Michigan Gov. Rick Snyder announced Friday that the state will take over the operations of Detroit's city government due to its long-standing financial problems. The takeover is short of a formal bankruptcy, but it will include appointing an emergency manager who would have many of the same powers as a bankruptcy judge. It could mean throwing out contracts with public employee unions and vendors that the city can't afford, and could lead to further cutbacks in already depleted city services.Read more »
Hostess has been sold at least three times since the 1980s, racking up debt and shedding profitable assets along the way with each successive merger. The company filed for bankruptcy in 2004, and again in 2011. Little thought was given to the line of products, which, frankly, began to seem a bit dated in the age of the gourmet cupcake.Read more »
With the rise of e-mail and the decline of letters, mail volume is falling at a staggering rate, and the postal service's survival plan isn't reassuring. Elsewhere in the world, postal services are grappling with the same dilemma — only most of them, in humbling contrast, are thriving.Read more »
Jay Levin cannot escape a $750,000 court-ordered judgment for fatally shooting a suburban Boca Raton teenager in 2003, a U.S. Bankruptcy Court judge has ruled.
U.S. Bankruptcy Court Judge Erik P. Kimball, in a 20-page opinion issued on Friday, ruled that a February Chapter 7 bankruptcy filing by Levin does not allow him to discharge the money judgment that he owes Greg and Luciana Drewes, who sued Levin after he shot and killed their son, Mark, seven years ago.Read more »
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