According to an article in the Star-Telegram, Texas Attorney General Greg Abbott is filing a lawsuit against JK Harris & Co. accusing the South Carolina-based company of misrepresenting its ability to help consumers resolve unpaid tax debts . The article said: A lawsuit contends that JK Harris & Co. misstated employees' expertise, overstated its ability [...]
According to an article in Freep, many GM and Chrysler LLC retirees are anxious about what would happen to their pensions if the automakers filing bankruptcy. The article said: As the specter of bankruptcy looms large over General Motors Corp. and Chrysler LLC, retirees from the two automakers, especially those younger than 65, fear the [...]
According to an article in the Dallas Morning News, there are rumors that GM is preparing to filing bankruptcy as early as June of this year. The article said: The goal is to prepare for a fast, "surgical" bankruptcy, the people who had been briefed on the plans said. GM, which has been granted $13.4 [...]
According to an article in Edmunds, General Motors is rumored to be in "intense" preparations for a possible bankruptcy filing. The article said: "GM will take whatever steps are necessary to successfully restructure our company," said GM spokesman Tom Wilkinson. "Our focus remains on accelerating the speed of our operational restructuring and reducing liabilities and [...]
According to an article in the Dallas Morning News, Ford Motor Co. and General Motors Corp. are offering payment protection plans to consumers who are hesitant about buying a new car because of possible job losses in the future The article said: Ford said Tuesday it will cover payments of up to $700 each month [...]
According to an article in the Star-Telegram, General Motors Corp.'s new CEO Fritz Henderson announced that more plant closures (which means more job losses) may be necessary to meet tougher requirements to receive taxpayer backed loans. The article said: In his first press conference as CEO, Fritz Henderson said he expects the company would "need [...]
According to an article in the Dallas Morning News, President Obama refused further long-term federal bailouts for General Motors and Chrysler, two automakers struggling to avoid bankruptcy. The Obama administration is demanding that the nearly bankrupt automakers win more concessions from unions and creditors before more taxpayer funded loans are granted. The article said: GM [...]
According to an article in the Star-Telegram 7,500 General Motors Corp. workers, approximately 12 percent of the automaker's U.S. hourly work force have signed up for buyout and early retirement incentives to leave the company which is struggling to avoid bankruptcy. The article said: GM offered $20,000 cash and a $25,000 voucher to buy a car [...]
The bankruptcy case Hernandez, Rey J.; In re, (Bankr. N.D. Ill. 2009) denied a secured creditors objection to the confirmation of a debtor's Chapter 13 repayment. The creditor in this bankruptcy case, GMAC objected to the amount of amount of their monthly payments ($426 a month) and the fact that they would not receive "equal [...]
According to an article in the Star-Telegram, bondholders of General Motors Corp. sent a letter to the U.S. government warning that if the administration does not accept the company's restructuring plan, GM will likely go bankrupt. The article quoted a portion of the letter: "The result of such a failed exchange would likely be a [...]