MetaFilter posts tagged with bankruptcy

A Banking System We Can Trust

kliuless — Sun, 03 May 2009 06:03:30 -0800

Limited Purpose Banking -- for lending, investing, etc. -- Turn all financial firms into mutual funds: "All mutual funds would break the buck with one exception: cash mutual funds. These funds would strictly hold cash and be valued at $1 per share. Owners of these funds would write checks against their balances and never have to worry about a bank run. Fractional reserve banking and the FDIC would be history." [previously] also see The Credit Crisis and Cycle Proof Regulation, Raghuram Rajan (cf. 1 2 3 4) on preventing/regulating 'cyclical euphoria' among financial institutions... and btw Fixing bankrupt systems is just the beginning, viz.

The final hours of Circuit City

Joe Beese — Mon, 09 Mar 2009 07:14:15 -0800

The final hours of Circuit City. (via)

FATALITY!

40 Watt — Sat, 14 Feb 2009 18:54:36 -0800

Chicago-based video game developer Midway Games has filed for Chapter 11 bankruptcy protection. One of the original name brands in video games, Midway was for many years one of the most recognizable names in gaming, developing or licensing hits like Tron, Ms. Pac-Man, Rampage, and Spy Hunter during the 70's and 80's. Midway was arguably best known for the Mortal Kombat series of games, publishing Mortal Kombat vs. DC Universe a mere three months ago. However, the company posted annual losses since 2000 and recently saw Sumner Redstone, it's controlling shareholder, dump his entire holdings in MWY for $100,000. The company now has until February 19 to repay $150 million to creditors.

15 Companies That Might Not Survive 2009

CunningLinguist — Wed, 11 Feb 2009 08:53:14 -0800

Say goodbye to Blockbuster, Sbarro's, Rite Aid, Krispy Kreme and Chrysler. 15 US companies that probably won't make it through 2009.

Crapping out

Joe Beese — Mon, 09 Feb 2009 12:53:07 -0800

Trump Entertainment is about to run out of the third extension of its debt payments. Station Casinos is offering its investors as little as 10 cents on the dollar in a pre-packaged bankruptcy. Wynn Resorts is cutting staff hours and bonuses to avoid layoffs. MGM Mirage may see a default rate of 30% on its City Center condominiums. Harrah's long-term debt has doubled. There are no more traffic jams on the Strip. Oh... and the Borgata Hotel in Atlantic City had to settle a $70 million sexual harassment lawsuit brought by its beverage servers. In short: times are tough.

Bridge Loaner? But I hardly know her...

jourman2 — Tue, 18 Nov 2008 09:21:57 -0800

Andrew Ross Sorkin takes apart GM piece by piece. While furiously selling off assets, its stock at a 40 year low, a 38 billion dollar loss in 2007, and 25 billion loss so far in 2008, GM seems to be in a worse position than ever. Some argue GM and the big 3 automakers are too interconnected to let fail. But are they? What's the solution? A whole variety of opinions

The biggest employer of foreign nationals in Japan BUSTO?

cwhitfcd — Tue, 25 Sep 2007 22:05:19 -0800

Nova eikaiwa is the biggest foreign language school in Japan, teaching predominantly English through a network of over 600 branches across the county and employing over 7,000 foreign nationals. After adverse rulings to a number of complaints regarding Nova's refund policy, the Japanese Government imposed a 6 month ban from July to prevent the company from selling large lesson packages to students. The company has experienced a severe downturn in cashflow as a result and there are reports of late payment to Japanese staff and suppliers in the last two months. Foreign teachers were unaffected until salary payments for the 15th September were paid late, and more senior teachers have not yet been paid. Despite not being paid, many staff face a tough decision: quit, or continue to show up to work in the knowledge that if the company goes bankrupt they are eligible for unemployment benefits. Despite this, CEO Nozomu Sahashi declared last Friday "The dark clouds that have been hanging heavily over us will be cast aside... I said previously 'the darkest time is before the dawn,' and finally the first light of dawn can be seen". Five days later and some teachers are still waiting to be paid.

Mmmmm, toasty!

metasonix — Wed, 14 Mar 2007 03:03:03 -0800

Ever considered buying or starting a franchised restaurant? Right now, Quiznos might be best avoided...... (You might also avoid the franchises sold by a company called Raving Brands.)

But there are such sweet ass cars out there!

tgrundke — Wed, 27 Sep 2006 16:48:00 -0800

Audi released its new super-sportscar, the R8, at the Paris Autoshow today. With cars like the R8 and the Bugatti Veyron at the top end and the Toyota, Volkswagen or Lexus, there's lots of neat stuff going on in the automotive world...just not from GM, Ford or Chrysler. Maybe it's just me, but pumping out crap like this may be part of the reason. Just guessing.

Sallie Mae is the Devil.

xowie — Fri, 27 Jan 2006 07:35:46 -0800

Student Loan Justice. c/o Village Voice. (cf.)

Well Oiled Strippers vs Rick Texas Cowboys

mischief — Tue, 27 Sep 2005 19:23:53 -0800

When can federal bankruptcy judges rule on state probate matters? In Marshall vs Marshall, the Supreme Court will consider this rather unsexy, technical issue during its next session.

Credit card minimums to double

rolypolyman — Sun, 21 Aug 2005 22:22:04 -0800

A double whammy for the U.S. economy this winter: Bankers have announced credit card minimum payments will double starting in early 2006 as a 10-year payback system is adopted. Meanwhile in October comes the controversial bankruptcy reform. All this on a blanket of spiralling gas prices. That Unahome may be the wave of the future for a lot of Americans.

Where's my pension ?

elpapacito — Wed, 11 May 2005 17:33:24 -0800

UAL (United Airlines) dumps four pension plans[optional audio interview with Businessweek expert] ; bankruptcy court authorizes shifting of USD 5 billions (allegedly largest pension default in U.S. history) in pension obligations to the Pension Benefit Guaranty Corp. As a result the burden of private failure and incompetency will be shared by all taxpayers (whose taxes finance PBGC which is already operating on a 23 Billion deficit) and by beneficiaries of the pension plans who will see their pension severely cut : pilots from 100K to 30K pensions but also less privileged workers will be hit. For instance Mrs Tamuk, spokeswoman from Association of Flight Attendants said her pension will be reduced from $1,700 a month to $800 a month.

They'd love to fly...

clevershark — Fri, 11 Mar 2005 08:11:29 -0800

Like misbehaving teenagers, Jetsgo passengers find themselves grounded indefinitely. As it turns out you can't both operate on razor-thin margins AND spend millions upon millions in expensive marketing campaigns. Who'd have thunk it?

Cloture for Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

airguitar — Tue, 08 Mar 2005 19:09:21 -0800

A Senate bill to overhaul federal bankruptcy laws, a top priority of retailers, auto lenders and banks, cleared a key hurdle Tuesday afternoon. Sixty-nine senators -- nine more than needed -- voted for "cloture," a procedural move that limits debate. Republican leaders hope to push the bill to a final vote by the end of the week. Earlier, the Senate turned back a controversial, abortion-related amendment that has scuttled p r e v i o u s efforts to pass bankruptcy legislation. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was first introduced in 1998 as The Consumer Bankruptcy Reform Act.

Medical Bankruptcy

Shanachie — Wed, 02 Feb 2005 13:49:55 -0800

An umbrella that melts in the rain WASHINGTON (Reuters) - Half of all U.S. bankruptcies are caused by soaring medical bills and most people sent into debt by illness are middle-class workers with health insurance, researchers said on Wednesday. "Our study is frightening. Unless you're Bill Gates you're just one serious illness away from bankruptcy."

Big Al

terrier319 — Mon, 24 Jan 2005 12:10:46 -0800

He spent a lifetime peddling smut and once had an $11 million fortune, but after losing everything and becoming just another homeless New Yorker, Al Goldstein is now happy pushing bagels instead of porn.

Mark my words

Keyser Soze — Tue, 26 Oct 2004 16:01:51 -0800

Delta Airlines to announce chapter 11 tomorrow around noon.

Life and Debt

BlueTrain — Mon, 09 Aug 2004 12:56:13 -0800

An interesting study by The Century Foundation. I found it while perusing the NY Times op-eds...specifically, Bob Herbert. It seems that "Household debt and personal bankruptcies are reaching record highs despite low interest rates and rising real estate values."

Miss a Payment, Triple Your Interest Rate

archimago — Tue, 14 Oct 2003 08:13:15 -0800

Americans are not going broke over lattes! Salon (warning: ad click-through required) interviews the author of a book who contends that American middle class overconsumption is a myth. This made me really think about how I relate to my $$$, and what I think is pushing me deeper into a hole. According to this author, kids are forcing people into bankruptcy, and it's not because we buy them gameboys and expensive clothes. The author also claims that credit card companies and mortgage lenders need to be regulated by the govt., as they are feeding off of middle class hardships. It's also making me wonder why real estate developers aren't building small homes anymore, at least in my state of the union.

Bankruptcy

MiguelCardoso — Thu, 09 Oct 2003 23:46:15 -0800

The Seven Year Itch (Not To Mention The Solution To All Your Financial Problems): Bankruptcy! Clarissa Dickson-Wright, the surviving (blonder; more corpulent; less Mediterranean; less adept at actually cooking) half of the wonderful BBC cooking show Two Fat Ladies, serves a salty and amusing column on bankruptcy. For those deep in debt - never mind how paltry the sums involved - it offers a legal, no-more-stiff-letters-and-phonecalls solution. And the consequences, credit-wise, seem only to last 7 years. As someone who's lunatically overspent ever since I was born, growing worse and more debt-ridden ever since, I'm sorely tempted. But the apparent immorality of it keeps holding me back. To what extent is it a viable alternative? Are we hoi polloi suckers for not using it more? I mean, rich people use it mercilessly all the time!

Do I hear $2 for all of Napster's assets?

mathowie — Tue, 19 Nov 2002 12:56:52 -0800

We all knew the day would come, the time to put the "you" in P2P: Buy your own piece of Napster at their bankruptcy auction. December 11th, live and webcast, their impressive set of top o' the line (for 2001) equipment is up for grabs.

dglynn — Mon, 30 Sep 2002 14:55:47 -0800

Need some office equipment? Maybe you'll want to check out the 8863 items from Arthur Andersen being auctioned off, starting tomorrow. Lots of printers, monitors, servers, apparently not much cable management, but no shredders that I've seen yet. Then again, I haven't looked through the 6 meg Excel spreadsheet of all items either. Just the ticket, in case you need 18 floors(600,000 square feet) worth of furniture and equipment. A cold, hard footnote to a pathetic and shameful story of integrity squandered.

gummi — Tue, 17 Sep 2002 13:41:09 -0800

Enron 'Crooked E' For Sale "The ultimate symbol of the bankrupt power trader -- one of the ubiquitous chrome signs dubbed "the Crooked E" for its distinctive slant and commentary on the company's questionable dealings -- is on the auction block." The sign is only one of thousands of items up for sale September 25th and 26th, at the Houston Radisson Astrodome hotel.

mathowie — Wed, 04 Sep 2002 09:14:24 -0800

It's official, Napster is dead as the company folds, reading to go Chapter 7. On the upside, this is possibly the best goodbye dotcom message ever.