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Bankruptcy Courts Part 7 - General Motors Revisited by Judge Robert Gerber... Oops

Stormy Skies for Judge Robert Gerber and GM BankruptcyIs 44 days too fast to move a bankruptcy the size of General Motors (GM) through the courts system without missing something major?  Apparently so, as Judge Robert Gerber, in the Southern District of New York (SDNY) Bankruptcy Court, is now having to revisit this case because of some potentially damaging issues involving the Canadian subsidiary of GM and alleged improper transfer of assets to hedge funds. I have previously reported on the GM bankruptcy and spoke with Judge Gerber about the Canadian lock-up funds in San Diego last year.   Read more »

at Feb 14, 2013 2:00 PM

Bankruptcy Courts Part 4 - Fairness and Consistency Go Down the Drain

Bankruptcy Judge Robert DrainDuring my investigation series, "A Lawless Presidency", I interviewed Ohio Congressman Mike Turner (R) about the Delphi bankruptcy case. Turner said the "entire process was a miscarriage of justice." After investigating this case further, it is clear why he said that. As you will see below, what happened to the Delphi Salaried Retirees during this bankruptcy process was unfair is unquestionable. But was it a consistent application of the law?

at Nov 28, 2012 12:50 PM

Bankruptcy Courts Part 3 - Hostess Bankruptcy: Unions, Management or Investment Bankers...Where's the Dough?

Wonder where the Hostess jobs went?A staple food group icon of an overweight America now becomes an example of what is wrong in our business system and bankruptcy processes. In an announcement last Friday, November 16th, Hostess CEO Gregory Rayburn, said "We deeply regret the necessity of today's decision [to shutdown Hostess' entire business], but we do not have the financial resources to weather an extended nationwide strike."  So how exactly was the money spent after the 2004 restructuring by private equity firm Ripplewood Holdings?  Was it well directed toward rebuilding the company's business?  The decision to force Irving, Texas based Hostess and their entire brand line of products out of business will mean the end of 18,500 jobs and two billion Twinkies.  But who walked away with the dough?

BREAKING NEWS UPDATE:  According to the Houston Business Journal at 2:50 p.m. today, Hostess Brands, Inc. and the BCTGMI Union have entered into a confidential mediation stopping the planned shutdown of the company.   Read more »

at Nov 19, 2012 2:39 PM

Bankruptcy Courts Part 2 – The Fox is Guarding the Henhouse While the Farmer Sleeps

My investigation into the Delphi Salaried Pension Scandal, one of the “not optimal” results of the bankruptcies of General Motors and auto parts manufacturer Delphi, turned out to be the tip of an iceberg of a system that is abusing American citizens while it serves a President bent on redistributing wealth.  After my investigation in Washington, D.C. and my visit to the Southern District of New York Bankruptcy Courts in New York City, I learned there would be a conference of our nation’s bankruptcy judges in San Diego. What I learned there was very eye opening.

The conference was the National Conference of Bankruptcy Judges.  The conference also included a hearing of the American Bankruptcy Institute’s Bankruptcy Reform Commission.

at Nov 14, 2012 2:02 PM

Chapter 11 Bankruptcy - A License to Steal? Or Redistribute Wealth?

SDNY Judges Gerber, Drain and GonzalezWhile investigating the bankruptcy scandal which, under Obama-appointee Timothy Geithner's influence, stole hard-earned and well-funded pensions from 20,000 auto workers, I stumbled into an underworld of law and questionable processes within our nation's bankruptcy court system.  At the recent National Council of Bankruptcy Judges Conference in San Diego last month, I heard phrases like “melting ice cubes,” “rotting fish,” and “fox guarding the hen house” frequently used among 150 federal judges to rationalize certain bankruptcy court proceedings.  Is this a practice of law?  I was shocked to learn that many bankruptcy judges think that it is fine to go after ordinary shareholders of companies that enter bankruptcy in order to disgorge the value of their investments.  They even had a conference session

at Nov 5, 2012 2:29 PM

A Lawless Presidency - Part 6 - "Gangster Government" Author David Freddoso Explains Obama's Abuse of Bankruptcy System

Bob Price and David Freddoso "Gangster Government" Author

President Barack Obama has been on a mission of abusing the bankruptcy courts to move forward his political agenda of redistribution of wealth and making paybacks to unions for political support. This directly affects voters in key battleground states. The Delphi, General Motors and Chrysler bankruptcies are perfect examples of how the Obama Administration abused the process of bankruptcy courts to steal pensions, violate contract law and provide rewards to unions he needed for support in this election process

at Nov 3, 2012 4:06 PM

Let Freedom Ring's Alex Cortes Discusses Obama Administration's Role in Delphi Salaried Retiree Pension Scandal - "So What if 20,000 People Lost Their Pensions"

In my first article about the Delphi Salaried Retirees Pension scandal, I posted an ad from Let Freedom Ring (LFR), an organization that has been shining a very bright light on this scandal and is trying to help these 20,000 retirees regain the pension they worked their entire lives for that was stolen from them by the Obama Administration through the GM/Delphi bankruptcy process. While in Washington, DC last week,

at Sep 21, 2012 5:09 PM

Obama Discusses Redistribution of Wealth - Then Remodels Bankruptcy Courts as a Redistribution Tool and Denies Equal Justice Under the Law

Obama Remodels Bankruptcy Courts to Redistribute WealthWe have known from the 2008 Presidential Campaign of Barack Obama that he supports the notion of redistribution of wealth. He said so on many occasions including the famous "Joe the Plumber" comment. What has not been very clear on was that he is already using the bankruptcy courts in America as a tool to accomplish this goal.

In an audio tape from 1998, Obama told students at Loyola University, "As we try to resuscitate that notion that we’re all in this thing together, leave nobody behind. We do have to be innovative in thinking, what are the delivery systems that are effective and meet people where they live.” Then he says,

at Sep 19, 2012 11:01 AM

A Lawless Presidency - Part 2 - Obama Steals Delphi Pensions - Do You Think Your 401K is Safe?

On this Labor Day weekend, it is appropriate to look at the effect of President Obama's and his Administration's actions are having on real people. People who spent their careers laboring for a company only to have their pensions stolen through a corrupt bankruptcy system. As pointed out in Part 1 of this series, Secretary of the Treasury, Timothy Geithner used his position

at Sep 3, 2012 12:12 PM


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