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Portman, Brown, Turner, Ryan Lead Bipartisan Letter to Committee Chairmen

Monday U.S. Senators Rob Portman (R-OH) and Sherrod Brown (D-OH), members of the Senate Committee on Finance, along with U.S. Reps. Mike Turner (R-OH) and Tim Ryan (D-OH) led a letter signed by 28 lawmakers to Congressional leaders pushing for the Health Coverage Tax Credit (HCTC) to be extended, an issue of particular importance to retired United Steelworkers and Delphi salaried retirees struggling to maintain affordable healthcare.

The letter was also signed by Ohio Reps. Steve Chabot (R-OH), Marcy Kaptur (D-OH), Bill Johnson (R-OH), Dave Joyce (R-OH) and Steve Stivers (R-OH). It calls for the leaders of the

at Mar 11, 2014 5:01 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
       

Delphi Pension Task Force Requests Pension Plan Details

Congressman Mike Turner, Co-Chair of the Auto Industry Pension Task Force, was joined by fellow Task Force members in writing to request that the Pension Benefit Guaranty Corporation (PBGC) provide them with an update on the status of final benefit determinations for the Delphi Salaried pension plan:

Mr. Joshua Gotbaum Director
Pension
Benefit Guaranty Corporation
1200 K St., NW Washington, D.C. 20005

Dear Mr. Gotbaum:   Read more »

at Mar 5, 2013 5:01 PM
       

The Untold Story of the Auto Bailout

Yesterday marked the anniversary of President Obama convening his most trusted allies and appointees to his Presidential Task Force on the Auto Industry. The Task Force, a working group comprised of presidential cabinet secretaries and high-level senior advisors were tasked with managing and overseeing the taxpayer-funded bailout of General Motors (GM) following the automobile manufacturer’s 2009-bankruptcy filing.

The Administration, in unprecedented fashion, purchased a majority stake

at Feb 21, 2013 2:14 PM
       

Congress Goes on Offense to Stop Delphi Pensions from Being "Drained"

Bankruptcy Judge Robert DrainDuring the peak of the Auto Bailout, salaried pensioners from Delphi were, as many believe, unlawfully stripped of their pensions. U.S. Bankruptcy Court Judge Robert Drain (Southern District of New York) allowed the Treasurary Department, under the leadership of Secretary Timothy Geithner, to unfairly represent various sides of the case leaving the salaried pensioners virtually unrepresented by counsel.     Read more »

at Feb 7, 2013 1:16 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
       

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