Who Benefits From the Bailout?

By
Monday, September 08, 2008 at 8:45 am

So far it looks like shareholders, employees and, of course, taxpayers are the big losers in the unprecedented Fannie Mae and Freddie Mac government bailout just announced over the weekend.

But some people are going to come out of this mess just fine, The New York Times says. And guess who that might be?

Departing chief executives Daniel Mudd at Fannie Mae and Freddie Mac’s Richard Syron could leave with lucrative pay packages totaling milions of dollars. All this despite the fact that the companies they headed failed so spectacularly the government had to step in.

From The Times:

Under the terms of his employment contract, Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause,” according to an analysis by the consulting firm James F. Reda & Associates. Mr. Mudd has already taken home $12.4 million in cash compensation and stock option gains since becoming chief executive in 2004, according to an analysis by Equilar, an executive pay research firm.

Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least $14.1 million, largely because of a clause added to his employment contract in mid-July as his company’s troubles deepened. He has taken home $17.1 million in pay and stock option gains since becoming chief executive in 2003.

It’s nice to know that Syron, in the midst of a meltdown of his company that threatened the stability of the housing market and of the U.S. economy itself, took the time to redo his contract to ensure he would be enriched should Freddie Mac fail. It’s so inspring to have someone at the top looking out solely for himself while mortgage rates were going up and millions of Americans faced losing their homes.

That little tactic, in and of itself, should give the government more cause to step in and say: No way. We own the place now – and we no longer have to put up big salaries for no-talent executives to enjoy cushy retirements while everyone else pays for their mistakes.

Here’s hoping the government makes an example of these two — and quickly — before top executives at all those failing banks get the same idea and start rewriting their own employment contracts.

Comments

7 Comments

SamThornton
Comment posted September 8, 2008 @ 9:05 am

Let the record show that in September 2008, Republicans, under George W. Bush, engineered the biggest Socialist takeover of private property since the 1917 Communist revolution in Russia, using arguments that apply equally well to national health care, the airline industry, the telecommunications industry, and the oil industry. Sounds like an idea whose time has come.


DOUGLAS FIELD
Comment posted October 4, 2008 @ 6:46 pm

SENATOR OBAMA,DOES GOD NEED TO LOBBY OUR US CONGRESSIONAL LEADERS OF THE FREE WORLD FOR POORER AMERICAN'S,OR ARE YOU WATCHING OUT FOR THEM ??

SURELY OUR US CONGRESS & US SUPREME COURT BOTH KNOW THE DIFFERENCE BETWEEN STATE MURDER & A POSSIBLE EXECUTION IN GEORGIA NEXT WEEK ???

OUR US CONGRESSIONAL LEADERS OF THE FREE WORLD CONTINUE TO DENY MIDDLE CLASS AND WORKING POOR AMERICANS PROPER LEGAL REPRESENTATION EVEN THOUGH WRONGFUL EXECUTIONS & FALSE INCARCERATIONS CONTINUE ALL ACROSS AMERICA ???

*** 700 BILLION $$$ AVAILABLE FOR US BAILOUT, & NO $$$ FOR ALL POORER AMERICANS PROPER LEGAL REPRESENTATION ???????

WHERE ARE AMERICA 'S RELIGIOUS LEADERS ??
SENATOR OBAMA, THIS JUDICIAL INJUSTICE HAS BECOME AN AMERICAN ART FORM, AND NO LONGER CAN BE KEPT HIDDEN OR SECRET FROM THE AMERICAN PEOPLE EVEN IF CERTAIN (501c3) U$ RELIGIOU$ LEADER$ HAVE BEEN $ILENCED ??

LETS ALL HOPE OUR MEDIA FRIENDS CONTINUE TO SHOW AN INTEREST IN REPORTING ON THIS AMERICAN HORROR FACING THESE (TENS OF THOUSANDS) FORGOTTEN AND TRAPPED POORER AMERICANS, AND HOW THIS PRESIDENTIAL CONTENDER HANDLES THIS VERY SERIOUS ISSUE FACING AMERICA'S LATINO AND BLACK AMERICAN COMMUNITIES ????

WITH 80% OF THE BLACK AMERICAN VOTERS SAYING THEY SUPPORT SENATOR OBAMA IN THIS PRESIDENTIAL ELECTION, IT IS ONLY FAIR FOR EVERYONE TO KNOW PRIOR BEING ELECTED OUR NEXT PRESIDENT OF THE UNITED STATES HOW THIS DEMOCRATIC SENATOR TRULY FEELS ABOUT THIS AMERICAN JUDICIAL INJUSTICE CONTINUING TO INFLICT GRAVE HARM ON THE BLACK & LATINO AMERICAN FAMILIES AND THEIR COMMUNITIES NATIONWIDE ??????

*** WHEN GOD'S FACE BECAME VERY RED ***
THE US SUPREME COURT GAVE ENEMY COMBATANTS FEDERAL APPEAL HC RIGHTS LAWYERS AND PROPER ACCESS TO US FEDERAL COURTS,AND POORER AMERICANS (MANY EVEN ON DEATH ROW) ARE DENIED PROPER FEDERAL APPEAL LEGAL REPRESENTATION TO OUR US FEDERAL COURTS OF APPEAL, AND ROTTING IN AMERICAN PRISONS NATIONWIDE ?????????

**** INNOCENT AMERICANS ARE DENIED REAL HC RIGHTS WITH THEIR FEDERAL APPEALS !
THE AMERICAN PEOPLE ARE $LOWLY FINDING OUT HOW EA$Y IT I$ FOR MIDDLE CLA$$ AND WORKING POOR AMERICAN$ TO FALL VICTIM TO OUR U$ MONETARY JUDICIAL $Y$TEM.

****WHEN THE US INNOCENT WERE ABANDONED BY THE GUILTY ****
The prison experts have reported that there are 100,000 innocent Americans currently being falsely imprisoned along with the 2,300,000 total US prison population nationwide.

Since our US Congress has never afforded poor prison inmates federal appeal legal counsel for their federal retrials,they have effectively closed the doors on these tens of thousands of innocent citizens ever being capable of possibly exonerating themselves to regain their freedom through being granted new retrials.

This same exact unjust situation was happening in our Southern States when poor and mostly uneducated Black Americans were being falsely imprisoned for endless decades without the needed educational skills to properly submit their own written federal trial appeals.

This devious and deceptive judicial process of making our poor and innocent prison inmates formulate and write their own federal appeal legal cases for possible retrials on their state criminal cases,is still in effect today even though everyone in our US judicial system knows that without proper legal representation, these tens of thousands of innocent prison inmates will be denied their rightful opportunities of ever being granted new trials from our federal appeal judges!!

Sadly, the true US *legal* Federal Appeal situation that occurs when any of our uneducated American prison inmates are forced to attempt to submit their own written Federal Appeals (from our prisons nationwide) without the assistance of proper legal counsel, is that they all are in reality being denied their legitimate rights for Habeas Corpus with our US FEDERAL COURTS and will win any future Supreme Court Case concerning this injustice!

For our judicial system and our US Congressional Leaders Of The Free World to continue to pretend that this is a real and fair opportunity for our American Middle Class and Working Poor Citizens, only delays the very needed future change of Federal Financing of all these Federal appeals becoming a normal formula of Our American judicial system.

It was not so very long ago that Public Defenders became a Reality in this country.Prior that legal reality taking place, their were also some who thought giving anyone charged with a crime a free lawyer was a waste of taxpayers $$.

This FACADE and HORROR of our Federal Appeal proce$$ is not worthy of the Greatest Country In The World!
***GREAT SOCIETIES THAT DO NOT PROTECT EVEN THEIR INNOCENT, BECOME THE GUILTY!

A MUST READ ABOUT AMERICAN INJUSTICE:
1) YAHOO AND 2) GOOGLE
MANNY GONZALES THE KID THAT EVERYONE FORGOT IN THE CA PRISON SYSTEM.
** A JUDICIAL RIDE OF ONES LIFE !

lawyersforpooramericans@yahoo.com
(424-247-2013)


Nathan
Comment posted October 6, 2008 @ 8:21 am

All the zionist that control americas financial sector. Simple. They have spent 700B of your money on THEIR 'The New Middle East' initiative, and now they want to line THEIR pockets with another 700B of your money.


Nathan
Comment posted October 6, 2008 @ 3:21 pm

All the zionist that control americas financial sector. Simple. They have spent 700B of your money on THEIR 'The New Middle East' initiative, and now they want to line THEIR pockets with another 700B of your money.


zerog
Comment posted July 14, 2009 @ 3:42 pm

This is only the beginning of the end. The proposed Cap and Trade legislation is designed to drive US manufacturing out of the country. It is dubious to say the least. This is another example of the kind of sabotage to our economy that was exhibited in the 'so called' stimulus-bail-out.


macdoodle
Comment posted August 24, 2009 @ 7:57 pm

HUD's Martinez and then Jackson were placed in charge of oversite by Bush.
WHO IS SURPRISED the BOOM AND BUST de regulated bad plans for the people BUT for BIG PROFITS of RE AND WALL STREET
had approval.
“DO NOT DISTURB”
-big biz-
WAS The GOP'S MANTRA.


chuck2
Comment posted August 25, 2009 @ 4:23 pm

THe folks BEHIND THIS horror are the big WS frims and HUGE investors”, they are raping small business and probably will used bail funds to do “invest in CH11 companies.
.This was sent to MI papers (No responses) and applies across USA and for some odd reason not one media will even give it a cursory look. THIS IS A HUGE ECONOMIC STORY of how very quietly Corp-Lawyers are “legally gang raping small business. We are in mid-late 60’s, honest hard working, vet, etc.. now may loose home to this horror.. Please at least look into this as the truths are stunning how huge WS investment companies-legions of their lawyers are destroying lives in their greed for one more dime. This is way beyond “wrong” it is “legal” economic rape” and the pols howl of HC will hurt Small Business.. then what the hell do they thing this corp and lawyer welfare program is doing?.
.
.Following sent to a MI paper as MI (and USA) is going to get a big wake up call. Just the CH11 of “old GM, Delphi and a few others, as well with “record CH11 filings” is going to take out thousands of other small business, many in MI and Midwest that were part of auto, are going to be shut down in next year or two. NONE will KNOW it is coming. Why media is missing a major story like this makes one wonder what is going on?
We are NOT in MI, wish we were rather then in South,, but this thing we call the “CH11 Death Star” knows NO state restrictions as we found out. Across USA, ANY www based business faces this fate, more so when set up as we were by a company whom just hired top levels that KNEW they could get ALL back they paid us, which in any other court would at least be fraud or entrapment, false enrichment, etc. Now as seniors, my wife ill, we will lose home to billion dollar investors and “all is legal” and the huge numbers of MI small business, machine or parts or services shops and all are now in great economic danger and NONE probably know it. Why NO media will discuss it escapes me… unless the owners want lid on for political reasons.

. We were advised the a lawyer “Acting for the the Trust” AKA HUGE billion dollar investment companies predators that feed off CH11 as shown below.. will “File a writ and take your home to satisfy the Judgment” etc. I am 68, my wife 63 in desperate need of medical care.. and we are now just struggling to get by on a single SS check. MEET THE DEATH STAR of CH11 and reality, yet all silent? This is how this game works..
The debtor in possession or the trustee, as the case may be, has what are called “avoiding” powers. These powers may be used to undo a transfer of money or property made during a certain period of time before the filing of the bankruptcy petition. By avoiding a particular transfer of property, the debtor in possession can cancel the transaction and force the return or “disgorgement” of the payments or property, which then are available to pay all creditors. Generally, and subject to various defenses, the power to avoid transfers is effective against transfers made by the debtor within 90 days before filing the petition
MY NOTE
“Creditors” AKA “DIP” (Debtor in Possession) were billion dollar investment firms, they, their legions of lawyers and CH11 CEO levels did just fine, and they went at 600 contractors under 547, this was a very small firm that closed all their plants, wiped out retirements-benefits and now import from China. “Transfers mean what the firm contracted/paid you (A set up scam, 99% of time KNEW THEY’D GET IT ALL BACK)
Following was sent to you before.. but like most media either to stupid to understand it as was the “NWNW” (NetWork NitWits) ref'd below.. or the media is being told to shut up about it as they were about the pre-crash financial situations as all could not have been so dumbed down to miss the crash was coming. So I send it again, find it rather odd the NO media will discuss the reality, the nuts and bolts of this CH11 horror.. perchance their corp masters will not allow it? So read below,, as said not one media person has even questioned us about the “DEATH STAR”.. why not?
A MAJOR ECONOMIC IMPACT ITEM FOR MI AND ALL USA, yet no one will investigate, WHY?.
MI's GM-Delphi and all the “Record number of CH11 Filings are truly a “Death Star” crewed by legions of lawyers, paid in SB blood, like bounty hunters, on their way to destroy small business. I can assure, like you 99.9% of SB “never heard of it” and/or believe, for now,”they ICH11 Death Stars) cannot do that.” “YOUR lawyer to defend will cost tens of thousands and you will loose anyway.So now in the midst or a terrible recession thousands of Small Business's, are going to get dragged a fed court and “legally raped” by huge Death Star investment firms for doing business in a normal manner. I doubt any of you or SB, like us ever heard or in our worse dreams thought a “Court could “batch process hundreds of small business's and order them to pay back ALL and ANY funds they were paid within 90 days of their customer filing CH11. More disbelief, as months PRIOR to the CH11 the “CH11 firm contacted and contracted us, not other way around and they FULL WELL KNEW their lawyers, at the firm would get it all back. Note, SB should be warned, there is a two year or so window for the CH11 “Creditors” to rape them in Courts.
How extensive will legal rape be, well in our case and multiply by thousands of others, the Star that took us out was tiny mfg Corp that hiring “experts on CH11″, next called us to work for them, NOT other way about, NEVER mentioned CH11 on the way as now in “structured” mode, only “we are having problems and need you to find us best Dir., later upgraded to VP (with huge severance, Golf club membership, car, etc! Bizarrely, 19 months after CH11, HER severance pay was MORE then our fee they are now taking our home to satisfy “Judgment”. .These exec's KNEW they could drag us into court, we had no defense.
THIS IS ONE NONE WILL DISCUSS OR INVESTIGATE, Para 547 CH11 to prevent inside big boys at a CH11 company from ripping off and giving funds to each other. NOW the big investment firms and legions of lawyers take back ALL funds, and do the numbers as “Falcon Trust” that is skewing us, was a very small Corp. The mufti levels of “old giant GM and the big boys and the “Record Nr of CH11's”, this small corp “only” raped 600 SB's! Care to estimate the amount “old GM” and ALL will do in. So long read and such, as said not my best work.. but at 68 with wife desperately needing medical care one kind of loses focus. Why none will report on this is a big a question as the horror of it?

The following, which at one time was rather clear and precise is now a bit of a long read. Ended up that way as in total frustration with some media types, “well I don't understand, they cannot do that and can you add about etc etc” and such.. I gave up on “updating”. So not my best work, but then when at 68, our small business and life hammered into ground by HUGE investment firms with legions of lawyers and a law the special interest wrote and congress “voted for”? My wife is now ill from the whole thing and a back injury and yes NO HC.She is seriously so and we have no medical for her. Despite fax, email and calls Congress will not say word to us, so you call and see what happens?.
Hope you folks might know a real journalist that wants to do this one, it is a REALLY big deal, but no one will even investigate or discuss it..Must be they call their Corp lawyers and since law firms making billions off it are told to “forget it as is the law”.
Apologist for length, but “legally robbed” kind of does that to you..Following sent to “mainstream media”.. and got as you will see lot's of “dahhhhhhh”! I would guess that 99% of public like the fool below if asked would say “they cannot do that to you”..but “they do”, Only hope is real journalists and editors, not worried about taking on the big money and lawyers, and Congress with election year coming as they wrote it and refused to discuss. Full fury will not hit until after elections, so they dodge it. Well if you think there is another housing-inflation etc etc, bomb ticking away you might read this. There is a HUGE economic time bomb “ticking” for small business and most are not yet aware of, as we call “The CH11 Death Star” is now on the way to destroy them, start impacting in later 2009 and 2010 due to “legal two years to act”. This is a bad one.. “Now cometh the CH11 Death Star, crewed by legions of lawyers” sent to destroy small business like bad loans did to housing-economy, yet all remain silent, why?

Have lost my edge at “short, clear and concise” as at 68 kind of hard to see our lives destroyed to feed the legions of lawyers and the huge investment firms that for:”the Trust”, more on them further down. I have spoke to someone at “major network”, whom sounded like, i hope not up food chain, but a intern at best, asked for this detail level “as to what is going on etc”. Disturbingly, after reading this in their best imitation of Paris H or such, “Wow I am soooooooo upset about it, Well they cannot do that as it sure sounds illegal to me”. So much for the “mainstream media” as I told her, “well THEY, do that all the time”" and at that point kind of gave up on such folks. Again I apologize for length repetitions ,but we stand to lose all our lives work, “legally raped” out of it and no one seems to give a damn…gov or media…. . Thousands of other small business going to be legally raped by the big investment firms and their lawyers as CH11 is a BIG money maker for them. This is truly the “CH11 Death Star of small business”. Shocking truth is, BY LAW, there is NO defense, real horror, as said “SB Dies when the CH11 Death Star” shows up and is in Sci-fi movies none know it is coming.. SB NEEDS to know about this one, more so any that dealt with any CH11 company.
Note I sent this to “CBS NEWS” commentary via CBS site as this involves hundreds of thousands of dollar more then their “CH11 Gift Card lose via CH11Bankruptcy” They do not seem to get it yet, compared to “Gift Cards” this thing is 1000's of times worse, shuts or and economic damages to small firms and lay off more. This “CH11 Death Star' shows up, often totally unexpectedly.. as our own little survey proved 99% PLUS of small business NEVER heard of it, well they will.. We ask WHY is media so silent about it???????? This is daily destroying small business and ALL remain silent? This is a very real and timely truth that for some reason NONE in media or politics will touch.. one has to ask why the silence. If you take time to read and work the numbers of how many CH11 being filed, and that we got legally raped by a small Corp, via billion dollar firms, HUGE “Creditors” (some shown in below), do the numbers on the HUGE GM, Delphi;s and even the “mid sized CH11's”, result is this thing is about a big a economic story as will be found anywhere.. yet ALL remain silent.. WHY? A bit of a long read, some repetitive. but one does not think real clearly when life time of work is being destroyed to enhance billion dollar ' Investment and WS firms”: et al lawyer's, take our home!

This is one NO media or Pol will touch and it is going to blow up in late 2009 and 2010, a bigger impact.Law “allows” to years to file at us, two year “float” after CH11 is filed, and when this strikes. Fact is “Record number of CH11 filed” will destroy more small business and lives then the recession. So far no one seems to want to devote ANY time looking into this or the entire CH11 mess going on, or expose what a lot of huge investment firms, legions of lawyers. REAL truth, the C// level folks CH11 companies, check records yourself, ALL of them, do VERY well in CH11. Everyone else, from workers to suppliers are destroyed. They do NOT want any open discussions, public is dumbed down about CH11 and lawyers-pols-investors want their huge welfare program damaged, or the looming danger to the pols favorite “Small business the back bone of nation, blah blah blah. It is a very real danger and is being covered up. WHY?

Background. OUR CRIME,,.. doing recruiting business as usual. Our bio is I am 68, wife is 63 and in desperate need of medical care for serious back problems from fall. We DID have a small recruiting business since 1992. We got phone call from furniture company, C// levels (unknown to us advised by lawyers and ALL CH11 Experts) begged us “find us a VP for logistics as we are having trouble and need good one”. They signed our contract and we found them a great VP, they delayed paying and after they did, 15 days later filed CH11 19 months later we got CH11 Court summons to pay it all back..
THE “LEGAL CH11” SCAM:.
During entire period, PRIOR TO CH11 file, ALL the C// level’s we dealt with at company KNEW they were setting up for CH11 (AKA 547c would be in effect), none said a word. They purposely, a facts we found seem to point out, delayed the VP hiring by three months which put our fee inside 90 days. Records we found proved they hired “Experts on CH11? to include their NEW CFO. We were paid two weeks later they filed CH11. We heard a rumor they later laughed about the whole thing and “if only these hardworking dedicated contractors knew, etc etc”. Nearly TWO years LATER we got Summons to Fed Bankruptcy Court 800 miles away where Corp was based as did o6thers across USA.. We contacted lawyers locally and in the Court area. ESTIMATES for Lawyers, $10-15K retainer, and “Estimate it will run around 25-35K or more etc.” One honestly said, “you will still lose as 547c has NO defense. He was right and in middle of recession we now owe in FED COURT, all together different then state or local, $22K PLUS court costs as they can take any thing, even SS and investor’s collections agencies now at us know it.
We are broke now,wife is ill, excellent credit ruined, business destroyed, live off single SS check. Recruiting is a dead industry. But we learned, I turned down business with a firm we found out was “in formal restructuring” AKA prelude to CH11 file, Found even if they had granted us a “waiver of CH11 547c” in our contract, the “Law” is they could not be the “owners” as CH11, DIPs could go at us, there is NO defense as said before.
We had a 780 credit score, that will be ruined along with our life. The FACTS PROVED, we were set up by “Experts hired to lead them though CH11? while doing business with us and all. In any other court this would be a scam, entrapment or fraud. They fully KNEW they’d get all back when they called us, contracted us and more so as they paid us. Even worse they laid of the VP we got them after 18 months, SHE WAS GIVEN BY THE SAME “CREDITORS-DIP” that dragged us into Court, more severance/benefits then the Court Ordered us to pay back. We found nearly ALL the top at CH11 firms do VERY well after CH11 filed, all others are simply “legally” raped!.
That bunch of exec-lawyer;s spent six months in this process and we spoke with top levels regularly. They delayed paying us and when they did, 15 days later we got notice, bizarrely from VP we got into company, “we filed CH11 and not to worry as all vendors will be paid etc”. We were happy we got paid, STUNNED nearly TWO years later got “St Louis CH11 Fed Court Summons” (800 miles away) from “Trust”. Seems that under FED CH11 LAW, more so CH11 P547c a “firm is considered insolvent 90 days before they file CH11 and as such all funds paid out are to be returned for redistribution to Creditors” etc. AKA they You can look up for self and below is also definition. We (and as we found out, 600 other firms, mostly small business) now TWO years later “Owed back what they had been paid as “guilty” and NO Defense. The “Creditors” are billion dollar investment firms and several “smaller” million dollar firms that feed off CH11. They employ legions of lawyers Others and we, introduced to “Batch filings” where template type fillings of 600 at one time, were done like feeding animals to slaughter houses. Now “Trust” has hired a local lawyer as their letter said “To take legal actions to recover $22.5K” that we do not have nor did we ever expect to have to pay them. NO firm “outs away for two years any money paid them in case of CH11???? NO ONE does that. We now live of my single SS check and as you might guess in a recession that “recruiting” is not going on. We were told since this was in FED Court in ST L, they can take ALL we have and they will hire another lawyer to take your home… We are powerless and so are so many. This is a horror and none will say a word… We wrote pols in DC and media across nation.. not one reply as BOTH are owned by Corp USA.. PLEASE I know it is long read, but this is a terror as real as those anywhere.. HELP.. Again apologize, BUT THE CH11 DEATH STAR HAS COMETH.. With 600 taken down by a small Corp CH11, I shudder to think how many will go down from the “record CH11 filings.. and with GM-Delphi huge firms.. well you do the numbers. HELP!

FYI READER-SB’s, MEET THE CH11 p547c DEATH STAR AKA “Avoidable Transfers” in quasi-legal AKA English version. Note trick terms like “undo” and “avoiding” AKA paying their bills, etc.
The debtor in possession or the trustee, as the case may be, has what are called “avoiding” powers. These powers may be used to undo a transfer of money or property made during a certain period of time before the filing of the bankruptcy petition. By avoiding a particular transfer of property, the debtor in possession can cancel the transaction and force the return or “disgorgement” of the payments or property, which then are available to pay all creditors. Generally, and subject to various defenses, the power to avoid transfers is effective against transfers made by the debtor within 90 days before filing the petition
MY NOTE
“Creditors” AKA “DIP” (Debtor in Possession) were billion dollar investment firms, they, their legions of lawyers and CEO levels did just fine, and they went at 600 contractors under 547, this was a very small firm that closed all their plants, wiped out retirements-benefits and now import from China. “Tranfers mean what the firm contracted/paid you. A set up “legal” scam), as C// advised by legions of lawyers, KNEW THEY’D GET IT ALL BACK) BUT FOR SOME REASON USA CANNOT GET BACK BILLIONS OF BONUS MONEY PAID TO BAILED OUT BANKS AND WALL ST?
PLAIN English on Avoidable.
If your were paid for services and in some cases goods 90 days before GM/etc CH11 you WILL pay it ALL back. “Trustees-Creditors” have up to two years or more if the Court OK's it to rape SB, there is NO DEFENSE. They simply make you part of the “batch filing” and you pay. AKA The debtor in possession can cancel the transaction and force the return or “disgorgement” of the payments or property, AKA “disgourgement” means Court orders you to pay it all back to billion dollar investment companies and you get ZERO other then“legally” raped/robbed for 22K we no longer have. The horror is the CH11 company C// Level contacted US, a Mom/Pop sized www based recruiting company for services, contracted us for services to find them a Logistics VP We found what the VP, they hired her, we were paid in full, 15 days before they filed CH11.

TRUTH AND REALITY of THIS HORROR
This is a very serious mess that is being covered up and will hit SB like a mini recession over next few years. Do the numbers, we got hit by a “smaller corp”, yet 600 SB’s like us rendered to Court in massive CH11 process of bizarre “legal batch filing” via 547c”. Now with big auto, GM (“old” not “new” is CH11-547c)-Chry-Delphi-“record nr of CH11 filings”, you can only guess, but hundreds of thousands of SB’s, many like us, www’s thousands of miles from clients across nation, are going to get one hell of a surprises in the mail as two year float time to file is just starting up now and 547c’s are not yet in the flow. CONGRESS-DC knows EXACTLY what is going in with this horror. They wrote it via instruction from lawyers and special interests. We tried but NONE in Congress/DC respond to fax, email or calls so maybe you can ask them about this one as we were just SB owners! But, media is about same as either are being told to shut up about it or simply called their lawyers for answers and lawyers said “Well it is legal” and that ended that. Granted, lately media is not exactly being known for digging to much unless Brit, Paris or eight babies involved. One major print “news editor”, less lacking “subject matter” actually told me, “Well that is not a local matter so we do not bother” as if CH11 is only applies locally?

So since none will dig into it, perhaps media will issue a PSA on this horror for small business, under DANGER for doing business as usual can get you shut down! Like Sci-fi movies, unexpected CH11 547c Death Star shows up, it kills and destroys SB.. Unlike movies, no good guys save SB’s. REALITY their is NO defense, NONE! SB is simply guilty of doing business as usual and left out as carrion for the lawyers and huge investment firm by Congress! So SB, as the blowhards in Congress say “Small Business the back bone of USA, which hires and will put USA back to work blah blah ”, watch out as the CH11 Death Star launched by same hypocrites of Congress, crewed by legions of lawyers, investors, C//’s growing rich, is about to show up. . and there is NO practical defense.
CH11 is one of worse laws on the books, no one will discuss it as it is making lawyers and investors rich beyond their dreams…and law schools get plenty of “publish or perish” CH11 esoterically “papers” on it. But like today’s economy, those 95% “others” are going to be destroyed while the big boys make out great. We are being driven out of our home a life';s work destroyed, our 780 credit score ruined, our lives ruined and in truth, no one really gives a damn so Evergreen et al can turn more profits. Our own survey of peer small business, 99% never heard of 547c and then said “they cannot do that”, but “they do”.
THERE IS NO ONE THAT ADVOCATES FOR US OR SMALL BUSINESS IN THIS ONE, You are own you own. NO media will do CH11 in depth as most do not have a clue, even if one of biggest sleeper stories waiting to be out there, Politicians will not say a word as in pocket of very lucrative CH11 industry with huge lobby, so “cometh the DEATH STAR?” and just do the numbers, this will do more damage to Small Business then the current recession. Watch OUT MI, and USA the “Death Star cometh, and no one gives a damn.. The “Star” is part of the bailed out companies investment arms.. Lpoked at my old 1960 unitorm in closet today and burned it in disgust for the nation I once served is not the nation we have now. nor for that matter is the media.
Former Small Business owners


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