“How can a bookie go broke?…. Let the gov’t run it”

By: ashland_avenue (Diary)  |  December 6th at 09:16 PM  | 

This is what happens to private enterprise when taken over the government.  In this case, state government: December 4, 2009 12:22 PM Cravath On OTB Bankruptcy in First-Ever Case as Debtor Counsel Posted by Julie Triedman In a rare Chapter 9 filing, New York City Off-Track Betting Corp. filed for bankruptcy Thursday in federal bankruptcy court in New York City. NYC OTB, created in 1971 | Read More »

Why the Chrysler plan is probably illegal

By: ashland_avenue (Diary)  |  May 4th at 11:22 AM  | 

Is the plan to reorganize Chrysler Corp. a true sale of its assets or a ‘sub rosa’ plan to recast the company?  A bankruptcy judge is going to have to decide.   Secured lenders are owed $6.9 billion.  The Treasury’s term sheet, which is here   http://www.ustreas.gov/press/releases/tg115.htm. ,  offers these lenders $2.25 billion in cash, proposing to sell all Chrysler’s assets to a new company.  Treasury, the | Read More »