Posts Tagged ‘U.S.’
U.S. Postal Service Near Default – Chapter 11 Bankruptcy
U.S. Postal Service Near Default – Chapter 11 Bankruptcy
The U.S. Postal Service does not have the money to meet an obligation to a retiree health care trust fund coming due at the end of the month, but if there’s a default, officials promise no interruption in the mail, the payroll, or payments to suppliers.
Commenting in response to a New York Times article Monday suggesting the Postal Service may have to shut down within months, spokeswoman Yvonne Yoerger told CNN there’s “nothing actually new in the Postal Service’s position.”
“We are required to make this $5.5 billion dollar payment into the future retiree health benefits fund, and probably won’t be able to make it when it comes due September 30th.”
The fund was mandated by a 2006 postal reform act that postal officials today believe does not match the reality of declining revenues and a smaller workforce. Tuesday, congressional lawmakers will address the matter in a hearing on postal operations.
Yoerger said at that hearing, Postmaster General Patrick Donahoe will insist that the fund be re-scaled from the days when there were 900,000 people on the payroll. The mandated funding level has not changed in the years since then, although the Postal Service has trimmed 250,000 jobs.
She said “the fact is, no other government agency, and few corporations in the private sector are required to fund retiree health benefits 75 years out.”
The newspaper quoted U.S. Sen. Thomas Carper, D-Delaware, as saying the financial problems are so dire the Postal Service may close later this year.
Full article at: http://www.cnn.com/2011/US/09/05/postal.default/
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video U.S. Postal Service Default Chapter 11 Bankruptcy billion dollar trust fund bailout fail health care unions september 30 2011 post master general postmaster lay offs unemployment trend
Duration : 0:2:36
CIT Bankruptcy, 9 U.S. Banks seized by FDIC, & Main St. Bleeds. VisionVictoryManifesto.com
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More lies from Obama
http://www.bloomberg.com/apps/news?pid=20601039&sid=aUuHhaDx8Hr8
160,000 for each job
http://blogs.abcnews.com/politicalpunch/2009/10/160000-per-stimulus-job-white-house-calls-that-calculator-abuse.html
To see my interview of Bradford Hansen check out VisionVictoryManifesto.com
Duration : 0:4:59
In-Depth Look – Chrysler For Bankruptcy – Bloomberg
A discussion with Richard Tilton of Covenant Review with the legal implication of a Chapter 11 filing after the administration says that Chrysler will proceed with bankruptcy filing. (Bloomberg News)
Duration : 0:5:26
Herbst Gaming filed for Chapter 11 U.S. bankruptcy Great place to stay
Maybe this is why I got 2nd night free when I stayed a few days ago?
Herbst Gaming Inc., a casino operator, and certain subsidiaries filed for Chapter 11 U.S. bankruptcy protection today under a previously negotiated agreement with creditors.
The company will split its casino and slot machine businesses into two holding companies, Las Vegas-based Herbst said in a statement. The company plans to keep operating its 15 casinos during the reorganization, it said.
Consumers have been curbing spending in the recession, leaving casinos with falling sales and mounting debt loads. Herbst posted more than $100 million in losses in both 2007 and 2008.
The debt load was burdensome, Chief Executive Officer Troy Herbst said in the statement.
Earlier this month, the company said its reorganization will convert about $847 million under its credit facility into debt of the reorganized companies, as well as cancel about $330 million in bonds. The Herbst family will get a 90 percent stake in the slot machine business, after contributing a new gaming license.
The company, which has 5,400 employees, owns 12 casinos in Nevada, two in Missouri and one in Iowa. It has more than 6,800 gaming machines throughout the state of Nevada.
Monorail connecting whiskey petes to other casinos
A monorail is a rail-based transportation system based on a single rail, which acts as its sole support and its guideway. The term is also used variously to describe the beam of the system, or the vehicles traveling on such a beam or track. The term originates from the contraction of the words mono (single) and rail, from as early as 1897[1], as early systems used metal rails. The transportation system is often referred to as a railway[2]. In contrast, a light rail system has two rails sharing support of the train which also share the responsibility of guiding the train.
Buffalo Bill’s is a hotel and casino located in Primm, Nevada, near the California-Nevada stateline. It has 1,242 guest rooms and suites. The hotel is home to the Desperado roller coaster, one of the tallest (225 foot drop) and fastest (80 mph) roller coasters in the world, as well as a pool in the shape of a buffalo.
The 46,000-square-foot (4,300 m2) casino has over 1,700 slot machines, as well as table games, poker, and a race and sports book. Buffalo Bill’s Resort and Casino is owned by Primadonna Resorts.
Buffalo Bill’s is also home of the Star of the Desert Arena, a 6500 seat venue designed for concerts.
Duration : 0:1:57
