By Jueseppi B.
First lady Michelle Obama hugs Lianyun Wu during an awards ceremony for the President’s Committee on the Arts and the Humanities in the East Room at the White House on November 19. The first lady talked about the importance of afterschool and out of school arts and humanities education and presented awards recognizing programs across the country that benefit underserved youth.
First Lady Honors Honors National Arts and Humanities Youth Program Award Recipients
Published on Nov 19, 2012
Twelve exemplary after-school and out-of-school arts and humanities program are honored by FIrst Lady Michelle Obama as recipients of the President’s Committee on the Arts and Humanities Youth Program Awards. November 19, 2012.
NOW…..for something totally different…….Some Stupidity…….
America’s bankruptcy laws need to re revamped. A company/business such as Hostess, should never be allowed to file chapter 11 or chapter 7 bankruptcy while handing the types of salary increases and bonuses mentioned in the above graphic.
Chapter 7 of the Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States. (In contrast, Chapters 11 and 13 govern the process of reorganization of a debtor in bankruptcy.) Chapter 7 is the most common form of bankruptcy in the United States.
When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately, with broad powers to examine the business’s financial affairs. The Trustee generally sells all the assets and distributes the proceeds to the creditors. This may or may not mean that all employees will lose their jobs. When a very large company enters Chapter 7 bankruptcy, entire divisions of the company may be sold intact to other companies during the liquidation.
Fully secured creditors, such as collateralized bondholders or mortgage lenders, have a legally enforceable right to the collateral securing their loans or to the equivalent value, a right which cannot be defeated by bankruptcy. A creditor is fully secured if the value of the collateral for its loan to the debtor equals or exceeds the amount of the debt. For this reason, however, fully secured creditors are not entitled to participate in any distribution of liquidated assets that the bankruptcy trustee might make.
In a Chapter 7 case, a corporation or partnership does not receive a bankruptcy discharge—instead, the entity is dissolved. Only an individual can receive a Chapter 7 discharge (see 11 U.S.C. § 727(a)(1)). Once all assets of the corporate or partnership debtor have been fully administered, the case is closed. The debts of the corporation or partnership theoretically continue to exist until applicable statutory periods of limitations expire.
Chapter 11 is a chapter of the United States’ Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy (although liquidation can go under this chapter), while Chapter 13 provides a reorganization process for the majority of private individuals.
When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court.
Hostess made it’s bed, trying to bust up the unions, now I hope they enjoy laying in that bed but 18,000 fired Americans don’t need to be forced to the unemployment lines right before the holiday season…..of for that matter, at any time.
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