If you ever needed proof that Facebook is fucked, how about the news today that Donald Trump has just bought shares in the company. I mean this is a guy who has redefined the definition of the word “Bankruptcy.” On a more serious note, with the totally unexpected news on Thursday afternoon that Google reported really bad third quarter earnings due to a decline in CDC – Cost Per Click revenues. Something that’s been getting increasingly worse for four consecutive quarters. Why is this? It’s fucking simple, it’s the same thing that’s happening to Facebook… MOBILE… It isn’t an advertising media, and unless some genius can come up with a way to do it
Source: typepad.com
Video: Definition of bankruptcy
Seventh Circuit: Bankruptcy Code’s Definition of ‘Intellectual Property’ Does Not Include Trademarks
Find a certified California bankruptcy specialist (State Bar of California Board of Legal Specialization) Find out more about bankruptcy certification in California Find bankruptcy specialists in California and other states (American Board of Certification) Find a credit counseling agency Find a personal financial management course Residential real estate values Zillow (real estate "comps") Calculate dates
Source: chapter11la.com
NewsDaily: Analysis: After House bill, some fear holes in muni protections
Banks that underwrite debt deals are currently exempt from a fiduciary duty when it relates purely to the debt underwriting. But the House bill seeks to broaden the fiduciary exemption to any advice given by brokers, dealers or banks that is “related to or connected” with underwriting debt, sales of derivatives, and a host of other financial products.
Source: newsdaily.com
A123 Bankruptcy Casts Doubts on EV Goals
The theory was that the federal government could guide an entire US electric vehicle (EV) industry into existence by orchestrating a constellation of grants, loans and loan guarantees to manufacturers and infrastructure developers, along with generous tax credits for purchasers. That vision was attractive, because EVs have the potential to be an important element of a long-term strategy to counter climate change and bolster energy security. However, yesterday’s bankruptcy of battery-maker A123 Systems, Inc. provides a costly reality check. Along with the earlier bankruptcy of another advanced battery firm, Ener1, and disappointing battery-EV sales, it raises new doubts concerning both the government’s model of industrial development and the achievability of President Obama’s goal of putting one million EVs on the road by 2015. A123 was built around a novel lithium-ion battery technology developed at MIT. For a time they were the darling of the advanced battery sector, with a market capitalization above $2 billion following its 2009 initial public offering. That IPO came on the heels of A123′s receipt of a $249 million stimulus grant from the Department of Energy and $100 million of refundable tax credits from the state of Michigan. Subsequently, though, they experienced low sales and a costly battery recall that contributed to their signing a memorandum of understanding with China’s Wanxiang Group to sell an 80% interest in the company for around $450 million. Instead, it now appears that Johnson Controls, a diversified company that was the recipient of a $299 million DOE advanced battery grant of its own, will end up acquiring A123′s assets for around $125 million. Johnson is apparently providing “debtor-in-possession” financing for A123′s Chapter 11 process. It’s not clear whether Johnson would be able to draw down the unused portion of A123′s federal grant. Because of the government’s close involvement with A123, and in particular its structuring of aid to A123 in a manner that left taxpayers without any call on the firm’s assets ahead of suitors like Johnson Controls or Wanxiang, this event is inherently political. I was a little surprised it didn’t come up in last night’s presidential debate. If it does become a “talking point” in the next two weeks, however, I’d prefer to see the conversation focus on the real issues it raises. The reasons for A123′s failure appear very different from those behind the much-discussed failure of loan-guarantee recipient Solyndra. While the latter ultimately called into question the judgment of officials who loaned money to Solyndra when that company’s business model was already doomed, A123 highlights the much deeper challenges involved in attempting to conjure an entire industry out of thin air. The earlier failure of GM’s electric vehicle effort in the 1990s, the EV-1, demonstrated the chicken-and-egg nature of EV sales: Vehicle sales depended on recharging infrastructure that in turn depended on robust vehicle sales to justify infrastructure investment. But at least GM could begin then by relying on a mature lead-acid battery industry. Those batteries turned out to be inadequate to meet consumers’ expectations of range and recharging convenience, which led to the creation of another chicken-and-egg dependence for the new EV industry: carmakers needed a reliable supply of advanced batteries from producers who couldn’t invest in the capacity to make them, without knowing that vehicle sales would consume enough batteries to turn a profit. So in 2009 the administration set out to short-circuit all those inter-dependencies by simultaneously funding the key elements of these loops, including advanced battery makers. It makes me wonder if anyone involved had any direct manufacturing experience–a natural doubt considering that the entire US auto industry was restructured in 2009 by a task force without a single member who had worked in any manufacturing business, let alone the auto industry. The main causes of A123′s failure appear to have involved basic manufacturing issues of capacity utilization and quality control. The company wasn’t selling enough batteries to cover its costs, and too many of the batteries it sold came back in an expensive recall. They weren’t the first business to experience such growing pains, but their challenges were compounded by the burden of a manufacturing line that had been sized to meet the demand of an EV market that hasn’t yet materialized. US EV sales through September amounted to just 31,000 vehicles, or less than 0.3% of total US car sales. The picture looks even worse if you subtract out sales of GM’s Volt and Toyota’s plug-in version of its Prius, the gasoline engines of which provide essentially unlimited range, circumventing the limitations of today’s batteries. I think there’s a strong argument that the government’s assistance to A123 was actually a key factor in leading them to bankruptcy, by prompting A123 to grow much faster than could have been justified to its bankers or private investors. Perhaps it’s some consolation that A123′s technology has apparently been snapped up by a competitor, rather than going the way of Solyndra’s odd solar modules. Yet that outcome hardly justifies the casual dismissal of A123′s fate by a DOE spokesman as a common occurrence in an emerging industry. That sort of talk merely perpetuates the perception of cluelessness fostered by Energy Secretary Chu’s failure to hold anyone accountable for the Solyndra debacle. Yes, companies in emerging industries fall by the wayside, but the preferred response would be to examine what happened and apply the lessons learned to the rest of the “venture capital portfolio” with which the administration’s industrial policy has saddled the DOE. With EV sales still low and several key EV makers experiencing delays and productionproblems, a thorough public review of the entire EV strategy is in order.
Source: theenergycollective.com
Maps Will Not Save Nokia From Bankruptcy
By all accounts, Nokia Maps is a success. With each upgrade, Nokia has improved upon the aesthetic appeal and functionality of its mapping software. The Nokia Maps application is notable for its clean look, thoughtful legend, and smooth transitions between satellite images. With Nokia, geography remains the focus of its mapping program. For highway enthusiasts, Nokia Maps is a welcome relief from Google’s strategy of building applications around a search engine. Google Maps imagery is often busy, due to advertisements and competing businesses depicted on the interface as points of interest. According to Pino Bonetti, Nokia executive, "pretty isn’t enough."
Source: seekingalpha.com
NACBA Files Amicus to Protect Social Security Benefits
This holding cannot be reconciled with Congress’s clear intent to protect social security benefits from creditors as evidenced by provisions included in both the Social Security Act and the Bankruptcy Code. Section 101(10A) of the Code defines “income” as excluding social security benefits. That definition directs the interpretation of section 1325(b) which provides that a plan shall not be confirmed over objection unless it includes all of the debtor’s projected disposable income. Section 1325(b)(2) defines “disposable income” in terms of current monthly income which is, in turn defined by section 101(10A) to exclude social security benefits. That these provisions in the Bankruptcy Code protect social security benefits from the reach of creditors is reinforced by the complementary provision of the Social Security Act, section 407(a), which provides that social security benefits are not subject to the operation of bankruptcy or insolvency laws.
Source: ncbrc.org
Status of Unilateral Administrative Orders When Issued to Bankrupt Companies for Property They Do Not Own
Finally, debtor’s argument that because CERCLA affords the EPA an alternate right to payment through the Section 107′s authorization of a cost recovery action, injunctions issued under section 106 of CERCLA are dischargeable claims is unpersuasive. CERCLA contains several distinct enforcement provisions, which the EPA can choose to pursue at its own discretion. If EPA chooses to seek injunctive relief pursuant to Section 106 of CERCLA to end or ameliorate continued pollution, the mere fact that EPA has other choices, including recovery of response costs under Section 107(a), should not affect it’s choice. Furthermore, CERCLA’s Section 107(a) enforcement authorization is, in reality, not a viable choice for EPA, since the Superfund is essentially broke, and EPA does not have the money to itself undertake response actions. Therefore, the existence of another option which is, in reality, not a viable option at all, should not affect EPA’s other options. In sum, it seems clear that the solution to this problem will depend on further interpretation by courts of the “ongoing pollution” test. As the contours of this test become defined, both in terms of when the test is triggered and the actual test itself, interested parties will be able to more readily predict the case when a UAO issued to a third party debtors will constitute a dischargeable claim.
Source: umich.edu
Niches: Purchasing Property From Estate Filing Bankruptcy
This is an alternative if their financial situation has improved so that you have found a way to continue making payments. Filing bankruptcy prior to a foreclosure auction will stop or at least put off the public sale of real estate. Unfortunately for most people, it only postpones the sale for a couple of months. Immediately after filing a Chapter 13 Bankruptcy, they will have to file a repayment plan with the courts. This plan has to show that they have sufficient monthly income to pay basic living expenses such as food and utilities and other monthly payments such as credit cards, car payments etc. In addition, their income must be sufficient to resume making your monthly mortgage payments. All past due amounts are usually spread out between 24 and 60 months. For example, if they owe $9,000 in missed payments, attorneys fees, etc. if spread out over 48 months would be an additional $187.50 due each month to the court appointed trustee.
Source: tameraaragon.com
Jan Young: ‘Bankruptcy for profit’: Patriot's corporate strategy
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Source: wvgazette.com
Communication Plan: Definition and Uses
The written plan for communication brings lot of benefits. You can focus on your day to day work by devising appropriate plan. It helps you in setting priorities for work like which work should be completed first and which comes the last. You can take full control of the situation and the work becomes organized. If the plan is approved and agreed by the entire team of staff, you can take help from the staff level till the top executive level for supporting the program. You need not bother anymore about the demands of the staff members since you are planning ahead for their expectations. You can carry on your work with complete peace of mind and relaxed atmosphere. A well organized communication plan will set priority to the nature of the work and help you in achieving the goal using various tools for communicating.
Source: justarticles.net
Nate Thornton, Windermere Real Estate
Examples of documentation that can be used to support extenuating circumstances include documents that confirm the event (such as a copy of a divorce decree, medical reports or bills, notice of job layoff, job severance papers, etc.) and documents that illustrate factors that contributed to the borrower’s inability to resolve the problems that resulted from the event (such as a copy of insurance papers or claim settlements, property listing agreements, lease agreements, tax returns (covering the periods prior to, during, and after a loss of employment), etc.).
Source: naterealestate.com
Fourth Circuit Carves Up Children (For Bankruptcy Purposes Only) : North Carolina Business Litigation Report
Judge Wilkinson took them to task in his dissent, in a graceful and courtly way. He called the majority opinion "a grievous . . . assault upon the statutory text." Op. 33. He said that while it might be "laudable" to recognize that there were a growing number of Debtors with "blended families" like Johnson’s, but that "in our legal system, we leave the updating of statutes to Congress." Op. 36. And even if Congress did not amend the Code, he said that courts can still take economic realities into account "without slicing a debtor’s dependents into bits and pieces." Op. 37. He would have reversed the Bankruptcy Court.
Source: ncbusinesslitigationreport.com