tag:blogger.com,1999:blog-86613798196238523562024-03-13T09:52:59.790-07:00Real Estate SpotUnited Country Spot Real Estate specializes in Clinton Arkansas real estate throughout Van Buren County near Greers Ferry Lake and Fairfield Bay. Search homes, farms, land, horse ranches, equestrian property and waterfront propertybejohttp://www.blogger.com/profile/00657944362483652986noreply@blogger.comBlogger25125tag:blogger.com,1999:blog-8661379819623852356.post-20065083844664511392012-06-12T16:20:00.000-07:002012-06-18T06:22:01.979-07:00Paying for "Influence"The Wall Street Journal reports on a recent investigation by the Department of Justice on attorneys' fees in bankruptcy, and publishes a schedule of rates charged by Gibson, Dunn & Crutcher. Antonin Scalia's son Eugene bills $980. Ted Olson, former Solicitor General, bills a mind-blowing $1,800.But believe it or not, the numbers themselves aren't the most disturbing parts of Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-87911304068422666962012-05-22T13:48:00.000-07:002012-06-18T06:22:01.979-07:00I Can't Let This Slide ByJust about all my clients have the same problem Senator Lee is facing. There are a few differences, though. First, I doubt Senator Lee is going to lose his job over this, and I also doubt he won't be able to get a loan for the next several years. Second, rank has its privileges; Chase was more than happy to play nice and not pursue him for the deficiency. Third, my clientsUnknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-56022246241369465222012-04-05T11:40:00.000-07:002012-06-18T06:22:01.979-07:00So, Is Utah a Developing Nation?Not an idle question. The latest McKinsey Quarterly links to one of their old papers on the "informal" economy, i.e. business that's run under the table. They note that the proliferation of an informal economy can be detrimental to the economy as a whole for a variety of reasons, lost tax revenues, disrespect for laws, irregular wage payments, avoidance of licensing and regulatory Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-74382080737825298192012-03-11T09:46:00.000-07:002012-06-18T06:22:01.979-07:00Latest Financial Industry CommentsOver on Credit Slips, we're discussing the CDS mess in the Greek default. No one over there thinks we've seen the end or even the beginning of the end. More like the end of the beginning. I'm sticking to my position that anyone who was relying on a CDS to cover his position was willfully ignorant and deserves the haircut he'll be getting. I've added that anyone who Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-75040026923999803672012-02-26T14:31:00.000-08:002012-06-18T06:22:01.979-07:00Nursery School WorldContinuing my earlier rant, I like having physical possession of my things; I want them to be here, rather than off in the ether where I have to conjure them into my presence. Further, I want to be able to do what I want with them, not what Steve Jobs or Bill Gates thought I should do with them.Once upon a time, there was a thing called "thin client". It was basically a Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-13805115712999970532012-02-26T12:39:00.000-08:002012-06-18T06:22:01.980-07:00Block BustedI was driving down the street yesterday and saw the neighborhood Blockbuster was closing down. This weekend. Everything had to go. Now, while I picked up some very nice deals, long-term this stinks. I am one of those dinosaurs who does not stream movies on line. Oh, I will, but it isn't the way I like to do it. I'll have more of this, particular rant later, butUnknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-53590360573361884802012-02-21T11:04:00.000-08:002012-06-18T06:22:01.980-07:00Amazon TriangleMeanwhile in Seattle, Clise Properties, which owns about two-thirds of the Denny Triangle, has sold a big chunk (three blocks to be precise) to Amazon. Amazon intends to build a big office tower on each block and fill them with cube farms, managers, and executives. I don't know how to think about this. My first thought is that Paul Allen better invite Jeff Bezos to his next Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-59082061545001982222012-02-21T10:19:00.000-08:002012-06-18T06:22:01.980-07:00But I Want More Stuff!It never ceases to amaze me how many of my bankruptcy clients ask, "How soon can I get a credit card/car loan/mortgage." Geez, kids, cool your jets. First, one of your problems coming out of bankruptcy will be that you'll start receiving credit card offers right away because they know you're stuck with the bankruptcy waiting period and can't stiff them any time soon. Are you Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-11421966409620359162012-02-09T12:27:00.000-08:002012-06-18T06:22:01.980-07:00"Show Me the Note" is Now the LawA lot of foreclosure defense has been riding on the "show me the note" argument, namely, "Hey bank, where's the promissory note you claim is evidence of the debt?" The state courts and the federal district courts have been quite loose on this and generally allowed the banks to proceed with little more than a shoeshine and a smile, but the bankruptcy courts have tended to be stricter. Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-39141484526757449852012-01-25T17:49:00.000-08:002012-06-18T06:22:01.980-07:00New WebsiteWoo-hoo, new website up and running. Click here, or use the link above my profile to the right.Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-23797813242169258202012-01-19T11:41:00.000-08:002012-06-18T06:22:01.980-07:00Big Boys of BKLots of Chapter 11 news today.Kodak finally filed last night. It had been in trouble for a long time (I think I'm one of the few fossils remaining who uses film.), but it was trying to reshape itself as a printer company. To do so, it was relying on a revenue stream from its patent portfolio (At one time that portfolio rivaled the likes of Bell Labs and IBM.). Unfortunately, Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-5793310190053870982012-01-15T10:47:00.000-08:002012-06-18T06:22:01.980-07:00If You Don't Promote, Your Business Won't FloatNo apologies at all to Johnnie Cochran.Yesterday, while waiting for a kid to finish a rehearsal, I swung by Trolley Square just to see what was going on there these days. It was about 0915, and I was surprised to find the parking lots and new garage already pretty full. I walked inside and discovered that Trolley had leased a space to the Sundance Film Festival for ticket sales and Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-82159664628636727992012-01-10T10:34:00.000-08:002012-06-18T06:22:01.980-07:00Merry Red Ink ChristmasThroughout the holidays, I saw people buying like mad. I kept thinking, "Wait a minute. The job picture stinks, about every asset and investment class is dropping, and everyone below the top 10% is getting absolutely rocked. How is everyone buying?"The old-fashioned way, apparently: debt. The Fed's figures for November are out (December won't be out for another month, but Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-32695957066896777592011-12-30T13:02:00.000-08:002012-06-18T06:22:01.980-07:00Money Tree Not DownFor any of you who may be wondering, the recent announcement of a Chapter 11 filing by Money Tree has nothing to do with the local company. Completely separate entities. The bankrupt one operates solely in the Southeast (Aside: How do you go broke as a payday lender? Katrina was six years ago, and did it really blow that many paychecks out to see? Were you lending to the Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-39542527346961822011-12-28T18:30:00.000-08:002012-06-18T06:22:01.980-07:00It Wasn't Illegal?On 11 December, President Obama was interviewed on 60 Minutes. The transcript is here. The interview is pretty much what you'd expect. Then, about three-fourths of the way through, comes this:I can tell you, just from 40,000 feet, that some of the most damaging behavior on Wall Street, in some cases, some of the least ethical behavior on Wall Street, wasn't illegal.Excuse Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-88240572377638081782011-12-28T17:54:00.000-08:002012-06-18T06:22:01.980-07:00Just Because You Bought It......doesn't mean it's yours. There's a big brouhaha in the MF Global bankruptcy. It seems the trustee's definition of the bankruptcy estate (and hence the assets available for him to liquidate) includes gold and silver bullion that traders and investors parked, or at least thought they were parking, with the firm and received warehouse receipts for. And they are WAY unamused theyUnknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-28926060075383828022011-12-15T10:31:00.000-08:002012-06-18T06:22:01.981-07:00Some RecoveryThings have slowed down in bankruptcy world, and now I have an idea why: People are too broke to care. The latest census report shows that nearly half the population is either "in poverty" or "low income". In other words, half the country either can't afford to file or has so little worth that filing is pointless. When exactly was it the recession ended?Of course the Heritage Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-80443100210860791912011-12-13T16:52:00.000-08:002012-06-18T06:22:01.981-07:00Red Ink by the BarrelLee Enterprises has filed a pre-pack Chapter 11, basically to force some dissenting creditors to go along with restructuring the company's massive debt load. For months now this hasn't been a matter of "whether" but "when". Lee, frankly, is a mess, and while it is pretending to be singing "Kum-Ba-Ya" with its largest creditors now, this looks like nothing more than a game of kick the Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-84144244018034164432011-11-29T09:44:00.000-08:002012-06-18T06:22:01.981-07:00Chapter 11 AirlinesWell, it was just a matter of time. Every other major, U.S. airline had taken a trip through bankruptcy court in the last 10 years, and now American Airlines, via its parent AMR Corp., has gone in. AMR cites two, big causes: fuel costs and labor costs. Ignore the former; it's all about the latter. AMR will use 1113 to reject the current collective bargaining agreements, Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-11047335298330466102011-11-27T15:22:00.000-08:002012-06-18T06:22:01.981-07:00Agribusiness Is The Problem, Not The SolutionWinterbotham Parham Teeple, one of SoCal's main BK houses, recently noted on its blog that rising grocery bills are playing havoc with family budgets. I commented that the real culprit is the decades-long romance of government and the banks with industrial agriculture at the expense of small farms. Winterbotham is trying to soft-pedal the price increases as business as usual. Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-29429717611199987402011-11-23T13:28:00.000-08:002012-06-18T06:22:01.981-07:00The Latest On HarrisburgBankruptcy Judge Mary France has dismissed Harrisburg's Chapter 9 petition, ruling the city did not have the authority to file under state law. See this post for my initial comments on the filing last month. Mayor Linda Thompson and a minority of the city council have fought the filing all along. I have not seen the ruling, but apparently it was based on two grounds: 1) Act 26 Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-68713594731836151152011-11-21T22:24:00.000-08:002012-06-18T06:22:01.981-07:00No Giving Thanks In OremNordstrom's has pulled the plug at the University Mall in Orem. Come 24 February, the mall will be missing two out of three anchor tenants (Mervyn's spun in several years ago, and Nordstrom's closure will leave only Macy's, in the old ZCMI space it got in the buy-out.) as Nordstrom's heads north to open its new store in City Creek. Orem will seriously be hating that loss of sales tax Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-42492374899866238042011-11-10T10:24:00.000-08:002012-06-18T06:22:01.981-07:00Another Muni BKSo we have another municipal bankruptcy filing, this one in Alabama. And it's a biggun, with over $5 billion in debt, sure to send some shockwaves through the bond markets (The centerpiece of this solid waste is a series of sewer bonds.). The one bright spot is that this isn't the result of anything systemic but rather of outright corruption, and that people have actually gone to Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-34776373035634819092011-11-04T17:32:00.000-07:002012-06-18T06:22:01.981-07:00Ice Cream Cools OffDippin' Dots, which makes the ice cream equivalent of little chocolate doughnuts (You just keep popping them in until you 'splode.) has filed Chapter 11. According to its filing, it has a decent shot at reorganizing, but we'll see if the filing is reality. The bigger question is, if ice cream companies are going down (And they are. Goodbye Snelgroves!), just what sort of Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8661379819623852356.post-87206485506943159582011-11-03T15:41:00.000-07:002012-06-18T06:22:01.981-07:00The Way We Live NowI love this book. It should be required reading.Do you think federal jobs are a safe bet? You might want to check with the 9,000 civilian employees the Air Force is showing the door.Maybe high tech? Guess again. AMD, the second-largest microprocessor manufacturer, is shedding 1,400, 12% of its workforce, and its stock is still falling.George Papandreou made a brilliant Unknownnoreply@blogger.com