City of Detroit Declares Bankruptcy

After decades of Democrat mismanagement and corruption …  Detroit files bankruptcy.  After filing for Chapter 9 bankruptcy protection, Michigan’s takeover of Detroit is the largest state takeover of a municipality in over two decades, and if successful, Detroit would avoid the biggest municipal bankruptcy ever. However, this is what happens when you promote 50 years of “blue” state Democrat, welfare state politics of high taxes, and lavish benefits packages for public and union workers. This crash was set in motion years ago, it was only a matter of time before it reached its final conclusion.

WAKE UP AMERICA … Let Detroit, Michigan serve as an example, is this what you want for the United States?

Detroit_bankrupt

Detroit— The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city’s ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors.

The Gateway Pundit has a list of the failed Democrat Mayors for the past 50 years. Detroit has not had a Republican Mayor since 1961. Sorry Dems, you own Detroit and the catastrophic events that have building to this point where they have no alternative but to file bankruptcy.

The city of Detroit filed for Chapter 9 bankruptcy protection.

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.

Electric Car Maker Coda Files For Bankruptcy

Another Obama “green” energy company fails miserably … Another One Bites the Dust.

According to the WSJ, electric car maker Coda has filed for chapter 11 bankruptcy. The company’s lone passenger car, the CODA sedan debut in March 2012 went poorly; less than 100 units were sold. 100!!! Or what we like to call Obamanomics in action. The company blamed the car’s flop on a variety of factors, including stunted demand for electric vehicles, adverse macroeconomic conditions and insufficient capital to effectively market the car. The fact of the matter is no one is going to pay $38,000 for am electric car. There is no demand for them and if there were the price would have to be cut in half and that does not men by getting a federal government rebate.

Electric car maker Coda Holdings Inc. filed for Chapter 11 protection from creditors after pronouncing its $38,000 sedan “a commercial disappointment” and failing to sell its assets outside of bankruptcy.

The company’s lone passenger car, the CODA sedan, was plagued by delays. Its eventual market debut in March 2012 went poorly; less than 100 units were sold, “falling well short of the company’s expectations,” according to the Los Angeles company’s bankruptcy filings.

A group of lenders led by an affiliate of Fortress Investment Group FIG 0.00%is offering about $25 million for the assets and may use debt to cover that price, according to documents filed in a Wilmington, Del., bankruptcy court. The group also is providing the company with a $5 million loan intended to keep Coda afloat as it navigates Chapter 11

Casey Anthony to Appear in Bankruptcy Court in Tampa, FL Today

The Teflon Tot-mom to appear in Court …

Casey Anthony will  come out of her hole Monday after a federal judge ordered her to appear in court. Anthony, the tot mom known for getting away with murder, will attend a bankruptcy hearing with her creditors Monday afternoon at 1:30 p.m. in Tampa, Florida. That’s because Monday’s hearing in Tampa is in the federal courthouse, and cameras of any kind are not yet allowed in federal court. Casey Anthony is claiming she only has about $1,000 in assets and $792,000 in liabilities. So what are the odds that the second that Casey is allowed to file bankruptcy that she signs a book or movie deal? Oh, that could never happen. Then again, we never thought that she would ever been found “not guilty as sin” in the death of little Caylee Anthony. This woman has skated every inch of the way, what is to prevent her this time?

Casey Anthony will be coming out of seclusion for a meeting with the creditors in her bankruptcy case in Tampa.

The bankruptcy meeting is taking place Monday.

Anthony filed for bankruptcy in Florida in late January, claiming about $1,000 in assets and $792,000 in liabilities. Court papers list Anthony as unemployed, with no recent income.

UPDATE I: Casey Anthony meets with creditors in Tampa to discuss her bankruptcy case.

Anthony filed for bankruptcy in Florida in late January, claiming about $1,000 in assets and $792,000 in liabilities. Court papers list Anthony as unemployed, with no recent income.

Her listed debts include $500,000 for attorney fees and costs for her criminal defense lawyer during the trial, Jose Baez; $145,660 for the Orange County Sheriff’s office for investigative fees and costs; $68,540 for the Internal Revenue Service for taxes, interest and penalties; and $61,505 for the Florida Department of Law Enforcement for court costs.

The filling also stated that she was a defendant in several lawsuits, including one brought by Zenaida Fernandez-Gonzalez for defamation in Orange County Circuit Court.

The Teflon Victim: Casey Anthony Files for Chapter 7 Bankruptcy in Florida Owing Nearly $800,000 in Debt

This is just criminal … And once again Casey Anthony will skate on accountability.

Casey Anthony has filed Chapter 7 bankruptcy petition in Florida of which claims that she owes approximately $800,000 in debt to 80 creditors. Most of the incurred debt as per the court docs is owed to her defense attorneys, the same one’s who some how got her off of murder charges in the death of her daughter Caylee Anthony. A jury found her “not guilty as sin”. A Chapter 7 bankruptcy filing is meant to allow one to do away with most existing debts and make a fresh start financially. Isn’t this special, as if nothing had ever happened.

Casey Anthony, The Teflon victim

According to NBC News, Casey Anthony owes the following in debt as per her bankruptcy court filings:

Anthony’s bankruptcy filing said she had only $1,084; here are her main debts, according to the Sentinel report:
•About $500,000 to defense attorney Jose Baez
•$145,660.21: Orange County Sheriff’s Office
•$68,540: Internal Revenue Service
•$61,505: Florida Department of Law Enforcement
•$10,283.90: to the Metropolitan Bureau of Investigation

So what is going to happen when her bankruptcy petition is granted, her debt is voided and then she signs a $1 million contract for the movie deal? This nightmare just will not end.

 

Atari US Operations, the Original Gaming Company that Brought Us Pong & Asteroids Files for Bankruptcy

Now this is a blow to my childhood …  Before Nintendo, before Gameboys, before Wii, before the Internet, before Madden Football and before Call of Duty … There was Atari and Pong!

Atari US, the company that brought us Pong, Asteroids and many of the original video games that kids today would think are archaic, has filed for bankruptcy. Say it isn’t so. Atari was the company 40 years ago that helped spearhead the video game industry with such games as Pong, Asteroid and Centipede, as well as consoles to evolve the consumer electronics field has filed for chapter 11 bankruptcy protection. The filing was made in the United States Bankruptcy Court for the Southern District of New York and covers Atari Inc., Humongous Inc. and California US Holdings Inc.

The U.S. operations of iconic but long-troubled video game maker Atari have filed for bankruptcy in an effort to break free from their debt-laden French parent.

Atari Inc. and three of its affiliates filed petitions for Chapter 11 reorganization in U.S. Bankruptcy Court in New York late Sunday.

Its leaders hope to break the American business free from French parent Atari S.A. and in the next few months find a buyer to take the company private. They hope to grow a modest business focused on digital and mobile platforms, according to a knowledgeable person not authorized to discuss the matter privately.

Although the 31-year-old brand is still known worldwide for its pioneering role with video games such as “Pong” and “Asteroids,” Atari has been mired in financial problems for decades. Since the early 2000s it has been closely tied to French company Infogrames, which changed its name to Atari S.A. in 2003 and in 2008 acquired all the gaming pioneer’s American assets.

 

In the 1970′s during the ‘Golden Age of Arcade games,  if you had Pong or an Atari game system, it was the equivalent of all of today’s gaming systems put together in one. It was your house that everyone went to after school.

Posted January 21, 2013 by
Bankruptcy, Business, Gaming, Internet | no comments

Happy Anniversary Barack Obama … Two Years Ago Today Obama Celebrates Solyndra … “The true engine of economic growth will always be companies like Solyndra.” … Too Bad It’s Bankrupt

HAPPY ANNIVERSARY TO BARRACK OBAMA AND SOLYNDRA …

Today is the two year anniversary of President Barack Obama traveling to Freemont, CA and touting the green energy company Solyndra as a “brighter and more prosperous future”. One has to look no further as to why the US economy and job growth is in the crapper than to listen to Obama’s words of praise regarding Solyndra, ”The true engine of economic growth will always be companies like Solyndra.” Really? Obama’s shining example of “green” energy and the future did not take long to go bankrupt.

But on this day in 2010, with Solyndra already facing serious obstacles, President Obama was filled with optimism. “The true engine of economic growth will always be companies like Solyndra,” the president said.  “Less than a year ago, we were standing on what was an empty lot.  But through the Recovery Act, this company received a loan to expand its operations.  This new factory is the result of those loans.”

“We’ve placed a big emphasis on clean energy,” Obama continued.  “It’s the right thing to do for our environment, it’s the right thing to do for our national security, but it’s also the right thing to do for our economy…When it’s completed in a few months, Solyndra expects to hire a thousand workers to manufacture solar panels and sell them across America and around the world.”

Hey Barack, how is that Solyndra-greeny thing working out for you today? We have no jobs, but we got solar panel toxic waste.

It is rather comical and disingenuous that Obama and his minions attack Mitt Romney for his days at Bain Capital and failures of Bain when Obama has a laundry list of failed green energy companies on his record. Does Barack Obama really want to compare his failed “public equity” financing record versus Mitt Romney’s private equity record?

Green Energy, Solar Hazardous Waste??? Solyndra Maybe Bankrupt & Gone … No Jobs, No Stimulus Money … But We Got Toxic Waste

More from Obama’s “green” energy failure …

Solyndra may be bankrupt, so-called green jobs gone, the buildings for sale and $535 million of tax payer stimulus dollars evaporated into thin air, but according to CBS5 in San Fransisco … we have toxic waste. Hmm, the “Greenies” never mentioned the leftover hazardous materials dangerous to the environment bi-products of green energy.

Three months ago, CBS 5 caught Solyndra tossing millions of dollars worth of brand new glass tubes used to make solar panels. Now the bankrupt solar firm, once touted as a symbol of green technology, may be trying to abandon toxic waste.

It’s a tedious process. Slowly but surely, the shattered remains of brand new solar panel tubes head to a recycling plant in Hayward.

Meanwhile the next phase of the company’s liquidation is under way. It involves getting rid of all the heavy metals left inside the building that were used to make the panels.

Click on banner to watch CBS5 in San Fransisco VIDEO

Doug Powers at Michelle Malkin.com brings up a rather interesting dichotomy when it comes to so-called “green” energy.

As you read this keep in mind that the whole pitch for projects like Solyndra revolves around “clean” energy and saving the environment — which is harder to take seriously every time the term “solar waste” is used to describe the potentially dangerous aftermath.

Another Obama Green Energy Company Bites the Dust … Solar Trust Files Bankruptcy … Tax Payers Out Billions

Another one of Barack Obama’s “green” energy companies bites the dust . Solar Trust of America files bankruptcy. But don’t worry, its not like this was a Solydra, it was worse. The U.S. Department of Energy had awarded a $2.1 billion loan guarantee to Solar Trust of America for a solar thermal power plant near Blythe, CA. That is correct tax payers … $2.1 billion!!!

2.1 Billion Dollars BA-HA-HA-HA

Quickly running out of money, solar-project developer Solar Trust of America LLC filed for bankruptcy before it could finish a multibillion-dollar solar plant in California that was planned to generate electricity as one of the world’s largest solar-power projects.

The company filed for Chapter 11 bankruptcy protection in Delaware on Monday after majority owner Solar Millennium AG—now under the control of a German bankruptcy professional—stopped putting money into the company.

Who knew that we would look back upon the bankruptcy of Solyndra as a drop in the tax payers wasted money bucket?  Just how many “green” jobs have been lost under Obama?

The Lonely Conservative opines that Barack Obama is making the political rounds on the campaign trail saying the Republicans want to cut his investments in green companies. And Obama thinks that doubling down and defending “green” companies that have lost the American tax payers billions of dollars is a winning argument? Really? No wonder he has switched to now making not so vale threats to the SCOTUS.

Think this is not a hot button issue for the 2012 election that is simmering beneath the surface? “We the People” are getting sick and tired of Obama picking “winners and losers”, mainly losers with our money.

Hmm … sorry, delayed post, got hung up in scheduler.

Bankrupt & Failed Obama Green Energy Agenda … Solyndra Building for Sale

First the Barack Obama wasted $528 million tax payer Stimulus funded Solyndra declared bankruptcy, now the Solyndra building is for sale. Nice call President Obama, care to speculate more on your failed green energy agenda?

Solyndra: For Sale

As reported from the Weekly Standard:

Solyndra, the green energy firm that received $528 million in a Department of Energy loan, filed for bankruptcy in September. As Bloomberg reported, “Solyndra, heralded by President Barack Obama as proof that ‘the promise of clean energy isn’t just an article of faith,’ filed for bankruptcy in September, days before the FBI raided its headquarters in Fremont, California.

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