Anonymous ID: 4c6664 Aug. 4, 2020, 10 p.m. No.10186053   🗄️.is 🔗kun   >>6085 >>6163 >>6373 >>6586

The Circle Of Death: Bankrupt Companies "Unfile" To Receive Government Bailouts, Then Immediately File Again

 

By now everyone knows that one fifth of LL corporations are "zombies" - companies that should be out of business as they are technically insolvent and don't even generate enough cash flow to meet their debt obligations, but continue to exist thanks to either record low rates which allow them to issue even more debt and use the proceeds to pay for existing interest expense (and roll over debt maturities), or government handouts which perpetuate their pathetic, deflationary existence.

 

But did you know that there are now reincarnated zombies: companies which were in such a dire state they did file for bankruptcy despite the Fed's unprecedented monetary generosity… and yet shortly after they "unfiled" just so they would be eligible for government "stimulus"?

 

As Bloomberg's Steven Church puts it, say your business needs a bailout from the federal Paycheck Protection Program, but you’ve already gone bankrupt, making your firm ineligible. Tough luck, right? Well, maybe not.

 

Such is the pathetic state of modern capitalism that some companies have “unfiled” for bankruptcy, arranged a PPP bailout loan, and then almost immediately refiled for bankruptcy. They range from a rural Texas hospital to a group of pizza joints in Tennessee and a Portland, Oregon firm that

 

As Church explains, "the logic behind the PPP law was to ensure money went to save jobs, not to prop up failing companies, said Las Vegas bankruptcy attorney Brett Axelrod. But Congress didn’t do its homework. There isn’t any real difference between a company that can’t pay workers during a pandemic without a government loan and one forced into bankruptcy by a pandemic, she said."

 

"The government really wasn’t thinking it through,” Axelrod said. “What do companies do in a pandemic? They file for bankruptcy."

 

And in this case, they then unfile to get some more taxpayer cash for which they are only eligible if they are out of bankruptcy court… and then immediately file again!

 

According to Bloomberg, a proposed change to the law could make such legal contortions unnecessary, but only if Congress is willing, during an election year, to vote to give federal aid to bankrupt businesses. Faith Community Health System in rural, northern Texas “unfiled” its Chapter 9 case in May, lined up a $1.8 million PPP loan, and went back into bankruptcy about two weeks later.

 

“It was a matter of life or death for us,” Faith Community Chief Executive Officer Frank Beaman told Bloomberg. Two nearby hospitals had shut down in recent years, leaving Faith Community the only option within 50 miles for many of Jack County’s 9,000 residents, according to court records. The hospital initially filed bankruptcy in February after losing an arbitration fight with an insurer that refused to pay for lab tests. Covid-19 made things worse.

 

Lawyers warned that if U.S. Bankruptcy Judge Mark X. Mullin didn’t dismiss the bankruptcy, it "could jeopardize the lives of citizens who may find themselves suffering with Covid-19 and in dire need of medical treatment." The judge allowed Faith Community to proceed.

 

In the end, however, death won… again.

 

https://www.zerohedge.com/markets/circle-death-bankrupt-companies-unfile-receive-government-bailouts-then-immediately-file

Anonymous ID: 4c6664 Aug. 4, 2020, 10:05 p.m. No.10186089   🗄️.is 🔗kun   >>6106 >>6163 >>6373 >>6586

‘A Violent Institution’: These Celebrities Are Funding The ‘Defund The Police’ Movement

 

Celebrities including Anna Kendrick, Ellen DeGeneres, Jennifer Aniston, Justin Bieber, Leonardo DiCaprio, John Legend, Olivia Culpo and Rihanna have donated to organizations that want to defund the police.

Black Lives Matter Global Network, Color of Change and the Movement for Black Lives are among the groups to benefit from a flood of donations from celebrities.

All three groups are working to defund the police. The Movement for Black Lives wants to abolish prisons as well as police.

 

More than a dozen of the world’s most famous celebrities are financing left-wing organizations that openly seek the defunding of America’s police departments, a Daily Caller News Foundation review found.

 

Actors, models and singers have donated large sums to left-wing organizations including Color of Change, Black Lives Matter Global Network and the Movement for Black Lives, all of which are open about their desire to defund police departments across the country.

 

The Movement for Black Lives aims to abolish not only police departments, but America’s prisons as well, the organization explains on its website. “We believe that prisons, police and all other institutions that inflict violence on Black people must be abolished and replaced by institutions that value and affirm the flourishing of Black lives,” the website states.

 

Black Lives Matter Global Network, the national arm of Black Lives Matter, released a statement on May 30 calling for “a national defunding of police.” The organization published a video on June 6 arguing that “defunding the police is the only way to stop pouring resources into a system that doesn’t keep us safe.”

 

Color of Change is leading a petition campaign that demands elected officials across the country “defund the police, and invest in communities now!”

 

“Policing is a violent institution that must end. We imagine a country where there is enough money to educate our children, care for our sick and feed those who are financially unstable. Defunding the police allows for this vision,” Color of Change President Rashad Robinson said after the Minneapolis City Council voted to “dismantle” the city’s police department.

 

The three groups have reeled in high-dollar donations from many of the world’s most famous celebrities following the death of George Floyd, a black man who died after a Minneapolis police officer knelt on his neck for more than eight minutes, according to video.

 

More

https://dailycaller.com/2020/08/04/celebrity-donations-defund-police-black-lives-matter-movement-color-of-change/

Anonymous ID: 4c6664 Aug. 4, 2020, 10:16 p.m. No.10186174   🗄️.is 🔗kun   >>6215 >>6216

Los Angeles DA’s husband charged with ASSAULT for pointing gun at BLM protesters on his porch

 

The husband of Los Angeles’ first black district attorney has been charged with multiple counts of assault with a firearm for pointing a gun at Black Lives Matter protesters who showed up on the couple’s doorstep.

 

David Lacey, whose wife is LA District Attorney Jackie Lacey, has been charged with three counts of assault with a firearm, according to charging documents filed Monday by California State Attorney General Xavier Becerra in Los Angeles superior court. The three assault charges – misdemeanors – refer to three separate protesters Lacey supposedly menaced with his weapon.

 

A group of 30 protesters showed up at the Laceys’ home in the Granada Hills neighborhood at around 5am on March 2, demanding to speak to the DA – the first black person and first woman elected to the position in Los Angeles’ history – about police shootings. The protesters claimed Lacey had promised to meet with them months previously but had been dodging them ever since, and told local media they therefore “decided to have the meeting in front of her house.”

 

Instead, David Lacey opened the door and pointed his gun at the protesters, warning them “I will shoot you, I don’t care who you are. Get off my porch.”

 

https://www.rt.com/usa/497115-lacey-husband-charged-assault-blm/

Anonymous ID: 4c6664 Aug. 4, 2020, 10:29 p.m. No.10186290   🗄️.is 🔗kun   >>6373 >>6384 >>6459 >>6586

Growing number of Aussies believe police should be able to fine COVID-19 conspiracy theorists

 

More than half of Australians surveyed believe police should have the power to fine those who spread COVID-19 conspiracy theories, a new poll has shown.

 

The latest 9Nation poll exclusive to nine.com.au revealed that 56 per cent of those surveyed think Australian police should be able to penalise those who intentionally induce chaos using misinformation.

 

A further 16 per cent thought a monetary fine would be too lenient, while 14 per cent thought a financial penalty would be too harsh.

 

The sentiment comes after multiple health authorities label the spreading of misinformation as "selfish" and dangerous to those vulnerable to the disease.

 

"You need to listen to the messages which are coming from the government," urged Deputy Chief Medical Officer Professor Michael Kidd last week.

 

"People may not be happy with some aspects they are seeing, but their health is at risk, their parents, their grandparents, we all need to be working together to tackle any of these myths."

 

In one video, a young woman refuses to speak to police at a checkpoint, urging those watching to "know your rights".

 

Victorian Police later found the woman, and were forced to smash her car window to charge her with a breach of public health orders

 

https://www.9news.com.au/national/coronavirus-australia-police-should-be-able-to-fine-covid19-conspiracy-theorists/43378b24-034c-4e07-a942-64f0cdd7e910

 

Australia MSM