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Debt Collection

BUSINESS
January 18, 2003 | From Bloomberg News
Kmart Corp. demanded the repayment of all executive retention loans made before the discount retailer filed for bankruptcy protection and fired the five remaining recipients of the bonuses still with the company. An internal probe found that management under former Chairman Charles Conaway didn't properly disclose information with the board when it set up the loan program in 2001, Kmart said.
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BUSINESS
December 11, 2002 | From Reuters
Defense contractors Boeing Co. and General Dynamics Corp. said a federal appeals court blocked the Defense Department from collecting $2.3 billion it claims the two companies owe for a scrapped Navy fighter program. The U.S. Court of Federal Claims issued a stay of its August 2001 decision, saying immediate collection of the money is not in the national interest.
BUSINESS
December 4, 2002 | From Associated Press
The Pentagon said it would begin collecting $2.3 billion from General Dynamics Corp. and Boeing Co. for what the government considers debt owed on a canceled A-12 stealth aircraft project 11 years ago. Instead of asking the firms to turn over the $2.3 billion, the Pentagon plans to get the money by withholding about $128 million a month for 18 months on other government contracts held by the firms.
BUSINESS
November 6, 2002 | Kathy M. Kristof, Times Staff Writer
The Internal Revenue Service plans to start charging a "user fee" when economically troubled taxpayers ask to pay less tax than they owe through a so-called offer in compromise. In proposed regulations issued Tuesday, the agency said taxpayers requesting an offer in compromise would have to pay a $150 fee.
BUSINESS
September 12, 2002 | Bloomberg News
AT&T Canada Inc., the money-losing phone and Internet-service provider that is 31% owned by AT&T Corp., will miss $51.2 million in bond payments this month as the company tries to conserve cash amid slowing demand. AT&T Canada said it has a 30-day window to make the two interest payments, which are due Sunday and Sept. 23. The company has enough cash to meet that deadline, spokesman Ian Dale said.
WORLD
May 16, 2002 | CHRIS KRAUL, TIMES STAFF WRITER
Seeking to quell a lingering and complex dispute, President Vicente Fox promised Wednesday to pay off a huge Mexican water debt to the United States that is causing economic hardship among Texas farmers. In a statement issued from Europe, where he is traveling on state business, Fox said he would announce in two weeks a water conservation plan and a schedule for his nation to reimburse its neighbor about 1.5 million acre-feet of water.
BUSINESS
August 20, 2001 | ANTHONY BOADLE, REUTERS
Argentina is negotiating a long-term plan with the International Monetary Fund that looks at fiscal and debt scenarios until 2010 in a bid to obtain new financial aid, Argentine officials said over the weekend. The novel program is the result of an ongoing debate on reforming international financing agencies that the Bush administration has insisted on pushing forward, they said. "The conversations are complex," Argentine Finance Secretary Daniel Marx told reporters late Saturday.
CALIFORNIA | LOCAL
August 11, 2001 | From Times Staff Reports
Child-support collections in Orange County rose 11.2% during the last fiscal year, to more than $159.3 million. Collections during the previous fiscal year were $143.3 million. Five years ago they were $65.6 million. Jan Sturla, division director of the Orange County district attorney's child-support section, said the steady five-year increase in collections stems from more staffing and improved business practices.
BUSINESS
July 10, 2001 | From Reuters
U.S. consumers in May racked up debt at their slowest pace since the end of last year, the Federal Reserve said Monday. The Fed said consumer credit outstanding rose by $6.5 billion to a seasonally adjusted $1.59 trillion in May. That was the smallest monthly dollar gain since December of last year. The annual rate of growth in May, 4.9%, was the smallest since October 1999. The figures raise the prospect that consumer spending, which has been a mainstay in an otherwise slowing U.S.
BUSINESS
July 9, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Many people who file for Chapter 7 bankruptcy don't understand their legal rights, which can make them vulnerable to abuses by creditors both during and after their filing, according to a survey recently released by a consumer group. The National Consumer Law Center, which surveyed 261 people who filed for liquidation bankruptcy, found few understood the process of "reaffirmation," which allows creditors to collect on debts that would have otherwise been erased in bankruptcy.
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