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Tag Archive: Bankruptcy


Report: Radio Shack To Sell Customers’ Personal Information In Bankruptcy Sale

 

 

 

 

 

” When you go shopping, you probably think stores will keep your personal information safe and secure.

  But now, a report says Radio Shack is ready to auction off customer information as part of its bankruptcy sale.

  As CBS2’s Dick Brennan reported, the report says Radio Shack is ready to sell information they have on some 117 million customers, including names, addresses, phone numbers and other details on purchases.

  This despite the Radio Shack privacy policy, which says “We will not sell or rent your personally identifiable information to anyone at any time.” “

 

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Obamacare Blamed For Killing Hospitals

 

 

 

 

” Eighteen acute-care hospitals across the United States shut their doors in 2013.

  At least 12 more hospitals have closed this year in rural areas alone. More are getting out the plywood to nail over windows and barricades for doors.

  Don’t worry, it’s just the new normal under Obamacare, says Lee Hieb, M.D.

“ Events happening now give us some idea of what medicine will be reduced to in the future,” Hieb writes in her forthcoming book, “Surviving the Medical Meltdown: Your Guide to Living Through the Disaster of Obamacare.”

“ Today, all over America, small and midsize hospitals as well as hospitals in inner-city, poor areas are closing,” she said.

  Hieb is an orthopedic surgeon and past president of the Association of American Physicians and Surgeons.

  She said the reasons for the closures aren’t complicated. Most of the victims are smaller hospitals or those in poor areas, which often serve the greatest number of Medicare and Medicaid patients.

  A report at Modern Health Care just a few weeks ago confirmed that among just the critical-access hospitals, which have 25 beds or fewer, there were 14 closures in 10 states in 2013.”

 

WND has more

 

 

 

 

 

 

 

 

 

 

Colt Warns Of Possible Default, Likely To Miss $10.9 Million Payment

 

 

 

” With diminishing sales and unlikeliness of paying bondholders, Colt Defense, LLC warns of a bleak financial future.

  The privately held company announced yesterday in a filing with the Securities and Exchange Commission possible default as it’s likely to miss a $10.9 million payment to bondholders on Nov. 17. If skipped, Colt has a 30-day grace period, but if it does not pay by Dec. 15 the company will be in default.

  If a company defaults without first declaring bankruptcy, creditors will likely force it into bankruptcy and liquidate the assets or the company will operate under the shield of a bank, limiting major operational decisions.

  Colt blames its financial woes on a continued decline in demand for rifles and handguns in the commercial market, and delays in government sales. The company reported in June a $20.5 million loss so far in 2014, down from a $9.5 million profit for the same time in 2013.

  Like the iconic West Hartford, Connecticut, company, other gun makers have also seen a decline in demand. Smith & Wesson reported a net income of $14.6 million, down from $26.5 million for the quarter last year. Profits for the industry giant, Sturm, Ruger and Company, plunged 76.3 percent, from $28.6 million this time last year to $6.8 million for the past three months. “

Thanks to Guns.com

 Why Hillary Clinton Would Be A One-Term President, According To Peter Thiel

 

 

 

 

   The genius behind PayPal , Peter Thiel , speaks with Glenn Beck on the foolish monetary policy bankrupting America and the likelihood of a Clinton presidency being a one term affair .

 

 

 

 

During Obama’s Presidency, National Debt Has Grown by $61K Per Household

 

 

 

 

 

” You may have heard pundits time and time again dismiss America’s debt problem, touting that the deficit has fallen by 50 percent since 2009.

Yet that sidesteps the real issue: the massive amount of debt the country has taken on in the past six years has put the nation in a vulnerable position as entitlement spending is set to take off and big-spending policies continue to pile on debt. Indeed, the United States has added $7.06 trillion of debt since President Obama took office—far more than under any previous president. “

 

Read more and weep

 

 

 

 

 

 

 

 

 

 

Will Obama’s Scamnesty Destroy the Foundations of the Democrat Party?

 

 

 

 

 

 

” Boston ‘Teeming With Protesters’ in Giant Rally Against Housing Illegal Immigrants in the State | Video | TheBlaze.com

While Bree Sison of WBZ-TV estimated the crowd numbering in the hundreds, Boston.com described the area in front of the State House as “teeming with protesters,” noting that rally organizer Jeff Kuhner, host of WRKO’s The Kuhner Report, put the number closer to 10,000.

  Glenn Reynolds slugs his blog of this story “Even in Blue State Massachusetts.”  I’d say it would be more accurate to say “Especially in Blue State Massachusetts.”

 

 

Image source: Twitter/Marc Lombardo

Image source: Twitter/Marc Lombardo
 
 
 

Does this look like “hundreds” to you ? 

 

 

” Blue states tend to be characterized by dominating urban areas jammed full of permanent Democrat voters who are, by and large, poorer, less educated, less employed (or employable) and generally less able to compete for good jobs.”

 

Read more from Bill Quick and a tip of the hat to Glenn Reynolds

 

 

 

 

 

 

 

 

 

A Budget Of Wimps

 

 

” If you weighed 1,000 pounds, would people notice you lost weight if you went down to 999 pounds?

  In Congress, the Republicans feared there would be another shutdown they would be blamed for.  They compromised with Democrats and presented a budget of wimps.  During the next ten years, they will cut spending by $23 billion.  The sequester, which would have cut the budget by much more than that, was done away with for fear it would keep politicians from wasting more money.  What about the debt ceiling that we will have to raise?  The Democrats complain about trickle-down economics in which the rich invest in the economy, create jobs, and purchase expensive things that again require people to service them.  They practice it all the time when they privately invest their money to produce a return that is much larger than what retired people receive from Social Security.”

 

 

 

 

 

 

 

 

News Anchor Completely Loses It For The Best Possible Reason Ever

 

 

 

HT/EducateInspireChange

… The Average City Employee Makes $144,329 Per Year

 

 

 

 

 

” While today’s municipal bankruptcy news focuses on Detroit, where a judge has just ruled the city can proceed with its bankruptcy filing, tonight a small California city holds a council meeting to try to avoid the same fate.

  Desert Hot Springs isn’t on the national radar, but its situation is hardly unique. With only 27,000 residents and only 55 full-time city employees, Desert Hot Springs lacks the financial heft that allows larger cities – think Los Angeles – to put off their day of reckoning.”

 

As wiser men have said ” that which can’t continue , won’t “

 

” The average full-time employee working for the city of Desert Hot Springs earned direct pay plus employer paid benefits during 2011 of $144,329. The average public safety employee working for Desert Hot Springs earned direct pay plus employer paid benefits during 2011 of $164,621.

  This is in a city where the median household income is $31,356 and the median home selling price is $133,500.

  Public sector union spokespersons often complain that “politicians are trying to balance the budget on the backs of working people.” Set aside for a moment the fact that “working people” means “unionized government employees” who, in the case of Desert Hot Springs, are making more per year than the average home costs in that city. Can Desert Hot Springs balance their budget if their “councilmen also eye pay, benefits,” and could actually do anything about it?”

 

 

 

    Justify for us please , why the average public employee should make over five times as much as does the average citizen footing the bill . Insanity .

    Here’s an update on Desert Hot Springs’ financial mess .  Desert Hot Springs council OKs cuts totaling $400K . Hardly enough to solve their short-comings but if you read on you will see that the city has been ordered to make $2.6 million in cuts by June 2014 . Where will that money come from ?

 

 

 

 

 

 

 

 The 10 Most Troubled City Systems

unfunded liabilities

 

” More and more cities, counties, and even some states will face the harsh reality of having to fix their pension systems or deal with a Detroit-style bankruptcy.

“This is happening in too many cities and towns across America, where social services, because they can be cut, are cut. Because pensions and bonds constitutionally cannot be cut, they’re the protected class,” Wall Street financial analyst Meredith Whitney told CNBC.

“I think you’re going to see a real issue of neighbor against neighbor on these very issues,” said Whitney, who recently co-founded Kenbelle Capital LP, a New York hedge fund.”

 

That’s the bad news . Here is the worse news .

 

“But here’s the real rub: experts are warning that many pension systems, those claiming they are well funded and those who say they aren’t, have all been using rosy projections about future investment returns.

In a recent editorial in Barron’s, Thomas Donlan writes that pension funds have “hidden the results with dubious financial reporting.”

Detroit, he says, was using the standard 8 percent return on assets, widely used by other funds. Donlan argues that is foolhardy to claim an 8 percent rate of return.

Consider that since January 1, 2001, the Dow Jones has appreciated, on average, a paltry 2.2 percent, with the S&P growing just 1.36 percent.”

    Municipal governments throughout the nation have been hiding their unfunded liabilities with parlor games and dubious economic assumptions that guarantee that no matter how bleak things seem today , they will be orders of magnitude worse in the very near future . 

 

 

 

 

 

 

 

 

GM Got Bailout , Now Ships Jobs To China

 

 

 

” Saving General Motors from bankruptcy was among President Obama’s most frequently cited achievements when he ran for re-election last year. Democrats everywhere touted the company’s revival as proof of the 2009 bailout’s wisdom. That was then. Now, Obama has quietly released the auto manufacturer from a bailout requirement that it increase its production in the U.S. Instead, GM is spending billions of dollars building up its production capacity in … China.

This is happening despite the fact that the Treasury Department has to date recovered just $36 billion of its original $51 billion loan to GM. By most analysts’ predictions, American taxpayers will be out approximately $10 billion when the remaining stock is sold off. Which is a long way of saying that it now appears that taxpayers paid $10 billion to make it easier for GM to accelerate its foreign outsourcing and send more manufacturing jobs to China.

Here’s what happened: In exchange for the bailout in 2009, GM promised to meet certain domestic car production targets over the next four years. The obvious point of this stipulation was to ensure that GM jobs remained here at home and weren’t shipped overseas. The production targets started at 1.8 million in 2010 and were supposed to rise to 2.26 million by 2014. GM repeatedly missed the targets, beginning with an 81,000-unit shortfall the first year. Production increased thereafter, but never quite enough to meet the targets. Last year, GM fell about 13,000 cars short of its 2 million target.”

 

Source

   Face it , everyone but Obama’s union cronies got the shaft on his “signature economic success story” and now their time is about to come . Just like with Obamacare , he uses the unions as his foot-soldiers to force his way of things , but at the end of the day the unions end up footing the bill along with the rest of us .

 

 

 

 

 

 

 

 

Rand Paul: You’ll Bail Out Detroit ‘Over My Dead Body’

” Why would Mr. Paul be so against another bailout? Hmm, maybe because we don’t have the money. That kind of stuff matters to some of us.

His final piece of advice:

“You don’t set up an implicit promise from the federal government that everybody is getting bailed out,” Paul said. “It’s sort of like too big to fail for banks. If you have too big to fail for cities or for states and they believe they’ll be bailed out they’ll continue to make unwise decisions.

“So, really, the answer is, just like the federal government, live within your means and spend what you have but don’t spend money you don’t have. The problem is so many of our state governments, the politicians are being elected by the public service unions. ”

Detroit not alone under mountain of long-term debt

image

” Detroit may be alone among the nation’s biggest cities in terms of filing for bankruptcy, but it is far from the only city being crushed by a roiling mountain of long-term debt.

  At the heart of Detroit’s problem is a growing unfunded debt on benefits owed to current and future retirees — some $3.5 billion, according to its emergency manager, Kevyn Orr — which mirrors a circumstance being seen across the U.S.

  From Baltimore to Los Angeles, and many points in between, municipalities are increasingly confronted with how to pay for these massive promises. The Pew Center for the States, in Washington, estimated states’ public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010.”


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Doctors Driven To Bankruptcy

 

 

 

” As many doctors struggle to keep their practices financially sound,some are buckling under money woes and being pushed into bankruptcy.

It’s a trend that’s accelerated in recent years, industry experts say, with potentially serious consequences for doctors and patients. Some physicians are still able to keep practicing after bankruptcy, but for others, it’s a career-ending event. And when a practice shuts its doors, patients can find it harder to get the health care they need nearby.

Chapter 11 bankruptcy filings by physician practices spiked in March, noted Bobby Guy, co-chair of the American Bankruptcy Institute’s health care committee. “Eight filings in three weeks is very unusual,” said Guy.

Doctors also blame shrinking insurance reimbursements, changing regulations, and the rising costs of malpractice insurance, drugs and other business necessities for making it harder to keep their practices afloat.

 

 

 

 

Can Conservatives Prevent The U.S. From Becoming California?

 

 

 

 

 ” As bad as last Tuesday night was for the national Republican Party, it was far, far worse for the California Republican Party. Not only did Golden State Democrats maintain control of every statewide elected office; not only did Gov. Jerry Brown’s $6 billion Proposition 30 tax hike pass by solid margins; but Democrats also secured supermajorities in both state legislative chambers. Now, Brown and the Democrats can raise taxes by as much as they want.

The California Republican Party is functionally dead. And how is California doing, now that liberals have successfully terminated the state’s remaining conservatives?

For starters, it’s still in debt. Despite Brown’s historic tax hike, the California Legislative Analyst’s Office announced this week that the state still faces a $2 billion budget deficit just for the next fiscal year. California’s liberal electorate has already racked up an additional $370 billion in state and local debt over that last decade. That is more than 20 percent of the state’s gross domestic product. “

 Tributes Appear On Blogs, YouTube

 

 

 

 ” Following the news that Hostess Brand was closing it’s doors, people fearing the end of such American icons as Twinkies and Ho-Ho’s expressed their sadness through song and poetry.

According to a New York Times report, public reaction to the Hostess announcement has been overwhelming. Those that grew up with Twinkies and other Hostess snack cakes in the lunch pails became nostalgic, saddened by the possibility that the iconic snacks would no longer be seen on store shelves. As reported by Digital Journal, shoppers rushed to their nearest store, grabbing their favorite snack off the shelves, while Ebay has been flooded with various Hostess Brand auctions according to another Digital Journal report. “

 

… show Obama administration’s deep involvement in Delphi pension scandal

image

  ” Internal Treasury Department documents described as
“highly confidential” and obtained by The Daily Caller
show a greater level of involvement in the Delphi
pension scandal from senior officials in the Obama
administration than has been previously acknowledged.
A July 2009 document prepared by the Pension Benefit
Guaranty Corporation (PBGC) titled “Treasury Talking
Points re: Delphi” shows coordination between high-level
players inside the PBGC and Treasury Department. The
document was an attachment to a July 7, 2009 email from
PBGC’s Joseph House to Treasury’s Matthew Feldman,
Oren Haker and Paul Nathanson.

  The talking points show that the PBGC thought the “[v]ast
majority of individual’s [sic] covered by Delphi [pension]
Plans” were “career GM ‘brethren’ distinguishable only
by the 1999 spin-out” of Delphi from its former parent
company, General Motors.
Only those “brethren” who were union members,
however, saw their pensions preserved in the 2009 auto
bailout. Nonunion Delphi retirees lost theirs. (RELATED:
TheDC’s complete coverage of the Delphi pension
scandal). ”

Posted by John Galt

” Staggering Smith Electric may be next Solyndra”

” Smith makes electric powered trucks
favored by the Obama administration, yet
has never turned a profit and is heavily in
debt. Smith originally scheduled its IPO to
seek $125 million in new investment, but
cut that back to only $75 million, then
cancelled the offering outright.
“It is an astonishing disaster and it is likely
the next step might be a Chapter 11
bankruptcy filing,” said Eric Meltzer, a
Philadelphia-based manager of distressed
companies.
The failed IPO is being compared to
Solyndra because it also cancelled an IPO
just before filing for bankruptcy solar
energy company. Solyndra cancelled its
public offering just before filing for
bankruptcy. “

Victor Davis Hanson explains the coming death of Liberal Profligacy .

  “The liberal model — borrowing huge sums,rigging interest and the currency to enable state profligacy, turning large swaths of the
population into less productive unionized government workers or dependents on the dole who vote in thanks to political hacks — simply does not work. How could beautiful blue-state California lose almost a millions refugees to arid
Texas? I like Texas, but Dallas had far less of nature to work with than did San Francisco. (It takes a lot of human failure for thousands to
give up verdant California to move to Utah or the Nevada desert.) What we are witnessing is nothing short of surreal: in the manner that
Tijuana was a different universe from San Diego, so too the entire state of California is becoming a different world from its neighbors. Whether one examines its near dead-last schools, its oppressive income and sales taxes, its decaying
roads and infrastructure, its absurd prison system, its dysfunctional state offices (try the DMV), or its priestly public employee caste,
California is becoming Detroit.”

Mark Steyn : …

Mark Steyn :

“In the twilight of the West, America and Europe are still different but only to this extent: They’ve wound up taking separate paths to the same destination. Whether you get there via an artificial common currency for an invented pseudo-jurisdiction or through quantitative easing and the global decline of the dollar, whether you spend your final years in the care of Medicare or the National Health Service death panels, whether higher education is just another stage of cradle-to-grave welfare or you have a trillion dollars’ worth of personal college debt, in 2012 the advanced Western social-democratic citizen looks pretty similar, whether viewed from Greece or Germany, California or Quebec.”

  The wages of progressivism .

” While Greek politicians squabble over who can – or can’t – form a coalition government in the
wake of May 6 elections in which anti-austerity rage caused a fractured result, more than
1,000 businesses in Greece are closing up shop each week, victims of a deep recession caused by pay cuts, tax hikes and slashed pensions that have made many Greeks simply stop spending
on anything than goods needed for their survival. “

Ha ha ha . Look who’s talking fiscal responsibility …

  “President Obama’s spokesman warned the new socialist president-elect of France not to implement his campaign agenda of ending austerity measures, indicating that
such a reversal could damage the world economy. ”

That’s his job Francoise . Don’t you know he was there first .