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23 Sep 2010 10:23

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Biz: Blockbuster’s bankruptcy: Sorry, there’s something in our eyes

  • Let’s face it, this is the possible death of an American icon. Or at least a sign of the times. A once iconic business model – Blockbuster’s movie-rental biz – is facing a tough Chapter 11 challenge, in part because of the insane amount of debt it has. So now it’s going to try to fix itself. Good luck trying to survive with Netflix and Redbox in your face. Some numbers:
  • $1Bthe amount of debt the company has right now; time to reorganize!
  • $100Mthe amount of debt it plans to have after bankruptcy ends
  • 3,000 number of stores the company has; expect that to go down source
Posted by Ernie Smith • 0 Comments • Permalink

13 Dec 2009 10:37

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Tech: MySpace screws over its musicians big time with iMeem deal

  • lame Despite music being a huge bedrock of the company’s business model, MySpace paid less than $1 million for bankrupt iMeem, which ran the dead pay-for-music service SNOCAP (founded, BTW, by Napster founder Shawn Fanning).
  • lamer MySpace did NOT buy iMeem’s liability to pay royalties to musicians who used, umm, MySpace to sell music. Some artists haven’t been paid for over a year. And some of these artists are owed a lot of money. This is bull#)&!. source
Posted by Ernie Smith • 0 Comments • Permalink

18 Aug 2009 10:38

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Biz: Sam Zell screwed up Tribune. Now creditors might kick him out.

  • No agreements have been reached to date. Sam, as well as the rest of the management team, remain actively engaged and committed to Tribune. The restructuring is still in progress and it is premature to speculate about the company’s final ownership structure.
  • A statement from a Tribune Company spokesman • In response to reports that Sam Zell, who orchestrated a leveraged buyout of the company only to see the investment go bankrupt, would be ousted from the company. He’s under a lot of pressure from creditors, who are owed $8.6 billion in debt. And beyond that, he screwed an entire chain of newspapers in less than two years, causing thousands of people not in Chicago to lose their jobs because he bought the company with money he didn’t have. • source
Posted by Ernie Smith • 0 Comments • Permalink

09 Jul 2009 10:51

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Politics: Munchie-hungry pot advocates capitalize on Caifornia’s bad luck

  • If you’re gonna try to get something through, might as well aim the tip of the shoe squarely on the pressure point of the downed subject you’re kicking. California’s in trouble with their budget. And they’re not just blowing smoke, either: Governor Ahnold has wafted this idea through the public in the past. source
Posted by Ernie Smith • 0 Comments • Permalink

26 Jun 2009 13:13

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Biz, U.S.: Michigan begins its abusive relationship with General Motors anew

  • General Motors decides to make a car in Michigan again. You know the story: State hosts corporation, state becomes dependent on corporation, corporation decides to offsource most of its work, state goes into economic seizure, corporation goes bankrupt. Sounds sweet, doesn’t it? Well, Michigan – 14.5% unemployment and all – plans to go back to its mistress and let them make cars in Michigan again. The Spark, unlike most of GM’s recent hogs, is small and compact – and it’s gonna be made in Michigan. Maybe this could be the start of a brand new relationship where GM screws them over again. source
Posted by Ernie Smith • 3 Comments • Permalink

16 Jun 2009 11:07

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Biz: Full speed ahead: GM sells off Saab to European group

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  • General Motors ditched the Swedish arm the company and handed it off to a group led by sports-car maker Konenigsegg. Sounds vaguely European. source
Posted by Ernie Smith • 0 Comments • Permalink

15 Jun 2009 13:00

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Biz, U.S.: Obama: U.S. could go the way of GM with faulty health care

  • If we do not fix our health care system, America may go the way of GM — paying more, getting less and going broke.
  • President Barack Obama • Speaking to the American Medical Association today. A president claiming that the U.S. could go bankrupt for any reason is a big deal, and it’s an even bigger one when it’s because of health care. Wow. • source
Posted by Ernie Smith • 0 Comments • Permalink
 

13 Jun 2009 16:10

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Biz: If you like amusement parks, you’ll hate this news

  • Six Flags number of flags flying above the amusement parks owned by its bankrupt namesake company
  • $1.8 billion amount of debt they have; unlike roller coasters, it doesn’t get faster when it hits a low like that source
Posted by Ernie Smith • 0 Comments • Permalink

12 Jun 2009 11:38

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Biz: The dealers are on board for GM’s massive restructuring

  • 95+% of eligible dealers have signed on for GM’s upcoming reconfiguration as a new company
  • 90% of dealers losing contracts with the car company have agreed to their wind-down terms source
Posted by Ernie Smith • 0 Comments • Permalink

01 Jun 2009 10:08

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U.S.: When GM entered – and will leave – the Dow Jones index

  • 1925 The year the historic company perched its sturdy, reliable roost on the Dow Jones industrial average
  • June 8 The day the bankrupt company will leave the index, which it must leave because it’s bankrupt source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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