bankruptcy - Page 2

VC Investors want Business Plan–and Funeral Plan

Venture capital investors love business plans that promise terrific upside, but they increasingly want a “funeral plan” in writing that explains what the entrepreneur can and will do if their start-up suffers from business problems or slow growth.

Sebastian Nystrom

50 Cent Calls AT&T ‘Racist’

Rapper 50 Cent called telecom giant AT&T “racist” in a series of Instagram posts over the weekend for threatening to pull premium cable channel Starz, and by extension, his television show Power, off of the network’s U-Verse service.

Curtis Jackson

Bloomberg: Colt ‘New York Financiers Borrowed Too Much,’ Spent Too Much

Colt Defense LLC is filing for Chapter 11 bankruptcy protection in a situation where the future could bring a Colt that looks little like its iconic predecessor—if any part of Colt remains at all. Bloomberg Business (BB) is reporting that the American legend’s current problems are the result of “New York Financiers” who “borrowed too much” and took too much as well.

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Colt Manufacturing Led Charge For Gun Control In 1990s, Now Bankrupt

Amid all the reports about Colt Defense, formally Colt Manufacturing, filing for Chapter 11 bankruptcy protection this week, one thing has been missing–Ronald L. Stewart spent his time as Colt CEO (1996-1998) pushing gun control and suggesting overarching federal regulation over guns would be better than state-by-state variations in gun laws.

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Stockton Humbly Emerges from 31 Months of Bankruptcy

The City of Stockton emerged from bankruptcy on Wednesday, February 25, after a 31-month ordeal. There were no winners in trying to restructure over $2 billion in debt and obligations. Nearly half of non-safety city employees were dumped, the survivors’ wages were cut by up to 23 percent, and retirees lost $500 million in lifetime medical benefits. Bondholders and creditors are receiving pennies on the dollar. Hopefully the sad lessons about what happened to Stockton might help other California cities to control spending.

Stockton (Max Whittaker / Reuters)

San Jose, Capital of Silicon Valley, Out of Money

San Jose, once viewed as a jewel, called “America’s safest big city” and known as the prime bedroom community of Silicon Valley, now has little money. Its libraries close some of the time, its potholes remain unfixed, and its police force goes understaffed.

San Jose (Michael / Wikimedia Commons)

RadioShack Begins Final Sale

RadioShack, which owns roughly 4,000 stores in the United States and filed for bankruptcy on Thursday, started a final sale at 1,700 of its stores over the weekend to aid its restructuring. The sale was prompted by Friday’s ruling from Judge Brendan Shannon, who permitted it.

AP Photo/Al Behrman