White House Mocks Donald Trump For Bankruptcies
White House press secretary Josh Earnest today dismissed Donald Trump’s charge that President Barack Obama has kept interest rates low for political reasons.
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Marco Rubio, Hillary Clinton Campaign in Puerto Rico
In a speech delivered entirely in Spanish, Rubio blamed Clinton supporters for the U.S. territory’s economic problems as he railed against giving Puerto Rico bankruptcy protection
German Developer Yager Files for Insolvency after Being Dropped from ‘Dead Island 2’
Yager, the German developer that was dropped from working on Dead Island 2, has filed for insolvency for the team that was working on the game.
Obama Admin Suggests Puerto Rico Would Benefit from Bankruptcy
The effort to relieve, or bail out, the U.S. commonwealth of Puerto Rico from its current economic struggles has just received a big boost from the Obama administration.
50 Cent Calls AT&T ‘Racist’
Rapper 50 Cent called telecom giant AT&T “racist” in a series of Instagram posts over the weekend for threatening to pull premium cable channel Starz, and by extension, his television show Power, off of the network’s U-Verse service.
50 Cent Files for Bankruptcy
Rapper Curtis Jackson, better known as 50 Cent, filed for Chapter 11 bankruptcy protection on Monday.
Bloomberg: Colt ‘New York Financiers Borrowed Too Much,’ Spent Too Much
Colt Defense LLC is filing for Chapter 11 bankruptcy protection in a situation where the future could bring a Colt that looks little like its iconic predecessor—if any part of Colt remains at all. Bloomberg Business (BB) is reporting that the American legend’s current problems are the result of “New York Financiers” who “borrowed too much” and took too much as well.
Colt Manufacturing Led Charge For Gun Control In 1990s, Now Bankrupt
Amid all the reports about Colt Defense, formally Colt Manufacturing, filing for Chapter 11 bankruptcy protection this week, one thing has been missing–Ronald L. Stewart spent his time as Colt CEO (1996-1998) pushing gun control and suggesting overarching federal regulation over guns would be better than state-by-state variations in gun laws.
Colt Firearms Files Chapter 11 Bankruptcy Protection
On Sunday, Colt Defense LLC announced it is filing for Chapter 11 Bankruptcy protection and looking to sell operations, or portions of operations, in the U.S. and Canada to pay off $355 million in debts.
Pensions Earthquake: San Bernardino Defaults–After Bankruptcy
San Bernardino, which owed almost $10 million on its pension bond debt ever since it declared bankruptcy in 2012, has defaulted, according to Reuters. Since September, the city has avoided dealing with the bondholders, who have been left out in the cold.
Obama Considers Allowing Student Loans to Be Wiped Out in Bankruptcy
President Obama has ordered the Department of Education and its network of federal agencies to determine whether or not to allow student loans to be discharged in bankruptcy proceedings.
Stockton Humbly Emerges from 31 Months of Bankruptcy
The City of Stockton emerged from bankruptcy on Wednesday, February 25, after a 31-month ordeal. There were no winners in trying to restructure over $2 billion in debt and obligations. Nearly half of non-safety city employees were dumped, the survivors’ wages were cut by up to 23 percent, and retirees lost $500 million in lifetime medical benefits. Bondholders and creditors are receiving pennies on the dollar. Hopefully the sad lessons about what happened to Stockton might help other California cities to control spending.
San Jose, Capital of Silicon Valley, Out of Money
San Jose, once viewed as a jewel, called “America’s safest big city” and known as the prime bedroom community of Silicon Valley, now has little money. Its libraries close some of the time, its potholes remain unfixed, and its police force goes understaffed.
RadioShack Begins Final Sale
RadioShack, which owns roughly 4,000 stores in the United States and filed for bankruptcy on Thursday, started a final sale at 1,700 of its stores over the weekend to aid its restructuring. The sale was prompted by Friday’s ruling from Judge Brendan Shannon, who permitted it.
