Martin-Chambliss debate off Nov 21, 2008
Bush and Saxby Chambliss voted to make the heart break of bankruptcy relief even harder for all of you to use ... CME are you proud to know that you live in the ONLY CIVILIZED COUNTRY IN THE WORLD in which all of us,save the wealthiest one percent, are ONE ILLNESS AWAY FROM BANKRUPTCY regardless of whether or not you have insurance As one who sees this tragedy every day in my job I am ashamed that we as a people continue to allow this cruelty to continue ... CME are you proud to know that you... (Atlanta Journal-Constitution)
Bah humbug on gift cards? Nov 21, 2008
This shopping season, gift cards are getting a bad rap, fueled by a spate of bankruptcy filings by chain stores ... Besides the bankruptcy concerns, they cite a preference by gift-givers to find bargains on the shelves rather than buy a card which, of course, cannot be reduced in price ... If the recipients elect to let them expire or wait until a store enters bankruptcy, that s their prob. (Atlanta Journal-Constitution)
Stores see 'seismic’ shift in sales - Major retailers forecast difficult times ahead Nov 21, 2008
The downbeat forecasts from retailers last week came just days after Circuit City Stores Inc. filed for bankruptcy protection. It s also laying off thousands of workers and closing 20 percent of its stores. (Missoulian, MT)
Asian markets reverse course to edge higher Nov 21, 2008
But Chirnside said that a bankruptcy filing by any of the Big Three automakers in the United States could still unnerve investors around the world. "If the U.S. auto industry is allowed to go under, that will be a shock to the global markets," he said. (International Herald Tribune)
Hazard Signs at Circuit City Nov 21, 2008
Circuit City (NYSE: CC) has filed for bankruptcy protection, and I'm certain that many shareholders are shocked and outraged ... Just a week or so before filing for bankruptcy protection, Circuit City said it would close some 155 stores, shrink its workforce by 17%, and work to renegotiate leases with landlords. (MSNBC -- Business)
ANALYSIS - Weak Economy Could Curb Obama Coal Cleanup Plan Nov 21, 2008
Just before the Nov. 4 election, Republicans seized on Obama's comments to a newspaper that US utilities could face bankruptcy if they build new coal plants. However, utility officials generally see the Democratic president-elect as supportive of their industry. (Planet Ark, United States)
Air Canada Can't Make Disabled or Obese People Buy Extra Seat, Court Rules Nov 21, 2008
The case was on hold for 18 months in 2003 and 2004 as Air Canada restructured operations while in bankruptcy protection. The Supreme Court ordered the airlines to pay the plaintiffs' legal fees. (Bloomberg -- Canada)
Goldman, GE, GM Invite Us to Play a Rigged Game Nov 21, 2008
Were it not for the chance of a government bailout, in lieu of an imminent Chapter 11 bankruptcy filing, the bonds would trade for much less. And there lies the truth about what America's capital markets have become: a rigged game. (Bloomberg -- Columnists)
Big 3 beg, but bailout denied Nov 21, 2008
Michigan, home to General Motors, Ford and Chrysler, would be hard hit if any of them fell into bankruptcy. Getty Images Photo by Spencer Platt. (News & Observer)
Is Greenberg Making A Play For AIG? Nov 21, 2008
"I do not know whether or not it is now too late to save AIG (nyse: - - )," Greenberg wrote in a letter today to AIG Chief Executive Robert Willumstad, as the firm teetered on the edge of bankruptcy, pleading with Fed bankers for a lifeline ... Central banks around the globe pumped cash into the banking system Tuesday, including a $50 billion injection from the Fed, to keep banks lending to one another in the wake of Lehman Brothers' (nyse: - - ) bankruptcy filing Monday. (Forbes -- Business)
A Plague on All Their Houses Nov 21, 2008
3 billion, according to claims in bankruptcy proceedings involving various Petters entities ... He filed for personal bankruptcy in 1991 and was slapped by the Florida Division of Banking with a $2,500 fine for "fraudulent transactions." Prevost, 48, used to work at a brokerage called Graystone Nash with Richard DeMaio, who got into trouble with the Securities nge Commission in 1993. (Forbes -- Business)
Griffith gets taste of life in the House Nov 21, 2008
"GM is teetering on the brink of bankruptcy and who knows how far the financial crisis is going to go. Congress and the executive branch will have to work together, regardless of party.". Griffith represents District 7 in the Alabama Senate. (AL.com)
Alitalia buy still viable - Spinetta Nov 21, 2008
On Wednesday Alitalia's bankruptcy commissioner won approval to sell the main assets to CAI for no less than 1. 052 billion (R13. (Business Report, South Africa)
Detroit's big three drive hard for loan as Washington stalls Nov 21, 2008
Top executives with General Motors, Ford and Chrysler were to return to congress late yesterday to plead for a "bridge loan" to give them a massive infusion of cash to prevent millions of lay-offs, stave off bankruptcy and stabilise their teetering firms ... Chrysler chief executive Bob Nardelli rejected suggestions that the car makers should seek chapter 11 bankruptcy protection similar to airlines that later emerged restructured and leaner ... "We just cannot be confident that we will be able... (Business Report, South Africa)
Congress Gives Detroit a Definite Maybe on Bailout Nov 21, 2008
For weeks now, the auto manufacturers, led by GM, have been warning that they are on the brink of bankruptcy. And they insist that in the current climate, without billions of dollars from Washington, bankruptcy would mean total liquidation, not the restructuring that many experts argue is the only real way to fix the industry. (Time.com)
Don't Call It Bankruptcy Nov 21, 2008
The phenomenon we now know as Chapter 11 bankruptcy was born during the financial panics that regularly pummeled the U.S. economy in the 1800s ... "The investment banks and lawyers and managers would negotiate a deal and get the courts to bless it," says David Skeel, a law professor at the University of Pennsylvania and author of Debt's Dominion: A History of Bankruptcy Law in America ... The reorganization option faded after William O. Douglas (then SEC chairman, later a Supreme Court Justice)... (Time.com)
Japan Stocks Rally, Pare Weekly Loss, on Valuations, Citigroup Speculation Nov 21, 2008
We've had the Citigroup merger talk since this morning and it seems that's getting a positive reaction as investors see it as the better option compared with bankruptcy,'' said , head of equities at Tokai Tokyo Securities Co. in Tokyo. surged 11 percent to 1,191 yen after earlier falling 7. (Bloomberg -- Japan)
Government Bonds Advance After Stocks Tumble, Deflation Concerns Increase Nov 21, 2008
10, the highest since Sept. 16, the day after Lehman Brothers Holdings Inc. filed for bankruptcy. Ten-year U.S. declined 31 basis points to 3. (Bloomberg -- Japan)
Bank of New York Mellon to cut jobs Nov 21, 2008
Last month, it reported that third-quarter profit tumbled 53 per cent on securities losses and a big charge to shore up funds hurt by the bankruptcy of Lehman Brothers. BNY Mellon's announcement yesterday followed job cuts at other commercial and investment banks. (India Times, India)
Cheap oil's victims Nov 21, 2008
On Wednesday, the New Yorker's James Surowiecki by arguing that the financial markets were freaking out over the possibility of a Big Three bankruptcy ... They're telling us both figuratively -- just look at the massive sell-off we've seen in the past week and a half -- and literally, since, day in and day out, traders and money managers are talking about how the fear of a G.M./Ford bankruptcy is dragging the market down ... People have been speculating about bankruptcy and predicting share... (Salon)
OUR VIEW: Job gains, losses affect us all Nov 20, 2008
CTM has filed for bankruptcy protection with a plan to restructure the business. While the Charleston facility is not expected to re-open, CTM officials will work to keep the Casey plant in operation. (Mattoon Journal-Gazette, IL)
Senate leader calls off vote on auto bailout Nov 20, 2008
If GM is telling us the truth, they go into bankruptcy and you see a cascade like you have never seen, said Sen. George V. Voinovich, R-Ohio, who was working on one rescue plan Wednesday. (Huntington WSAZ-TV, WV)
Automakers' pleas unanswered Nov 20, 2008
Romney, a Michigan native and the son of former Michigan governor and American Motors Corp. president George Romney, wrote that a managed bankruptcy may be the only path to the fundamental restructuring the industry needs. "It would permit the companies to shed excess labor, pension, and real estate costs," he wrote, adding "the federal government should provide guarantees for postbankruptcy financing and assure car buyers that their warranties are not at risk.". (Boston Globe)
Romney takes auto industry for a ride Nov 20, 2008
Back then, he never mentioned bankruptcy as the way to do it. Never underestimate Romney's willingness to shamelessly reverse direction, to get where he wants to go. (Boston Globe)
Notebook: It's late, but McCain takes Missouri Nov 20, 2008
Romney, who is staying active in national GOP politics and could be positioning himself for another run in 2012, advocates a "managed bankruptcy" instead to save the industry. FOON RHEE. (Boston Globe)
US shares fall to five-year low Nov 20, 2008
Investors are concerned about how a possible bankruptcy among US carmakers could further hurt an already fragile economy. Meanwhile, financial shares were hit by persistent worries about the impact that the contracting economy will have on banks. (BBC News)
Asia markets follow US share drop Nov 20, 2008
Investors are concerned about how a possible bankruptcy among US carmakers could further hurt an already fragile economy. What is your reaction to the stock market losses. (BBC News)
US car bail-out deal sought Nov 20, 2008
Republican Senator Richard Shelby said the car firms should file for bankruptcy so they could carry out much-needed reforms. "I don't think they have immediate plans to change their model, which is a model of failure. I believe their best option would be some type of Chapter 11 bankruptcy," he said ... CHAPTER 11 BANKRUPTCY Part of the US Bankruptcy Code giving troubled firms time to reorganise themselves Under Chapter 11 protection, a bankrupt firm can carry on trading under existing management... (BBC News)
Motor City misery Nov 20, 2008
It is feared that a bankruptcy filing by one of the Detroit carmakers would bring down some of the major suppliers too ... "Whether it's bankruptcy or bailout, these companies are going to be considerably smaller and they are going to look different," says Daniel Howes, business columnist at the Detroit News. (BBC News -- Americas)
Carlos Ghosn on Detroit and the Future of the Auto Business Nov 20, 2008
that both GM and Chrysler should declare bankruptcy and reorganize with the support of Washington. Anything I say is going to be considered as partisan, and justly so, because I'm involved in the industry. (BusinessWeek)
It's North vs. South in Big Three bailout fight Nov 20, 2008
19: At a Senate hearing in Washington Tuesday, executives from the Big Three automakers sought $25 billion to keep them afloat, warning that bankruptcy could be catastrophic ... And if Chrysler and General Motors go into bankruptcy or liquidation ... Then there will be a reorganization and theyll be able to jettison things they couldnt ordinarily jettison, like health care benefits, like pension benefits and there will be someone to pick those up like the Pension Benefit Guaranty... (MSNBC -- Race)
Williams to lead WaMu through bankruptcy case Nov 20, 2008
Washington Mutual will shell out $700,000 over the next four months for a new president to lead the company through its Chapter 11 case, currently making its way through U.S. Bankruptcy Court in the District of Delaware. The company said in a federal regulatory filing Wednesday that it has hired the bank s former corporate treasurer, Robert Williams Jr., to lead Seattle-based WaMu through its bankruptcy proceeding ... Earlier this month, Stewart Landefeld, who led the company through its initial... (Puget Sound Business Journal, WA)
Southwest to fly to NY. Is Midway next? Nov 20, 2008
5 million to acquire ATAs 14 slots at LaGuardia in bankruptcy court in Indianapolis, which is auctioning off ATAs assets. ATA filed for bankruptcy protection in April. (Crain's Chicago Business)
The case for Chapt. 11 bankruptcy for carmakers Nov 20, 2008
11 bankruptcy for carmakers ... 11 bankruptcy for carmakers:/c/a/2008/11/19/BUVG147QK6 ... 11 bankruptcy for carmakers:/c/a/2008/11/19/BUVG147QK6. (San Francisco Chronicle -- Business)
Elk Grove mall site a magnet for development Nov 20, 2008
The company is considering selling some properties and said Tuesday it might face bankruptcy. In all, 295 acres make up what is known as the Lent Ranch Special Planning Area. (Sacramento Business Journal, CA)
NH delegation skeptical of Detroit bailout Nov 20, 2008
He said no one wants to see jobs lost, but a full restructuring of the companies through bankruptcy would best serve all parties. Republican Sen. (Concord Monitor)
BRIDGE LOAN TO NOWHERE Nov 20, 2008
In the event of a bankruptcy, the factories, computers, office space, intellectual property and so forth that are now owned by GM wouldn't vanish. What would happen is a change in ownership and a renegotiation of contracts. (New York Post -- Opinions)
'EXPERIMENTAL' GOVERNING? NO THANKS Nov 20, 2008
Yes, letting GM go into bankruptcy would be scary ... Besides, bankruptcy isn't the end of the world. (New York Post -- Opinions)
Talk of GM bankruptcy filing fuels debate Nov 20, 2008
19: Former Chrysler executive Jerry York tells CNBC that if any of the major U.S. automakers were to file for bankruptcy, that would be the death knell for that company ... While it is almost impossible to predict what Congress will do about the industrys controversial request for another $25 billion in aid, without federal action its likely that GM would be forced to file for bankruptcy protection, analysts say ... As the days pass and GMs money burns away, a bankruptcy filing is a... (MSNBC -- Politics)
FORD, GM: Bankruptcy Filing Not an Option.. Nov 20, 2008
A failure to gain support in Washington would be a major setback for all three companies and could force Corp. to file for bankruptcy protection, a move that would ripple through the economy. GM is privately resisting suggestions from advisers that it make preparations for a bankruptcy filing, despite telling Congress this week it could soon run out of cash, according to people familiar with the matter ... GM is concerned that if it were even to take steps in that direction, such as hiring... (The Drudge Report)
Wareham Group files Chapter 7 Nov 20, 2008
The owner of law firm has filed for Chapter 7 liquidation bankruptcy, according to court documents. Esquire Corp. of Lone Tree, whose president is attorney Robert Wareham, listed about $32,000 in assets and nearly $680,000 in liabilities in a filing made Nov. 18 in U.S. Bankruptcy Court in Denver ... Chapter 7 of the federal bankruptcy code deals with liquidation, while Chapter 11 allows a business to reorganize. (Denver Business Journal, CO)
LPGA drops 3 tourneys over economic crisis Nov 20, 2008
SemGroup, which sponsored one tournament this year, entered bankruptcy this summer and some other sponsors chose to spend elsewhere. advertisement. (MSNBC -- Sports)
LPGA Tour cutting three events, $5M in purses Nov 20, 2008
SemGroup, which sponsored one tournament this year, entered bankruptcy this summer, and some other sponsors chose to spend elsewhere. "It's no secret that the road ahead, particularly 2009, is going to test our mettle," LPGA commissioner Carolyn Bivens said. (ESPN -- Golf)
Distorting The War of 1812 Part 2 Nov 20, 2008
Madison's War) pushed the US near bankruptcy by 1815. This is another inflated statement. (Suite101.com)
Want a Federal Bailout? Why Not Bankruptcy, Too? Nov 20, 2008
Why Not Bankruptcy, Too ... Why Not Bankruptcy, Too ... A possible answer for bailout seekers: Government aid and bankruptcy to boot. (ABC News -- Wire)
General Growth Takes on Bankruptcy Counsel: Report Nov 20, 2008
NEW YORK (Reuters) - General Growth Properties Inc has hired law firm Sidley Austin as bankruptcy counsel as it negotiates with lenders for more time to restructure its $27 billion debt, the Wall Street Journal said on Wednesday ... The company is in talks with banks including Deutsche Bank , Goldman Sachs Group and Wachovia Corp to extend its payment deadline on the $900 million due November 28 as it tries to avoid a possible bankruptcy filing, the Journal said, adding that General Growth was... (ABC News -- Wire)
Street Slides On Mixed Economic Data Nov 20, 2008
Wagoner, Mulally and Nardelli also agreed that a bankruptcy of any one of the automakers would be disastrous for the entire industry. GM shares slid 17%, while Ford was off 25. (Forbes -- Technology)
Italy agrees Alitalia sale Nov 20, 2008
The administrator overseeing Alitalia's bankruptcy must now formally approve the move, but has already said he will give this sale the go-ahead ... The airline filed for bankruptcy in August, weighed down by high labour costs, strikes, surging oil prices and political interference. (BBC News -- Europe)
Big 3 ask for a $25B lifeline Nov 20, 2008
And he sought to respond to critics who suggest the automakers seek Chapter 11 bankruptcy protection, as have some airlines that later emerged restructured and leaner. "We cannot be confident that we will be able to successfully emerge from bankruptcy," Nardelli said. (Albany Times Union)
* US automakers running out of time Nov 20, 2008
Top executives with General Motors, Ford and Chrysler were scheduled to return to Congress yesterday, appearing before a House committee to plead for a bridge loan to give them a massive infusion of cash to prevent millions of layoffs, stave off bankruptcy and stabilize their teetering companies ... Chrysler LLC CEO Bob Nardelli rejected suggestions that the automakers should seek Chapter 11 bankruptcy protection similar to airlines that later emerged restructured and leaner ... We just... (Taipei Times, Taiwan -- World)
* World News Quick Take Nov 20, 2008
The company where he worked filed for bankruptcy in August. UNITED STATES. (Taipei Times, Taiwan -- World)
Should GM Be Allowed to Fail? Nov 20, 2008
For many, the answer is simple: GM should declare bankruptcy ... But bankruptcy for GM presents unique challenges ... Most Americans would probably buy a microwave oven from a company in bankruptcy. (Townhall.com)
Debating a bailout for American automakers Nov 20, 2008
Other American "strategic industries" have been challenged by bankruptcy, such as the airline and aircraft industries. The automobile companies should take their chances during bankruptcy reorganization. (Fresno Bee -- Opinion)
Letter: Better fill up before gas prices rise again Nov 20, 2008
Because the Detroit carmakers are nearing bankruptcy, they manipulated (drop of) gas prices in order to sell their gas-guzzlers. We also decided it was to keep Congress from passing bills for alternative energy. (Appeal Democrat, CA)
Mayor's daughter settles with bail bond company Nov 20, 2008
Kai Franklin-Graham will pay Free At Last Bail Bonds $6,000, according to documents filed in U.S. Bankruptcy Court in Atlanta ... Franklin-Graham filed for bankruptcy in March 2005. (Atlanta Journal-Constitution -- Metro)
Bank stocks fall Nov 20, 2008
After markets closed Tuesday, Scotiabank said it will take a $595-million hit to the bottom line due to the turmoil in the financial markets including the bankruptcy of Lehman Brothers, the failed Wall Street investment bank. "Both the equity and fixed-income markets have experienced significant declines in value and extreme levels of volatility over the last several weeks, exacerbated by the Lehman bankruptcy," said Rick Waugh, Scotiabank president and chief executive ... At Scotiabank, the... (Toronto Star)
Suge Knight charged with assault Nov 20, 2008
After Knight filed for bankruptcy, the label was sold at auction in July for $24m (12m). Bookmark with. (BBC News -- Entertainment)
George F. Will: In the auto crisis, don't lose the opportunity of bankruptcy Nov 20, 2008
Do nothing that will delay bankrupt companies from filing for bankruptcy protection, so that improvident labor contracts can be unraveled, allowing the companies to try to devise plausible business models ... Some opponents of bankruptcy stress that it might terminate health care coverage enjoyed by UAW retirees who are too young for Medicare ... Six decades later, a "rescue" without bankruptcy will make those four entities wards of government. (Sacramento Bee -- Opinion)
Pinehurst owner files bankruptcy Nov 20, 2008
LOADING Nov 20, 2008 - 04:06:12 CST By CRYSTAL R. REID Bismarck Tribune The company that owns Pinehurst Square Shopping center is filing for bankruptcy protection. DBSI Inc., the national real estate firm and parent company to DDRS, which purchased Pinehurst in March of this year, filed for voluntary Chapter 11 bankruptcy Nov. 10 in Delaware, and is working through the courts, a news release said. (Bismarck Tribune, ND)
Breakingviews.com: Automakers get a cool reception on Capitol Hill Nov 20, 2008
Instead, a lone macroeconomic professor from the University of Maryland was more persuasive, arguing that a bankruptcy-like restructuring effort looked like the better bet ... Wagoner, for his part, seemed to be relying on that kind of research for his views on why a bankruptcy filing isn't an option ... He also said he knew very little about the U.S. bankruptcy process - an astounding assertion for a chief executive whose company has been on the brink for years. (International Herald Tribune -- Business)
Auto industry executives leave Washington empty-handed Nov 20, 2008
Wagoner testified Wednesday that GM had not prepared a contingency plan for a bankruptcy filing if federal aid was not forthcoming. He said that GM's advisers had concluded that it could not obtain credit to operate in a bankruptcy, and instead that the company would quickly have to consider liquidating its assets ... "This is a critical time to move to prevent perhaps the bankruptcy or disappearance of a major auto company, which would cause chaos in our country," Bond said. (International Herald Tribune -- Business)
Credit crisis cuts bankruptcy lifeline Nov 20, 2008
Mark D. Collins, a bankruptcy lawyer, said the scarcity of new financing was hampering many Chapter 11 reorganizations ... Harsh as it is, a filing for bankruptcy protection has always offered a glimmer of hope for a business hobbled by debt or a downturn ... More U.S. companies that file for bankruptcy protection are shutting down because they cannot obtain enough financing to operate while they reorganize. (International Herald Tribune -- Business)
Peugeot cuts more jobs as Sarkozy vows to help carmakers Nov 20, 2008
Failure to craft a deal carries the risk that one or more of the U.S. automakers -- General Motors, Ford or Chrysler -- could be forced into bankruptcy ... The Dow dropped below 9,000 for the first time since March 2003 as the threat of bankruptcy in the auto sector. (International Herald Tribune -- Business)
Italy agrees to sale of Alitalia Nov 20, 2008
The airline filed for bankruptcy in August, weighed down by high labor costs, strikes, surging oil and political meddling ... With approval from the European Commission for the deal already in the bag, the takeover now awaits only a formal signoff by the administrator overseeing Alitalia's bankruptcy ... The Dow dropped below 9,000 for the first time since March 2003 as the threat of bankruptcy in the auto sector. (International Herald Tribune -- Business)
I'm with Mitt on bailout Nov 20, 2008
At the very least, it was clear that we had to demand some serious concessions from both the United Auto Workers and industry management if we were to rescue them from bankruptcy ... Clarity came in reading , in which he argued against a bailout and in favor of a managed bankruptcy ... Bankruptcy is the appropriate course of action. (Atlanta Journal-Constitution)
