Posts Tagged ‘Alabama’

Bankruptcy Court Gives Prichard Alabama 2 More Months To Figure Out How To Pay Pensioners

Bankruptcy Court Gives Prichard Alabama 2 More Months To Figure Out How To Pay Pensioners

Courtesy of Mish 

Prichard Alabama declared bankruptcy on October 28, 2009 over pension obligations. Since then pensioners have not been paid. Now a bankruptcy court has given the city two more months to figure out how to do so.

Let’s backtrack to the beginning. Please consider Prichard files for bankruptcy protection again.

Wednesday, October 28, 2009

The city of Prichard filed for bankruptcy Tuesday in an attempt to cope with the debt created by fighting lawsuits and addressing the demands of unpaid and agitated retired city employees.

The Chapter 9 filing marks the second time in a decade that the city declared it was out of money. Mayor Ron Davis, who just two years ago helped the city pay off its creditors from the 1999 bankruptcy, blamed the latest financial crisis in part on a flawed municipal pension plan. The filing came a day before Davis and the city Finance Director Rex Williams were slated to be deposed by attorneys representing the pensioners in a lawsuit filed in August.

With the filing, that testimony will be put on hold, along with any other litigation pending against the city.

"After careful review of all of our options, bankruptcy protection seems to be the only solution left at this time," Davis said in a statement released Tuesday afternoon. "Over the past 50 years, the pension plan was amended by the Legislature more than fifteen times, and always the economic burden on the City was increased. This has been a long-term problem that was unfortunately inherited by this administration.

"After several lawsuits filed by pensioners, it has forced us to come to this decision, one that will protect the city and its residents," Davis’ statement added.

Pensioners Have Received No Checks For Six Months

Please consider Still no money for Prichard pensioners

A bankruptcy court judge has given the City of Prichard two more months to figure out how they will pay retired city workers. Prichard pensioners have gone six months without a pension check.

Prichard is operating under the protection of Title IX Bankruptcy, and for many people, that means no promised pension payments.

After six months with no pay, Prichard pensioners put their faith into the courts. They hoped a judge would force the city to pay some, if not all, of


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And So It Begins ….

And So It Begins ….

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Phil's Favorites

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

 

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Image by Gerd Altmann from Pixabay

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

"Whatever our so-called 'leaders' are doing," said Swedish climate activist Greta Thunberg, "they are doing it wrong."

By Jake Johnson, Common Dreams

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Politics

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

 

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Image by Gerd Altmann from Pixabay

'What Betrayal Looks Like': UN Report Says World on Track for 2.7°C of Warming by 2100

"Whatever our so-called 'leaders' are doing," said Swedish climate activist Greta Thunberg, "they are doing it wrong."

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Biotech/COVID-19

FDA panel recommends limiting Pfizer booster shots to Americans 65 and older, and those at high risk of severe COVID-19

 

FDA panel recommends limiting Pfizer booster shots to Americans 65 and older, and those at high risk of severe COVID-19

No third dose for now. AP Photo/Robert F. Bukaty

Courtesy of Matthew Woodruff, Emory University

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Zero Hedge

Elon Musk's China Ass-Kissing Tour Has Resumed

Courtesy of ZeroHedge View original post here.

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Digital Currencies

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Chart School

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The sign says it all. The professionals want the public to focus on the words, to scare out the weak hands, but the color of the sign underlines the value in a money printing world, its gold stupid.

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Promotions

Phil's Interview on Options Trading with TD Bank

TD Bank's host Bryan Rogers interviewed Phil on June 10 as part of TD's Options Education Month. If you missed the program, be sure to watch the video below. It should be required viewing for anyone trading or thinking about trading using options. 

Watch here:

TD's webinar with Phil (link) or right here at PSW

Screenshots of TD's slides illustrating Phil's examples:

 

 

&n...



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Kimble Charting Solutions

Crude Oil Cleared For Blast Off On This Dual Breakout?

Courtesy of Chris Kimble

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ValueWalk

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Q4 2020 hedge fund letters, conferences and more

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Mapping The Market

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The Technical Traders

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Lee's Free Thinking

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