Re: Re: Re: Re: Bankruptcy Bill - stalled for the moment

Thanks Robert for filling us in on the details. -- Michael Perelman Economics Department California State University [EMAIL PROTECTED] Chico, CA 95929 530-898-5321 fax 530-898-5901

Re: Re: Re: Bankruptcy Bill - stalled for the moment

The bankruptcy reform bill--the first legislation introduced under the Bush Admin--has been a cash cow for Dems and Repubs.  Indeed, Sen Dashle is a Dem from SD and is an effective advocate of his hometown company: Citibank.  But that is another story.     When I testified against the bill at

Re: RE: Re: bankruptcy

THanks for the useful information. So how are the utilities paid for billing and collecting for the State? The State is in effect taking the losses that ordinarily would be suffered by the utilities isn't it? This is a kind of bizarre socialising of losses, subsidy to consumers, private utilities,

Re: Re: Re: bankruptcy again

At 09:07 PM 4/10/01 -0400, you wrote: > It was Frank Lorenzo that utilized his Harvard B-school weekend training > to creatively exploit Ch 11 bankruptcy for abrogating the Continental > union contracts. it shouldn't surprise serious analysts of capitalism that "business leaders" actively see

Re: Re: Re: bankruptcy again

>Kevin Delaney's book, STRATEGIC BANKRUPTCY (California Press, 1992), >examines the corporate use of Ch 11 bankruptcy in breaking union contracts >(Continental Airlines) and evading financial claims from lawsuits such as >Manville (asbestos). It was Frank Lorenzo that utilized his Harv

Re: Re: Re: Re: Re: RE: bankruptcy

>From: [EMAIL PROTECTED] >Reply-To: [EMAIL PROTECTED] >To: [EMAIL PROTECTED] >Subject: [PEN-L:9105] Re: Re: Re: Re: RE: bankruptcy >Date: Sat, 17 Mar 2001 18:20:59 + > >bob manning writes: > >The slowdown in the economy is beginning to reflect in creepi

Re: Re: Re: Re: RE: bankruptcy

bob manning writes: >The slowdown in the economy is beginning to reflect in creeping loan delinquencies. >What is interesting now with credit card debt is the greater use by small businesses. Are rising delinquencies due to cash flow problems of entrepreneurs or the debt crunch of American worke

Re: Re: Re: RE: bankruptcy

. bob manning >From: Jim Devine <[EMAIL PROTECTED]> >Reply-To: [EMAIL PROTECTED] >To: [EMAIL PROTECTED] >Subject: [PEN-L:9080] Re: Re: RE: bankruptcy >Date: Fri, 16 Mar 2001 08:33:24 -0800 > >At 01:34 AM 3/16/01 -0500, you wrote: >>What is striking about

Re: Re: RE: RE: bankruptcy

>I just saw an article somewhere discussing the major companies that have >gone bankrupt multiple times. >-- >Michael Perelman I couldn't find the article, but here are some major corporate bankruptcies: Greyhound Southland Corp., the owner of 7-Eleven stores A. H. Robins, the big drug company

Re: Re: Re: bankruptcy

Could this be comparable to the time when people thought that the Fed was going to restrict the use of their credit cards ??? On Fri, Mar 16, 2001 at 11:11:53AM -0500, Doug Henwood wrote: > Michael Perelman wrote: > > >In an economy, dependent on increasing debt to maintain aggregate demand > >.

Re: Re: Re: bankruptcy

Mortgage debt is tax deductible and, as an installment loan builds up equity, and most importantly the cost of borrowing is about one-third the cost of credit cards. By accessing home equity through consumer bank loans, equity (due to relatively discounted costs of borrowing via tax law

Re: Re: RE: bankruptcy

At 01:34 AM 3/16/01 -0500, you wrote: >What is striking about the bankruptcy bill is how little justification >there is at this time. Cost of funds is declining, bankruptcy rates are >declining (except for those under 30), credit card delinquencies are >declining, and lending rates have steadi

Re: RE: Re: RE: RE: bankruptcy

Any thoughts, or cites, on the likely economic effects of the tightening of the bankruptcy laws? Doug

Re: RE: RE: bankruptcy

According to today's NYT, the new law sets tight time deadlines on reorganization, 175 days, and forces the judge to order liquidation if the deadlines cannot be met, which seems a really bad idea. --jks > >Michael Perelman askes: > >> > >The new law barely addresses corporate bankrupt

Re: Re: RE: RE: bankruptcy

l Perelman <[EMAIL PROTECTED]> >Reply-To: [EMAIL PROTECTED] >To: [EMAIL PROTECTED] >Subject: [PEN-L:9059] Re: RE: RE: bankruptcy >Date: Thu, 15 Mar 2001 20:26:09 -0800 > >I just saw an article somewhere discussing the major companies that have >gone bankrupt mult

RE: Re: RE: RE: bankruptcy

We call it Chapter 22. TWA made it to Chapter 33. -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman Sent: Thursday, March 15, 2001 8:26 PM To: [EMAIL PROTECTED] Subject: [PEN-L:9059] Re: RE: RE: bankruptcy I just saw an article

Re: RE: RE: bankruptcy

I just saw an article somewhere discussing the major companies that have gone bankrupt multiple times. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]

Re: Re: RE: bankruptcy

Justin Schwartz wrote: >>Way to go out on a limb -- take a provocative position against starvation in >>the streets. Is that how you see your ideological opponents -- they would >>rather have .2 more growth than an end to hunger? >> > >I'm afraid so, David. Doug puts it more pithily and sharply

Re: Re: RE: Re: RE: bankruptcy

> >By the way, several Luxembourg Income Study working papers examined >the relations between the generosity of social spending and economic >growth and found little or none. But even if there were, I'd prefer a >society where people don't starve on the sidewalk to one where growth >was 0.2 point

Re: RE: Re: Re: RE: bankruptcy

> Hate to disappoint you, but I doubt very heavily that the public goods Doug > mentioned make any significant contribution to economic growth. Well, in some parts of the world health, education and communications still come under the 'public goods' category. And anyway, even Eddie Luttwak (ha

Re: RE: Re: RE: bankruptcy

David Shemano wrote: >The wealthier a society is, the more able it is to afford a generous social >welfare system. In the future, assuming the economy grows, it will be >better able to afford the present level of benefits. Is this controversial? >It seems to me that if you are a believer in a b

RE: Re: Re: RE: bankruptcy

In reply to Rob Schaap: Hope Dave's not arguing some of these public goods don't represent investments in yer actual wealth creation, either. And as for 'revolutionising our lives for the better' - well, I think it is high time ol' Epicurus was back in fashion i

RE: Re: RE: bankruptcy

In reply to Doug Henwood: -- >I get your point, but I really think you are comparing apples and oranges. >All of the "public goods" you mention are exactly that -- goods -- and the >society needs to generate wealth to purchase those goods. Wealth creation >may not lo

Re: Re: RE: bankruptcy

G'day all, > David Shemano wrote: > > >I get your point, but I really think you are comparing apples and oranges. > >All of the "public goods" you mention are exactly that -- goods -- and the > >society needs to generate wealth to purchase those goods. Wealth creation > >may not look orderly o

Re: RE: Re: RE: bankruptcy

David Shemano wrote: >As I said several months ago, many on the Left seem in love with the idea of >a static economy/society. Doug's comment is Exhibit A. I'm not. But I think we should ask many more qualitative questions about "innovation" than we do, not to mention priorities in the allocat

Re: RE: Re: RE: bankruptcy

In terms of monetary values, economics is certainly not a zero sum-game, but from the perspective of thermodynamics is certainly is. The question then is how much of the growth as a result of the undervaluation of unpriced resources? David Shemano wrote: > First of all, I don't believe economic

RE: Re: RE: bankruptcy

Doug Henwood wrote: >To get political for a moment, I believe this process is one of the true >strengths of capitalism. Essentially, we are witnessing a modern-day gold >rush, in which huge amounts of capital are blindly (slight exaggeration) >thrown at a dartboard in the hope that something st

Re: Re: Re: bankruptcy and corporate auditing

but do we have any assets that are worth liquidating? At 11:49 PM 01/20/2001 -0600, you wrote: >I thought he was here because he thought the left was bankrupt..:) > > Cheers, Ken Hanly > >- Original Message - >From: Justin Schwartz <[EMAIL PROTECTED]> >To: <[EMAIL PROTECTED]> >Sent: Sat

Re: Re: Re: Re: RE: Re: RE: Bankruptcy again

Sent: Friday, January 19, 2001 11:56 PM Subject: [PEN-L:7141] Re: Re: Re: RE: Re: RE: Bankruptcy again > Ken -- when accusing others of writing gibberish it is good to avoid it > yourself. *Ethanol* is what is produced from grain, and sugarcane. > *Methanol* is an alcohol produced through des

Re: Re: Re: RE: Re: RE: Bankruptcy again

er pressure is about 1/3 or so of that of electric > heat. What of wind power..? > Cheers, Ken Hanly > - Original Message - > From: Lisa & Ian Murray <[EMAIL PROTECTED]> > To: <[EMAIL PROTECTED]> > Sent: Thursday, January 18, 2001 8:19 PM > Subject

Re: Re: RE: Re: RE: Bankruptcy again

wind power..? Cheers, Ken Hanly - Original Message - From: Lisa & Ian Murray <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Thursday, January 18, 2001 8:19 PM Subject: [PEN-L:7119] Re: RE: Re: RE: Bankruptcy again > via micro-turbines, internal combustion eng

Re: Re: RE: Re: RE: Bankruptcy again

full article at: Power cuts in California hold a green message 19 January 2001 It has come to something when the lights go out in California, the richest and most populous state of the richest nation in the w

Re: RE: Re: Re: Re: RE: Bankruptcy again

David, the operating side might not have a positive cash flow because they used borrowed money to buy scads of production assets -- or it may just be a matter of cooking the books. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAI

Re: Re: RE: Re: RE: Bankruptcy again

You forgot my giant gerbil farm. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]

Re: RE: Re: RE: Bankruptcy again

[this is the list from Battelle's website; they are the contractors, along with Bechtel and the Midwest Research Institute, that run the National Renewable Energy Lab for the US Gov. in Colorado... http://www.nrel.gov ] Top Ten Energy Innovations for 2010 2000 Press Release The top 10 most econo

RE: Re: Re: Re: RE: Bankruptcy again

lawyers are going to win. David Shemano -Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Eugene Coyle Sent: Thursday, January 18, 2001 6:37 AM To: [EMAIL PROTECTED] Subject: [PEN-L:7099] Re: Re: Re: RE: Bankruptcy again I shouldn't be as flip as I was

Re: Re: Re: RE: Bankruptcy again

I shouldn't be as flip as I was a minute ago. There are real problems here -- the lights went out yesterday for some areas, and maybe will again today. But the cash deficit is a lot smaller than the claim. Gene Coyle Ken Hanly wrote: > So the whole story is: > My right pocket is bankrupt, m

Re: Re: Re: RE: Bankruptcy again

Ken Hanly wrote: > So your right pocket can be bankrupt but your left pocket overflowing with > bucks? > > Cheers, Ken Hanly Exactly Gene Coyle > > > - Original Message - > From: Eugene Coyle <[EMAIL PROTECTED]> > To: <[EMAIL PROTECTED]> > Sent: Wednesday, January 17, 2001 11:25 PM

Re: Re: RE: Bankruptcy again

So the whole story is: My right pocket is bankrupt, my left overflowing. I go to the state crying out that I need money in my right pocket to keep providing these great power services to the public.. The state fills my right pocket... I go laughing all the way to the bank.. Cheers, Ken

Re: Re: RE: Bankruptcy again

So your right pocket can be bankrupt but your left pocket overflowing with bucks? Cheers, Ken Hanly - Original Message - From: Eugene Coyle <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Wednesday, January 17, 2001 11:25 PM Subject: [PEN-L:7094] Re: RE: Bankruptcy again > The Calif

Re: RE: Re: RE: Bankruptcy again

day, January 17, 2001 4:56 PM Subject: [PEN-L:7080] RE: Re: RE: Bankruptcy again > It appears to be a rather straightforward cash flow problem. Even assuming > their assets on a balance sheet exceed their liabilities, because those > assets are illiquid (e.g. plants and equipment), they c

RE: Re: RE: Bankruptcy again

It appears to be a rather straightforward cash flow problem. Even assuming their assets on a balance sheet exceed their liabilities, because those assets are illiquid (e.g. plants and equipment), they can still be unable to pay their debts as they become due. (FYI -- there is no requirement that

Re: RE: Re: RE: Bankruptcy Question

At 02:27 PM 01/15/2001 -0800, you wrote: >. I think >Westinghouse argued that the uranium suppliers had conspired to raise >prices, while had the effect of screwing Westinghouse, which had obligations >to supply uranium to various utlities at much lower prices. For what it's worth, my friend Geo

RE: Re: RE: Bankruptcy Question

Yes. Back in the 1970s. A lot of litigation ensured, but it all occurred outside of bankruptcy. I know next to nothing about what occurred. I think Westinghouse argued that the uranium suppliers had conspired to raise prices, while had the effect of screwing Westinghouse, which had obligations

RE: Re: Re: Bankruptcy Question

Back in the mid 90's UPS threatened the Teamsters with a reorg so as to be classified as an Airline like FedEx in order to break the union; they basically told the Teamsters "go organize FedEx or we'll do it." This was while they were in court trying to have FedEx' status changed so that those of

Re: RE: Re: RE: Re: Bankruptcy and deregulation

Well I expect you are wrong about heat being essentially free in the USSR. If Zoschenko, Stalin's court jester is correct, then members of collective apartments paid for heat and light, no doubt at subsidized prices. He has a story in which apartment dwellers complain about large wattage bulbs. It

Re: Re: RE: Re: RE: Re: Bankruptcy and deregulation

This is a glib answer, Michael. The point is that markets provide one may, certainly the best first approximation we have for many things (not electricity, as it happens), of the costs of using resources one way rather than another. We talk of externalities, but that is only because the market

RE: Re: Re: Re: Bankruptcy and deregulation

<> -- Let's clear something up. First, I didn't even know I was engaged in a cyberwar. Second, I demand that I be called names -- something with "running dog" in it would be nice. Seriously, do people really get upset over email postings from people the

Re: RE: Re: RE: Re: Bankruptcy and deregulation

The problem, David, is that no price is "natural." On Wed, Dec 27, 2000 at 06:31:20PM -0800, David Shemano wrote: > - > > Correct me if I am wrong, but heat was essentially free in the Soviet Union. > As a result, people cranked their heaters up to 80 degrees

RE: Re: RE: Re: Bankruptcy and deregulation

<> - Correct me if I am wrong, but heat was essentially free in the Soviet Union. As a result, people cranked their heaters up to 80 degrees plus on a regular basis. Can we not agree that was "more artificial" than what exists generally in a market economy, i

Re: Re: Re: Bankruptcy and deregulation

At 09:58 PM 12/26/00 -0800, you wrote: > >Fortunately, David seems to have a good sense of humor. So far, while I >disagree with David for the most part, he seems to be participating in >pen-l to find out about how we think rather than trying to impose his >ideas on us. If a number of people fo

Re: RE: Re: Bankruptcy and deregulation

Why do you speak of regulated lower prices creating ARTIFICIALLY high demand level? Is there some NATURAL demand level? Why? And does ARTIFICIAL imply "bad"? Why? What ethical theory do you hold that implies this? Are you a crypto-Thomist- but even they recognize things that are artificial but goo

Re: Re: RE: Re: RE: Re: Bankruptcy and deregulation

At 11:02 PM 12/26/00 -0600, you wrote: >What I said was that deregulating energy has the worst of all worlds -- it >leads to the discomfort, indeed impoverishment, of the poor and working >classes without doing anything to conserve energy. It does control >growth, at the expense of jobs and t

Re: RE: Re: RE: Re: Bankruptcy and deregulation

David Shermano wrote: > > First of all, I am not a right-wing economist, I am a right-wing corporate > bankruptcy lawyer. I demand an apology. > I offer a profound apology. And also an apology to right-wing economists for confusing them with lawyers. To quote Tom Paxton: "In ten years we're

Re: RE: Re: Bankruptcy and deregulation

Paul Phillips provided a good response to the Shemano post. I would add the following. Kilowatt hours are not sold at a single commodity price but rather the market is segmented. The vendors provide low prices to customers with "elastic demand." (I hate to use that vulgar and misleading ex

RE: Re: RE: Re: Bankruptcy and deregulation

<> - First of all, I am not a right-wing economist, I am a right-wing corporate bankruptcy lawyer. I demand an apology. Second, my question was not about whether the market failed or not concerning retail energy distribution. In fact, personally, I hope ev

Re: RE: Re: Bankruptcy and deregulation

David Shemano, like most economists, particularly right-wing economists just doesn't get it. Raising the price of energy through these mechanisms only transfers income from the poor to the rich owners of the power utilities and gas companies. Since there are no alternatives to power to heat

Re: RE: Re: Bankruptcy and deregulation

At 01:57 PM 12/26/2000 -0800, you wrote: >It appears that one of the criticisms of energy deregulation is that it is >bad for consumers (i.e. retail prices are increasing). Lefties are in >turn calling for reregulation, presumably in order to ensure that retail >prices are lower than what they