Portal Algarve http://portal-algarve.net/ Just another WordPress site Mon, 11 Oct 2021 10:53:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://portal-algarve.net/wp-content/uploads/2021/06/icon.png Portal Algarve http://portal-algarve.net/ 32 32 Bankruptcies trending down in West Virginia, but for how long? https://portal-algarve.net/bankruptcies-trending-down-in-west-virginia-but-for-how-long/ https://portal-algarve.net/bankruptcies-trending-down-in-west-virginia-but-for-how-long/#respond Mon, 11 Oct 2021 10:53:22 +0000 https://portal-algarve.net/?p=1170 . They retire and spend all of their retirement on expenses. They’ll use their retirement savings to pay for bills. They’ll also borrow against their home and obtain a second mortgage in order to pay for bills,” Pepper said.

“All of it is an error. They’re good people and they are trying to avoid bankruptcy, and they are looking to settle their dues. However, you must talk to a lawyer before making things worse. The problem is that you can only make it worse when you make use of your retirement savings, take out a loan against your home, or borrow money to pay off the debt. The act of moving credit cards around isn’t an ideal idea. It is best to consult with a lawyer as soon as you can,” he said.

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Are online betting legal in Canada? https://portal-algarve.net/are-online-betting-legal-in-canada/ https://portal-algarve.net/are-online-betting-legal-in-canada/#respond Mon, 11 Oct 2021 07:01:23 +0000 https://portal-algarve.net/are-online-betting-legal-in-canada/

Online casinos are taking the world by storm, with a growth margin of 70% and which continues to climb. At the forefront of this growth trend is Canada, ranked one of the best countries in the world for online gambling. Canada is currently bringing in a staggering $ 16.1 billion in all provinces and territories. In order for an online facility to offer games, lotteries, betting, or gambling, it must be licensed by the government. Find a online casino in canada is not difficult, with over 100 active websites aimed at Canadian citizens. Statistics Canada predicts that over 65% of legal age citizens will place a virtual bet in the following calendar year.

How is legal online gambling regulated in Canada?

Currently, individual provinces and territories are authorized to regulate online gambling laws. These laws are divided into two categories: provincial law and First Nations law. The transfer of federal responsibility to the provincial government makes it possible to play legally online, without strict enforcement measures. However, local laws at the municipal level can be restrictive, with some cities passing laws effectively prohibiting online gaming on the web.

The province of Ontario is an example of municipal restrictions that go beyond the federal directive. In Markham, for example, a total ban on online gambling is enacted. It is difficult to say how enforceable these laws are in reality, as the province allows mobile lottery purchases and casino games. Registration on the OLG website provides users with cash games and tickets, as well as casino games.

Online Casino Gambling Considerations

Operating an online casino requires an appropriate license before launch. Although the federal government allows online games, it is up to the user to establish local, municipal and provincial laws regarding their location. These authorities include the UK Gambling Commission and the Malta Gaming Authority, which oversee many virtual platforms to ensure fair play. Additionally, registration with the Kahnawake Gaming Commission (KGC) provides secure payment options for loading customer accounts. Individuals should confirm SSL encryption on all platforms to improve online security.

Understand payment options

Online safety is a necessity for gaming communities, especially when it comes to customer experience. Secure payment options with a wide variety of payment methods provide optimal site functionality. It also tailors the platform to as many users as possible, with encryption being an industry standard. Encryption encodes all sensitive information about the location into an inconsistent string of numbers and letters. This code makes the content useless for hackers or thieves who try to access the platform.

Avoid unlicensed websites online

Most regulated and licensed casinos will disclose the license or registration number on the program. They will also provide details on where to report any concerns and the gaming licensing commission. You can search for a license at any online casino through the federal registration sites or the. Gambling Commission website. If you’ve ever signed up with a rogue casino site, trying to get your funds back isn’t impossible. Contact the site’s support team and request that the money be returned to the account or credit card. You want to have all correspondence in writing (for proof of recovery attempts). You will also want to file a report with the national gambling regulator. This agency will investigate any functional website to obtain a license. Reporting the incident to the local police can help you get your funds back, although there are many illegal sites operating in different countries, making it difficult (if not impossible) to apply.

What causes a site to be blacklisted?

Unregistered casinos aren’t the only platforms to be blacklisted; it can happen to legal and registered sites. While the most common reason a domain is blacklisted is for unregistered or unlicensed use, other tactics such as shady business practices may also be prohibited.

Defective software is the number one reason an online casino gets taken down, mainly because legitimate software needs to be tested thoroughly. Random number generators need to guarantee truly unexpected results. Endless loops with no one winning is a guaranteed way to get banned. Another surefire way to take down the platform is the disappearance of payments and payment fraud. Whether it is technical faults or denial of access, a casino must provide access to your cash. Payment fraud is another tactic used by unlicensed casinos. This is the most common reason for a casino to be blacklisted. Part of the fun of playing online is paying out big winnings – find a reputable website that will pay you when you’re ready to cash out.

Auto blacklist

Sometimes a person can request a blacklist from online casinos. These requests voluntarily ask the commission to ban access to gambling sites for a multitude of reasons. These could be bad debts or bankruptcy. It can also include gambling addiction or other mental health issues. You can request that another person be blocked online; however, full documentation is required to prove necessity. Once proven, the individual is banned from legal online gambling platforms until the blacklist is removed.

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Nolimit City marks its first entry in Portugal in partnership with Betclic – European Gaming Industry News https://portal-algarve.net/nolimit-city-marks-its-first-entry-in-portugal-in-partnership-with-betclic-european-gaming-industry-news/ https://portal-algarve.net/nolimit-city-marks-its-first-entry-in-portugal-in-partnership-with-betclic-european-gaming-industry-news/#respond Mon, 11 Oct 2021 06:55:50 +0000 https://portal-algarve.net/nolimit-city-marks-its-first-entry-in-portugal-in-partnership-with-betclic-european-gaming-industry-news/ Reading time: 2 minutes

It is safe to say that online gambling has become one of the favorite pastimes for young and old in the UK. Besides sports betting, it has been arguably the most popular form of entertainment over the past year and a half as the pandemic has shut down all other aspects of social life.

People played casino games on their personal computers and tablets, but many of them played on their cell phones. The main reason is the fact that pay by mobile casino has become a fairly regular thing in the UK. This is a payment method that makes casino betting and payouts much simpler and easier. But how exactly does it work?

If you’re interested in trying this payment method, you’ve come to the right place. Here’s how payment by phone works.

How to use the Pay By Phone payment method

You might think that this is a complicated way to deposit at an online casino, but you are wrong. It’s new, of course, and it may raise eyebrows, but there is no need to be skeptical. It’s one of the new things that actually works and makes life easier.

Here are the steps to make it work.

  1. Go to the site of the casino you want to play on and navigate to their payment page.
  2. Next, be sure to select a payment method over the phone. For example, Payforit or Boku, or whatever they offer on the site.
  3. Choose the amount of money you want to deposit and enter your phone number on the site.
  4. Once done, you will receive a text message with a confirmation code. Make sure to enter this code on the casino website.
  5. After that, you will receive a confirmation message stating that you have made your deposit successfully.
  6. The amount you deposited will be added to your next phone bill.

As we said before, this new payment method might seem a bit complicated, especially if you’ve never used something similar in the past. However, once you try it, you will find that it is a very easy and straightforward way to make your deposits at an online casino site.

The advantages of using the Pay By Phone payment method

Since we’ve established that it’s a simple and easy-to-use method, it’s time to talk about the benefits it offers. Here is why a lot of people use this payment method.

  • Easy to use
  • Does not require you to enter personal information (except phone number)
  • Doesn’t require you to enter your credit card details


Online gambling should be about fun. However, this fun is often spoiled by boring and complicated payment methods. Well, that won’t be the case for you if you decide to use Pay By Phone on your next one. Online casino adventure. Follow the instructions we have talked about in this article and you will have nothing to worry about.

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Five things that need to change with the bankruptcy law in Aotearoa https://portal-algarve.net/five-things-that-need-to-change-with-the-bankruptcy-law-in-aotearoa/ https://portal-algarve.net/five-things-that-need-to-change-with-the-bankruptcy-law-in-aotearoa/#respond Sun, 10 Oct 2021 20:59:00 +0000 https://portal-algarve.net/five-things-that-need-to-change-with-the-bankruptcy-law-in-aotearoa/

In 2021, Debt settlement co-founder Christine Liggins is on a mission to file bankruptcy online and insolvency law changes in Aotearoa.

The number of New Zealanders seeking bankruptcy is slowly declining, but in the year 2020-21 there were 784 court rulings.

It is many individuals, families, partners and creditors who are financially and emotionally affected by bankruptcy.

Liggins wants the following steps to be taken to improve the bottom line for people with debt problems and the organizations to which they owe money.

  1. Audit pending bankruptcies

Currently, there are around 1,600 bankruptcies that are still active, well beyond the three-year term. These need to be resolved and removed so that people can move on with their lives.

  1. Bankruptcy should not be dealt with by the New Zealand High Court

Filing for bankruptcy is a legal option for dealing with problematic debts, under the Insolvency Act. Therefore, the process should not be treated by the High Court as if the person were a criminal. Bankruptcy is not a fraud.

  1. All applications must be independently reviewed

Currently, a bankruptcy application is being administered, not reviewed. An applicant can go online in a moment of desperation, file for bankruptcy, and find themselves locked into the system without any review process. They may not know the impact bankruptcy has on their lives, or the alternatives that could be better for them and those to whom they owe money.

  1. Increase the financial threshold for the bankruptcy application of creditors

Right now, a person can be bankrupted by a creditor for as little as $ 1,000. Bankruptcy is such a serious action that the amount should be significantly higher. There are cases where angry family members, ex-partners, and businesses use bankruptcy as an act of revenge.

  1. Begin the bankruptcy process immediately

The paperwork, not signing on the dotted line and avoiding the problem and hoping it goes away, can all lead to bankruptcy proceedings for many years to come. New Zealanders need better systems to ensure that bankruptcy starts on time and is not delayed for months or even years due to lack of business reporting.

“Bankruptcy typically lasts three years from the date you provide a completed inventory, unless an objection to your discharge has been filed, in which case you will be notified separately. “ New Zealand Insolvency and Trustee Service

Debtfix wants society to change the stigma attached to bankruptcy.

People make mistakes, have relationship breakups, unexpected health problems, or suddenly lose their jobs through no fault of their own, and they may find themselves unable to meet their debts.

When bankruptcy is the only option, it is not the same as fraud and it is not a criminal act.

Fraudsters should be dealt with within the criminal justice system, and people who need to file for bankruptcy should be supported to resolve their debt, learn and move forward.

© Scoop Media

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Thousands of people take the opportunity to discuss real estate … https://portal-algarve.net/thousands-of-people-take-the-opportunity-to-discuss-real-estate/ https://portal-algarve.net/thousands-of-people-take-the-opportunity-to-discuss-real-estate/#respond Sun, 10 Oct 2021 18:45:25 +0000 https://portal-algarve.net/thousands-of-people-take-the-opportunity-to-discuss-real-estate/ European real estate professionals relish the opportunity to speak in person about the challenges they face, as the 23rd edition of Expo Real kicks off in Munich.

There are high expectations for the mood this time around: will it be upbeat or hectic?

As Expo director Claudia Boymanns points out, the industry faces many challenges: “Certain sectors such as residential, logistics and healthcare are more likely to emerge from the pandemic stronger, while the risks have become apparent in hotels and retail outlets, ”she says. “The office market will also change – if only because of the significant increase in home office options.”

On top of that, there is disturbing global economic news almost daily: rising oil and gas prices; supply chain disruption and labor shortage; the return of inflation.

How will all of this affect the long-standing real estate bull run?

Even more than before, this show is the culmination of months of careful planning by the four-person team at Boymanns and colleagues from overlapping areas such as technical exhibitor service, traffic and security, marketing. , communications and protocol.

The halls are specially ventilated, the routes will be clearly marked. There are social distancing rules, face masks, and admission only when vaccinated, recovered, or tested. Panel sessions do not follow each other closely, allowing half-hour intervals to implement appropriate hygiene measures. Many are online. All of this has been successfully practiced at other fairs held at Munich Messe since July.

Naturally, the 2021 show is smaller; it is more a European than a global affair this time. Certainly, a preponderance of delegates are based in Germany and the rest of the DACH region.

Boymanns said, “Of course, the pandemic continues to limit participation from overseas like the United States and Asian countries, so we mainly have a European focus. The spectrum stretches from the Nordic countries to the central and southern European region to Italy, Spain and Portugal, from the UK in the west to the states of Eastern Europe. ‘

Attendees will miss the big social events at the stands in the cavernous halls of Munich Messe. Nonetheless, informal dinners will still take place in downtown Munich, and some people plan to devote more time to meetings there, away from protocols.

The number of exhibitors is down by almost half, by 45%, from 2,190 at the last Expo Real in 2019 to 1,200 registered this time.

The number of visitors was still growing strongly until last week, “but it is clear that here, too, we will not equal the record year of 2019 due to the pandemic,” Boymanns says.

But for the thousands of people who have made the decision to be here, have there been many more exciting times to come together again and network?

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Vaccine King Portugal suddenly raises concern: “We are vaccinating people” https://portal-algarve.net/vaccine-king-portugal-suddenly-raises-concern-we-are-vaccinating-people/ https://portal-algarve.net/vaccine-king-portugal-suddenly-raises-concern-we-are-vaccinating-people/#respond Sun, 10 Oct 2021 18:23:20 +0000 https://portal-algarve.net/vaccine-king-portugal-suddenly-raises-concern-we-are-vaccinating-people/

More than 65% of the total population in Germany is now vaccinated – in other words, to end the epidemic and control the rate of infection in the long term. Very few remove current restrictions such as the mask requirement.

But despite the numbers rising again and the cancellation of many measures such as 3G and 2G and free trials from October 11, the turbo vaccine in this country is still far away.

Independence Day in Portugal – Restrictions largely removed

All that remains is a look of envy on Portugal, which has completely vaccinated 98% of its population in 12 years. On October 1, the country completed its “Esato de Allerto” (alarm level) and lifted several restrictions. Restaurants, hotels and small shops can be tucked in without a mask – and even discos and clubs are reopening.

In fact, the lowest number of new infections in Portugal is around 600 per day. The state of hospitals has also been relaxed. In Germany, by contrast, the number of new infections currently averages over 8,000 over 7 days. There has also been an increase in intensive care cases since August – there are currently more than 1,344 Covid-19 patients in the intensive care unit.

The option to get vaccinated is common in Portugal – citizens are constantly questioned

But without needing a vaccine – how has Portugal crept into other European countries in recent months?

One of the reasons for this is that the vaccine usually plays an important role in the community in Portugal. This is what Manuel Ivon da Cunha, a sociologist at the University of Minho in northern Portugal, said in an interview.

A valid vaccination certificate must be issued when enrolling in schools, applying for a driver’s license or applying for a job in the public service. The sociologist explained that Portugal has an environment that facilitates vaccinations and offers strong incentives. The suspicion and refusal of vaccination camp is much smaller than in other European countries. “Acceptance of vaccines is very high here,” says Da Cunha.

The naval commander has been appointed vaccine chief

In addition, Portugal carried out a sort of “military vaccination campaign” against Corona. Henrik Cueva, former naval commander and logistics specialist, led Operation e Melo. “I have made it clear to people that we are at war with the virus and that we must unite to win against it and protect our children from it,” he told the world.

Each citizen was individually invited to be vaccinated at least three times. If that person does not respond, they will be contacted and called back again and again.

In this way, the Portuguese succeeded in reducing the already small vaccination agents. “I said quietly in front of the cameras that the killer virus, these people were helping him”, “Weld” quotes Couvia e Melo.

The former vaccine leader resigned at the end of September because the 85% vaccination target already achieved at the time was critical to the third vaccine: “We are vaccinating people again and a large part of the world has yet to received the vaccine. This is a mistake for moral, ethical and strategic reasons. Opinion shared by many experts in Germany.

Germans fear negative effects of vaccine

The real reasons why many people in Germany do not get vaccinated were recently brought to light by a cosmo (Govt-snapshot-tracking) study that involved, among other things, the elucidation involving Herbert University, the Institute Robert Koch and the Federal Health Center. :

  • Seventy-five percent of those polled said they would consider the vaccine unnecessary if many had been vaccinated.
  • Seventy-two percent said the benefit-risk assessment was not in favor of the vaccine.
  • On the other hand, 40% expressed concern about the safety of the vaccine: their main arguments include insufficient research, very rapid approval and possible unknown long-term effects.

The study concluded that the safety and benefit of the vaccine are the most relevant factors for stopping vaccination. “With all of these factors, some socio-demographic factors recur, indicating a lack of confidence, a lower sense of risk and a lower preference for vaccination due to parasitism,” the study said.

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Love the Ave Sidewalk Sale arrives in New Bedford https://portal-algarve.net/love-the-ave-sidewalk-sale-arrives-in-new-bedford/ https://portal-algarve.net/love-the-ave-sidewalk-sale-arrives-in-new-bedford/#respond Sun, 10 Oct 2021 16:33:58 +0000 https://portal-algarve.net/love-the-ave-sidewalk-sale-arrives-in-new-bedford/

There’s a fun event coming up on Saturday October 16 in New Bedford’s North End. The very first Love the Ave sidewalk sale will take place from 10 a.m. to 3 p.m., and everyone is invited to the party.

The event is sponsored by the New Bedford Community Economic Development Center, an organization that has been part of the North End for many years. Managing Director Corinn Williams said she grew up in the North End and her organization is looking to do everything possible to rejuvenate the business district along Acushnet Avenue.

Speaking this week on Town square Sunday, Williams said many small businesses on the avenue suffered a financial blow during the COVID-19 pandemic, and the sidewalk sale will hopefully help them recoup some of their losses.

She said there will be a lot of different items for sale from Portuguese, Latino and Guatemalan merchants. Entertainment and activities for children will also be on the program. At lunchtime you can enjoy delicious dishes in the many and varied restaurants, bakeries and food stalls along the avenue.

Williams also shared with us an update on the Capitol Theater Project, in which the CEDC is partnering with the Waterfront Historic Area League, and other events in the North End.

Town square sunday is a weekly public affairs program that airs every Sunday morning on 1420 WBSM. The program highlights the people and organizations working to make Greater New Bedford a better place to live and work.

If you want your organization to be listed on Town square Sunday, please email the host at jim.phillips@townsquaremedia.com.

50 famous brands that no longer exist

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Delayed Board Response to Misconduct in Light of Enforcement Dismisses Caremark Claim – Insolvency / Bankruptcy / Restructuring https://portal-algarve.net/delayed-board-response-to-misconduct-in-light-of-enforcement-dismisses-caremark-claim-insolvency-bankruptcy-restructuring/ https://portal-algarve.net/delayed-board-response-to-misconduct-in-light-of-enforcement-dismisses-caremark-claim-insolvency-bankruptcy-restructuring/#respond Sun, 10 Oct 2021 15:11:15 +0000 https://portal-algarve.net/delayed-board-response-to-misconduct-in-light-of-enforcement-dismisses-caremark-claim-insolvency-bankruptcy-restructuring/

United States: Delayed Board Response to Misconduct in Light of Enforcement Counteracts “Caremark” Claim

To print this article, simply register or connect to Mondaq.com.

Barry Klayman and Mark Felger, writing in the Insider in Delaware Business Court, review a recent decision by Vice Chancellor Slights of the Court of Chancellery dismissing an allegation that the defendants violated their Caremark obligations because the plaintiff failed to adequately plead the futility of the claim. The article highlights the court’s acceptance of the board’s late response to the alleged misconduct so as not to undermine the company’s defense of pending enforcement actions related to the same conduct.

To read the article, click here.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR POSTS ON: Insolvency / file bankruptcy online / Restructuring from the United States

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The day Bethlehem Steel went bankrupt: “I never thought this would really happen” https://portal-algarve.net/the-day-bethlehem-steel-went-bankrupt-i-never-thought-this-would-really-happen/ https://portal-algarve.net/the-day-bethlehem-steel-went-bankrupt-i-never-thought-this-would-really-happen/#respond Sun, 10 Oct 2021 11:00:00 +0000 https://portal-algarve.net/the-day-bethlehem-steel-went-bankrupt-i-never-thought-this-would-really-happen/

It cannot be overstated: Bethlehem Steel was Bethlehem. And when the titan of the industry declared bankruptcy 20 years ago this week, that sounded the death knell. The steel industry here had already stopped and the company was selling goods to keep itself afloat. Some hoped that government intervention and negotiations with the unions could avoid the inevitable, but it was too late: Steel would shut down for good two years later.

Here’s how the Express-Times reported the bankruptcy of Bethlehem Steel on October 16, 2001.

Bethlehem Steel Corp., the giant that put this city on the map, to file bankruptcy online on Monday.

At 3 a.m., Steel’s board members voted unanimously to call for the reorganization of Chapter 11 after hours of meetings in New York City.

At 9 a.m., attorneys for Bethlehem Steel filed the documents with the U.S. Bankruptcy Court in Manhattan, listing $ 4.2 billion in assets and $ 4.5 billion in debt.

Robert “Steve” Miller, president and CEO of Steel, said the move came with enough loans to keep the company afloat while making significant cuts.

“When I got here I was reasonably confident we wouldn’t need to go,” Miller said of the bankruptcy filing. “But since September 11, the economy has gone into free fall – every day it was clear that the business outlook was bleaker than I thought.”

Miller has only been at the head of the company for 21 days.

The company, which has lost money five quarters in a row, has 13,000 employees and 74,000 retirees. On Monday, Steel reported a third-quarter loss of $ 152 million, or $ 1.25 per share.

… In its heyday, Bethlehem metallurgists built landmarks like the Golden Gate Bridge and Rockefeller Plaza. During World War II, it employed 300,000 people as the country’s largest shipbuilder.

Bethlehem Steel’s rusty blast furnaces are barely visible through the fog one day in January 2005, four years after the company went bankrupt and two years after its final shutdown.Bill Adams | photo from lehighvalleylive.com

Today, more than 20 American steel companies have filed for bankruptcy protection since 1998, when financial crises in Asia and Russia prompted foreign producers to flood the United States with cheap steel.

Miller, a turnaround specialist who made his name with Chrysler’s bailout in the 1980s, joined the company on September 24, replacing Duane Dunham.

The company has announced plans to sell its South Buffalo Railway business in Lackawanna, NY, a 70 percent stake in an iron ore mine in Minnesota and a 5 percent stake in a mine in Brazil. It also plans to cut 340 jobs by closing a coal processing plant in New York City to cut spending.

This fall, Steel was struggling to get $ 750 million in loans. This weekend, the ailing company lined up $ 450 million in loans with GE Capital as “debtor in possession.”

“The $ 750 million was like refinancing your mortgage, while the $ 450 million is more in the form of a second mortgage,” Miller said on a noon conference call. …

He said Steel’s takeover rests on “three legs” – work, government and merger or acquisition.

… [United Steelworkers of America] President Leo Gerard said 130,000 retired workers and dependents were “at risk” by the Bethlehem case.

“You don’t have to be a rocket scientist to understand that if Washington [D.C.] don’t act now, an industry critical to America’s security will be bled to death, ”Gerard said in a statement.

Local union and pension officials said Monday they had not been informed of the changes facing the 11,000 retirees of Lehigh Valley metallurgy.

… The fallout from Steel’s bankruptcy is not limited to Steel. Lehigh Heavy Forge laid off an undisclosed number of employees as of noon Monday, [Jerry Green, president of the tri-local union] noted.

… Bethlehem Steel supplies raw materials for the South Bethlehem Company and is a major buyer for its products. …

People who heard the news from Bethlehem Steel used one word – sad.

Bruce Davis, attorney for the Bethlehem Steel Retired Employees Benefits Coalition, said: “It’s about as sad a day as I can remember for a very proud company.”

… Author and former Globe-Times editor John Strohmeyer said he received a phone call from his daughter early in the morning.

It is now [at the time of original publication] author in residence at the University of Alaska at Anchorage.

“My first reaction was to see it coming, but I never thought it would really happen,” Strohmeyer said.

Pulitzer Prize-winning Strohmeyer is the author of “Crisis in Bethlehem”, a book that traces Steel to the mid-20th century.

The theme? “Steel was relying too much on the government to bail it out,” said the author. “It was time for management and workers to tango. If they wanted to save it, it had to be a joint rescue operation. I don’t think it ever happened.

Then he added, “It’s sad. It’s very sad.”

Phillip Phillips performs Wind Creek Steel Stage at Musikfest

Diana DeMuth opens for Phillip Phillips at Musikfest 2021. Bethlehem Steel is gone, but relics like the blast furnaces now provide a spectacular backdrop for a vibrant arts and culture hub.Saed Hindash | For lehighvalleylive.com


• 10 YEARS AGO | October 10, 2011: The 110-year-old Blue Fox Hotel burns down in Whitehall Township, killing one and displacing nine others, some of whom are believed to have jumped from second and third floor windows.

50 YEARS AGO | October 14, 1971: Early feedback from an Easton Express reader survey shows that 2: 1 readers vs. Tocks Island Dam project. The controversial project aims to dam the Delaware River just north of the Delaware Water Gap, and the Express is committed to sending the final results of its poll to a presidential council that is due to vote on the project by November 4.

This story is part of Lehigh Valley then, a weekly series that recalls the historical titles of lehighvalleylive.com affiliate The Express-Times and its predecessors 10, 20, 25, 50 and 100 years ago. The stories are taken from microfilm in the Easton and Bethlehem Public Libraries. Excerpts from the original text are edited for clarity and length.

Our journalism needs your support. Please register today at lehighvalleylive.com.

Steve Novak can be reached at snovak@lehighvalleylive.com.

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Executives’ pre-bankruptcy bonuses spark outrage, little action in Congress https://portal-algarve.net/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/ https://portal-algarve.net/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/#respond Sat, 09 Oct 2021 23:32:41 +0000 https://portal-algarve.net/executives-pre-bankruptcy-bonuses-spark-outrage-little-action-in-congress/

The Government Accountability Office recommends that Congress consider amending the bankruptcy code to clearly define the extent to which companies can provide bonuses before declaring bankruptcy.

In a September 30 report, GAO found that of some 7,300 companies that filed for bankruptcy in 2020, 42 awarded executive bonuses shortly before filing. The bonuses, totaling some $ 165 million, ranged from five months to two days before file bankruptcy online.

While pre-bankruptcy bonuses were a minority among 2020 Chapter 11 bankruptcy cases, the GAO report raises questions about the number of additional business executives who may be looking to take advantage of the so-called plans. key employee incentive, or KEIP, if there is a deeper economic recession.

“Congress should consider amending the U.S. Bankruptcy Code to clearly subject the bonuses debtors pay executives shortly before a bankruptcy filing to bankruptcy court oversight and to specify the factors the courts should consider. account to approve these bonuses, ”GAO wrote.

Senator Elizabeth Warren, D-Mass., Earlier this year targeted former Genesis Healthcare Inc. CEO George Hager Jr., who allegedly received a $ 5.2 million “retention” bonus before leaving the nursing service provider in January, even after more than 2,800 of its residents died from COVID-19 and despite leaving Genesis in dire financial straits, she said.

“Much of this compensation was approved in late 2020, when it was clear the company, under Mr. Hager’s leadership, was already in financial difficulty,” Warren said in a March letter to the company. . In short, it looks like Mr Hager walked away with an extraordinarily rich compensation package, leaving behind thousands of residents and nursing home staff dead and sick and a business in financial shambles despite the bailout. hundreds of millions of dollars in taxpayer funds. . ”

Following the departure of Hager, Genesis announced a restructuring plan allowing it to avoid bankruptcy. A company spokesperson did not immediately return a call asking for comment. Attempts to reach Hager were unsuccessful.

Pre-bankruptcy bonuses first gained attention last year after economic disruption and stay-at-home orders to fight COVID-19 sent shockwaves through several sectors, including the retail and oil and gas, said David Farrell, partner in bankruptcy and finance. restructuring group at Thompson Coburn.

The coronavirus “was such an aberration … that maybe sped up the whole bankruptcy review” for some companies, Farrell said. “What would normally have been a longer trail before people filed may have forced bankruptcy considerations much faster because people’s cash flow is gone. ”

This led to corporate filings that highlighted KEIPs. One of the most publicized cases was that of clothing retailer JC Penney Co., which awarded executives nearly $ 10 million in bonuses five days before it went bankrupt in May 2020.

A year and a half later, large business Chapter 11 filings have plummeted, as has the attention of lawmakers and investors, Farrell said.

“It’s sort of a chronic problem with bankruptcy reform,” he said. “There’s no question that bankruptcy filings tend to be in waves, so you have periods of intense bankruptcy filings and the business cycle changes and then the filings go down. Issues are raised and there are discussions about the legislation and then people lose their attention span as the business cycle changes and these issues don’t get a lot of attention in the media because the filings are dwindling. ”

KEIPs emerged shortly after Congress made changes to tighten the country’s bankruptcy rules 16 years ago. For years, companies that wanted to keep certain senior executives on their payrolls as part of Chapter 11 reorganizations had sought bankruptcy courts to approve retention payments. These payments set a precedent for judges allowing struggling companies to award lucrative executive bonuses on the pretext that senior management would be inclined to stay on board and run the business until Chapter 11.

Unions complained that the bonuses allowed executives to get away with large payouts while grassroots workers faced the brunt of layoffs and restructuring. These arguments culminated in the bankruptcy legislation of 2005, after the bankruptcy of the camera company Polaroid in 2001, which saw executives pay more than $ 7 million in bonuses.

The law limited the ability of debtors to obtain court authorization for such payments in bankruptcy. The companies have come up with KEIPs to keep paying their executives to stay on through tough times, Farrell said.

Congress has not made major changes to the country’s bankruptcy code, including executive pay and bonuses during Chapter 11, since that 2005 law.

Representative Greg Steube, R-Fla., Introduced a bill in January that would prohibit companies from paying bonuses to executives, insiders or others who earn more than $ 250,000 a year from one year before a company files for bankruptcy and for one year after filing. The bill in March was referred to the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law, of which Steube is a member. No action was taken.

Peter Karafotas, chief of staff to subcommittee chairman David Cicillin, DR.I., did not answer questions about whether he would work on Steube’s bill or similar legislation to fill the gap.

KEIPs were brought up during a July 28 subcommittee hearing on “current abuses” under the Chapter 11 system.

Adam Levitin, a law professor at Georgetown University, echoed concerns raised in the GAO report. He told lawmakers that changing the bankruptcy code to only pay executives and directors to stay in a business through KEIP based on certain goals has led debtors to exploit a loophole.

“Rather than dealing with KEIPs, however, debtors have increasingly turned to insider payments on the eve of bankruptcy,” Levitin said in written testimony to the subcommittee in July. “Although improper, this practice is currently perfectly legal; the Bankruptcy Code does not apply until the debtor has filed for bankruptcy.

“Chapter 11 has long awaited an update to ensure that it continues to deliver on its promise to provide a fair and efficient method of dealing with the inevitable reality of business failure,” he said. he concludes.

Peter Feltman contributed to this report.

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