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Opinion: Bankruptcy Is Not an Option
By not in system - AOL NewsMost American governors and mayors, whether Democratic or Republican, are faced with the daunting task of balancing their budgets after a long and deep recession and a sluggish economic recovery. And increasingly, they are considering declaring bankruptcy as a way out. Indeed, the B-word is being discussed in debt-strapped Detroit; in Harrisburg, the capital of Pennsylvania; and in Alabama's most populous county, Jefferson. Former Los Angeles Mayor Richard Riordan predicted that his city, the second-largest metropolis in the country, would declare bankruptcy by 2014 as a way out of its ...
Borders Bankruptcy: 5 Ways the Mega-Chain's Demise Will Affect the Country
By Mary Phillips-Sandy - AOL NewsIt's a chapter no one wants to read. The Borders bookstore chain has filed for Chapter 11 bankruptcy protection, saying it holds $1.28 billion in assets and $1.29 billion in debt. Although it could not reach agreements with its creditors, the company was able to arrange $505 million in reorganization financing. Surge Desk reviews the big-picture impact of Borders' bankruptcy filing. 1. A loss for commercial landlords The Wall Street Journal reports that Borders' plan to shutter 30 percent of its stores during the reorganization is bad news for the commercial property industry, which was hit ...
Clergy Sex Abuse Claims Lead Milwaukee Archdiocese to File Bankruptcy
By David Gibson - Politics DailyThe financial fallout from the clergy sexual abuse scandal continues to mount as the Roman Catholic Archdiocese of Milwaukee is announcing today that it will file for bankruptcy under Chapter 11, the eighth diocese in the United States to seek such protection. The move comes after settlement talks with victims broke down, making it likely that the archdiocese would have to go to court and incur legal fees as well as payouts that would leave it unable to function. Abuse cases have already cost the Milwaukee archdiocese more than $29 million as it has addressed almost 200 claims over the past ...
Stocks Hit Highest Level Since Lehman Bros. Bankruptcy
By David Knowles - AOL News(Nov. 4) -- Are the bulls back? The Dow Jones industrial average today rose to its highest level since Lehman Brothers Holdings Inc. filed for bankruptcy in 2008, at the height of the U.S. financial crisis, The Wall Street Journal reports. U.S. stocks rose by 219 points, or 2 percent of total volume, in trading at the New York Stock Exchange. That jump followed Wednesday's announcement that the Federal Reserve said it would buy $600 billion in U.S. Treasury securities to help stimulate the lackluster economy, AOL News reported. The stock market gains also come as a slew of corporate ...
ACORN Filing for Bankruptcy
By David Knowles - AOL News(Nov. 2) -- Talk about timing. As millions of Americans headed to the polls to vote today, the Association of Community Organizers for Reform Now, aka ACORN, announced that it was filing for bankruptcy. The news came in the form of a letter written by Bertha Lewis, ACORN's CEO, that was posted to the group's website. "We have seen this coming for some time," Lewis wrote. "Our chapters closed in the first quarter of the year. We have spent our remaining resources trying to dissolve the organization with integrity, while continuing to respond to the extremist attacks. Allegations and reports ...
Crystal Cathedral Files for Bankruptcy: Protect Us From Our Debts
By David Gibson - Politics DailyThe Crystal Cathedral, the Southern California mega-church once known for its silver-haired, silver-tongued leader, the Rev. Robert H. Schuller, and his nationally broadcast "Hour of Power," has filed for Chapter 11 protection from creditors. The filing this week is perhaps the most high-profile example of the kind economic pressure the recession has put on churches across the country, but it is also the latest episode in a steady and stunning fall from grace for a congregation and pastor that did more than anyone to take televangelism mainstream. Schuller, 84, started the Orange County ...
Crystal Cathedral Megachurch Files for Bankruptcy
By not in system - AOL NewsGARDEN GROVE, Calif. (Oct.19) -- Crystal Cathedral, the megachurch birthplace of the televangelist show "Hour of Power," has filed for bankruptcy in Southern California after struggling to emerge from debt that exceeds $43 million. In addition to a $36 million mortgage, the Orange County-based church owes $7.5 million to several hundred vendors for services ranging from advertising to the use of live animals in Easter and Christmas services. The church had been negotiating a repayment plan with vendors, but several filed lawsuits seeking quicker payment, which prompted a coalition formed by ...
Next Stop, Obamaville. Everybody Off!
By Robert and Donna Trussell - Politics Daily...
Blockbuster Bankruptcy Blues: 4 Biggest Questions Answered
By Steven Hoffer - AOL News(Aug. 27) -- There's no rewind button for Blockbuster. According to a report from the Los Angeles Times, sources close to Blockbuster Inc., the formerly dominant home video rental outlet, are indicating that the company will file for a "preplanned" September bankruptcy claim. "Preplanned," of course, suggests a certain level of inevitability and expectation to the news. But how avoidable was the big blue ticket stub's fate, and just where does Blockbuster stand now? Surge Desk answers these questions, offering the four key points to know about the Blockbuster bankruptcy. How bad is ...
GM CEO to Step Down; Company Posts $1.3 Billion Profit
By not in system - AOL News(Aug. 12) -- General Motors Chief Executive Ed Whitacre said Thursday that he'll step down as CEO of the country's largest automaker as of Sept. 1, when Daniel Akerson, a GM board member and former telecommunications executive, will assume the top role. Whitacre, 68, will also relinquish his role as chairman at year's end, the former AT&T (T) executive said. "We've restored profitability. . .and things looks good," Whitacre said on a conference call with investors and the media. He noted that he had planned to stay on only as long as it took to turn GM around. The automaker is just a year out ...
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