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Posts Tagged ‘bankruptcy’

The Demise Of The TwinkieHostess Files Motion To Liquidate Liberal Unions Rejoice.  But the former employees can land on unemployment, section 8, SNAP food stamps, and Obamacare. Union bosses still receive their Christmas bonuses.

I am trying to keep a running tally of the jobs lost since the reelection of Hussein. But I never ate Twinkies, I am a Philly Tastykake person.

CEO Gregory F. Rayburn in a statement,

Despite everyone’s considerable efforts to move Hostess out of its restructuring, when we began implementing the Company’s last, best and final offer, the Bakers Union chose to stage a crippling strike. This affected Hostess’ ability to continue to make products and service its customers’ needs and pushed Hostess into a Wind Down scenario. As a result, we are forced to proceed with an orderly wind down and sale of our operations and assets. We deeply regret taking this action. But we simply cannot continue to operate without the ability to produce or deliver our products.

There’s no way to soften the fact that this will hurt every Hostess Brands employee. All Hostess Brands employees will eventually lose their jobs – some sooner than others. Unfortunately, because we are in bankruptcy, there are severe limits on the assistance the Company can offer you at this time.

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Satcon Technology Corp.(SATC), a DOE-backed solar company filed for Chapter 11 bankruptcy protection in Delaware. Satcon received a $3 million DOE grant in January to develop a compact, lightweight power conversion device that is capable of taking utility-scale solar power and outputting it directly into the electric utility grid at distribution voltage levels.  It would have eliminated the need for large transformers.

Satcon is the second DOE-backed green energy company to declare bankruptcy this week. Electric vehicle battery manufacturer A123 Systems filed for Chapter 11 despite receiving a $249 million DOE grant.

President Obama’s Taxpayer-Backed Green Energy Failures Click Here

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A123 Systems Inc files for bankruptcy, gives Romney new example of  green grant loser due to lack of demand for its electric vehicle batteries..  It was a maker of rechargeable lithium-ion batteries.

A123 Systems received a $249 million grant from the federal government to expand its battery production, about half of which has been spent.

The Solyndra Memorial Tax Break Click Here

Michigan Taxpayers Writing Check to Second Electric Car Battery Maker for $100 Million Click Here

 

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Obama could place college student loans to be discharged in bankruptcy court. This would lead to young voter turnout for Obama, 2012.  Current students in default cannot place their federal or private loans in bankruptcy at the present because of the 2007 passage of the “College Cost Reduction Access Act.” With this new law, the students would avoid repayment.  After the restructure of college loans, the US is responsible for more than 90% of recent loan origination.

Via Wall Street Journal

The new report says that Congress should consider letting borrowers discharge their private student loans through bankruptcy. This would reverse a hard lesson learned during the 1970s. After a surge in former students declaring bankruptcy to avoid repaying their loans, Congress acted to protect lenders beginning in 1977.

President made a big deal over cutting student loan interest-rates to save a few bucks, and now he’s telling young voters he’s making it easier for them to avoid repaying at all. Obama wants votes at all costs.

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Joe Biden’s hometown of Scranton is broke, the Mayor reduces the city workers pay to minimum wage, cuts overtime, disability and worker’s compensation.  He has only has given his employees 8 days notice. Following the tracks of the California towns of Mammoth Lakes and Stockton that have declared bankruptcy under the Obama’s administration.

Scranton’s Mayor Chris Doherty (D ) the State of Pennsylvanian’s sixth largest city claims his city has no money. Blaming it on a city councils block on his proposed tax increase of 29 percent to thwart a deficit of $16.8 million.  Doherty’s move is to try keep his city running of essential functions. This is not limited to police, firefighters, road construction workers and other city workers including himself.

Scranton also was made famous from the TV series The Office. The City Scranton is nestled high in the Pocono mountain of PA

It once claimed to be No. 10 Strongest Job Market: Scranton-Wilkes-Barre, Pa.

Say it isn’t so Joe. Why don’t you ask your boss Obama to help with your old neighborhood financial difficulties?

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