Brown admits troubles fixing all city vehicles, noting that buying replacement parts can be delayed by suppliers who want to be paid up front. The city plans to privatize trash collection by January. Contractors will handle garbage truck maintenance, freeing city mechanics to work on buses and firetrucks, Brown said. The effects of the bankruptcy are more personal for some Detroiters. Roger Howard, 55, spent 31 years emptying wastebaskets, mopping floors and doing other work in city-owned buildings. He retired in July 2012. His city pension pays him $1,388 a month, and he pays about $300 a month for his health care benefits, which he has used frequently since suffering a mild stroke two months ago. Emergency Financial Manager Kevin Orr has said the city's two pension systems are underfunded and mismanaged.
For the original version including any supplementary images or video, visit http://www.usatoday.com/story/news/nation/2013/10/02/basic-services-staggered-in-bankrupt-detroit-/2912231/
The Daily Docket: Furniture Brands Board Pits KPS as Lead Bidder
The honey laundering case , which I wrote about last month, involved a German company in Chicago, ALW, that was illegally importing cheap (and sometimes adulterated) Chinese honey. The honey itself isnt illegal; mislabeling it to avoid paying high tariffs is. Two ALW executives pleaded guilty to fraud. Groeb Farms had been one of ALWs best customers, and after being caught in a sting that Homeland Security agents called Project Honeygate, the Michigan-based honey processor entered into a deferred prosecution agreement and paid a $2 million fine. It was also required to dispose of any Chinese honey it had in its inventory. Apparently that proved expensive: Groeb had to buy new honey just as prices were rising. Amid its financial troubles, Groeb fell behind on payments on a 2012 bank loan.
For the original version including any supplementary images or video, visit http://www.businessweek.com/articles/2013-10-03/the-u-dot-s-dot-s-largest-food-fraud-groeb-farms-files-for-bankruptcy
Detroit bankruptcy judge grants AFSCME motion to resume extra pension check
Comments 1 The Fresh & Easy grocery chain, in the process of trading hands from British supermarket giant Tesco to Burkles Yucaipa Cos., cited debt of $500 million to $1 billion in its Monday Chapter 11 bankruptcy court filing in Delaware. Above, a Fresh & Easy store in Hollywood in February. (Gary Friedman, Los Angeles Times / February 27, 2013) Also By Tiffany Hsu September 30, 2013, 8:15 p.m. Fresh & Easy Neighborhood Market Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court less than a month after being promised to Los Angeles billionaire Ron Burkle.
For the original version including any supplementary images or video, visit http://www.latimes.com/news/custom/topofthetimes/business/la-fi-fresh-easy-bankrupt-20131001,0,7239799.story
Federal worker fearing bankruptcy is spared furlough, for now
OConnor said he could not comment on the issue when reached by the Free Press. AFSCME lawyer Sharon Levine argued that OConnor needed to be allowed to sign and file his judgment before he retires on Friday or his 18 months of work on the case would be lost. Levine said she hopes OConnors written decision, once revealed, will include a dollar amount for the back pay due union members. We could get some more clarity on the dollar amounts with the written opinions. OConnor is expected to issue his written ruling by a midnight Friday deadline set by Rhodes. Nowling said the city has been clear it feels the 13th-check http://www.socallawsupport.com/ program was not a negotiated benefit and said the council was right to halt the practice. The program drained pension funds and is another example of questionable and risky decisions by pension boards, he said.
For the original version including any supplementary images or video, visit http://www.freep.com/article/20131002/NEWS06/310020131/detroit-bankruptcy-hearing-judge-pension-checks
Caught in the Nation's Largest Food Fraud, Groeb Farms Files for Bankruptcy
My wife's cancer is now a serious "pre-existing condition," so we don't stand a chance of switching insurance carriers or upgrading our policy, until that day if-and-when Obamacare becomes a reality. For us, and many thousands of others in similar situations, Obamacare will make the difference between never ending financial struggles, or having an affordable yet comprehensive health insurance policy along with the prospect for a decent life without fear of bill collectors and bankruptcy. I am approaching my 57th birthday, and have been exceptionally healthy my entire adult life. Josie turned 63 recently, and up until about one year ago, except for a close call with a deadly toxic mold (Stachybotrys) back in 2004, she has also been quite healthy. So much so that I have gone for entire decades without taking as much medication as a single aspirin, and neither of us had previously taken any long-term prescription medications. As far as our insurance companies were concerned, prior to 2012 we had been the ideal clients -- dutifully paying into the system for decades, while almost never drawing funds for claims. Over the past 19 years of self-employment we have purchased high-deductible "catastrophic coverage" types of health insurance policies to provide medical coverage in case of a serious accident or illness. The unfortunate thing about high-deductible policies like ours is that since you almost never spend enough money on medical expenses to meet the deductible, you have no idea whether or not your insurance coverage adequate until someone gets seriously sick or severely injured.
For the original version including any supplementary images or video, visit http://www.huffingtonpost.com/matthew-stein/what-obamacare-means-to-me_b_4032646.html
What Obamacare Means to Me: The Difference Between Bankruptcy and Having a Life Again
"I'm spared for this week," he said. Merritt was particularly worried because he's been in a deep financial crunch. He was borrowing money using credit cards to support his family of six when he was furloughed for six days during the sequester, earlier this year. "If we were to go into a moderate government shutdown, I'd probably have to file for bankruptcy," said Merritt, 43, who works in information technology at Aberdeen Proving Ground, near Baltimore. Merritt is among over 800,000 workers who were expecting to be ordered to stay home on furlough when the government shutdown kicked in. Another hundreds of thousands of workers could be told to work, and not get a paycheck during a shutdown.
For the original version including any supplementary images or video, visit http://money.cnn.com/2013/09/30/news/economy/federal-worker-shutdown/index.html
Fresh & Easy files for Chapter 11 bankruptcy protection
For a two-week trial, visit our homepage , scroll to the bottom and click try for free.) Major U.S. honey supplier Groeb Farms Inc. filed for Chapter 11 bankruptcy protection Tuesday after it was caught illegally buying Chinese honey through other countries to avoid antidumping tariffs imposed by U.S. trade regulators in 2001. Read the DBR Small Cap article via The Wall Street Journal . Thousands of MF Global customers are close to getting repaid, WSJ reports . A bankruptcy judge said a Michigan employment judge can issue an opinion on whether Detroit infringed on labor laws when it wouldnt let retirees get an extra pension check, Bloomberg reports . The Am Law Daily (sub. req.) reports on Jones Days $18 million cap in its contract with Detroit.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/10/03/the-daily-docket-furniture-brands-board-pits-kps-as-lead-bidder/
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