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What are “prepackaged bankruptcy plans” for business filings?

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What are “prepackaged bankruptcy plans” for business filings?

Sometimes companies prepare a reorganization plan that is negotiated and voted on by creditors and stockholders before the company actually files for bankruptcy. This shortens and simplifies the process, saving the company money, and frequently generating more for the creditors as there is less spent in legal and related fees, there is less disruption to the company’s business and less damage to its goodwill. For example, Resorts International and TWA used this method. Prepacked bankruptcy plans generally qualify as a plan of reorganization under a Chapter 11 case.

If the prepackaged plan involves an offer to sell a security, it may have to be registered with the SEC. Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters have to go along with the majority.

(Reviewed 11.10.08)

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How To Keep Your Debt Under Control

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How To Keep Your Debt Under Control

The surest way to keep your debt under control is not to spend more than you can afford. But to do that, you need to know how much you have to spend and where your money goes.
In other words, you need a budget, or if you prefer, a spending plan.
Most people don’t like budgets. Budgets are constricting. They take spontaneity out of spending and make you pay attention to where your money goes. But without a budget, or a plan, you don’t know how much you have to spend or where you are spending it, so get started.
Even if you seek help, you have to do the basics:
List your expenses. All of them. Do it daily, as you spend. Be sure to include the daily double lattes, the cleaning, the stamps used to pay bills, the newspaper, the gasoline, the bus fare. Everything. Add up the daily expenses so you know what you spend each week. Add in your mortgage, utility, phone, credit card and loan payments so you know what you spend each month. Precisely, not just an estimate.
Analyze what you spent by category: good debt (mortgage and student loans), bad debt (much of your credit card spending falls in that category), and things you can’t avoid (taxes, utilities, food and other cost of living expenses).
Figure out what you owe and what it costs you. This means listing everything from mortgage and car loan to each credit card by balance and interest rate.
That exercise, done honestly-and if you don’t, you re only fooling yourself-should show you where you can begin cutting back on what you spend, freeing up some money to start paying down the debt. Little things add up. The $4 lattes cost $80 or more a month, the daily $5 (if you’re lucky) sandwich another $100.
It should also be a guide for your budget, or, if you prefer, spending plan. If you need help, now is a good time, whether from a financial advisor or consultant (and be sure to check out the credentials and fees ahead of time) or one of the many books available from your local library.

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What is satellite service?

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What is satellite service?

Direct Broadcast Satellite is being promoted as a competitor to cable TV. There are already a number of companies that broadcast TV from satellites and offer a far wider variety of channels than the cable companies. There are a number of new satellite projects underway, sponsored by companies including Teledesic and Loral, building satellite networks that will be able to handle worldwide telephony.

Judge Rules GlaxoSmithKline Cannot Claim Preemption in Paxil Case

Judge Rules Against Paxil Preemption Drug Toxic Chemicals

Free Case Evaluation From An Experienced Drug Liability Attorney.

Judge Rules GlaxoSmithKline Cannot Claim Preemption in Paxil Case

Eli Lilly, the manufacturer of the antipsychotic drug Zyprexa, has said that it simply doesn’t agree with the allegations of several states’ attorney generals that it has illegally marketed the drug, concealed its harmful side effects, and encouraged doctors to prescribe it for unapproved uses. However, recent testimony against the company by an FDA official and nine pending state lawsuits don’t hold out much promise for the manufacturer.
What is Zyprexa?
Introduced in 1996, Zyprexa (olanzapine) is prescribed to treat schizophrenia, acute mixed or manic episodes of bipolar disorder and maintaining the treatment of bipolar disorder. According to news reports, Eli Lilly has concealed the harmful health risks associated with Zyprexa – including an increased risk for diabetes. The company allegedly told its sales representatives to ‘play down’ the side effects as sales of the drug were high – over $4 billion last year. It is estimated that 20 million people have taken the drug worldwide.
Nine states suing manufacturer?
Nine states have sued Eli Lilly over these practices – Connecticut being the latest. Connecticut’s long time Attorney General, Richard Blumenthal, has alleged:
Eli Lilly allegedly corrupted physicians, pharmacies and administrators at nursing homes and youth detention centers as part of a massive illegal marketing campaign to promote Zyprexa for unapproved off-label uses, including for the treatment of children.
Eli Lilly has denied the charges and is urging patients to continue using the drug. However, the company has already agreed to pay $1.2 billion to settle nearly 30,000 lawsuits for people who alleged to have developed diabetes or other diseases related to the drug. Thousands of lawsuits are still pending.
FDA Official Testifies Against Eli Lilly
An official from the FDA (Food and Drug Administration) testified against Eli Lilly in an Alaska case, the first of the nine to go to trial. According to news reports, the official told the jury that Eli Lilly wasn’t sufficiently concerned about patient welfare. He was quoted as saying, “Simply put, it’s putting profit over the concern of the consumer.”
If you’ve been injured by Zyprexa, contact an attorney whose practice focuses in this area of law to discuss your situation. Consultations are free, without obligation and strictly confidential. To contact a qualified attorney, please click here.

Internet Scams: What Consumers Should Know

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Internet Scams: What Consumers Should Know

Ah, the Internet: with lightning-fast speed, incredible opportunities and worldwide connections, what’s not to love? Internet scams, that’s what. Unfortunately, a reality of the online world is that where there are interested customers, there are scammers and fraudsters. How can you protect yourself on the World Wide Web? Read on for some common scams to avoid:
Investment Fraud
If you’re interested in making money – and who isn’t? – you may be susceptible to investment frauds that nab your hard-earned cash in get-rich-quick investment schemes online. Disreputable brokers and online investment firms can both compromise your security and fritter away huge amounts of funds. How to prevent these frauds? Invest with both eyes open – look for a firm that’s reputable and has high recommendations from legitimate customers. Don’t fall for exaggerated claims of instantaneous wealth and ridiculously high returns on documented losers like penny stocks. Instead, rely on the (admittedly boring) advice investment professionals have been giving for years: there’s no foolproof way to play the market. It’s an adage to keep in mind as you navigate the choppy waters of online investments.
MLMs
Money-makers-to-be are also at risk for online multi-level marketing schemes (MLMs). These scams are similar to the “pyramid schemes” of yore. You’re roped in by promises of at-home income and huge profit margins, then forced to recruit other participants and pay huge buy-in costs. The catch with MLMs is that their products (from diet pills to properties) are only attractive to other potential sellers. In other words, you pay a huge price to start up a business that has no built-in customers! It’s a bad deal for anyone who doesn’t have money to waste on a huge business mistake. Red flags include overly exaggerated claims, high-pressure sales and huge start-up fees.
Web Cramming
Would-be businesspeople may also be at risk for web cramming, a scam in which a company offers a 30-day free trial of a custom-designed Web site, then racks up huge charges on your phone or Internet bill, even if you cancel. These scams might involve charges for products and services you’ve never even seen! It’s usually easy to nab web crammers by keeping an eagle eye on your ISP or telephone company’s bills. Dispute any wrong charges as soon as possible after they appear on your bill, and look for reputable web designers with solid, reasonable contracts instead of anonymous online Web site sellers.
Vacation Scams
Everyone loves a vacation, but some unfortunate consumers get gypped during vacation scams that can cost an arm and a leg – and ruin precious time off. These scams involve disreputable travel agencies that hawk package deals at extremely low prices. These bargain-basement deals might seem all-inclusive and are usually touted as luxury vacations. Unfortunately, the fun begins when consumers arrive at their destination to a locale that isn’t as comfortable or pricey as their package promised. The return home isn’t so fun either, with ridiculous and expensive surcharges adding insult to injury. How to insure yourself against the vacation from hell? Refuse to book travel with companies you haven’t researched. Be wary of one-size-fits-all package deals – and make sure never to agree to vague vacation promises that aren’t memorialized in writing.
Bottom line
Internet scams are everywhere! Fortunately, they’re also easy to spot. Just look for exaggerated claims, and go with your gut instinct. Document every transaction and act with caution. It just might save you precious time and money.
If you think you’ve been ripped off for a substantial amount of money, you may want to seek the advice of an internet lawyer.
To find out more information about protecting yourself when online shopping go to Online Sales: Protect Yourself.