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Bankruptcy

Santa Declares Bankruptcy

I need capital! Santa Claus, founder and CEO of Santa Claus Industries, has announced that he will be filing for chapter 11. With liabilities of over 300,000 million and assets of only $1,245 Santa says that he really has no choice. “The business has changed” said Santa. It used to be I was the only game in town.  And I was younger and had a good time delivering presents to all the boys and girls.  But lately?  The competition from Amazon is killing me.  And I’m older too. Last year I wasn’t able to finish Christmas until December 27th.  I […]

Parallel Universe Alert: Judge Rules That Detroit Bankruptcy Violates Michigan Constitution, Dishonors Obama

It looks like Mr. Spock is going to have a busy week at the CH 2.0. As it was covered extensively late last week, the city of Detroit finally succumbed to decades of liberal policies, and declared bankruptcy.  But, it seems that a judge has intervened with some curious commentary… On Friday, a Michigan Circuit Judge Rosemarie Aquilina ruled Detroit bankruptcy is unconstitutional. On Friday, a circuit court judge in Ingham County ruled that Detroit’s federal bankruptcy filing violated a part of Michigan’s constitution that protects union pensions. She ordered it withdrawn, a day after Detroit became the largest U.S. […]

Hilarious: Pure Detroit Video

Steven Crowder has a hilarious, yet tragic new video out about the Democrat Party induced fall of Detroit. Thanks to The Lid for posting it. 

Democrats Take Decades, But Finally Bankrupts Detroit

After decades of Democratic rule, and the taxes, corruption, unions and crime that comes with them, finally pushed Detroit into bankruptcy.  The Chicago Tribune has more… The future of retiree pension and health benefits for thousands of city workers hangs in the balance. Anticipating the filing, investors drove prices of Detroit bonds and notes lower, sending their yields to record highs on Thursday. In a letter accompanying the filing, Michigan Governor Rick Snyder said he had approved a request from Orr to file for Chapter 9 bankruptcy protection noting, “Detroit simply cannot raise enough revenue to meet its current obligations, […]

Reader’s Digest Parent Files for Bankruptcy

An iconic American publication, Reader’s Digest, is bankrupt.  RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut $465 million in debt and focus on North American operations as consumers shift from print to electronic media. The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, after Hostess Brands Inc., maker of Twinkies and Wonder Bread, and Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera. Reader’s Digest, founded by DeWitt and Lila Wallace, went public in 1990. An investor group led by private-equity firm […]

Hostess Dies Again, 18,500 out of Work: Bonus Twinkie Recipe!

While I was at work yesterday, a court ordered mediation failed to produce an agreement that would save Hostess from the liquidation chopping block.   So, once again, Hostess is dead.  Michelle Malkin has more… It didn’t happen: Hostess Brands lived to die another day. The maker of Twinkies and Ding Dongs said late Tuesday that it failed to reach an agreement with its second biggest union. As a result, Hostess plans to continue with a hearing on Wednesday in which a bankruptcy court judge will decide if the company can shutter its operations. The renewed talks between Hostess and The Bakery, Confectionery, […]

The First Liar Does’t Have A Chance

Assuming that there were some distortions of the truth that emanated from the Republican National Convention in Tampa, the Democratic National Convention in Charlotte has taken advantage of the truism that “the first liar doesn’t have a chance”. Not surprising, of course, because the Democrats have always been superior liars and probably would have out done the Republicans even if their convention had gone first. I forced myself to watch a good bit of the DNC last night. Thanks to the Fox News live streaming of the conventions, I was able to watch and  listen without having to put up […]

California Raises Taxes and Revenues Decrease: Who Saw That Coming?

One of the greatest weaknesses of the statists is that their efforts at creating a fantasy world. more often than not, create the exact opposite of their stated intent.  They try to engineer unicorns that fart rainbows, and they create a stillborn jackalope.  You would think that they would learn from such infamous failures, but they seem to double-down instead.  The latest example of this comes from Califailure.   Knowing, and probably denying, the long history showing that tax increases  cause a decrease in revenues, they have stuck with the highest tax rates in the country.  Breitbart has the predictable results.   […]

Dippin' Dots About to Melt for Good? Files for Bankruptcy Protection

Obama_Money

Dippin’ Dots, the ice cream frozen into bead form, is on the verge of going out of business, and has filed for Chapter 11 Bankruptcy, according to the Wall Street Journal.   Dippin’ Dots Inc., the self-described “ice cream of the future,” filed for Chapter 11 bankruptcy protection Thursday in U.S. Bankruptcy Court in Paducah, Ky., near its headquarters, after fighting off foreclosure efforts from Regions Bank for more than a year, according to court documents. At the time of the filing, the company owed about $11.1 million to the bank. Company executives immediately asked for court permission to spend […]

"Green" Jobs Company Favored by Obama Closes, Questions of Corruption Arise

Obama_Money

Remember how “green” jobs were going to be the wave of the future, as well as a centerpiece of the the Obama “recovery?”  Well, it seems that we are learning, once again, that the government can fund a product but that doesn’t mean that people are going to want to buy them.  Also, it seems that adding some potential corruption into the mix makes for a rather interesting story-one that even the MSM will cover. video platformvideo managementvideo solutionsvideo player So, we the people get fleeced for half a billion dollars, and, as usual, nothing of value was created. But, it doesn’t […]

A&P Declares Chapter 11: Unions Partially to Blame

We’ve talked a great deal about the consequences of unionized labor. The intimidation, the thuggery, and the business killing practices are common knowledge. But, just in case there are people still on the fence, here is the latest example. Among the issues it cited for its bankruptcy filing—industry competition, paying leases on “dark stores,” and problems associated with supplier and service contracts (with unionized companies)—was the cost of its own unionized workforce. As 95% of its workforce is covered by contracts with the United Food & Commercial Workers, as it explains in its filing with the Court, A&P’s liabilities were […]

The US is Bankrupt

“The dirty little secret is: the world has no money and the emperor has no clothes.” The United States is Insolvent. The United States is bankrupt. We are witnessing before our very eyes the death spiral of the modern day nation state. And an entire party in America, the engine that drives the world, keeps on insisting that we raise taxes, regulate businesses, spend more taxpayer money, and spend even more taxpayer money that it doesn’t even have. The phrase “The Emperor has no clothes” comes from “The Emperor’s New Clothes“, a short tale by Hans Christian Andersen. In it, […]