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Chapter 7 Bankruptcy News

Harris Hills dairy in Union Maine files for bankruptcy

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Summary of the Article

The owner of an organic dairy farm in Union has filed for bankruptcy, citing more than $350,000 in company debt and more than $670,000 in personal debt. Caleb Harris, owner of Harris Hills Organic Dairy, filed the petition for Chapter 7 bankruptcy on Thursday, according to documents filed in bankruptcy court in Bangor.

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The owner of an organic dairy farm in Union has filed for bankruptcy, citing more than $350,000 in company debt and more than $670,000 in personal debt.

Caleb Harris, owner of Harris Hills Organic Dairy, filed the petition for Chapter 7 bankruptcy on Thursday, according to documents filed in bankruptcy court in Bangor.

 It listed bank, vendor and legal fees as the primary creditors, and farm equipment and supplies among the farm’s assets.

The farm maintained a herd of 92 cows and supplied milk to Stonyfield, an organic dairy processor in New Hampshire. The livestock, including yearlings and calves, is valued at $240,000.

Harris Hills was not part of the MOOMilk organic dairy collaborative that shut down last year.

 

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first published: 2015-02-12 19:07:30

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Categories
Chapter 7 Bankruptcy News

RadioShack files for bankruptcy protection

Summary of the Article

RadioShack files for bankruptcy protection. Tony Gutierrez | Posted: Friday, February 6, 2015 3:30 pm. APThis Tuesday, Feb. 3, 2015 photo shows a …

Article

The Herald

Tony Gutierrez | Posted: Friday, February 6, 2015 3:30 pm

APThis Tuesday, Feb. 3, 2015 photo shows a RadioShack store in Dallas. The company that introduced the first mass-market personal computer, is fading after years of heavy losses and the suspension of its shares. (AP Photo/Tony Gutierrez)

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first published: 2015-02-05 23:42:44

Categories
Chapter 7 Bankruptcy News

RadioShack Files for Chapter 11, Sprint Plans to Occupy Remaining Stores

Summary of the Article

The long-struggling consumer electronics chain filed for bankruptcy protection Thursday. Part of its plan is for Sprint to open mini-shops in as many as …

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first published: 2015-02-05 21:22:30

Categories
Chapter 7 Bankruptcy News

RadioShack, The Electronics Chain, Files for Bankruptcy

Summary of the Article

RadioShack, The Electronics Chain, Files for Bankruptcy. Press release from the issuing company. Friday, February 6th, 2015. RadioShack …

Article

RadioShack Corporation announced today several actions intended to maximize value for the Company’s stakeholders.

  1. RadioShack has signed an asset purchase agreement with General Wireless Inc., an affiliate of Standard General L.P. (“Standard General”). General Wireless has agreed to acquire between 1,500 and 2,400 of RadioShack’s U.S. Company-owned stores. To effectuate this transaction and an orderly sale of the Company’s remaining assets, RadioShack and certain of its U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of this process, other parties will have an opportunity to submit offers for RadioShack’s assets in a court-approved process. The sale agreement is subject to court approval and other conditions. RadioShack’s foreign subsidiaries and its franchisee-owned stores are not included in the filing.
  2. General Wireless, the entity formed to acquire the stores under the asset purchase agreement, has agreed in principle on terms with Sprint to establish a new dedicated mobility “store within a store” retail presence in up to 1,750 of the acquired stores. This agreement-in-principle is subject to negotiation of definitive documentation as well as court approval.
  3. In addition, the Company has filed a motion with the Court to proceed with the closure of the remaining company-owned stores under an agreement with Hilco Merchant Resources. A list of the stores slated for closure will be posted in the near future on the restructuring information section of the company’s web site at www.radioshackcorporation.com. Stores that are closing are expected to sell remaining inventory.

RadioShack currently has approximately 4,000 company owned stores in the U.S. Its more than 1,000 dealer franchise stores in 25 countries, the stores operated by its Mexican subsidiary, and its Asiaoperations are not included in the Chapter 11 filing or the agreements announced today.

Discussions are underway with interested parties to sell all of the company’s remaining assets.

Joe Magnacca, RadioShack’s chief executive officer, said, “These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders.”

RadioShack has made customary first-day motions with the Bankruptcy Court intended to support the continuation of its day-to-day operations for customers, employees, vendors and suppliers, and other business partners during the restructuring. As part of that, it is seeking Court approval to continue employee wages and certain benefits and honor certain customer programs. The motions are expected to be addressed by the Court in the coming days.

The Company has also secured a commitment for approximately $285 million in debtor-in-possession financing (DIP) from its current ABL lender group, led by DW Partners, LP. The DIP is intended to provide it with liquidity during the sale process. The DIP funding includes a roll up of the Company’s prepetition revolver, letters of credit, and FILO facility. In addition, the facility will provide up to $20 million in incremental borrowing capacity.

Pursuant to the auction process the Company has filed for approval by the Court, all qualifying parties will have an opportunity to submit offers for evaluation through a Court-supervised competitive bidding process. Any sale will be subject to Court approval and other closing conditions. There can be no assurance that a sale will be consummated at the conclusion of this process.

The Company’s legal advisor is Jones Day, its investment banker is Lazard Freres, and its financial advisors are The MAEVA Group and FTI.

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first published: 2015-02-05 20:44:51

Categories
Chapter 7 Bankruptcy News

Mt. Gox’s parent company files for bankruptcy

Summary of the Article

Tibanne, the Japanese corporate parent of beleaguered Bitcoin exchange Mt. Gox, has now filed for Chapter 15 bankruptcy protection in the United …

Article

Tibanne, the Japanese corporate parent of beleaguered Bitcoin exchange Mt. Gox, has now filed for Chapter 15 bankruptcy protection in the United States.

In a court filing submitted this week, the company’s American lawyer has asked a federal bankruptcy court in New York to recognize Tibanne’s ongoing bankruptcy proceedings in Japan. If the request is granted by a judge, it would pause current legal action being pursued against Tibanne in the US—including a contract dispute with Coinlab that dates back to 2013—until the bankruptcy in Japan is resolved.

The company, which was founded in 2009 in Tokyo by Mark Karpeles, a French tech entrepreneur, acquired Mt. Gox from its American founder, Jed McCaleb, in 2011. Today, Tibanne is a 88 percent owner in Mt. Gox with McCaleb retaining a 12 percent stake. Karpeles no longer has control of the company—it is in the hands of a Japan court-appointed bankruptcy trustee.

Mt. Gox, which was once the world’s largest Bitcoin exchange, suddenly shut down in February 2014 after weeks of sustained DDoS attacks and “transaction malleability” problems, which led the company to halt withdrawals entirely.

“Tibanne has extremely limited liquid assets at this time,” says to the filing. “Whatever limited funding it received from MtGox or otherwise was largely used to pay a retainer to its attorneys that is held in a New York account for purposes of filing this request for recognition and provisional relief. Tibanne therefore cannot retain attorneys or other professionals necessary to defend or pursue actions or claims.”

Besides running Mt. Gox, Tibanne acted as a Web hosting company, but the filing also states that it is “winding down that business.”

“That’s the end of the business,” Karpeles told Ars. “We’re just cleaning up and then trustee will sell all assets.”

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first published: 2015-02-05 17:03:45

Categories
Chapter 7 Bankruptcy News

Charging Order Not Sole Remedy in Bankruptcy

Summary of the Article

Charles and Ellerie Cleveland (“Debtors”) filed for Chapter 7 bankruptcy relief in 2013. In their bankruptcy schedules, Debtors disclosed their 100% …

Article

In the case of In re Cleveland, 2014 WL 4809924 (D. Nev. Sept. 29, 2014), the issue was whether a bankruptcy trustee succeeds to all of a debtor’s rights in a single-member limited liability company (including the right to control and manage such entity) rather than being limited to obtaining a charging order against a debtor’s membership interest in the limited liability company, which is the sole remedy available to a judgment creditor under the Nevada limited liability company statute.

Charles and Ellerie Cleveland (“Debtors”) filed for Chapter 7 bankruptcy relief in 2013. In their bankruptcy schedules, Debtors disclosed their 100% ownership interests in two separate Nevada limited liability companies. After Debtors filed amended schedules, the Chapter 7 Trustee (“Bankruptcy Trustee”) timely filed an Objection to Debtors’ Claim of Exemptions. After two hearings on the matter, the Bankruptcy Court held that although the Debtors’ interests in the single-member limited liability companies were otherwise property of the bankruptcy estate, the Bankruptcy Trustee had no right to sell or otherwise take ownership of any assets of those companies.

On appeal, the District Court cited precedent from numerous other bankruptcy courts which have held that where a debtor has a membership interest in a single-member limited liability company and files a Chapter 7 bankruptcy petition, the bankruptcy trustee succeeds to all of the debtor’s rights in such company, including the right to manage and control the company. Furthermore, the District Court indicated that state law does not control the administration of property interests that are part of the bankruptcy estate. Therefore, the District Court reversed the Bankruptcy Court’s holding and ruled that the Bankruptcy Trustee succeeds to all of Debtors’ rights in their single-member limited liability companies. This case is yet another example that in the bankruptcy setting, a bankruptcy trustee is not limited to solely obtaining a charging order under state law.

– Barry Engel and Jordan Cohen

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first published: 2015-02-04 17:55:32

Categories
Chapter 7 Bankruptcy News

West Texas landman files for bankruptcy

Summary of the Article

A West Texas landman filed for bankruptcy on Jan. 27, the day after he was ordered to pay $8.5 million to Smith Energy Co. for fraud and breaching …

Article

Posted: Thursday, February 5, 2015 10:13 am | Updated: 10:15 am, Thu Feb 5, 2015.

West Texas landman files for bankruptcyMidland Reporter-TelegramMidland Reporter-Telegram | 0 comments

A West Texas landman filed for bankruptcy on Jan. 27, the day after he  was ordered to pay $8.5 million to Smith Energy Co. for fraud and breaching his fiduciary duty, according to a press release.

Mark P. Hardwick, who listed an Austin address on the bankruptcy petition, had worked in Midland, according to the release. He filed the Chapter 11 petition for bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Texas.

Judge Rick Morris of the 121st District Court in Brownfield ordered the landman to pay Houston-based Smith Energy $8.5 million in compensatory damages and attorneys’ fees following a jury verdict that Hardwick breached his fiduciary duty and committed theft and fraud related to his agreement to obtain and manage leases in West Texas for Smith Energy, according to the release.

© 2015 MRT.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Posted in Top stories on Thursday, February 5, 2015 10:13 am. Updated: 10:15 am.

Culled From

first published: 2015-02-04 16:18:45

Categories
Chapter 7 Bankruptcy News

Detroit After Bankruptcy

Summary of the Article

Diana Johnstone files an in-depth report from Paris on the political reaction to … A few weeks later he took Detroit into Chapter 9 bankruptcy, a case for …

Article

 “For [Nazi legal theorist Carl] Schmitt, every government capable of decisive action must include a dictatorial element within its constitution. Although the German concept of Ausnahmezustand is best translated as “state of emergency”, it literally means state of exception which, according to Schmitt, frees the executive from any legal restraints to its power that would normally apply.”

– Wikipedia [i]

“… Schmitt was a fierce critic of liberal democracy. He argued that liberal democracy was incoherent because of what he called the problem of the exception. In emergency situations, there is not enough time to act democratically. In an emergency, someone would have to declare an exception to suspend the normal democratic process and handle the emergency. … The language of the emergency manager laws is that of exception. Calling the situation an “emergency,” and the undemocratically selected financial manager an “emergency manager” is nothing other than a declaration of the anti-democratic nature of what has occurred.”

–Jason Stanley[ii]

“Now look, I’m a trial attorney. I can cut somebody’s throat and leave them to bleed out in the gutter with the best of them. But I didn’t want to do that. That’s not my role in this job. My role in this job is sort of the Zen of emergency management.”

– Kevyn Orr[iii]

Where We Stand Today

Is political legitimacy required for governance of Detroit, in the aftermath of the Chapter 9 bankruptcy?

As explained by Wikipedia, “Ausnahmezustand” translates as “state of emergency” or “exception”. The German noun “Sinn” (pronounced like the great People’s historian Howard “Zinn”) means “mind” or “sense”. Between the executive’s Zen declaration of the emergency, and the profound confusion and social crisis of authority in the public mind/Sinn, arising out of Detroit’s 21st century travails, what’s the shape of Detroit’s future?

Mercifully departed Detroit emergency manager Orr coined his witty, opaque phrase “the Zen of emergency management” on June 10, 2013, at the single statutorily required public meeting he held under the terms of Michigan Governor Rick Snyder’s Public Act 436. He almost playfully alluded to the evisceration of democracy in local government, where he acknowledges that more than 650,000 mostly African American working class city residents suffer from poor city services and quality of life. A few weeks later he took Detroit into Chapter 9 bankruptcy, a case for which his law firm Jones Day would be paid more than $53 million over the next year and a half. Nice work if you can get it.

In anticipation of Mayor Mike Duggan’s first post-emergency management State of the City speech on February 10, 2015, what’s the Sinn of Detroit leadership, development and community, in the aftermath of the exception? What is the mind or sense of local government policy in Detroit, as the Plan of Adjustment developed in bankruptcy court rolls into 2015? What would it really mean to “move Detroit forward”?

The Dominant Zen Narrative

In corporate media, in the elite venues of the Chamber of Commerce and for top powers from Detroit to Lansing, there is no doubt. The so-called “grand bargain” that enabled the bankruptcy deal was, in the words of Judge Steven Rhodes, “nearly miraculous”.

In this (loud and insistent) telling, there are invariably a few key “happy talk”[iv] points:

Access to credit: The relief from $7 billion in debt, we are constantly told, gives Detroit a second chance based on access to credit markets at commercially reasonable rates. No attention need be paid to obscene economic inequality, its racial dimensions, or its social consequences. Rather, policy is driven by the same old evil triplets of the (supposedly) “free market”, deregulation and disciplining labor to lower costs in the corporate utopia. It hasn’t delivered for Detroit since the days of Reagan and it won’t now. The conventional wisdom of this tired argument – based on the “structural adjustment” poison forced on the developing world in past decades – obscures any realistic, locally tailored, truly transformative solutions for Detroit’s structural and systemic problems of late capitalism.

Downtown and midtown development: At last, gentrification has arrived. Woo-hoo! 7.2 square miles in the downtown/midtown former Cass Corridor is now so expensive that longtime residents can’t afford to live there. Much of the rest of the city’s 131 square miles of residential neighborhoods looks like it was recently bombed. And these neighborhoods face an imminent tsunami of tens of thousands of threatened tax foreclosures in the next year or two. Even fossil conservative editor of the Detroit News Nolan Finley has admitted in two surprisingly strong editorials that the highly selective downtown recovery has so far really only benefited white People.

Mayor Duggan’s managerial prowess: The bankruptcy court-appointed expert, the Chamber of Commerce, the suburban county executives, the Governor, corporate media and the rest of the white People of southeastern Michigan have pinned their hopes on the white career pol from suburban Livonia, who says “The first rule in any turnaround is we have to face reality as it is, not as we wish it to be.” Previous Mayor/Saviors funded and supported by the very same interests for decades had broader experience (Dennis Archer), more charisma (Kwame Kilpatrick), and much greater physical height (Dave Bing). But they didn’t have enuff of a corporate-donated financial advantage over all their electoral opponents combined to win an unprecedented write-in campaign.

“Moving Detroit forward” rests firmly on a white privilege Zen narrative, where the miracle of the bankruptcy and a picture of Mayor Duggan’s earnest, technocratic visage are supposed to justify and explain everything. This personal political deification recently reached an almost comically absurd peak in a lengthy February 2 profile in Crain’s Detroit Business weekly, previewing his State of the City speech. The piece portrays Duggan in the most glowing terms as a super-competent technocrat, but nevertheless allows that “he doesn’t always appreciate truth-telling.”[v] What could go wrong? Amid the gushing hagiography, Crain’s acknowledges that under the veil of emergency management, the mayor has so far only been “handling trash and goats”; in the long run, Detroit’s latest corporate-created administration “can’t just be a Mercedes body with a Yugo engine.”

The lack of real accomplishments is telling. When a disturbingly large pile of write-in ballots with Duggan’s name on them turned out to have virtually identical handwriting, they were spared any meaningful investigation of possible election fraud. With Orr finally Zen-ed out of town, Duggan now faces a huge challenge: generating a Sinn powerful enuff to pull together the wreckage of emergency management and bankruptcy. Regardless of alleged ballot box stuffing, the reality is that Duggan moved to Detroit from Livonia a year before the election to run for Mayor. He came out of the same notorious Wayne County political machine that produced the Kilpatrick clan, former Governor Jennifer Granholm, and other defective local leaders. And the Chamber of Commerce and its corporate allies (the very same interests cheerleading the bankruptcy beyond rational evaluation or critical perspective), effectively bought the office for him. Therefore, despite his overwhelming corporate support, a dark cloud of illegitimacy in the eyes of many Detroiters hangs over his head.

The pulling together in bankruptcy: It’s a new day in Detroit. In spite of the apartheid downtown development; the continuing gross regional disparities in wealth and power; the broader challenges posed by an obscenely unbalanced economy, ecological and resource constraints; and the totally unresolved crises of poverty, education, housing, health and social welfare in America’s poorest and blackest city, Detroit is framed as a test. The power of positive thinking, philanthropic propaganda and allegedly “colorblind” civic boosters taking “decisive action” will get us thru. It only took 18 months in bankruptcy court!

The possibility that there might be very good reasons for taking sufficient time to actually restructure the relevant obligations, rights, government agencies and public policies with due care and provision for the social consequences, rather than rushing thru a hack job, is beyond thinkable, or at least respectable, opinion in a majority black city that’s been effectively placed under white “savior” governance. It will be interesting to see the shelf life of this Zen-“managed bankruptcy” mega-meme, as we are forced to deal with the long-term economic consequences of the bankruptcy – a $176 million fast track bonanza for corporate contractors.

The Sinn in Detroit’s Streets

From a bottom-up perspective, urgent questions about virtually every element of the dominant narrative’s Panglossian glow besiege our city:

Crisis of legitimacy and the rule of law: Mayor Duggan’s amazing suburban write-in electoral victory, followed by his inheritance of the mantle and polices of the Governor and Emergency Manager – have yielded a de facto interpretation of his powers as an executive freed from any ascertainable legal restraints. Corporate media – who for the last several years never bothered to ask who decides, who benefits, or who pays for Detroit’s unprecedented restructuring (because it’s just a bunch of hopelessly messed-up Black People and who cares?) – continue to see no problem. Indeed, as in Crain’s this week, they have thrown all caution and critical intelligence to the wind. Many of us see no evidence of the clear vision, integrity or adequate program that alone might clothe the new administration with political legitimacy. Altho Crain’s communications gushes “Mike Duggan has the juice”, there’s no evidence that he can – or even wants to – use it in a way that effectively benefits the majority of People of color who are his nominal constituents in the city.

Water and human rights crisis: In a major historic subplot of the bankruptcy, the giant Detroit Water and Sewerage Department (DWSD), a regional utility owned and run by Detroit that has supplied about 4 million People thruout the region with clean fresh water, and treated our waste water for well over a century, was spun off into a new regional Great Lakes Water Authority (GLWA). Thousands of Detroiters – the most vulnerable and impoverished in the community – faced mass water shut offs of 5-600 per day, without regard to their inability to pay accumulated bills amounting to large percentages of their meager incomes, so that the emergency manager could cut loose bad debt in the regional restructuring and privatization of this essential (and, for contractors, extremely lucrative) public infrastructure.

The United Nations special rapporteurs who investigated this scandal marveled that there is no precedent anywhere on earth, for such an advanced water system systematically regressing en masse, by suddenly cutting off service from thousands of families without any meaningful notice or opportunity to contest the assault on their dignity and fundamental human rights.

To add insult to injury, altho GLWA is supposed to pay Detroit $50 million per year for 40 years to lease this critical infrastructure, in January 2015 (as soon as the federal judges who brokered the deal took their boots off the suburban leaders’ necks), suburban county executives started talking about welshing on the deal.[vi] Again, the shelf life of this nascent regional collaboration in 2015 will be interesting.

Education crisis: Snyder admitted the obvious in December 2014: emergency management hasn’t worked in Detroit Public Schools (DPS). DPS is in more trouble than ever after being under state control for 12 of the last 15 years. Then, in January 2015 Snyder appointed another emergency manager to govern DPS.

Another undefined educational “reform” – supposedly having something to do with reorganizing all schools in Detroit under one administrative structure modeled on past-Katrina New Orleans – is rumored for the next few months. It has no more robust educational substance than the totally untested and disastrous “Education Achievement Authority” Snyder foisted on Detroit’s lowest-rated schools early in his first term.

There have been no positive outcomes whatsoever as a result of the imposition of emergency managers on DPS. On the contrary, the Zen policies of exception, implemented by one educational “reform” after another, have undermined the entire public education system in Detroit. Emergency management has led to wide-scale looting of DPS’ financial resources, criminal neglect of the children’s educational needs and overcrowding of classrooms, demoralization of teachers and students, disenfranchisement of the democratically elected school board, and a total destabilization and collapse of the system.  I could continue with this subject at great length, but it’s sickening.[vii]

Foreclosure crisis: Detroit has already been decimated by foreclosures caused by predatory Wall Street mortgages and derivative scams. In the next two years, more than 100,000 Detroiters face tax foreclosures. Mayor Duggan’s land use policy is limited to using the Detroit Land Bank Authority – one of a long list of unaccountable, opaque government “authorities”[viii] – to implement the corporate-designed, anti-neighborhood Detroit Future City plan bought and paid for by the Kresge Foundation.

There is no plan, and no resources, dedicated to keeping our People in their homes, preserving neighborhoods and community quality of life by defending Detroiters from the predatory corporate state. If it weren’t for the effective, heroic grassroots efforts of groups like the United Community Housing Commission and Detroit Eviction Defense,[ix] these folks would be standing alone and helpless against the impending catastrophe of dispossession.

Race and regional inequality: Last but certainly not least, is the essential dynamic underlying Detroit’s rise and fall for more than a century; determining the winners and losers in the morally bankrupt restructuring; and continuing to drive the ubiquitous political economic and cultural siege of this great American post-industrial community. The white suburban privilege and dominance over the urban core city’s identity, resources and opportunities. In this continuing pattern of brutal fiscal austerity and cunning structural, spatial racism,[x] there is opportunity galore for white, regional elites – including Mayor Duggan from Livonia among many others, with stark segregation of life chances and quality – in Detroit’s continued subjection to a de facto state of exception.

The End Doesn’t Justify the Means

So this is where we stand today. The Sinn of Detroit’s intense, all-consuming Ausnahmezustand in the wake of the “Zen of emergency management”.  Our reality exposes all the Chamber of Commerce’s “happy talk” as the bullshit it is.

A community in this shape might be on its way to a brighter future. But only if and when its People fight back against bankrupting corporate forces calling the shots.

The corporate restructurers’ Machiavellian stance is in essence that the ends – an ethnically cleansed, business-friendly new Detroit where the poor, African American majority of the old Detroit are harshly punished for being losers – justify the means; the state of exception, evisceration of democracy and third-world style structural adjustment. Such a racist and oppressive agenda can only be opposed by insurgents restructuring Detroit democratically from the ground up, in the spirit of Black Lives Matter, Occupy, the Indignados and the new government of Greece. In the name of sustainability, equity and shared prosperity. The opposite of the dominant Zen foolishness derived from the theories of fascist legal philosopher Carl Schmitt.

Dr. Martin Luther King, Jr.’s last book in 1967 – the year of the Detroit uprising – was entitled “Which Way from Here: Chaos or Community?” 48 years later Governor Snyder, ex-emergency manager Orr and Mayor Duggan are united in a bizarre, surreal governing Sinn, without a discernible legitimacy other than a flood of corporate cash, where their answer for Detroit is clearly the embrace of “chaos”. Carl Schmitt twisted it for his Nazi buddies into “Ordnung” (order). That legacy of fascism and racial genocide, in the ruins of America’s cold war glory years, seems to be much stronger than anyone wants to acknowledge. In the spirit of facing reality as it is, not as we would wish it to be, consider this quote from Dr. King’s last book in terms of post-bankruptcy Detroit:

“We are now faced with the fact that tomorrow is today. We are confronted with the fierce urgency of now. In this unfolding conundrum of life and history there is such a thing as being too late. Procrastination is still the thief of time. Life often leaves us standing bare, naked and dejected with a lost opportunity . . . This may well be mankind’s last chance to choose between chaos or community.”

Governor Snyder recently voiced his distorted perception of reality in his State of the State address. His speech writers had him refer to the “River of Opportunity”. In our post-industrial community on the Detroit River that grew out of a colonial settler fort, changed the industrial world and became an African American cultural capital, his strange phrase evokes the intellectually bankrupt core of the corporate white restructuring. Here in the middle of the greatest blessing of fresh water on the planet, the whites in charge deny (mostly) black People water – and shelter, education, and dignity – because they’re too poor to pay the whites who control the system for it. And blame the victims for the chaos that inevitably follows.

What Duggan of Livonia distorts as “reality” is accurately described by Malik Yakini of the Detroit Black Community Food Security Network:

“Changing a society that is deeply mired in systems of oppression is protracted work. It is not quick or easy. It requires lifetimes of commitment. It requires political education and the study of recent revolutions and resistance movements. It requires discipline, sacrifice and the willingness to put the interests of the group over our individual desires. This critical work is full of both challenges and joys.

Equally important, is the transformative work that we must do on ourselves, our relationships and our communities. Ushering in a new era of self-determination, justice and equality will require us to go beyond changing who controls state power or which economic system we use. It will require us to change ourselves, and how we relate to each other, the earth, and the plants and animals with whom we co-inhabit the planet. The hard, cold reality is that either we make these changes or humanity won’t survive!”[xi]

This will continue to be interesting. Brutal, unjust, crazy, racist, and even ecocidal. But transformative birth of a new, sustainable social order and political Sinn, where Detroit thrives in reality, not just in corporate propaganda, where community transcends the corporate bottom line, and where quality education, water and housing are guaranteed and protected human rights, was never going to be a polite photo op. “Detroit can’t wait”, indeed.

Frank X Murphy is the pen name of a Detroit attorney.

Notes.

[i]http://en.wikipedia.org/wiki/Carl_Schmitt

[ii]http://opinionator.blogs.nytimes.com/2014/07/29/detroits-drought-of-democracy/

[iii]http://www.freep.com/article/20130610/NEWS01/306100080/Kevyn-Orr-Wayne-State-University-emergency-manager-meeting

[iv]http://www.solidarity-us.org/node/4324

[v]http://www.crainsdetroit.com/article/20150201/NEWS/302019989/duggan-gets-high-marks-in-year-1-challenges-now-turn-more-complex

[vi] Oakland County’s Brooks Patterson:

http://wdet.org/news/story/Oakland-Exec-Fears-Water-Authority-Could-Fall-Apar/

Macomb County’s Mark Hackel:

http://wdet.org/news/story/Macomb-Exec-Says-Water-Authority-Could-Drain-Resou/

[vii]http://www.d-rem.org/the-education-crisis-in-detroit/ ; and http://www.d-rem.org/fifty-years-later-in-detroit-the-end-of-brown-separate-and-unequal/

[viii]http://www.detroitpeoplesplatform.org/democracybyauthority/

[ix]http://detroitevictiondefense.org/

[x]http://www.d-rem.org/wp-content/uploads/2014/09/Connecting-the-Dots-09-16-14.pptx ; For an utterly stunning anecdotal, individual example from just last week, see: http://www.freep.com/story/news/local/michigan/oakland/2015/01/31/detroit-commuting-troy-rochester-hills-smart-ddot-ubs-banker-woodward-buses-transit/22660785/

[xi]http://www.d-rem.org/malik-yakini-resistance-and-transformation/

Culled From

first published: 2015-02-04 16:18:45

Categories
Chapter 7 Bankruptcy News

Caché Files for Bankruptcy; What Your Coat Says About You

Summary of the Article

Photo: Caché/Facebook Local · Staples acquiring Office Depot means less stores and no Boca HQ · Whole Foods Downtown Miami is a vegan …

Article

Culled From

first published: 2015-02-04 16:16:37

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Chapter 7 Bankruptcy News

Danish Copenship files for bankruptcy

Summary of the Article

The shipping company Copenship -a private ownership, has submitted records for bankruptcy in Copenhagen. That has happened after it has suffered …

Article

The shipping company Copenship -a private ownership, has submitted records for bankruptcy in Copenhagen. That has happened after it has suffered damages in the dry bulk market according to company’s Chief Executive Michael Fenger in a statement for Reuters. Copenship has been dealing with more than 50 documented small-sized dry-bulk ships, transporting the following goods-timber, iron ore and grain. In a text message to Reuters on Wednesday, Fenger has mentioned that the company has done their best to gather the money needed for rescuing the company but there is nothing else that can be done.

Image: Dennis Adriaanse

That change has been indicated by the Baltic Exchange’s main sea freight index, as it detects values for vessels transporting dry bulk goods. The index has reached its lowest level for almost three decades this Tuesday and that reflects the fainter values across all four ship portions. For example on Wednesday the index has showed a level of 569 and that is not far from the historic low level of 554, reached in July 1986. Listing the reasons for that condition, Fenger has written several of them as for example the utterly severe freight market, the counterparts that have inflicted damages to the company and the insurances cases that might have happened.

According to insolvency administrator Per Astrup Madsen from Copenhagen law firm Lett, the ships will be returned back to their owners. Copenship has anticipated a revival of the business in 2014. However the dry bulk cargo values have proceeded to decrease. Copenhagen-based D/S Norden, a leading international dry bulk shipping company has experienced a net loss of $326 million for 2012 and 2013 calculated together. The D/S Norden’s anticipation is for a 2014 full-year EBITDA loss in the margin between $290 million and $230 million.

In the words of shipping analyst Peter Sand at shipping organisation Bimco, the year 2015 appears to be slow when it comes to the demand side, while the supply side will produce the same quantity of new capacity as in 2014. The analyst has written in a note that such a course of action will not advance the existential features of the market balance.

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first published: 2015-02-04 10:37:13