Tag: Bankruptcy

Your Daley Gator CCW News Update For Monday 04/25/16


.
Shockwaves Across Europe As Far-Right Party Wins Austrian Election – The Express
.

.
Norbert Hofer, the candidate for Austria’s right-wing Freedom Party (FPÖ), won 36.4 per cent of the vote, and will face an independent candidate in the final vote next month.

It was the Freedom Party’s best result in a national election and comes after a campaign that focused on the impact of the migrant crisis…

MORE
.
—————————————————————————————
.
Exclusive Data Analysis: GOP Primary Turnout Up 8.7 Million Votes, More Than 60 Percent In 2016 Versus 2012 – Breitbart

Newly compiled data after the New York Republican primary shows that among the states that have voted so far in 2016, GOP primary and caucus turnout is up well more than 8 million votes and well more than 60 percent over 2012’s process.

Top GOP officials say that the intense interest in the GOP primary throughout the year so far only serves to benefit the Republican nominee in November, whoever it ends up being.

In total, so far, nationwide the GOP has seen an increase of 8,719,041 votes in 2016’s primaries, caucuses and conventions over 2012’s primaries, caucuses and conventions….

MORE
.
—————————————————————————————
.
The Increasing Instability of Obamacare – National Review
.

.
United Healthcare’s announcement that it is pulling out of most of the exchanges established by the Affordable Care Act (ACA) – a.k.a. Obamacare – is one of many indications of the law’s continuing instability.

United made this decision for obvious reasons: It was losing too much money, with no prospect of a quick turnaround. The company reported that it lost $475 million on plans sold in the ACA’s exchanges in 2015 and expects to lose another $650 million in 2016…

MORE
.
—————————————————————————————
.
Rape Trees, Dead Migrants And The Consequences Of An Open Border – Breitbart

Many of the most caring people in the U.S. think they are helping the poor from Latin America by leaving our Southwest border wide open between ports-of-entry, but they are not. Several of the transnational criminal organizations (cartels) operating in Central America and Mexico make an estimated one-third or more of their profits from illegal immigration. Specifically, two groups below Texas, the Gulf and Los Zetas cartels, are largely fueled by the trafficking and smuggling of human beings.

The brutality of these criminal groups, from incinerating innocents in a network of ovens to their near complete control of state and local governments, is largely paid for by funds generated from illegal immigration – a shadowy economic engine that is only possible because we refuse to properly secure our border with Mexico….

MORE
.
—————————————————————————————
.
Former Senator Announces Upcoming Marriage To Man 50 Years His Junior Nearly 20 Years After His Wife Died – The Blaze
.

.
Former U.S. Sen. Harris Wofford announced that he will be marrying a man 50 years younger than himself almost 20 years after his wife passed away from leukemia, according to an op-ed that was published in the New York Times Sunday…

MORE
.
—————————————————————————————
.
Nebraska Abolishes Civil Forfeiture – Daily Signal

Nebraska Gov. Pete Ricketts, a Republican, has signed a major state forfeiture bill into law. Like New Mexico before it, the Cornhusker State now requires a criminal conviction before property can be forfeited.

Civil forfeiture is the law enforcement tool, which allows property suspected of being involved in, or derived from, criminal activity to be seized by police, sheriffs, and federal agents. It was ramped up in the 1980’s as a means of combatting the drug trade and organized crime, with the goal of stripping kingpins of their assets and ill-gotten gains.

Thirty years later, though, forfeiture has morphed into a system that is far more often used to seize relatively small amounts of cash, that stacks the deck against property owners fighting to get it back, and that encourages profiteering by law enforcement authorities….

MORE
.
—————————————————————————————
.
Obama Infuriates The Brits As He Threatens To Send UK ‘To The Back Of The Queue’ If They Vote To Leave The European Union – Daily Mail
.

.
President Barack Obama told Britain today that it would have to ‘go to the back of the queue’ if it leaves the European Union, then tries to negotiate its own trade deal with the United States.

A US-UK trade agreement is not going to happen ‘any time soon,’ Obama said during a joint news conference with British Prime Minister David Cameron….

MORE
.
—————————————————————————————
.
Solar Developer SunEdison In Bankruptcy As Aggressive Growth Plan Unravels – Reuters

SunEdison Inc SUNE.N, once the fastest-growing U.S. renewable energy company, filed for Chapter 11 bankruptcy protection on Thursday after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.

In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.

SunEdison’s two publicly traded subsidiaries, TerraForm Power Inc (TERP.O) and TerraForm Global Inc (GLBL.O), are not part of the bankruptcy. In a statement, the companies, known as yieldcos, said they had sufficient liquidity to operate and that their assets are not available to satisfy the claims of SunEdison creditors…

MORE
.
—————————————————————————————
.
Governor Enables 200,000 Felons To Vote In November – WorldNetDaily
.

.
Virginia Gov. Terry McAuliffe promised Friday to use an executive order to restore voting rights to felons, an announcement that leaves the Republican-dominated legislature – some of whom have opposed an overturn to the Civil War-era prohibition – in the cold…

MORE

.

.

Yet Another Obama-Funded Green Energy Company Files For Bankruptcy

More Flops In Electric Car Industry – American Interest

Two years after the Solyndra bankruptcy scandal, bad green energy investments are still dogging the Obama administration. The latest is Ecotality, which had manufactured charging stations for electric vehicles. It has just filed for bankruptcy and is preparing to auction off all of its assets. Apparently, the electric car market didn’t take off quite as fast as expected, and like many of its peers, Ecotality wasn’t able to bring in enough revenue to get off the ground.

.

Ecotality is different from the rest, however, in that it received a $99.8 million grant from the federal government in 2009. It still owes $6.5 million to its largest unsecured creditor, the Energy Department. It looks as though the federal grant was the only thing keeping the company afloat for the past few years: the company cites the cancellation of government payments as the main reason for its bankruptcy. Once again, it seems, the government will be taking a loss on its green “investments.”

This isn’t nearly as big a catastrophe as Solyndra, which involved some egregious shady behavior. But this should serve as yet another reminder that the government is not a VC firm and should not be in the business of picking winners and losers, particularly when the technology involved is so untested. If the government wants to spur innovation, funding for basic R&D is the way to go.

Click HERE For Rest Of Story

.

*AUDIO* Mark Steyn: Liberal Policies And The Bankruptcy Of Detroit


.

Democrat Mission Accomplished… Detroit Finally Files For Bankruptcy

After 50 Years Of Democratic Rule Detroit Files For Bankruptcy – Gateway Pundit

.

50 Years of Failure:

From January 1952 to Today

Jerome Cavanagh (D)
Roman Gribbs (D)
Coleman Young (D)
Dennis Archer (D)
Kwame Kilpatrick (D – Crook)
Kenneth Cockrel, Jr. (D)
Dave Bing (D)

Take a bow, Democrats.

USA Today reported:

The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

The bankruptcy filing makes Detroit the largest city in U.S. history to do so.

The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

Detroit Emergency Manager Kevyn Orr, who in June released a plan to restructure the city’s debt and obligations that would leave many creditors with much less than they are owed, has warned consistently that if negotiations hit an impasse, he would move quickly to seek bankruptcy protection.

Thank you, Democrats. You own this.

Click HERE For Rest Of Story

.
——————————————————————————————————————————–
.

Related article:

.
FLASHBACK: Obama Says I “Refused To Let Detroit Go Bankrupt” – Weasel Zippers

And yet they did anyway.

.

Click HERE For Rest Of Story

.

WTF? California Farmer Faces Bankruptcy For Failing To Give Federal Government Free Raisins

California Farmer Faces Bankruptcy For Failing To Give Feds Free Raisins – Independent Journal Review

From the You Can’t Make This Stuff Up department: A California raisin farmer is facing bankruptcy for defying a law requiring him to give the federal government a portion of his raisin crop – without compensation.

.

According to The Washington Post, in the world of dried fruit, there is no greater outlaw in America than Marvin Horne of Kervin, California.

Horne, a raisin farmer, has been breaking the law for 11 straight years. Moreover, he now owes the U.S. government at least $650,000 in unpaid fines. And 1.2 million pounds of unpaid raisins – roughly equal to his entire harvest for four years.

Horne’s crime? He defied one of the most bizarre and outdated arms of the federal bureaucracy – a farm program created during the Truman administration:

Marvin said no to the National Raisin Reserve. (I’m not making this up.)

As described by Hot Air, the U.S. government started the National Raisin Reserve in 1937. Fearing that raisin producers might produce too many raisins – thereby leading to a drop in prices – the government began confiscating [stealing] a percentage of raisin production – for raisin farmers’ own good, of course. The problem is, Marvin Horne doesn’t see it that way:

“I believe in America. And I believe in our Constitution. And I believe that eventually we will be proved right,” Horne said recently, sitting in an office next to 20 acres of ripening Thompson grapes. “They took our raisins and didn’t pay us for them.”

The Washington Post reports that Horne stopped giving raisins to the government in 2002, thereby violating Marketing Order 989 – the federal regulation that established the raisin reserve and made “contributions” by raisin farmers mandatory.

Even worse? The government can save the raisins, sell them on foreign markets (and keep the money), throw them away, or even feed them to animals – just as long as it keeps them off the domestic market.

So, Marvin Horne did what any good raisin producer worth his weight in grapes would do; he sued the government. After several losses in lower courts, Horne’s case reached the Supreme Court this spring, where things changed.

Justice Elena Kagan wondered whether it might be “just the world’s most outdated law.” Justice Stephen Breyer said: “What it does is it takes raisins that we grow – in effect, throws them in the river,” “Your raisins or your life, right?” joked Justice Antonin Scalia.

The Court issued its ruling and gave Horne a partial victory. A lower court had rejected Horne’s challenge of the law. Now, the justices told that court to reconsider it.

Marvin Horne says that if he loses, it’s all over.

“If we lose, we’re bankrupt. We won’t have a pot to piss in,” Horne said, noting he would be liable for nearly $3 million. “No. I don’t want to even think about it. Would you?”

Regardless of the outcome of the case of Marvin Horne vs. the National Raisin Reserve, I don’t think I’ll ever look at raisins the same way again.

Click HERE For Rest Of Story

.

Obama-Funded Electric Car Company Fisker Automotive Lays Off 75% Of Its Workforce, Bankruptcy Looms

Obama-Funded Electric Car Company Fisker Automotive Lays Off 75% Of Its Workforce, Bankruptcy Looms – Weasel Zippers

.
…………………

Then again it’s only taxpayer money.

Via Washington Examiner:

Fisker Automotive laid off three quarters of its staff today to avoid bankruptcy while it seeks an angel with big bucks to help it become operational again.

The maker of the luxury hybrid Karma says it has “at least” $30 million in cash, and $15 million more due after settling a claim this week with its bankrupt battery maker A123 Systems, according to Reuters.

But the company owes $192 million on a $193 million Department of Energy “green” loan. It was supposed to receive $529 million, but the DOE declined to pay the full amount in May 2011 after Fisker fell behind on its targets. Executives who kept their jobs are trying to renegotiate a $10 million loan payment due on April 22.

The auto maker’s public relations team was part of the layoffs, but an outside PR firm said in a statement Fisker is still seeking a “buyer or strategic partnership” but couldn’t afford to keep on the majority of its workforce, according to Fox News.

Keep reading

Click HERE For Rest Of Story

.

It is like getting kicked in the nuts by the guy who just robbed you

As if the Solyndra fiasco was not bad enough………..

(IBD) — The Labor Department today announced that it had approved Trade Adjustment Assistance for the former employees of the bankrupt solar panel maker Solyndra.

That means all of the firm’s 1,100 ex-employees are eligible for federal aid packages, including job retraining and income assistance. The department has valued packages at about $13,000 a head.

Taxpayers will have to cough up yet another $14.3 million as a result of Solyndra’s bankruptcy. They are already on the hook for $528 million in federal loan guarantees to the company that are unlikely to ever be paid back.

No additional comments needed here. Besides my freaking head just exploded!