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Update on Obama Administration's Theft of Delphi Salaried Retirees Pensions

DSRAIn August of 2012, I began a series of articles titled, "A Lawless Presidency" and began looking into a huge scandal that involved the Obama Administration taking the pensions from salaried workers of Delphi and then "topping up" the pensions of certain auto union workers to grease the wheels for Judge Robert Gerber's lightning fast GM bankruptcy. Part 1 was titled, "Obama Administration Rips Off Non-Union Delphi Pensions While Preserving Union Pensions". 

The Delphi bankruptcy case was overseen by Judge Robert Drain who also

at Jan 6, 2014 5:02 PM

Does the Savagery of New York's Bankruptcy Courts Threaten Your Financial Future? Be Afraid... Be Very Afraid

Gerber's Clawback SuitsDuring my investigation into the bankruptcy courts that began when I was researching the General Motors and Delphi bankruptcies during the 2012 election season, I learned something very interesting. Bankruptcy courts, and in particular the Southern District of New York courts, are hurting a lot of common Americans while, at the same time, making New York investment bankers and their highly paid lawyers very rich. They have been quietly helping President Obama fulfill one of his early campaign promises to use the bankruptcy courts to redistribute wealth in this country.

at Jun 27, 2013 2:14 PM

Congress Putting the Light of Truth on the Delphi Bankruptcy Scandal of Judge Robert Drain

Chairman John Mica and Congressman Mike TurnerJudge Robert Drain allowed the Treasury Department under then Secretary and infamous tax-cheat Timothy Geithner to steal the pensions of over 20,000 salaried pensioners of Delphi during its bankruptcy case. The pension deal, which topped up the pensions of United Auto Workers and United Steel Workers Unions was political payback for union support during the 44 day bankruptcy case of General Motors in Judge Robert Gerber's court. An article in Bankruptcy Law Review by Judge Lana Shadwick highlights the incredible story of this pension theft brokered in the Southern District of New York Bankruptcy courts.   Read more »

at Jun 20, 2013 12:16 PM

SDNY Bankruptcy Courts Sing the Blues on Fox Business - Maybe they should file Chapter 11?

The Bankruptcy Brothers: Judges Robert Drain and Robert Gerber Singing the Bankruptcy Blues at the SDNY CourthouseIs the Southern District of New York (SDNY) becoming the laughing stock of our nation's bankruptcy courts? After Chief Judge Cecelia Morris' appearance on Fox Business a couple of weeks ago, that just might be the case. I found this story while researching the SDNY on Bankruptcy Law Review. It seems Judge Morris wants to now blame all of the failings of her district's courts on the fiscal sequestration that is really just now starting to affect government entities. Sounds like more excuses from a court district already plagued with problems.   Read more »

at Jun 13, 2013 10:45 AM

Bankruptcy Courts Part 5 - Is Change in the Air for Bankruptcy Courts?

Bob Price and Sam Gerdano - American Bankruptcy Institute - Tucson ArizonaAs part of my ongoing series on Chapter 11 bankruptcy processes and U.S. Bankruptcy Courts, I took the opportunity to visit the American Bankruptcy Institute's (ABI) Winter Leadership Conference to see if there was any change in the works. Looking historically at Bankruptcy in our judicial system, it seems we go through major changes about every forty years. The last time this was done was in 1978. For the past two years, the ABI has been conducting a series of Bankruptcy Commission hearings to study necessary reforms for Chapter 11 that are expected to be implemented by 2018.   Read more »

at Dec 13, 2012 1:50 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

Osama Bin Laden is Dead and GM is Alive... and Well in China

Obama Built GM Jobs in ChinaVice President Joe Biden likes to cheer "Osama Bin Laden is Dead and GM is Alive!" But what he doesn't tell you is that since the illegal GM bankruptcy, President Barack Obama has been hard at work as the "Job-Exporter-in-Chief" moving thousands of high paying, middle-class, NON-UNION jobs to China. GM, the shining star on top of the Obama Re-Election "Winter Holiday Tree", is leaving town quickly and what's left is circling the drain.  

In talking with former GM employees, I learned Obama has been sending non-union jobs like product design, engineering and drafting jobs to China.

at Oct 1, 2012 11:20 AM

US Rep Mike Turner (R-OH) on Delphi Bankruptcy Scandal - "The Entire Process was a Miscarriage of Justice"

Congressman Mike Tuner (R-OH) meets with TexasGOPVote's Bob PriceWhen I learned about the Delphi Salaried Retirees Pension Scandal in a brief news item on Bankruptcy Law Review, I started wondering if members of the Obama Administration and other insiders were meddling with the bankruptcy courts to deliberately transform the bankruptcy process into a mechanism for the redistribution of wealth.  My interest grew further when I interviewed Alex Cortes of Let Freedom Ring, who has been following this issue,

at Sep 26, 2012 8:43 AM


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