Posts Tagged 'bankruptcy'

God Fed Up With Bullshit From Crystal Cathedral – Forces Church Into Bankruptcy

According to CNN –

Leaders of the bankrupt Crystal Cathedral megachurch in southern California made emotional appeals over the weekend for financial help – as well as extended a grateful thanks to worshippers. Church founder Robert H. Schuller, 84, made a personal appeal during Sunday’s services in the Garden Grove, California, church. “I need more help from you,” Schuller said, according to an account in the Orange County Register. “If you are a tither, become a double-tither. If you are not a tither, become a tither. This ministry has earned your trust. This ministry has earned your help.”

While Schuller Coleman stated the church has had its best cash flow in 10 years, it has been unable to cut its expenses fast enough to deal with the recession. In the blog and during Sunday’s services, Schuller Coleman said the church debt includes a $36 million mortgage plus $7 million in bills from vendors. In all, church debt is close to $50 million, she told congregants.

Continue reading HERE.

 

 

Charter Cable Emerges From Bankruptcy

St.Louis Business Journal reports –

Eight months after filing, Charter Communications Inc. said Monday it has emerged from Chapter 11 bankruptcy with $8 billion less debt. Judge James Peck in U.S. Bankruptcy Court in the Southern District of New York approved the pre-arranged financial restructuring Nov. 17, which was filed March 27 and considered one of the nation’s largest and most complex. Through the plan, Charter, the fourth-largest U.S. cable operator, will shave off $8 billion from the $21 billion debt it took on through acquisitions and service upgrades to compete with larger rivals. The company, which has 5.3 million customers and reported a loss every year since going public in 1999, said it expects to generate positive free cash flow through the reduction of more than $830 million in annual interest expense. Charter’s plan generates $1.6 billion in proceeds from an equity rights offering; reinstates $11.4 billion of its senior bank debt at below-market rates; and gives Microsoft co-founder Paul Allen the largest voting interest at 35 percent.

Continue reading.

 

Do Not Buy GM Cars

It just gets more unbelievable everyday. GM takes taxpayer money to avoid bankruptcy, begins shutting US plants and now plans to build a new plant in China. If you plan to buy a new car, do not buy General Motors. Give Ford or Chrysler a shot.

gm-lemon-sm1

Bloomberg reports –

General Motors Corp., shuttering U.S. plants in a bid to avoid bankruptcy, is “likely” to build a new factory in China on surging demand.

Continue reading HERE.


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