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BUSINESS
January 15, 1985
In its federal court plan, the firm said it would pay the company's creditors in full, including the immediate payment of $85 million. The proposal, filed Monday with U.S. Bankruptcy Judge R. F. Wheless Jr., calls for Continental to pay its secured and unsecured debts within 13 years. Under the proposal, Continental would pay off its secured debts within 10 years and unsecured debts within 12 to 13 years.
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CALIFORNIA | LOCAL
January 6, 1999
Former U.S. Ambassador Robert D. Nesen has settled millions of dollars in lawsuits involving his son and the family's failed luxury car business. Lawyers for Nesen and his youngest son, Gary, announced the December out-of-court settlements this week but declined to disclose financial terms. Nesen, 80, served as ambassador to Australia during the Reagan presidency. His debt-ridden Nesen Motor Car Co. was sold in November 1996.
BUSINESS
August 11, 1985
There is an irony in the two articles in the June 17 Business Section: "26,500-Acre Farm Threatened by Foreclosure" says that Bank of America (and Crocker Bank) has taken back much farm acreage and charged off millions of dollars in uncollectable farm loans; "Banks Rescheduled Panama's $633-Million Debt" says that Bank of America, as lead bank of a 13-member creditor committee for Panama's debts, will reschedule debts and make new loans. If our greedy bankers continue their childish games of pretending that foreign debts are valid and continue lending to protect interest payments, while destroying the farming backbone of America, we will, possibly in our lifetime, witness worldwide monetary failure and panic--and possible anarchy and revolution.
CALIFORNIA | LOCAL
May 18, 1997
The decision by CSUN finance officials to write off so-called bad debts and the laxity in collecting known debts is appalling ("12 CSUN Employees Deny Getting Pay Advances," May 4). On whose authority was this done? The practice of submitting payroll sheets without those hours having been worked and then requiring the employees to use the honor system to correct the overpayment should be abolished forthwith. The policy should be no work, no pay. NORMAN HIRSCH Canoga Park
ENTERTAINMENT
December 4, 2013 | By Mike Boehm
The bad news for the Detroit Institute of Arts today is that a bankruptcy judge has authorized the city that owns the museum to declare bankruptcy, giving its creditors a legal forum for insisting that the most valuable masterpieces from the DIA's admired collection be sold to help pay the city's debts. The good news is that, in clearing the way Tuesday for a Chapter 9 bankruptcy filing, the judge made a point of questioning whether it makes any sense to sell the art. Noting the proposal that the DIA's walls be stripped of their most admired paintings to help pay off $18 billion in municipal debt, U.S. Bankruptcy Judge Steven Rhodes suggested that the point of a bankruptcy proceeding is not to liquidate assets needed to sustain a city or organization that's trying to reorganize its finances, but to give it a new lease on economic life.
BUSINESS
April 2, 2009 | TIMES WIRE REPORTS
A Sacramento company that once was among the nation's fastest-growing ethanol producers says it could run out of cash within a month. Pacific Ethanol Inc. said in a Securities and Exchange Commission filing that it might not be able to continue past April 30 without renegotiating its debts or finding new sources of cash. The company said a bankruptcy filing was possible.
REAL ESTATE
April 14, 1991
This letter is to clarify portions of "WW II Legislation Helps Reduce GIs' Bills" by David W. Myers (Feb. 17), regarding the Soldiers' and Sailors' Civil Relief Act. First, the article states that the act protects full-time service members from certain debts incurred prior to "joining up." Not only are pre-enlistment debts protected, but also debts incurred prior to being called to active duty. Thus, a reservist can receive protection for debts incurred after enlistment but prior to the time orders to report to active duty become effective.
BUSINESS
March 22, 1992
In the article "Swamped By Debtors and Abuse" (Jan 12), it was stated that student loans and income taxes are not dischargeable in a bankruptcy. While generally true, time does turn both student loans and IRS debts into dischargeable debts. Student loans are eligible for discharge seven years after the repayment date takes effect. Taxes are dischargeable three years after the due date of the return (with extensions), or two years after they are filed, or 240 days after they are assessed, whichever is later.
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