Mayor Bloomberg In Chapter 7 Bankruptcy
Do you see the glass as half-full or half-empty? If you see the glass as half-full you are probably an optimistic person and have tendencies of becoming an entrepreneur. True entrepreneurs do not see a stigma associated with bankruptcy. In fact, most entrepreneurs have difficult times along their path to success. Aside from various musicians such as Run DMC and Wayne Newton many business gurus such as Donald Trump and Walt Disney have been involved in bankruptcy. At the end of the day bankruptcy is simply a business decision to deal with debts and move forward.
For those of you unfamiliar with Chapter 7 bankruptcy it is also called liquidation bankruptcy. In Chapter 7 proceedings a trustee is appointed to administer the debtors estate . Each debtor is entitled to exemptions protecting assets he or she owns. If the assets are worth more than the exemptions some of the assets may be sold to pay off a portion of the debtors debt.
If Mayor Bloomberg were to file for Chapter 7 bankruptcy he would remain a rich man and probably view the bankruptcy process as a way to pay off all of his debts. Forbes Magazine estimates that as of March 2013 his net worth was approximately 27 billion dollars. So presumably, if he were to file for chapter 7 bankruptcy a trustee would liquidate some of his assets and pay off all of his debts and leave him debt free with 27 billion dollars. Not bad for coming out of bankruptcy!
How Often Has Donald Trump Declared Bankruptcy
Donald Trumps business record seems riddled with unfortunate events. Despite never having filed for personal bankruptcy, reports state that he filed for business bankruptcy at least four times. But, according to Trump, businesses file for bankruptcy often, and it was a financially intelligent move. He added that hundreds of companies have done the same thing he did.
Trump Castle Associates 1992
In less than a year he was back in bankruptcy court for his other Atlantic City casinos. This bankruptcy included the Trump Plaza Hotel in New York, the Trump Plaza Hotel and Casino in Atlantic City as well as the Trump Castle Casino Resort. He gave up half his interest in the New York Plaza to Citibank, but retained his stake in the casinos.
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Michael Bloomberg Called New York’s Unaffordable Housing ‘a Good Sign’
Looking back on Michael Bloomberg’s 12-year tenure as New York’s mayor, WNYC News wrote that he made two major promises: to invest heavily in affordable housing and to enhance New York City’s desirability. He delivered on both those promises. Unfortunately, in the process, he may have undermined a third major objective. According to Reuters, Bloomberg pledged to reduce homelessness by two-thirds. However, in 2010, during his third term, homelessness hit unprecedented levels.
Obviously, no one person or administration should shoulder all the blame for homelessness. It’s also important to point out that some of New York’s struggles stemmed from the 2008 financial crisis. However, Bloomberg’s policies also had a detrimental impact. As Curbed New York observed, in 2004, the billionaire implemented “sweeping new policies” geared at forcing the homeless to “become more self-reliant.” People living on the streets lost preferential access to public housing, and rent assistance was restricted to short periods. Meanwhile, housing prices jumped dramatically. Over Bloomberg’s three terms, the number of New Yorkers using homeless shelters rose 69 percent.
A Running List Of Companies That Have Filed For Bankruptcy During The Coronavirus Pandemic
Last year, it cost cooperative members $774. In addition, filing for bankruptcy because of outstanding medical debt suggests a different financial situation than someone who files because they overspent on too many credit cards. Backed by some of its competitors, bloomberg llp is pushing back on an order by a federal judge to compel 123 people to reveal their contacts with the news agency. Since the first case was filed feb. Recently announced its intention to file for bankruptcy protection under chapter 11 of the. But the oil and gas industry was the largest contributor to bankruptcy fees in the lopucki database in 2020. Three of the casino bankruptcies came during the recession of the early 1990s and the gulf war, both of which contributed to hard times in atlantic city, new jersey’s gambling facilities. 11 largest bankruptcies of all time. Let’s do some fact checking about how many times donald trump has filed for bankruptcy protection and why there is some debate over this number. There were 19 oil and gas companies that filed for bankruptcy in the database, and they paid their law firms $132 million for the work leading up to their filings, according to a bloomberg law analysis. Michael bloomberg ended up running the information technology department at salomon brothers. Forbes ranks bloomberg as the 14 th richest person in the world and the 10 th in the u.s. By the time gpg filed for bankruptcy in bremen, germany in july 2020 it was engulfed in chaos.
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Former Nyc Mayor Spent $3m To Support Gov Snyder
Washington Former New York Mayor Mike Bloomberg donated $3 million to Gov. Rick Snyders re-election campaign the most he contributed to any candidate as part of a $40 million effort.
The billionaire majority owner of the media conglomerate Bloomberg LP, backed five Republican winners including Snyder, though many Democrats he backed lost. Bloomberg also backed U.S. Rep. Gary Peters, D-Bloomfield Township, who won his race for U.S. Senate.
Bloomberg told Politico Snyder is an extremely competent guy who took on the unions to get Detroit and Michigan going in the right direction. And he was re-elected despite being attacked by the unions.
Snyder signed Right to Work legislation in December 2012 following an unsuccessful bid by unions to enshrine collective bargaining rights in the state constitution. Unions also worked aggressively to try to defeat Snyder in his re-election bid.
Last month, Bloombergs Independence USA political action committee launched a major TV ad buy worth at least $2.3 million on behalf of Snyder. A male narrator in Independence USAs ad declared Michigan is coming back and that Snyder is the governor who put partisanship aside, made the hard decisions and delivered results.
The ads narrator also touts higher graduation rates, more school funding and more public charter schools under Snyders watch.
Avoiding the hard choices is how Detroit went bankrupt. And its the road to ruin for any city, Bloomberg said last year.
Center For Talented Youth
The Johns Hopkins University also offers the “” programa nonprofit organization dedicated to identifying and developing the talents of the most promising K-12 grade students worldwide. As part of the Johns Hopkins University, the “Center for Talented Youth” or CTY helps fulfill the university’s mission of preparing students to make significant future contributions to the world. The Johns Hopkins Digital Media Center is a multimedia lab space as well as an equipment, technology and knowledge resource for students interested in exploring creative uses of emerging media and use of technology.
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His Company Spied On The Federal Reserve Chairman
In the decades since its inception, the Bloomberg computer terminal has embedded itself the monetary marrow of Wall Street. In 2013, New York magazine wrote that those computers accounted for approximately 80 percent of the Bloomberg LP’s revenues. So you might expect that massive invasions of subscriber privacy by Bloomberg employees would prove catastrophic for profits. But it in 2013, the service seemed impervious to such a scandal.
CNBC explained that Bloomberg journalists used the terminals to monitor subscriber activity in secret. In fact, an ex-employee admitted to viewing the usage information of then-Federal Reserve chair Ben Bernanke and ex-Treasury secretary Tim Geithner. The snooping was exposed after a Bloomberg journalist asked Goldman Sachs about a partner’s employment status because the person hadn’t logged into their terminal. Per The Evening Standard, Bloomberg LP apologized and acknowledged that its journalists had spied on subscribers when working on articles. However, that bombshell didn’t explode the company’s revenues. Instead, revenues grew.
A History Of Bloombergs Successes And Failures
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Michael Bloomberg ended up running the information technology department at Salomon Brothers partly as a punishment. It was 1979, and he had already had a highly successful 13-year career at the firm, after joining it out of Harvard Business School. But he had also made enemies. The other Salomon partners decided to put him in charge of a department that was a critical function to be sure, as Chris McNickle writes in Bloomberg: A Billionaires Ambition, but far removed from the glory of the trades and the deals that made the firm money. Two years later, they eased him out of the company, albeit with a $10 million goodbye.
Information technology was a good fit for Bloomberg. He had always liked data and analysis. As an undergraduate at Johns Hopkins University in the early 1960s, he first planned to be a physics major before switching to electrical engineering. The experience of running Salomons technology department underscored to him how valuable data could be. It also made him think there was a business opportunity: giving people on Wall Street better information than they had. Bloomberg believed more numbers and facts would allow traders to make better decisions. They, in turn, would pay handsomely for the information.
His belief in the power of information has remained the closest thing to an unshakable ideology for Bloomberg. As New Yorks mayor for 12 years, he tried to use data, facts and analysis to transform an enormous, dynamic city.
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Fact Check: Is Trump Trying To ‘sabotage’ The Postal Service
California Secretary of State Alex Padilla alleged that President Trump is trying to sabotage the Postal Service on Thursday night.
In public remarks, the president has suggested that his opposition to agreeing to critical funding for the USPS hinged on his desire to limit mail voting.
They need that money in order to have the post office work so it can take all of these millions and millions of ballots, the president said in a Fox Business interview on August 13. If they dont get those two items, that means you cant have universal mail-in voting because theyre not equipped to have it.
Legal Affairs Of Donald Trump
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In June 2016, USA Today published an analysis of litigation involving Donald Trump, which found that over the previous three decades Trump and his businesses have been involved in 3,500 legal cases in U.S. federal and state courts, an unprecedented number for a U.S. presidential candidate. Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900 defendants in 1,450 and bankruptcy, third party, or other in 150. Trump was named in at least 169 suits in federal court. Over 150 other cases were in the Seventeenth Judicial Circuit Court of Florida since 1983. In the 1,300 cases where the record establishes the outcome, Trump settled 175 times, lost 38, won 450, and had another 137 cases end with some other outcome. In the other 500 cases, judges dismissed plaintiffs claims against Trump.
The topics of the legal cases include contract disputes, defamation claims, and allegations of sexual harassment. Trumps companies have been involved in more than 100 tax disputes, and on at least three dozen occasions theNew York State Department of Taxation and Finance has obtained tax liens against Trump properties for nonpayment of taxes. On a number of occasions, Trump has threatened legal action but did not ultimately follow through.
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Trump Ice Natural Spring Water
Trump Ice was a bottled water brand. The winner of The Apprentice Season 2, Kelly Perdew, served as executive vice president of the organization.
The companys website no longer exists, and the product can no longer be found in national grocery chains or stores but some can still be found on eBay and other auction sites.
The company was used as a gimmick in the shows first season when contestants marketed and sold the product.
Hospitals Going Bankrupt Thanks To Obamacare
According to Bloomberg:
A wave of hospitals and other medical companies are likely to restructure their debt or file for bankruptcy in the coming year, following the recent spate of failing retailers and energy drillers, according to restructuring professionals. Regulatory changes, technological advances and the rise of urgent-care centers have created a perfect storm for health-care companies, said David Neier, a partner in the New York office of law firm Winston & Strawn LLC.
Among those regulatory changes are the outgrowths of ObamaCare. By mandating that Americans have health insurance, the law was supposed to solve the problem of hospitals being saddled with bad debt from treating uninsured patients, whom they are required to treat under the Emergency Medical Treatment and Active Labor Act of 1986. Of course, as with so many other ObamaCare promises, this one hasnt quite panned out as advertised.
For one thing, not nearly as many Americans as expected actually ended up insured. A recent Gallup poll found that the uninsured rate among adults today is the highest its been since the end of 2014, just one year into ObamaCares individual mandate.
It feels like a sucker punch, John Henderson, CEO of Texas Childress Regional Medical Center, told the news service. When someone has a really high deductible, effectively theyre still uninsured, and most people in Childress dont have $5,000 lying around to pay their bills.
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What We Dont Know
There are some caveats to keep in mind when assessing the data in the Trump Organizations financial disclosure forms.
First, the data is unaudited, self-reported data, meaning that readers have to take the companys word that its accurate.
Second, many of the numbers listed as income from certain assets seem, instead, to be the revenue from those businesses. This was confirmed when data from Trumps tax returns were released by The New York Times showing that many of the businesses have been losing money, including some of the largest revenue producers, such as Trump National Doral golf resort.
That being the case, the financial numbers dont show the amount of money that the former president actually took home as income. For example, in Trumps 2017 disclosure, he listed his income for the Trump National Doral golf resort as $75 million, which matches the revenue number reported to Miami-Dade County. Net operating income for the resort for that year was dramatically smaller at $4.3 million.
Getting a clear picture of the former presidents businesses is further complicated by the fact that income and asset values are listed in very wide ranges. For example, Mar-a-Lago Club is listed as having a value of over $50,000,000. The Trump National Golf Club in Charlotte is listed as worth between $5 million and $25 million.
The Biodiversity Navigation Tool
Developed by the Capitals Coalition and UNEP-WCMC, the Navigation Tool compliments the Biodiversity Guidance by steering practitioners through a series of interactive questions to help them undertake a biodiversity-inclusive natural capital assessment. The tool also offers supporting resources, tools, methodologies and advice to assist an assessment based on user responses.
Biodiversity constitutes the living component of natural capital and underpins the success of businesses around the world. But the benefit that biodiversity provides to organizations can be hard to fully understand, and even harder to effectively measure and value.
The Cambridge Conservation Initiative and Capitals Coalition developed the Biodiversity Guidance to accompany the Natural Capital Protocol. It is designed to help businesses and financial institutions to better understand the value they receive from biodiversity, and to apply this knowledge as they make decisions, through a biodiversity-inclusive natural capital assessment.
The Navigation Tool questions are tied to the stages and steps in the Natural Capital Protocol and guide users through the Frame, Scope, Measure & Value and Apply stages that constitute a natural capital assessment.
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Little Is Known About Mike Bloombergs Personal Investments The Intercept Has Identified A Number Of Firms Backed By The Billionaire
Little is known about Mike Bloombergs personal investments. The billionaire, former mayor of New York City, and now presidential candidate has attracted speculation about the sources of his wealth. A trail of documents provides a partial view about his history of investments.
The Intercept has identified a number of firms that have been backed by Bloomberg over the years. The billionaire has not only invested his money in the oil and gas, insurance, and consumer finance sectors, but has also backed Sycamore Partners, a controversial private-equity firm known for buying out and downsizing retailers.
Bloomberg, with an estimated net worth of around $65 billion, acquired much of his fortune through his majority ownership of Bloomberg LP, the software and media company he co-founded. But, after his decision to run for president last November, he has put off efforts to reveal his own investment portfolio.
In January, Bloomberg obtained a delay to file his mandatory ethics disclosure as a presidential candidate, which provides a basic range for his income, debts, transactions, and wealth. He will not file until March 20, well after voters in over half the states have gone to the polls. Bloomberg has also not yet released his tax returns, as all other leading Democratic candidates have done.