Bankruptcy blog

Jongro Seojuk, or less known as Jongro Book Center, was the mecca of book shopping in Seoul, Korea for many book fanatics over the decades. It opened its door in 1907, with a 95 year old history, it was the place for university students, highschool students, anyone, looking for an opening of the mind came to Jongro Seojuk for solace. Jongro Seojuk became a famous rendezvous place for many people, where by the term “meet in front of Jongro Seojuk” became as commonplace as “meet in front of Seoul Station” It became the center of the literate and intellectually minded young people. It was even a famous meeting point among the non-literate.

History

It was started by the Church of the Message of Christ, in 1907, who bought a timber-built tile-roof house, first started off by selling books relating to Christianity, over the years it changed its name from Kyomoon Seogwan, Jongro Seogwan and in 1963, by adopting the name “Jongro Seojuk Center”, it became the leading bookstore of Seoul. Slowly over the 90s, the 300 strong employee base dwindled to a meager 50, and finally in 2002, not being able to reverse its $11.5 million deficit, it declared bankruptcy. It apparently looked for a third party buyer, but no one came to their rescue.

It declared bankruptcy in 2002, June, right in the middle of the Soccer World Cup 2002. The reasons for its bankruptcy were rumored being for its lack of parking space, introduction of internet book stores (this has little credence as other major book stores like Kyobo or Youngpoong has grown bigger every year), and general lack of customer service, the fact that one had climb through five different floors to look for a book, and its inadequate size. There was also voices criticising its flippant position of being so sure of its future, relying on old customers, being ran by people who believed that Jongro Seojuk would survive. It cared nothing for the growing expansion of the new Kyobo Moongo which opened its doors in 1981, it did not try to improve or change its image or store to match changing times. In essence, marketing failed, and customer-company relationship had become literally non-existent by the 1990s. It still managed to rake in a few loyal customers till the mid 90s, but after 2000, Jongro Seojuk was overshadowed by the new, and more modern book stores in Jongro.

Centenary Loss

The bankruptcy was quietly forgotten by many because of the World Cup, but millions of people remember the only book store that did not fail them if they looked for a book. After its bankruptcy, numerous people regretted the loss of the only cultural literary tradition in Korea that would’ve neared its centenary celebrations.

See also

• List of bookstore chains

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. In most cases personal bankruptcy is initiated by the bankrupt individual. Bankruptcy is a legal process that discharges most debts, but has the disadvantage of making it more difficult for an individual to borrow in the future. To avoid the negative impacts of personal bankruptcy, individuals in debt have a number of bankruptcy alternatives.

Take No Action

Bankruptcy prevents a person’s creditors from obtaining a judgment against them. With a judgment a creditor can attempt to garnish wages or seize certain types of property. However, if a debtor has no wages (because they are unemployed or retired) and has no property, they are “judgment proof”, meaning a judgment would have no impact on their financial situation. Creditors typically do not initiate legal action against a debtor with no assets, because it’s unlikely they could collect the judgment.

If enough time passes, seven years in most jurisdictions, the debt is removed from the debtor’s credit history.

A debtor with no assets or income cannot be garnished by a creditor, and therefore the “Take No Action” approach may be the correct option, particularly if the debtor does not expect to have a steady income or property a creditor could attempt to seize.

Self Money Management

Debt is a result of spending more than one’s income in a given period. To reduce debt, the most obvious solution is to reduce monthly spending to allow extra cash flow to service debt. This can be done by creating a personal budget and analyzing expenses to find areas to reduce expenses.

Most people, when reviewing a written list of their monthly expenses, can find ways to reduce expenses. Common areas for expense reduction would include reducing food expenses by eating out less often, taking public transportation instead of driving a car, and eliminating enhanced telephone and cable television services.

Negotiate With Creditors

Creditors understand that bankruptcy is an option for debtors with excessive debt, so most creditors are willing to negotiate a settlement so that they receive a portion of their money, instead of risking losing everything in a bankruptcy.

Negotiation is a viable alternative if the debtor has sufficient income, or has assets that can be liquidated so that the proceeds can be applied against the debt.

Negotiation may also buy the debtor some time to rebuild their finances.

Debt Consolidation

Debt is a problem if the interest payments are greater than the debtor can afford. Debt consolidation typically involves borrowing from one lender (typically a bank), at a low rate of interest, sufficient funds to repay a number of higher interest rate debts (such as credit cards). By consolidating debts, the debtor replaces many payments to many different creditors with one monthly payment to one creditor, thereby simplifying their monthly budget. In addition, the lower interest rate means that more of the debtor’s monthly payment is applied against the principal of the loan, resulting in faster debt repayment. It may be necessary to have a co-signor or other security, such as a car, if the borrow’s credit is not sufficient on their own.

Formal Proposal to Creditors

If the debtor cannot deal with their debt problems through personal budgeting, negotiation with creditors, or debt consolidation, the final bankruptcy alternative is a formal proposal or deal with the creditors.

Different countries have different legal procedures for compromising debts. In the United States, a debtor can file a Chapter 13 Wager Earner Plan. The plan will typically last for up to five years, during which time the debtor makes payments that are distributed to their creditors.

In Canada, a Consumer Proposal can be filed with the assistance of a government-licensed proposal administrator. Forty-five days after filing the proposal the creditors vote on the proposal, which is considered accepted if more than half of the creditors, by dollar value, vote to approve the proposal.

Individual Voluntary Arrangement

In the UK the Individual Voluntary Arrangement (IVA) represents the main formal alternative to a debtors bankruptcy petition. The IVA is part of the Insolvency Act 1986 and essentially allows a debtor to reach a formal repayment arrangement with their creditors usually over a 5 year period. In most cases the debtor does not repay their debts in full to their creditors however the IVA proposal essentially allows for any remaining debt to be written off by the creditors at the end of the 5 year repayment period. As with bankruptcy petitions the number of IVA proposals has been increasing rapidly in the UK in recent years.

The Protective Trust is a form of settlement found in England and Wales and several Commonwealth countries. It has marked similarities to asset-protection trusts found in several offshore jurisdictions and US Spendthrift trusts.

In such a trust assets are ordinarily held to pay an income to the beneficiary. The beneficiary may also have access to capital of the trust with the trustee’s permission. The right to receive income from a trust would ordinarily be an asset in the hands of the beneficiary and could be sold, thwarting the intention of the donor to spread the gift over the recipient’s lifetime. Additionally on a bankruptcy the right to the income would be sold by the beneficiary’s trustee in bankruptcy.

To give protection to beneficiaries, a protective trust automatically converts into a discretionary trust, under which the beneficiary has no right to the income, if he or she does anything which breaches a condition specified in the document creating the trust.

The establishment of this discretionary trust is ordinarily exempt from the charge to UK inheritance tax on the establishment of discretionary trusts.

Such protective trusts have a longstanding history. To reduce the verbose definitions that had previously to be recited in the establishing documents of a protective trust, in England and Wales s33 of the Trustee Act 1925 (and equivalent legislation in other jurisdictions) provides that this protection will arise in any trust described as a “protective trust” in its trust deed.

Protective trusts are subject to challenge under creditor protection legislation as are any other forms of asset-protection. However many jurisdictions do not permit a trust to be broken where a debtor who remains a discretionary beneficiary only under a trust and cannot access the fund without the exercise of the trustees’ discretion in his favour.

See also

• Asset protection

Scientific Audio Electronics (SAE) was an audio electronics maker founded in 1968. In 1985 it was taken over by DAK Industries but folded in 1992 when the parent company went into bankruptcy. The company was based in Los Angeles, California and had a huge cult-following of audiophiles.

Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations.

Personal bankruptcy (Canada)

The concept behind bankruptcy in Canada is that an individual assigns (surrender) everything they own to a trustee in bankruptcy in exchange for the elimination of their unsecured debts.

Exemptions

The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms, and some insurance. In basic terms, any property the debtor might require to survive can be exempt. Personal Bankruptcy will eliminate most, if not all, of an individual’s debt, but it also impacts their future ability to obtain credit.

Costs

The cost of personal bankruptcy in Canada depends on the individual’s monthly family income, the size of the family, and their assets (such as RRSPs). An alternative to personal bankruptcy (in Canada) is a Consumer Proposal.

The Deep Rock doctrine is a rule of bankruptcy and corporate law in the United States, developed by the U.S. Supreme Court in the case of Taylor v. Standard Gas Co., 306 U.S. 307 (1939). The rule requires that, where a subsidiary corporation declares bankruptcy and an insider or controlling shareholder of that subsidiary corporation asserts claims as a creditor against the subsidiary, loans made by the insider to the subsidiary corporation may be deemed to receive the same treatment as shares of stock owned by the insider. Therefore, the insider’s claims will be subordinated to the claims of all other creditors, i.e. other creditors will be paid first, and if there is nothing left after other creditors are paid then the insider gets nothing. This also applies (and indeed the doctrine was first established) where a parent company asserts such claims against its own subsidiary.

The doctrine will be applied where equity requires, particularly where the subsidiary was undercapitalized at the time that it was established, and can thereby be shown to have been mismanaged for the parent corporation’s benefit. This was the circumstance in the original Supreme Court case, where the Deep Rock Oil Corporation was an undercapitalized subsidiary of the defendant Standard Gas Company.

Drug Emporium is the name of a discount drug store corporation, founded in 1977 in Columbus, Ohio, that was sold to several different buyers during 2000 to 2001. Although several store locations continue to use the Drug Emporium name, these locations are no longer affiliated with the now-defunct Columbus-based corporation. At the company’s high water mark in the 1990s, there were almost 300 locations scattered throughout the United States, including stores that operated under the F&M and VIX banners.

The company declared bankruptcy in April of 2001 as a condition of its sale to Snyder Drug of Minneapolis, Minnesota. Various causes have been attributed, with most citing the company’s failure to effectively compete with Walgreens, CVS Corporation and other drug store chains. Additionally, much time, effort and money was spent attempting to leverage the power of the brick and mortar Drug Emporium locations into the failed DrugEmporium.com website that was seen as the company’s future. This “click and mortar” approach, typical of the pre-Dot-com bubble mentality of the late 1990s never fully materialized and only served to deepen the company’s economic troubles.

The large base of franchised Texas and West Virginia locations, along with company-owned California locations were sold off to independent owners and Big A Drug, respectively. Then, on September 12, 2003, Snyder Drug closed all of the remaining corporately-owned stores in Pennsylvania, New Jersey, New York, Michigan, Ohio, Missouri, Oklahoma, Kentucky, and Wisconsin due to significant capital infusions and to escape bankruptcy. Although the chain was founded in Columbus, Ohio, it no longer has stores in its home state. Snyder Drug continues to operate and is owned by the Katz Group of Edmonton, Alberta, Canada.

The North Hollywood, California store was regularly used in the TV series “Malcolm in the Middle” as the “Lucky Aide” store where Lois worked.

External links

• Snyder Drug
• Big A Drug (California Locations)[[Category:2003 disestablishments]

ABI is a three-letter acronym that may refer to:

• Abilene Regional Airport
• Abitur
• AbiWord
• Acquired brain injury
• Alabama Bureau of Investigation
• American Bankruptcy Institute
• American Biographical Institute
• Ankle-Brachial Index
• Application binary interface
• Applied Biosystems

See also

• Abi

For English civil servant, see Bruce Mann (civil servant).

Bruce H. Mann is the Carl F. Schipper, Jr. Professor of Law at Harvard Law School and a legal historian whose research focuses on the relationship among legal, social, and economic change in early America. He began at the Law School in Fall 2006, after being the Leon Meltzer Professor of Law and Professor of History at the University of Pennsylvania.

In his latest book, Republic of Debtors: Bankruptcy in the Age of American Independence (winner 2003 SHEAR Book Prize; 2004 J. Willard Hurst Prize, awarded by Law and Society Association; and 2003 Littleton-Griswold Prize, awarded by the American Historical Association), Mann explores the legal, social, economic, moral, political and intellectual implications of debt and failure in the early American republic, revealing how problems of money, credit, and debt implicated questions of commerce and agriculture, nationalism and federalism, dependence and independence, even slavery and freedom.

Mann has been the keynote speaker at the annual conference of the Australia and New Zealand Law and History Society, and the annual convention of the National Association of Consumer Bankruptcy Attorneys. His four teaching awards include three at Penn: the A. Leo Levin Award for Excellence in an Introductory Law Course; the Harvey Levin Memorial Award for Excellence in Teaching at the law school; and the university-wide Christian R. and Mary F. Lindback Foundation Award for Distinguished Teaching.

Mann is married to Elizabeth Warren, who is the Leo Gottlieb Professor of Law at Harvard Law School.

BelgiumExel was an airline based in Belgium. It operated charter flights to Africa, Asia and the Caribbean as part of holiday packages for Thomas Cook.

History

The airline was established and started operations in February 2004. It was owned by ExelAviation Group, and services ceased on 31 January 2005. In May 2005, HollandExel, the parent company, declared bankruptcy.

Code Data

• ICAO Code: HXL

Fleet

The BelgiumExel fleet consisted of 1 Boeing 767-300 aircraft (at July 2005).

External links

• BelgiumExel
• BelgiumExel Fleet Detail
• Bankruptcy Information

Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations.

Personal bankruptcy (Canada)

The concept behind bankruptcy in Canada is that an individual assigns (surrender) everything they own to a trustee in bankruptcy in exchange for the elimination of their unsecured debts.

Exemptions

The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms, and some insurance. In basic terms, any property the debtor might require to survive can be exempt. Personal Bankruptcy will eliminate most, if not all, of an individual’s debt, but it also impacts their future ability to obtain credit.

Costs

The cost of personal bankruptcy in Canada depends on the individual’s monthly family income, the size of the family, and their assets (such as RRSPs). An alternative to personal bankruptcy (in Canada) is a Consumer Proposal.

Johns-Manville is an American corporation involved in manufacture of asbestos, insulation and roofing materials. The stock was included in the Dow Jones Industrial Average from January 29, 1930 to August 27, 1982. It was replaced with American Express. In 2001 it was bought by Berkshire Hathaway. Since 2004, when Chairman & CEO Jerry Henry retired, Steve Hochhauser has been Chairman, President & CEO.

The company was founded as the H.W. Johns Manufacturing Company in New York in 1858, and was an early asbestos manufacturer in the United States.

The Manville Covering Company was founded in Wisconsin in 1885 by C. B. Manville. C. B. Manville’s grandson was the much-married socialite Tommy Manville.

H.W. Johns and Manville merged in 1901 to form H.W. Johns-Manville, which changed to Johns-Manville in 1926.

Industrialist Lewis H. Brown was president of the Johns-Manville Corporation in the 1930s.

The Canadian branch of the corporation was involved in the extremely violent Asbestos Strike in Canada in 1949.

The corporation also faced major class-action lawsuits in the 1980s based on asbestos-related injuries, and filed for chapter 11 bankruptcy protection in 1982, then the largest company in US history to do so.

The bankruptcy was resolved by the formation of the Manville Trust to pay asbestos tort claimants in an orderly fashion by giving the trust the lion’s share of the equity in the company. The bankruptcy took over 5 years to process and resulted in extremely protracted litigation. The Manville Trust is still in operation today.

Interesting Facts

The Johns-Manville Corporation is how the borough of Manville, New Jersey obtained its name, as the company had a large plant in the borough.

The company’s founder, H.W. Johns, died of asbestosis in 1898.

References

External links

• Johns-Manville Website
• About the class action suit in the Asbestos Hazards Handbook (London Hazards Centre)
• Consumer Insulation site

Judgement Debtor, in English or American law, a person against whom a judgment ordering him to pay a sum of money has been obtained and remains unsatisfied. Such a person may be examined as to whether any and what debts are owing to him, and if the judgment debt is of the necessary amount he may be made bankrupt if he fails to comply with a bankruptcy notice (in US, Law, an involuntary petition) served on him by the judgment creditors.

In the past, the judgment debtor could have been committed to prison or have a receiving order made against him in a judgment summons under the Debtors Act 1869.

Eurotunnel plc (in the UK) and Eurotunnel SA (in France) make up the Eurotunnel Group, founded in August 1986, which manages and operates the Channel Tunnel between the UK and France.

It operates the car shuttle and earns revenue on other trains (freight by EWS and SNCF and passenger service by Eurostar) passing through the tunnel. However, passenger numbers are around one-third of the original projections.

Heavily indebted, the company has been struggling with the interest on the £10bn it has taken to construct the tunnel. The tunnel cost nearly 6 times more than expected to build and Eurotunnel’s debts are around £6.2bn. Its profits cannot even match its interest payments. In order to deal with this, many cuts in services have been introduced with varying success and a third of the staff has been laid off.

The Eurotunnel was once expected to take nearly all business away from cross-channel ferry companies.

As part of the original deal, Eurotunnel has had to invest in research into another two-storey road tunnel, but for cars only, as the fumes of other vehicles would be too much.

Bankruptcy protection

In April 2004, a dissident shareholder group succeeded in taking control of the board. The chairman, Jacques Gounon, tried to persuade creditors to write off some £4bn of debt, with limited success.

In July 2006, shareholders voted on a deal which would see half the debt swapped in exchange for 87% of the equity. However, this plan failed and, on 2 August 2006 the company was placed into bankruptcy protection by a French court for six months.BBC News report, accessed 3 August 2006

May 2007 Bankruptcy averted

In an effort to avert the continued bankruptcy of the Eurotunnel company, shareholders have approved the cut of debts from £6bn to £2.84bn. A new company will be created called Groupe Eurotunnel. Major investors will trade their shares for a stake in the new company. The new Group Eurotunnel will receive a loan of £2.84bn from major investment banks such as Deutsche Bank, Goldman Sachs and Citigroup.BBC News report, accessed 26 May 2007

Locomotives

Diesel locomotives

• Eurotunnel Class 0001 - used to rescue failed trains
• Eurotunnel Class 0031 - diesel shunting locomotives

Electric locomotives, which operate vehicle shuttles

• Eurotunnel Class 9
• British Rail Class 92 - for use by freight subsidiary Europorte 2

References

External links

• Eurotunnel
• BBC, June 2006: Eurotunnel faces debt restructuring opposition
  
• The Independent, July 2006: Eurotunnel files for bankruptcy protection

McLellan Stores were a 20th-century chain of five and dime stores in the United States.

The stores were founded by William Walker McLellan (died April 1960 at age 87) in 1917. The chain grew to 200 variety stores, but the Great Depression drove the company into bankruptcy. The company was able to emerge from bankruptcy without reorganization, but control was obtained by United Stores Corporation which had bought shares on the stock market.

McLellan Stores merged with McCrory Stores in 1958. Many of the stores were converted to McCrory’s or J.J. Newberry’s (owned by the same company), and have ultimately been closed as McCrory’s entered bankruptcy in the 1990s.

Like many similar stores, it had segregated lunch counters in its stores in the southern United States until protests (including sit-ins) in the early 1960s forced it to desegregate.

Superintendent of Bankruptcy (Canada)

The role of the Superintendent of Bankruptcy is to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and orderly manner.

As stated on the Office of the Superintendent of Bankruptcy Website:

“Whether you are a debtor (you owe money), a creditor (you are owed money) or a trustee (someone who administers bankruptcies and insolvencies), our goals are equally simple: to make the bankruptcy and insolvency process easier for you to understand and provide you with the information you need to best manage your situation.”

CO - Commerce Officers work here as Assistant Superintendents, Senior Bankruptcy Analysts and Bankruptcy Analysts.
PM - Program Managers work here as Assistant Bankruptcy Analysts.

Financial distress is a term in Corporate Finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty. Sometimes financial distress can lead to bankruptcy. Financial distress is usually associated with some costs to the company and these are known as Costs of Financial Distress. A common example of a cost of financial distress is bankruptcy costs.

External links

• Indicators and Souces of Financial Distress
• Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta® Models by Edward Altman
• Financial Distress, Bankruptcy Law, and the Business Cycle by Javier Suarez and Oren Sussman

Financial distress cost are divided into: direct costs

                                       :  indirect costs

Direct Costs
-changes the payout to debtholders if bankruptcy occurs. these include the direct expenses that a company inccurs; auditors’ fees, legal fees, management fees and other payments.

Indirect Costs
-changes the distrubition of firm value prior to bankruptcy. these include loss goodwill. which will result in less sales, hence revenue

A bankruptcy risk score is a number that indicates the likelihood of an individual filing for bankruptcy. Although it has been used for over twenty years to assess risk in lending, few consumers know of it. It is related to the better-known credit score, but unlike credit scores, bankruptcy risk scores are not sold to consumers by any of the credit bureaus. Consequentially, individuals have little or no way of knowing what their bankruptcy risk scores are or how to adjust them downward.

This is also referred to as debt analysis which allows lenders the ability to assess a customers’ risk in taking out a loan. One can improve their score by paying bills on time, keeping balances low, and having few revolving accounts.

References

Equifax, a US credit bureau, offers a bankruptcy risk score called Bankruptcy Navigator Index to its commercial clients.

Debt restructuring is a plan for business, which is made to make possible to continue business operation without danger from debt. It is usually cheaper and safer than bankruptcy. The only cost associated with a business debt restructuring is the time to negotiate with bankers, creditors, tax authorities and suppliers.

In United States, during debt restructuring, debts on average receive a 45% discount. Chapter 11 bankruptcy costs at least $50,000 in lawyer and court fees, with costs over $100,000 common. By some measures, only 20% of firms survive Chapter 11 filing.Buljevich, Esteban C.,Cross Border Debt Restructuring: Innovative Approaches for Creditors, Corporate and Sovereigns ISBN 1-84374-194-6

Debt-for-equity swap

In a debt-for-equity swap, a business’ creditors agree to cancel some or all of its debt in exchange for equity in the business.http://msnbc.msn.com/id/9843095/ Eurotunnel on target for January debt deal

Debt for equity deals often occur when large companies run into severe financial trouble, and often result in these projects being owned by their bankers. This is because both the debt and the remaining assets in these projects are so large that there is no advantage to the banks to drive the project into bankruptcy, and they prefer to take control of the business as a going concern.

The shareholding of the original shareholders of the company is generally significantly diluted in these deals.

References

FLYi, Inc., () previously known as Atlantic Coast Airlines Holdings, Inc., was a Delaware airline holding company based in Dulles, Virginia. The company was currently in Chapter 11 Bankruptcy, and formerly operated Independence Air.

History

Atlantic Coast Airlines Holdings, Inc. was a commuter airline formed in 1989. Atlantic Coast Airlines operated as United Express and Delta Connection.
Upon termination of their codeshare agreements, in 2004 the company changed its name to FLYi, Inc, representing the airline’s new name, Independence Air.

On November 7, 2005, FLYi, Inc. and its subsidiaries filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware. This press release declares that they expected to attract new investors within sixty days of the filing.

Due to Flyi not finding an investor as expected, Flyi ceased operations on January 5, 2006 at 7:00 p.m. UTC-5. The airline’s operating certificate was purchased by Northwest Airlines and will operate as Compass Airlines.

External links

• FLYi, Inc. and Independence Air web site

For other uses, see Seniority

In finance, seniority refers to the order of repayment in the event of bankruptcy.
Senior debt must be repaid before subordinated debt is repaid. More common: Ranking.

See also

• DIP Financing
  
• Preferential creditor
• Pari passu
• Secured creditor
• Security interest
• Second lien financing
• Unsecured creditor

Söksa (an acronym for Sinop Örme ve Konfeksiyon Sanayii ve Ticaret Anonim Şirketi) was a successful textile exporter plant in Sinop, Turkey during the 80’s. Its main import line was sportswear and underwear. The company (an INC) went into bankruptcy because of poor management and personal problems between the partners and shareholders. Its stock remained on trading platform IMKB long after the company was shut down.

Jens of Sweden was a Swedish company founded by Jens Nylander.
They mostly made portable media players.
Nylander declared the company bankrupt on 20 September 2005. According to Nylander, the company’s financial problems were mostly due to the bankruptcy of the American reseller Outwardsound, which left Jens of Sweden with claims of 700 000 Swedish kronor, and the Korean manufacturer Iops. Iops made the MP-130, but technical problems with the player forced Jens of Sweden to repair the players at a cost of approximately 3-4 million kronor. After this, the company canceled their payments to Iops.

Products

• MP-450
• MP-400
• MP-120
• SoundBridge (Rebranded from Roku[1])

Discontinued

• MP-100
• MP-110
• MP-130
• MP-300

External links

• Official Website
• source for information about bankruptcy (in Swedish)

“Alas, Poor Maling” is a short story by Graham Greene. It was first published in 1940.

The story is told in first person by an unnamed narrator who has a friend named Maling. Maling is afflicted with an unusual medical affliction which his doctors label “borborygmi” and his friends label “tummy rumbles”. Maling’s case of this disease is unusual in that his stomach rumblings echo sounds they have recently “heard”. An example is given where Maling’s stomach repeats the opening of a Brahms Concerto. The narrator then tells the story of how Maling’s unusual stomach condition caused the bankruptcy of the company he worked for.

During an important meeting in which Maling’s company negotiated a merger, Maling’s stomach imitates the Air raid siren that was sounded in London during The Blitz. The officers of the company retreat to a bomb shelter because Maling is ashamed to admit that his stomach is responsible. As no All-Clear is sounded, the officers remain in the shelter for twelve hours, ruining the attempted merging and leading the company to bankruptcy.

Written in the midst of the Blitz, “Alas, Poor Maling” is intended to raise the morale of a demoralized London. The story also calls into question the practicality of social etiquette, for if Maling had admitted to his stomach condition, the problem could have been avoided.

Robert S. (Steve) Miller;
Was hired as Delphi chairman by General Motors and Delphi Corp. to file bankruptcy. Miller was hired to slash costs and close unprofitable operations. Miller - a restructuring expert who was hired in July 2005 filed Saturday, October 8 2005. It was the largest auto industry bankruptcy filing to date. It was filed with Judge Arthur Gonzalez of New York. Delphi Corp. has 50,000 employees in the US and 185,000 worldwide.