"The bankrupt city of San Bernardino has hired a new city manager who, according to court filings, has twice declared personal bankruptcy and was recently ousted from the board of a small community's water company after being sued by shareholders." —The comically corrupt inland cities of Southern California continue to provide inspiration for new generations of aspirational local crooks.
"The Las Vegas Monorail Company filed for Chapter 11 bankruptcy Wednesday." Oh noes, why? It has only been in business since 2004! "Because the train's popularity was overestimated, the company has not paid off the $650 million in construction and start-up costs…. Monorail representatives told the state they anticipated about 20 million passengers a year who would pay a fee of $2.50 per trip. The monorail's Web site says it has carried 27 million passengers in five years." MONORAIL!
America engaged in a few moments of phony communal nostalgia for the Hostess Twinkie today, as the news got around that the Texas-based snack manufacturer would shut down operations and sell its assets following bankruptcy and a long battle between the brand's current private equity owners, creditors and the union representing 18,500 bakery and factory workers. The biggest losers, as always, are the employees. With a Kochian sneer, Hostess CEO Gregory F. Rayburn announced that "Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders."
Oh, the Twinkie! How will America recover, etc. First, [...]
This Wall Street Journal report on the bankruptcy filing by actor Stephen Baldwin (oh, I know) seems unusually… harsh! "Stephen Baldwin and wife Kennya have filed for Chapter 11 protection, proof that even star status and a tattoo of Hannah Montana's initials on your left shoulder are no shield against the ravages of a wrecked economy." Okay I guess it is funny a little? Also, wow, that dude has been living way beyond his means apparently!
In a rare victory for common sense, a federal bankruptcy court has temporarily prevented American Airlines from ditching its contracts with its pilots' union during its bankruptcy planning. (The flight attendants' union is currently voting on its own latest offer.) American will now make a new offer and then also try again to cancel their agreement with the pilots' union. It's safe to describe American's workers as "extremely pissed off" about this attempt to kick them to the curb. (Also? Kinda hard to turnaround an airline without, like, people to fly the planes.)
NOOOO! The company that bears the name of designer-magician Christian Lacroix has filed for bankruptcy protection! (The company was sold four years ago, to the Falic Group; they have been quietly trying to unload Lacroix for a few months.) This is horrendous!
