U.S. manufacturer General Motors seeks bankruptcy protection

Posted by YXs94d on May 21, 2019 - 1:46 am

Monday, June 1, 2009

United States automobile manufacturing firm General Motors filed for bankruptcy and Chapter 11 protection from its creditors at 12:00 UTC Monday, in a Manhattan, New York federal bankruptcy court. This was the largest bankruptcy filing for a U.S. manufacturing company, and with declared assets of $82.29 billion and a debt of $172.81 billion, and the fourth largest bankruptcy filing in recent U.S. history — after the bankruptcies of {{w|Lehman Brothers|| ($691.06 billion), Washington Mutual ($327.91 billion), and WorldCom ($103.91 billion).

The filing, expected to be the first of many, was for a New York GM affiliate, Chevrolet-Saturn of Harlem Incorporated. Numbered 09-50026, it named GM as a debtor in possession, and was filed before judge Robert Gerber.

GM is to be represented throughout the filing process by Weil Gotshal & Manges, a New York law firm specializing in bankruptcy.

The chief restructuring officer, named in the filing, is to be Al Koch, a managing director at AlixPartners LLP in New York, who will report directly to Fritz Henderson, the Chief Executive Officer of General Motors.

In its bankruptcy petition, GM listed its primary creditors as:

Name Amount owed (USD millions)
Wilmington Trust 22,000
United Auto Workers union (UAW) 20,560
Deutsche Bank 4,440

The amount owed to UAW excludes “approximately $9.4 billion corresponding to the GM Internal VEBA”. USD22,760 millions are owed to bondholders.

Analysts have observed that the effect of the bankruptcy filing on the U.S. economy is not expected to be as major as it once would have been. One such voice, Mark Zandy, an economist at Moody’s Economy.com, commented that “Bankruptcy now is irrelevant in terms of the economic consequence of what’s happening to GM.” Such analysts believe that the economic impact of GM’s problems has already been felt, with its effects on parts suppliers and employment. They also believe that GM’s programme of accelerated payments, and its participation in a U.S. Treasury program to ensure prompt payments to parts manufacturers, will have cushioned the effect of the bankruptcy itself.

Speaking on Bloomberg Radio, David Cole, chairman of the Center for Automotive Research in Ann Arbor, stated that the fragility of the parts suppliers, the loss of whom would threaten the entire automobile manufacturing industry, was of more immediate concern than the GM bankruptcy.

Also filing for chapter 11 protection today were Saturn LLC and Saturn Distribution Corporation, subsidiary companies of General Motors.

As a consequence of the bankruptcy, General Motors Corporation (GM.N) was removed from the Dow Jones Industrial Average, and was replaced by Cisco Systems (CSCO.O), these changes scheduled by Dow Jones & Company to take effect from the opening of trading on June 8.

Scottish archaeology student discovers 5,000 year old chewing gum in Finland

Posted by YXs94d on May 21, 2019 - 1:35 am

Thursday, August 23, 2007

An archaeology student from Scotland has discovered a 5,000 year old piece of chewing gum on a dig in Finland.

Sarah Pickin, a 23-year-old part-time barmaid studying archaeology with Derby University, discovered the gum during a dig in the north-west of the country. The gum is a lump of birch bark tar, and still has visible tooth marks. It has been sent away for analysis, and radio carbon dating is predicted to show the gum to be 5,000 years old.

Ms Pickin said of her discovery “I had heard of ancient chewing gum being found before on previous European digs so when I found it in the trench, it was the first thing that crossed my mind.

“However, it looks just like a dirty piece of modern chewing gum with no smell or taste and I was also worried it could have been a bit of fossilised poo, so I asked a few of the other students to make sure.

“Thankfully they agreed that it was birch-bark gum and it’s now away to be carbon dated and have the teeth marks analysed before it goes on display.”

It will be displayed in Finland’s Kierikki centre, which is devoted to finds from the area. Sarah Pickin also discovered a piece of an amber ring, a slate arrowhead and a hair needle. All the finds date to the Neolithic period.

It is believed the gum was chewed as an aid against gum disease, as it contains antiseptics.

Palestinians arrested in West Bank raids

Posted by YXs94d on May 21, 2019 - 1:13 am

Saturday, August 13, 2005

During overnight raids, Israeli soldiers arrested 10 people, allegedly members of Islamic Jihad, a Palestinian militant group. The raids were conducted during two operations near the towns of Jenin and Nablus. An M-16 rifle was also discovered during the raid near Jenin.

Meanwhile, Hamas, a group friendly to Islamic Jihad, made a rare public appearance 2 days before the Israeli pull-out of settlers and troops from The Gaza Strip. They defied the Palestinian Authority by draping themselves in the colours of the group. On Friday, Palestinian Authority officials said only the Palestinian banner of red, black, green and white should be used to celebrate the withdrawal of Israel from Palestinian territory.

Hamas are planning to run in the parliamentary elections to be held in January, next year.

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Posted by YXs94d on May 19, 2019 - 1:37 am
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Ozzy Osbourne’s personal possessions fetch $800,000 for charity

Posted by YXs94d on May 19, 2019 - 1:01 am

Sunday, December 2, 2007

American heavy metal performer Ozzy Osbourne, who became famous as the lead vocalist for Black Sabbath and later as a solo act, has raised more than US$800,000 for The Sharon Osbourne Colon Cancer Program, founded by his spouse Sharon Osbourne at the Cedars Sinai Hospital, by auctioning off personal items.

A number of the items that he auctioned off over the two day period have been seen on his reality TV show The Osbournes, which featured home life with Sharon, Ozzy and their two children. Amongst some of the higher-priced items were a carved walnut Victorian-style custom built pool table which raised $11,250, a painting from Edourad Drouot which fetched $10,500, a pair of Ozzy’s famous round glasses which raised $5,250 and a dog bed given to Sharon by Elton John which sold for $2,375.

Some more famous items were also amongst the 500 lots offered. Ozzy’s black satin coat, complete with bat-wing cape, raised $3,300 and a hand-painted floral cup used regularly on The Osbournes made $1,625. A bronze plaque of a demon’s head that was regularly seen in its position adorning the front door of their house had been expected to go for $800 to $1,200instead raised $8,750. A wire model of the Eiffel Tower from on the kitchen table sold for $10,000, while skull-covered trainers Ozzy had worn reached $2,625. Bidders came from as far away as Germany to buy what they could from his mansion in Beverly Hills, California.

However, three cars included in the auction failed to attract bidders and did not sell. They were a 2006 Bentley Continental Flying Spur, estimated at $160,000 to $180,000, a 2005 Cadillac CTS-V sedan estimated at $30,000 to $40,000 and a 1950 Oldsmobile Futuramic 88 Club Coupe previously owned by author Danielle Steel estimated at $40,000 to $50,000. Sharon had earlier said of the cars “We’re not great car people. They really don’t do a lot for us.

Darren Julien, president of Julien’s Auctions, which organised the two-day sale, said “It did very well. It raised some good money for a very worthy cause.”

“For a celebrity garage sale, it was pretty spectacular.,” he went on. He also commented on the fact that there was fierce competition for the many artworks included. “We had Ozzy fans bidding against these sophisticated fine art buyers, which you don’t see every day. For the most part the metalheads were outbidding the art crowd.”

Police in Texas arrest man eating dead girlfriend

Posted by YXs94d on May 17, 2019 - 1:02 am

Monday, January 7, 2008

Christopher Lee McCuin, 25, from Tyler, Texas in the United States has been arrested after police found him possibly preparing to eat the body parts of his dead girlfriend, Jana Shearer aged 21. He was also charged with stabbing his ex-wife’s boyfriend, William Veasley, 42.

According to reports, Shearer’s mother was told by McCuin to “look in the garage” where she discovered the mutilated body of her daughter. She then flagged down a police officer on the road.

McCuin called 911 after the mother left the house. According to reports, he told the dispatcher that he was boiling Shearer’s body parts and preparing to eat them. When police got to his home, they discovered one of Shearer’s ears boiling in a pot, and an unnamed piece of her flesh on the kitchen table, with silverware placed beside it. The rest of her body had several “chunks” missing from it, according to the Tyler Morning Telegraph quoting Sheriff J.B. Smith of the Smith County Sheriff’s Department.

Police later found out that McCuin had stabbed his ex-wife’s boyfriend, and also broke into Tyler Custom Openings, a local business, sometime on Friday or Saturday. He started by going to Shearer’s home on Friday January 4 to have a discussion with her, but she was never seen alive again. Before stabbing Veasley, he beat Shearer “with a blunt object, multiple times” to death. On Saturday morning, he arrived at his ex-wife’s home and fought with Veasley, stabbing him. He is currently in critical condition at a local hospital.

McCuin then broke into the Tyler Custom Openings and then went to his mother’s house where he took her to his home to show her what he had done. Although McCuin was inside the house when police arrived, he was able to escape and was chased for a short distance before being caught again.

McCuin is currently being held on a US$2,000,000 bail at Smith County jail.

With US mid-term elections fast approaching, three prominent Democrats announce retirement

Posted by YXs94d on May 16, 2019 - 1:39 am

Thursday, January 7, 2010

With this year’s November midterm elections fast approaching, three prominent United States Democrats announced their plans for retirement from public service on Wednesday.

Powerful and influential—yet controversial for his alleged close ties to the financial sector and his handling of last year’s bailout—Senator Christopher Dodd of Connecticut announced that he would not be seeking a sixth term this year.

In a speech to his supporters in East Haddam, Connecticut, the sixty-five-year-old senior senator—with his family at his side—said, “I have been a Connecticut senator for thirty years. I’m very proud of the job I’ve done and the results delivered. But none of us is irreplaceable. None of us is indispensable.”

He then went on to say, “Over the past twelve months, I’ve managed four major pieces of legislation through the United States Congress, served as chair and acting chair of two major Senate committees, placing me at the center of the two most important issues of our time—health care and reform of financial services.”

In addition to highlighting some personal travails, Dodd alluded to his precarious political situation, “I lost a beloved sister in July, and in August, Ted Kennedy. I battled cancer over the summer, and in the midst of all of this, found myself in the toughest political shape of my career.”

Despite this, Dodd adamantly maintained that none of the above reasons were the causes for his retirement. He said that his reasons were more “personal,” and that his retirement would hopefully give him a much-wanted opportunity to spend more time with his family.

Senator Byron Dorgan of North Dakota announced that he would not run for re-election this year either.

“Although I still have a passion for public service and enjoy my work in the Senate, I have other interests and I have other things I would like to pursue outside of public life,” said the sixty-seven-year-old, three-term senator who said he came to this decision after discussing his future with his immediate family over Christmas.

Governor of Colorado, Bill Ritter announced that he too would not seek a second term. The fifty-three-year-old freshman governor said that although he felt his race was “absolutely winnable,” after some deep “soul searching,” he realized that he truly wanted to retire from politics nonetheless. This due to the fact that he felt his main priority should be to be a better husband to his wife as well as a better father to their four children.

When asked to comment on Senator Dodd’s retirement on behalf of the Administration, Vice President Joseph Biden said Dodd would “be long recognized as one of the most significant senators of my generation.”

He furthermore stated, “I believe the nation will miss his wisdom, wit and compassion. I count myself lucky because I know he’s not going too far and will always be a source of advice and counsel.”

Biden gave similar comments and expressed like sentiments about the retirement of his other two Democratic colleagues as well.

Camping Tents Choose The Right Ones Every Time

Posted by YXs94d on May 15, 2019 - 1:08 am

Click Here For More Specific Information On:

Submitted by: Carl Walker

Choosing the right camping tents for your trip is very essential to the enjoyment of the trip. Tents can be of many uses during a camping trip that include the provision of protection from bad weather conditions but are not limited to only this. They may also provide protection from other dangers from animals as well as insects that can be vectors for many viruses that can endanger the live of humans.

When choosing the right camping tents there are many considerations that have to be taken into account. These include the weather conditions for the areas that the trip is going to take place in. The weather is not predictable but all aspects must be considered. Waterproof tents are ideally the best type of tent to purchase. They provide protection against most types of bad weather and are closed on the sides. Although they are normally better for weather protection they not a personal choice of many as many persons prefer the fresh air enjoyment provided by open air tents.

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The consideration of the types of insects and animals around should also govern the type of camping tents chosen. There are many dangerous insects such as mosquitoes that can carry dangerous viruses and animals such as snakes that can be poisonous. Camping in wilderness areas is common for many backpackers and a sealed tent offers more protection. There are other means of protection such as repellants for mosquitoes but these may not be as effective in the night as a sealed tent. There are also tents on the market today that provide protection by the presence of nets over the doorways to allow some ventilation and fresh air.

The time of the year that the camping trip is taking place is another important consideration. This means for summer trips there is the need for protection from rainfall and winter trips a barrier from the cold. There are camping tents available that can be used for more than one season and these are wise investments for the avid camper. Persons who only camp during certain times of the year may want to choose a tent specifically for those conditions.

For long trips the camping tents considered should be lightweight but durable. The lighter the tent the better for these trips as weight becomes an important factor when traveling long distances. If weight is not a consideration the larger the tent the better and the more comfortable the tent will be. This is as it can also provide storage for other equipment and avoid loss of equipment due to water damage and other factors. When purchasing any camping tent it is vital that the factors mentioned be considered and that the best quality tent that can be purchased according to your budget be bought. Quality is essential as a poor quality tent can bring more problems than no tent at all.

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Sunni leader claims Iraq vote was a “farce”

Posted by YXs94d on May 11, 2019 - 1:44 am

Tuesday, October 25, 2005Saleh al-Mutlaq , spokesman for the National Dialogue Council, says his Sunni group does not accept the referendum report because; “We feel that this constitution is illegitimate and the referendum was not done in a correct way; therefore we want the referendum to be repeated in four provinces at least.”

Al-Mutlaq also called the referendum “a farce” and said that government forces stole ballot boxes full of “no” votes in the mostly Sunni-Arab provinces. He claimed that 80 percent said “no” in Mosul, the provincial capital of Ninevah where the outcome of the election was held in balance. “We believe that the results have been forged in Mosul, Diyala and most southern Iraqi governorates,” Al-Mutlaq said.

Another Sunni politician, Hussein al-Falluji, called on the United Nations to intervene. He said, “Violence is not the only solution, if politics offers solutions so that we can move in that direction. But there is very little hope that we can make any gains in the elections.” Falluji echoed concerns that Sunnis disaffected by the vote may join the insurgency inside Iraq.

However, Farid Ayar of Iraq’s Independent Electoral Commission said before reading the official vote outcome that, “Whatever the results of the referendum are … it is a civilized step that aims to put Iraq on the path of true democracy.”

Iraq officials reported that 97 percent of voters in the predominately Sunni province of al-Anbar and 82 percent of voters in Salaheddin province rejected the constitution. The 55 percent “no” vote in Ninevah was short of the 66 percent that would have defeated the referendum.

Shortly before the vote, the largest Sunni political party, the Iraqi Islamic Party, agreed to lend some support to the referendum in return for the inclusion of an option to amend the document. Lawmakers are to convene a body to consider further changes to the constitution before the new National Assembly vote in December.

Sunni sects account for nearly 20 percent of the country’s population. Their large turnout for the referendum vote is in contrast to the low participation they showed in the January election which established the interim government.

US Capitol lockdown lifted after shooting

Posted by YXs94d on May 11, 2019 - 1:21 am

Sunday, April 12, 2015

In Washington D.C., the U.S. Capitol building has reopened after shots were fired in front of it. For safety, no entry or exit was permitted from the building after a man committed suicide just before 2pm local time yesterday. The lockdown lasted until around 3:50pm while members of the bomb squad investigated the man’s backpack, suitcase, and the surrounding area.

A witness estimated 60 other persons were in the area at the time of death. Witnesses reported the man had a sign of protest about taxation and social justice.

The shooting occurred during the annual Cherry Blossom Festival, a busy Washington tourist season. Congress was not in session during the attack but are returning from recess tomorrow.