crisis that hurt the United States’ national economy. Lead Up to the Crisis The automotive industry crisis of 2008–2010 was a part of a global financial downturn. General Motors, Ford, and Chrysler, also referred to as the United States Big Three automakers, had limited access to offshore production, unlike their foreign equivalents. The New York Times wrote, “For the most part, the so-called auto transplants – foreign-owned car companies with major operations in the United States – have deep pockets
In some jurisdictions, it is an offence under the insolvency laws for a corporation/enterprise to continue in business while insolvent. In others (like the United States with its Chapter 11 provisions), the business may proceed under a proclaimed protective arrangement while alternative options to achieve recovery are worked
this is not always the best way to go. Memes about Donald Trump allow everyone to form their own opinion on him as a human being and as potential president of the United States. Within a few seconds this meme conveys what type of person Donald Trump is and why you should or shouldn’t vote him to be president of the United States. To capture the audience 's attention, the illustrator of this meme used big, white bold letters and took up the whole space with a picture of Donald Trump. The target
The United States Judicial System is made up of several different courts, which includes the federal court system, the state court system, and the local court system. All three of those court systems handle different types of cases and have their internal structures and roles. The hierarchal structure of the federal court system consists of the Supreme Court, Courts of Appeals, Bankruptcy Appellate Panels, District Courts, Bankruptcy Courts, and Article I Courts (Hogan, 2010). The Supreme Court
Halley 1 Financial Distress: Bankruptcy Financial distress which results in bankruptcy are very common for businesses in today’s economy. According to CNN Money Fortune 500, “Last year marked the highest number of billon-dollar bankruptcies ever recorded. And corporate bankruptcies have continued at an elevated clip, with about twice the number of businesses filing for bankruptcies filing for bankruptcy protection in the 12 months ending June 2010, as they did during the same span of time
HIERARCHY OF THE UNITED STATES DUAL COURT SYSTEM In United States, there is a dual court system. The dual court system is divided into Federal Courts and State Courts. Each hears different type of cases; neither is completely different of the other. The Constitution of the United States gives powers to the federal courts and reserves the rest for the state. FEDERAL COURTS SYSTEM The Federal Courts system handles legal issues expressly. Federal Courts make decisions which involve the issues of U
FIN 525 – Spring 2014 Formal corporate bankruptcy proceedings generally take on two distinct forms: Chapter 7 (liquidation) and Chapter 11 (reorganization). Under Chapter 7 liquidation, the firm is shut down by a court-appointed trustee, and the firm’s assets are liquidated and the proceeds distributed in accordance with the absolute priority rule. Chapter 7 is also referred to as a “cash auction” procedure. In Chapter 11, an organization remains in control of its business operations (known
Work Experience • 03/2008 through Current: Department of Justice – United States Attorney’s Office, Fort Worth, TX; Legal Assistant (OA) – GS-0986-08/08. • 07/2000 through 04/2008: AmeriCredit Financial Services, Arlington, TX; Bankruptcy Legal Specialist II. • 05/1999 through 12/1999: Northwestern State University, Natchitoches, LA; Computer Lab Technician. • 08/1996 through 05/1998: Northwestern State University, Natchitoches, LA; Lead Residential Assistant. • 08/1994 through 07/1995: Concordia
1. Introduction 158-years-old institution, the Lehman Brothers Holdings, Inc., Sought chapter 11 protections on September 15, 2008, indicating the largest bankruptcy filed in the U.S. history. The Lehman declared $639 billion in assets and $619 billion on debts, which surpassed the previous bankruptcy filed by Enron and WorldCom. The Lehman brother was 4th best-ranked U.S. Investment bank and globally 7th best investment bank before the collapse. An industry that had 25,000 employees worldwide crumbled
Recent municipal bankruptcies show that cities can make cuts to public benefit payments after bankruptcy. This brief outlines the benefits at risk and the emerging case law in the municipal bankruptcies in Stockton, CA, Detroit, MI, and Central Falls, RI. Introduction Historically, it’s been a rare occurrence for a city to go bankrupt. Between 1980 and 2010, there were 89,500 municipalities in the United States; but in the same time, only 239 of these entities filed bankruptcy (link to: http://www
composed of four different court structures. First, there is the Supreme Court, which is the highest court system in Florida and according to Florida Courts website, “Decisions stemming from Florida’s highest court have helped shape, certainly, the state itself, but the nation as a whole.” (FL Courts, n.d.) The Supreme Court is comprised of seven Justices and at least five of those Justices must contribute in every case and four must agree so a resolution can be reached. Secondly, there is the District
Globalization, or outsourcing, has been a hindrance on the American economy for the better part of twenty years. Outsourcing has cost millions of jobs in the United States over the past twenty years, and continues to create problems for the families in the United States. Outsourcing is a hindrance on the American economy, and will create a lasting effect on the college graduates and younger children of today. While outsourcing is bad for the American economy, it has been a growth factor for the economies
of the misappropriated assets and it being awarded to the wife including being held liable for seventy percent of the wife’s attorney fees due to the husband’s fraudulent acts discovered within the court proceedings. Divorce fraud is governed by state laws and considered the laws that preserve the rights of this case. The case does detail the evidence admitted or expert witness testimony; however, common evidence used under these circumstances as fraudulent documents include an analysis of household
Many individuals in the United States participate in the lottery every year. The lottery has made poor men rich and rich men poor. For most, the lottery and gambling becomes an addiction that becomes difficult to quit. But for many others a one-time purchase of lottery tickets has changed their life forever. Many individuals participate in the lottery system every year spending tens of millions of dollars trying to win the elusive jackpot. The positive effects of winning the lottery far out weight
Continental-United Airlines Merger Since the beginning of time man has always dreamed of flight and throughout the ages has made many failing attempts. Some of the first records of attempted flight date back to the ancient Greek times when Daedalus and Icarus had their catastrophic failure. Finally in the early 1900s the Wright brothers had the right stuff and made the first flying powered aircraft, thus the world of Aviation was born. When it comes to Aviation the main purpose is obviously travel
does bankruptcy mean in the business world? What are some of the paths of bankruptcy? What are the pros and cons of being bankrupt? Bankruptcy is where an individual or in this case a corporation claims that is not able to pay its lenders and/or creditors any more. By doing this the filer gains protection from its lenders while reorganizing itself to stay in business. Bankruptcy is defined by the Congress under the U.S. Bankruptcy Code, in which the Congress revised in 2005 called Bankruptcy Abuse
Whereas in the United States, “Obamacare, depends on your job or income.If you lose your job or lose your income, and you might lose your existing health insurance or have to settle for lesser coverage(Ralph Nader).” With Obamacare the list of doctors are strict that you are
financial training is ruining our country financially. People overspend due to a lack of planning ahead, revolving credit and the overuse of credit cards. These problems could be solved by requiring financial budgeting classes to anyone who has filed bankruptcy and as a graduation requirement for students in high school. There are many reasons why people overspend but the main reason is a lack of planning ahead. Statistics show that “Over forty percent of US families spend more than they earn” (Consumer)
advisor. On January 16, 2009, the United States Bankruptcy Court for the Southern District of New York delegated the U.S. Trustee to nominate an Examiner. The U.S. Trustee then appointed Anton R. Valukas as Examiner. Valukas graduated from a law school and then became an Assistant US Attorney. In 1985, Valukas was appointed as United States Attorney for the Northern District of Illinois, where he served for four years. After being appointed as the bankruptcy examiner of Lehman, Valukas requested
Introduction The terms ‘international insolvency’ and ‘cross-border insolvency’ have no designate meaning but are commonly taken to be interchangeable and to refer to insolvencies which derives from cross-border trading or which include the application, or possible application, of the insolvency laws of two or more jurisdictions. An international insolvency is generally characterized by one or more of the following features: the debtor’s business is conducted in different countries; the creditors