Coal Corp. filed for Chapter 11 bankruptcy protection Tuesday for the second time in three years. The company made the filing in U.S. Bankruptcy Court for the Eastern District of Virginia. It had emerged from an earlier bankruptcy case in December 2013 in Missouri. Patriot said it is involved in active negotiations for the sale of its operating assets to a strategic partner. Patriot said it will continue shipping and mining operations and it has received a commitment for $100 million in debt financing from secured debt holders that it did not identify.
  • Patriot Coal files for Chapter 11 bankruptcy

    07/09/2012 3:24:34 PM PDT · by Oldeconomybuyer · 18 replies
    Market Watch ^ | July 9, 2012 | by Matt Day
    NEW YORK--Patriot Coal Corp. filed for Chapter 11 bankruptcy on Monday, the largest casualty of the worst U.S. market for the power-plant fuel in decades. U.S. demand for coal has slumped this year as utilities favored cheaper natural gas, as prices of that fuel hit decade lows amid a supply glut. Coal miners, including Patriot Coal, have slashed production and laid off workers in an effort to match supply to weakening demand. Coal accounted for 35% of U.S. electricity generation during the first four months of the year, according to the Energy Information Administration, down from 44% during the same...
  • Chinese firm buys 'ghost airport' for cargo hub plan at shocking bargain price

    07/18/2015 7:28:01 PM PDT · by george76 · 21 replies
    Bidder offers just €10,000 for showpiece in Spanish bankruptcy auction. A Chinese company that was the only bidder for one of Spain's "ghost airports" wants to revive the site as a cargo hub for the Asian market. Ciudad Real airport, one of the most notorious emblems of Spain's economic crash, cost €1 billion (HK$8.4 billion) to build and was on sale at a knockdown price of €40 million. Tzaneen International was the sole bidder in the bankruptcy auction, however, and it offered just €10,000. The facilities of the deserted site, 160km south of Madrid, include a runway long enough to...
  • The Bankruptcy Of The Planet Accelerates – 24 Nations Are Currently Facing A Debt Crisis

    07/18/2015 6:20:56 PM PDT · by SeekAndFind · 8 replies
    There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment. As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one. Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books. That...
  • This could be the real reason multi-millionaire rapper 50 Cent filed for bankruptcy

    07/13/2015 2:41:48 PM PDT · by SeekAndFind · 21 replies
    Business Insider ^ | 07/13/2015 | Jonathan Marino
    Rapper 50 Cent filed for bankruptcy on Monday. The news came as bit of a surprise since The New York Times just described him as a man of "exceptional business instincts" less than a week ago. In May, Forbes pegged his net worth at $155 million. 50 Cent, aka Curtis Jackson III, reportedly earned between $60 million and $100 million from a stake in Vitamin Water when it sold to Coca-Cola in 2007, according to The Washington Post. Yet in the abbreviated Chapter 11 filing Monday, Jackson's lawyers said that his assets range from $10 million to $50 million, including...