The Chicago Tribune says that when 17-year-old Brianna Rice was diagnosed with celiac disease in February — she had insurance. Her insurance company, however, has rescinded that coverage because her parents allegdly lied on her application — by neglecting to mention her troubling medical history of dizziness, elevated cholesterol levels, ongoing fatigue and a persistent cough.
bankruptcy
Samsonite Files For Bankruptcy
By 9.4.09
Yesterday, a gorilla* stormed through the offices of Samsonite Corp, the “world’s top luggage maker,” and jumped up and down on their financial status. Their retail unit filed for Chapter 11 bankruptcy and will close approximately half of their 173 stores.
Don't Have $5,300 For Season Tickets? The Washington Redskins Will Sue You Into Bankruptcy
By 9.3.09
UPDATE: The Redskins have vacated their judgment.
What Should You Know About The Reborn General Motors?
By 7.10.09
Cupcakes all around! Government General Motors emerged from bankruptcy today, and the shiny new version of GM is now leaner, in charge, and ready to manufacture cars that people actually want to buy. Maybe.
G.M. Agrees To Remain Responsible For Shoddy Cars After Bankruptcy
By 6.28.09
General Motors has reached an agreement with the government to let consumers file what are known as product-liability claims after the company escapes from bankruptcy protection. The big win for consumers means that if a manufacturing defect in an old G.M. causes injuries in the future, consumers will still be able to sue G.M. in state court.
Should GM Cut Back On Advertising During Bankruptcy? They Don't Think So
By 6.23.09
Up until its recent plunge into bankruptcy, GM had been our nation’s second-largest advertiser — behind only Procter & Gamble. The company spent $2 billion dollars annually for the past few years — and though they’ve recently cut back and fallen into third place behind Verizon, the company apparently plans to continue to spend their pre-bankruptcy budget of $40-50 million a month on ads.
Eddie Bauer Jumps In The Bankruptcy Pool
By 6.17.09
Eddie Bauer is the latest retailer to file for bankruptcy, and it says it hopes to be sold outright rather than try to reorganize, refinance, or liquidate. The AP says the clothing company had “$476.1 million in assets and $426.7 million in debt at the time of the filing Wednesday with the United States Bankruptcy Court of the District of Delaware,” and that by declaring Chapter 11 now it hopes to reassure suppliers and stave off impending cash flow problems.
Six Flags Over Bankruptcy Court
By 6.15.09
Those home ticket-printing fees just weren’t enough to help Six Flags pay down their $2.4 billion debt load. The economy and bad weather have taken their toll, and the company declared Chapter 11 bankruptcy over the weekend.
Fiat, Jeep, Dodge… No More Chryslers?
By 6.10.09
Fiat has completed their purchase of Chrysler, clearing the way for the troubled automaker to exit bankruptcy — but what will the new company look like for consumers? Well, according to BusinessWeek you may be visiting your local Fiat, Jeep, Dodge dealer.
Most Bankruptcies Caused By Health Problems Suffered By People With Health Insurance
By 6.7.09
A recent Harvard study tells us that health problems cause more than half of America’s bankruptcies, and that the vast majority of people seeking bankruptcy protection have health insurance. The study paints a hauntingly familiar picture: people get sick, insurance covers nothing, so they’re forced to mortgage their homes to stay alive.
Saturn To Be Saved By Detroit Businessman
By 6.5.09
Good news for Saturn-lovers, the brand is close to being saved by Roger Penske, a Detroit businessman who runs the Penske Automotive Group (PAG) chain of dealers, and distributes the Smart line of mini-cars in the US. The Detroit Free Press says that the deal will have GM manufacturing Saturns for two years, after which Penske will be looking for a new manufacturer.
Judge Slaps Ameriquest Hard For Selling Mortgage, Then Pretending To Still Own It
By 6.1.09
Ameriquest originated a mortage, securitized it, and sold it. Then pretended it still owned the mortgage to a U.S. Bankruptcy Court judge. Whoops.
In GM Bankruptcy Plan, Government Will Select New Board Of Directors
By 5.28.09
Let’s say the U.S. has poured billions of dollars into a failing company. How strongly should it try to protect that money once the company files for bankruptcy? The Washington Post is reporting that the plan for GM—which may go belly up as early as Monday—is for federal officials to select 5 or 6 of the company’s new board members, and have a say over which 6 of the existing board will remain. The UAW gets to choose another, and Canada might possibly be given one slot to fill. The rest of us will probably just get t-shirts or a souvenir mug.
In Which NPR And Congressional Oversight Panel Chair Elizabeth Warren Hate Each Other
By 5.21.09
While we were concentrating on other things (Snuggie testing, for example), there has apparently been something of a backlash going on against NPR’s Planet Money podcast for its rude treatment of Congressional Oversight Panel Chair Elizabeth Warren. NPR’s Adam Davidson has since expressed regret that he talked over Ms. Warren in a rude way — but despite the mea culpa, a series of links about the issue has popped up in our inbox more than a week later.
GM To Close Up To 1200 Dealers
By 5.15.09
The automotive bloodbath continues today as GM plans to eliminate up to 1,200 dealerships. The dealers could start getting notification as soon as Friday.
Chrysler Will Close One Fourth Of Its Dealerships Next Month
By 5.15.09
Mark Calisi, 47, who owns Eagle Auto-Mall in Riverhead, New York, says he was “devastated” to learn that his dealership would be closed. He said Chrysler accounts for a third of his business, which also sells Volvo, Mazda and Kia, and that on Thursday he had to sack 30 of his 100 employees.
GM: Bankruptcy Is "Probable"
By 5.11.09
The New York Times DealBlog liveblogged the GM conference call. We’re glad they did, because just reading their recap is depressing enough for us.
By 5.4.09
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If you mourned the closing of Mother’s Cookies last October, new owner Kellogg has announced that the cookies are back on store shelves starting today.
