#Debt Restructuring

[if-you-fan-a-fire]

“'INTEREST SLAVERY',” Vancouver Sun. March 2, 1933. Page 1. ---- FINANCIAL DRAMA BEHIND GERMAN ELECTION ---- BERLIN, March 2. - Behind the political front of the Reichstag elections Sunday is a great financial drama which is built on: 

Chancellor Hitler's war on what he calls "interest slavery." 

Germany's repayment in 932 of 4 per cent of her short term credits abroad, which are "frozen" under the "standstill agreement." 

Hitler is declared to be determined to bring interest rates on Germany's loans, from 5 per cent down to 3 per cent. 

The standstill agreement was granted by British, United States, French, Italian, Swiss and Dutch bankers, and was originally for six months. This was extended for another 12 months in February, 1932. Now it has been extended another year, until Feb. 28, 1934. 

Greater financial ease hi Germany was reported by the Wiggin committee, headed by Albert Henry Wiggin, New York, which acted for the International bankers. 

"Standstill" credits in Germany totalled $1,025,304,000 one year ago, and on Tuesday of this week, at the end of another year, they had been cut down to $880,600,000.

Significant of the easier financial situation was the fact that the Reichsbank closed the year 1932 with a discount rate of only 4 per cent compared with 8 per cent at the close of 1931.

[finlender2]

CIRP (Corporate Insolvency Resolution Process) - FinLender

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[bitcoinversus]

Rhodium Enterprises Files for Chapter 11 Bankruptcy

#Bitcoin miner Rhodium Enterprises files for Chapter 11 bankruptcy, citing liabilities up to $100M.

Rhodium Enterprises, a prominent Bitcoin mining company, has officially filed for Chapter 11 bankruptcy in the Southern District of Texas. The filing includes six subsidiaries, citing liabilities between $50 million and $100 million. Despite these challenges, the company’s assets are estimated to be valued between $100 million and $500…

[speirsfinance20]

Unlocking Cash Flow and Flexibility: The Power of Refinancing with Speirs Finance

In today's economic climate landscape, managing cash flow is paramount.

Finding ways to alleviate financial strain while maintaining operational efficiency is key to long-term success. This is where refinancing, facilitated by the experienced team of financiers at Speirs Finance, comes into play.

Understanding Refinancing

Refinancing is the process of replacing an existing loan with a new loan that has different terms. At Speirs Finance this usually involves altering the terms of existing debt agreements to better suit the financial capabilities of the borrower. This could mean extending the repayment period that reflects an asset or equipment's useful economic life or even consolidating multiple debts into a single, more manageable payment. This can lead to lower monthly payments, or access to additional funds.

Release Cash Flow Pressure

One of the primary benefits of refinancing is the immediate relief it provides to cash flow constraints. At Speirs Finance we can assist with funding terms that make the most sense for your business. This newfound liquidity can then be reinvested into the core operations of the business, fueling growth and innovation.

Reflecting Asset Useful Economic Life

Speirs Finance understands that every business has unique needs and assets. That's why our financing options are tailored to reflect the useful economic life of your assets and equipment. Whether you're looking to upgrade machinery, expand your fleet, or invest in technology, we can structure financing solutions that align with the lifespan of your assets, ensuring optimal returns on investment.

Flexibility and Transparency

One of the hallmarks of Speirs Finance is our commitment to providing customers with flexibility and transparency throughout the financing process. We work closely with our clients to understand their specific financial goals and tailor solutions that meet their needs. Whether it's adjusting repayment schedules, offering variable interest rates, or providing early repayment options, we empower our clients to take control of their financial future.

Refinancing offers a powerful tool for businesses looking to alleviate cash flow pressure and unlock new opportunities for growth. With Speirs Finance by your side, you can navigate the complex world of financing with confidence, knowing that you have a trusted finance partner dedicated to your success. Contact us today to learn more about how we can help you achieve your financial goals.

[faspconsultingllc]

Debt Restructuring: Revitalize Your Finances

Debt can be a significant obstacle for many businesses, but it doesn’t have to be a permanent roadblock. Our debt restructuring services at FASP Consulting LLC are designed to help you manage and optimize your debt load. We work with your creditors to renegotiate terms, reduce interest rates, and extend repayment periods, providing you with the breathing room needed to focus on business growth. Transform your financial health and regain control over your cash flow with our expert debt restructuring solutions.

[carlamathew]

Joint Venture Finance | Lender Platform | Property Finance Lenders

Provide Finance recognises the dynamic nature of business and offer various solutions like jv finance, business investment loans, etc. Our secured business loans offer a strategic financial buffer, allowing you to overcome obstacles and capture opportunities.

[lendandcoprivate]

Overcome Financial Challenges with Strategic Debt Restructuring

Dealing with debt can be overwhelming, seemingly trapping you in an endless cycle. Fortunately, the process of debt restructuring is available as a solution for those who find themselves deep in debt. At Lend & Co Private, we're dedicated to assisting individuals and businesses in managing their debt burden. With personalised advice tailored to your unique situation, we'll help you start anew.

Reasons to Consider Debt Restructuring

When you contemplate debt restructuring, numerous benefits can propel you towards financial freedom. Here’s why you should consider the process:

Avoid Defaulting on Payments: Debt restructuring can help you avoid missing payments, which can lead to costly late fees and interest.

Lower Interest Rates: Your creditors might consider lowering the interest rates on your current loans through restructuring, facilitating easier long-term repayment.

Increase Cash Flow: Cutting down on high-interest payments allows you to allocate more of your cash flow towards essential expenses such as rent and groceries.

Improved Credit Rating: Over time, consistent payments through debt restructuring can positively impact your credit rating, demonstrating to lenders your commitment to responsible financial management.

How Does Lend & Co Private Help?

At Lend & Co Private, we specialise in navigating the complexities of debt restructuring. Our experts analyse your debt obligations, amalgamate property equity, and streamline repayment, enhancing cash flow and liquidity.

Get in touch with us today to learn more about how our debt restructuring services can help you!

[its-poojagupta-shree]

The G20, short for the "Group of Twenty," stands as one of the most prominent international forums for addressing global economic challenges, fostering cooperation among nations, and promoting stability in the international financial system. As we approach the year 2023, the G20 is poised to make history with the upcoming 2023 New Delhi summit. In this blog, we will explore the significance of the G20, its evolution, and the key agenda priorities for the New Delhi summit.

[bizzview]

Navigating tax equity in the US presents its fair share of challenges. However, by skillfully leveraging tax incentives and mastering the system's intricacies, one can unlock the full potential of renewables. It's a clever way not only to drive economic success but also to make a significant positive impact on the environment. 💚💼 Making Green by Going Green! ✨ What sets this model apart? ✨  🔹 Tailored financial analysis that precisely addresses the needs of PV farm projects.  🔹 Efficient management of capital accounts and careful consideration of tax basis.  🔹 Flexibility to explore back leverage loan options for optimized financing.  🔹 Seamless allocation of income and cash flow/waterfall among partners.  🔹 Reliable projections to empower confident decision-making.  🔹 Robust reporting and analysis capabilities.

👉 Access the model now to unlock the full potential of your PV farm partnerships. Let's propel the renewable energy revolution forward! 

[ernstandyoung]

Debt restructuring is often viewed as a purely financial process focused on calculations, negotiations, and restructuring plans. However, it is essential to recognize that the psychological impact of debt restructuring can be significant for individuals and businesses.

[assist-group]

Loan Modification in South Africa

https://realestateassist.co.za/south-africa-loan-modification/

Understanding Loan Modification: A Guide to Managing Your Mortgage

Loan modification is a financial solution that can provide relief to homeowners struggling with their mortgage payments. It allows borrowers to modify the terms of their existing loan to make it more affordable and manageable. In this blog post, we will explore the concept of loan modification, its benefits, eligibility criteria, and the steps involved in the process. Whether you're facing financial hardships or simply want to explore options to improve your mortgage terms, understanding loan modification can be a valuable tool on your homeownership journey.

What is Loan Modification?                                                                    Loan modification is a process in which the terms of an existing mortgage loan are modified or adjusted to make it more affordable for the borrower. This can involve changing the interest rate, extending the loan term, or reducing the outstanding principal balance.

Benefits of Loan Modification:

Lower Monthly Payments: Loan modification can result in reduced monthly payments, making them more affordable and manageable for homeowners.

Avoiding Foreclosure in Cape Town with Real Estate Assist: By modifying the terms of your loan, you can potentially prevent foreclosure and keep your home.

Financial Relief: Loan modification offers a viable alternative to struggling homeowners, providing them with much-needed financial relief.

Eligibility for Loan Modification:

Financial Hardship: Lenders typically require evidence of financial hardship, such as loss of income, medical expenses, or other circumstances that impact your ability to make mortgage payments.

Ability to Sustain Modified Payments: Lenders will assess your ability to make the modified payments on a long-term basis.

Loan Type: Loan modification options may vary depending on the type of loan you have, such as conventional, FHA, VA, or USDA.

The Loan Modification Process:

Contact Your Lender: Begin by contacting your lender to express your interest in loan modification. They will provide you with the necessary forms and documentation requirements.

Prepare Documentation: Gather the required financial documents, such as income statements, bank statements, tax returns, and a hardship letter explaining your situation.

Submit Application: Complete the loan modification application accurately and submit it to your lender along with the supporting documents.

Review and Negotiation: The lender will review your application and may request additional information. They will assess your eligibility and negotiate the terms of the modified loan.

Approval and Trial Period: If your application is approved, you may enter a trial period to demonstrate your ability to make the modified payments consistently.

Permanent Modification: After successfully completing the trial period, the loan modification becomes permanent, and you can enjoy the adjusted terms.

Seek Professional Assistance: Navigating the loan modification process can be complex, and seeking professional assistance can help you understand your options and negotiate with lenders effectively. Real Estate Assist offers expertise and guidance to homeowners seeking loan modification, ensuring you receive comprehensive support throughout the process.

Conclusion: Loan modification can be a lifeline for homeowners facing financial hardships or seeking improved mortgage terms. By modifying the terms of your loan, you can potentially lower your monthly payments, avoid foreclosure, and regain control of your finances. Real Estate Assist is here to assist you in navigating the loan modification process and finding the best solution for your specific needs. Don't hesitate to explore this option and take proactive steps towards securing a more sustainable homeownership journey.

South Africa’s loan modification Solution 

Loan modification in South Africa with Real Estate Assist

Find assistance with loan modification in South Africa with Real Estate Assist

[selfdebtrelief]

Recognizing The Benefits And Process Of Debt Restructuring

Introduction

Debt restructuring is a process of changing the terms and conditions of a debt agreement between a creditor and debtor. This can include modifying loan payments, lengthening the loan term or lowering interest rates. It’s a solution to help those struggling with unmanageable debt by providing a way to pay off their debts over time in smaller, more manageable chunks. In this blog post, we will discuss the benefits of debt restructuring, as well as the process involved. We'll also explore different ways you can take advantage of this alternative form of debt relief.

What is debt restructuring?

Debt restructuring is the process of renegotiating the terms of one or more loans with the goal of improving the borrower’s financial situation. This can involve extending the loan term, lowering the interest rate, or changing the repayment schedule. Debt restructuring is often used as a way to avoid defaulting on a loan.

There are many reasons why borrowers may choose to restructure their debt. For example, they may be facing financial difficulties and need some relief in order to make ends meet. Or, they may be hoping to take advantage of lower interest rates by refinancing their loan.

Whatever the reason, borrowers should carefully consider all their options before choosing to restructure their debt. They should also be aware that lenders may be unwilling to agree to certain changes, such as a lower interest rate. In these cases, it may be necessary to negotiate with multiple lenders in order to find one that is willing to offer more favorable terms.

Why restructured debt can be beneficial

Debt restructuring can be beneficial for a number of reasons. For one, it can help you lower your monthly payments by extending the terms of your loan. This can give you some much-needed breathing room in your budget.

Additionally, restructuring your debt can also help you reduce the overall amount you owe. This is because when you restructure your debt, you may be able to negotiate a lower interest rate. This means that more of your payments will go towards paying down the principal balance of your loan, rather than being wasted on interest charges.

Finally, debt restructuring can also provide some protection from creditors. When you restructure your debt, you may be able to get certain creditors to agree to accept a lower payment than they are owed. This can help keep them at bay while you get back on track financially.

The process of debt restructuring

Debt restructuring is the process of renegotiation and reclassification of a company’s debt. The process can be used to improve a company’s financial stability and terms of repayment. Debt restructuring can also be used as a tool for financial distress, allowing a company to avoid bankruptcy.

There are several reasons why companies may choose to restructure their debt. One common reason is to take advantage of lower interest rates. When rates fall, companies can refinance their debt and save on future interest payments. This can free up cash flow that can be used for other purposes, such as investments or operations.

Another reason companies restructure their debt is to extend the terms of repayment. This can give the company more time to repay its obligations and improve its financial situation. In some cases, lenders may be willing to agree to new terms in order to avoid default.

The process of debt restructuring typically involves negotiation between the borrower and lenders. The borrower may seek to reduce the overall amount owed, lower interest rates, or extend the terms of repayment. Lenders will likely want to protect their investment and may require collateral or other concessions from the borrower.

Once an agreement is reached, the changes must be approved by the lender(s). Once approved, the restructured debt agreement will be binding on both parties. It is important to note that not all lenders will agree to restructured terms; in these cases, the borrowers may need to consider other options such

How to tell if you're a good candidate for debt restructuring

If you're considering debt restructuring, it's important to understand the process and whether or not you're a good candidate. Here are a few things to keep in mind:

-Your financial situation: Are you currently struggling to make ends meet? Are you behind on payments? If so, restructuring your debt could give you the relief you need.

-Your creditors: Do you have multiple creditors that you owe money to? If so, it may be easier to negotiate with them as a group.

-Your goals: What do you hope to achieve by restructuring your debt? Are you looking for lower monthly payments or a longer repayment period? Make sure your goals are realistic and that debt restructuring is the best option for achieving them.

Alternatives to debt restructuring

If you are struggling with debt, you may be considering debt restructuring as a way to get your finances back on track. However, debt restructuring is not the only option available to you. There are a number of alternatives that you can consider, depending on your unique financial situation.

One alternative to debt restructuring is simply working to pay off your debts in full. This may take some time and discipline, but it is often the best option in the long run. You will have to make sacrifices in other areas of your budget in order to free up extra money to put towards your debts, but once they are paid off, you will be much better off financially.

Another alternative is to consolidate your debts into one monthly payment. This can be done through a variety of methods, such as taking out a consolidation loan or using a balance transfer credit card. Consolidating your debts can help reduce your monthly payments and make it easier to stay on top of your debts.

If neither of these options are right for you, there are still other alternatives that you can consider. You can negotiate with your creditors directly to try and get them to lower your interest rates or waive certain fees. You can also look into file for bankruptcy if all else fails and you are unable to repay your debts. Bankruptcy should always be a last resort option, but it may be necessary in some cases.

Conclusion

Debt restructuring can be a great tool for those who are struggling with unmanageable debts. The process of debt restructuring involves negotiating with creditors and lenders to reduce your monthly payments or interest rates, which in turn can help you become debt-free faster. It is important to understand the benefits and processes involved in debt restructuring before entering into any agreement. With the right guidance and understanding, a successful debt restructuring plan could be just what you need to regain control over your finances.

Unmanageable debt keeping you up at night? Self Debt Relief is here to help. We are a leading debt restructuring company in US, offering personalized solutions to reduce or eliminate your financial burden. We specialize in credit counseling, loan restructuring, and debt consolidation. Let us take the worry out of debt and get you back on track to financial freedom. Contact us today for a free consultation and find out how we can help you take control of your money!

+1-888-615-0171

www.selfdebtrelief.com

[finlender2]

Interim Finance Under IBC - Distress Funding or Distress Finance

We assist in raising financial debt raised by resolution professional during the CIRP to retain the going concern nature of the entity until the plan is approved by the CoC and subsequently by NCLT. The IBC classifies interim finance as “insolvency resolution process cost” which gets the highest priority in a resolution plan or in Liquidation.

Website Link ::  https://finlender.com/interim-finance-under-ibc/

[mostlysignssomeportents]

The Sacklers woulda gotten away with it if it wasn't for those darned meddling feds

The saga of the Sacklers, a multigenerational billionaire crime family of mass-murdering dope-peddlers, is an enraging parable about how the wealthy, the courts, and sadistic high-powered lawyers collude to destroy the lives of millions, profit handsomely, and evade justice.

But there's an unexpected twist to this tale. After the Sacklers procured a sham bankruptcy that denied their victims the right to sue while leaving their fortune largely intact, the Supreme Court – yes, this Supreme Court – saw through the scam and froze the process, pending a full hearing:

https://www.nytimes.com/2023/08/10/us/supreme-court-purdue-pharma-opioid-settlement.html

The Sacklers basically invented modern, legal dope peddling. Arthur Sackler, the family's original crime-boss, revived the practice of direct-to-consumer drug marketing, dormant since the death of the medicine show, to peddle Valium. An aggressive and shrewd lobbyist, Arthur built the family fortune and, more importantly, its connections:

https://www.timesofisrael.com/how-the-sackler-family-built-a-pharma-dynasty-and-fueled-an-american-calamity/

A generation later, the family's business company created Oxycontin, and procured misleading and false research about the drug's safety kickstarting the opioid epidemic, whose American body-count is closing in on a million dead. Armed with inflated claims about opioid safety, the Sacklers' pharma reps bribed, cajoled and tricked doctors into writing millions of prescriptions for oxy.

This scam had a natural best-before date. As ODs flooded America's ERs and bodies piled up in America's morgues, it became increasingly clear that something was rotten. The Sacklers pursued a multipronged campaign to keep the truth from coming to light, and to keep the billions flowing.

On the one hand, they hired McKinsey to find novel ways to encourage doctors to keep writing prescriptions and to convince pharmacists to turn a blind eye to abuse. McKinsey had all kinds of great ideas here, including paying pharma distributors cash bonuses for every overdose death in their territory:

https://www.nytimes.com/2021/02/03/business/mckinsey-opioids-settlement.html

When the issue of these deaths came up in public, the Sacklers blamed "criminal addicts" for their own misery, stigmatizing both people who desperately needed pain relief and the people who'd been deliberately hooked on the Sacklers' products. The legacy of this smear campaign is still with us, both in the contempt for people struggling with addiction and in the cruel barriers placed between people in unbearable agony and medical relief.

But mostly, the Sacklers kept their names out of it. They laundered their reputations by donating a homeopathic fraction of their vast drug fortune to art galleries and museums in a bid to make their names synonymous with good deeds.

The Sacklers didn't invent this trick. Think of the way that history's great monsters – Carnegie, Mellon, Rockefeller, Ford – are remembered today for the foundations and charities that bear their names, not for the untold misery they inflicted on their workers, their crimes against their customers, and the corruption of governments.

But the Sacklers made those Gilded Age barons seem like amateurs. They invented a modern elite philanthropy playbook that Anand Giridharadas documents in his must-read Winners Take All, about the charity-industrial complex that washes away an ocean of blood with a trickle of money:

https://memex.craphound.com/2018/11/10/winners-take-all-modern-philanthropy-means-that-giving-some-away-is-more-important-than-how-you-got-it/

As part of this PR exercise, the individual Sacklers kept their names and images out of the public eye. For years, there were virtually no news-service photos of individual Sacklers. When journalists dared to criticize the family, they used vicious attack-lawyers to intimidate them into retractions and silence (I was threatened by the Sacklers' lawyers).

They also worked their media mogul pals, like Mike Bloomberg, who added their names to the "Friends of Mike" list that Bloomberg reporters were required to consult before writing negative coverage:

https://pluralistic.net/2020/02/29/friends-of-mike-enemies-of-the-people/#sacklerbergs

But Stein's Law says that "anything that can't go on forever will eventually stop." As lawsuits mounted, the Sacklers found themselves increasingly synonymous with death, not charitable works. But like any canny criminal, the Sacklers had a getaway plan.

First, they extracted vast sums from Purdue and shifted it into offshore financial secrecy havens:

https://www.reuters.com/article/us-purduepharma-bankruptcy/sacklers-reaped-up-to-13-billion-from-oxycontin-maker-u-s-states-say-idUSKBN1WJ19V

Even as this money was disappearing into legal black holes, the Sacklers demanded – and received – extraordinary protection from the courts, who aggressively sealed testimony and materials presented through discovery:

https://www.reuters.com/investigates/special-report/usa-courts-secrecy-judges/

When this gambit finally failed, the Sacklers insisted that were down to their last $4 billion, and, with trillions in claims pending against them, they declared bankruptcy.

When a normal person declares bankruptcy, they are required to divest themselves of nearly everything of value they possess, and then still find themselves hounded by cruel arm-breakers who deluge them with threatening calls and letters:

https://pluralistic.net/2021/05/19/zombie-debt/#damnation

But for the richest people in America, bankruptcy is merely a way to cleanse one's balance sheet of liabilities for any atrocity you may have committed on the way, without giving up your fortune.

The Sacklers are a case-study in how a corrupt bankruptcy can be conducted.

Purdue Pharma presents a maddening case-study in the corrupt benefits of bankruptcy. When it was announced in March, many were outraged to learn that the Sacklers were going to walk away with billions, while their victims got stiffed.

First, they converted their victims' right to compensation into "property" that the Sacklers themselves owned. This transferred jurisdiction over these claims from the regular court system to the bankruptcy court. A bankruptcy judge – not a jury – would decide how much each of these claims was worth, and then what how much of that worth these victims (now recast as creditors) would be entitled to through the bankruptcy.

Thus tens of thousands of claims were nonconsensually settled without a trial, by an administrative judge with no criminal jurisdiction, not a federal judge who'd undergone Senate confirmation:

https://pluralistic.net/2021/03/31/vaccine-for-the-global-south/#claims-extinguished

These "coercive restructuring techniques" are not available to everyday people who are drowning in student debt or credit-card bills – these are the exclusive purview of the wealthiest Americans, who enjoy a completely different bankruptcy system that is rigged in their favor.

Three judges – David Jones and Marvin Isgur of Houston and Bob Drain of New York – hear 96% of the country's large corporate bankruptcies:

https://www.creditslips.org/creditslips/2021/05/judge-shopping-in-bankruptcy.html

These judges are unbelievably horny for corporations, embracing a legal theory "that casts the invention of the limited liability corporation alongside that of the steam engine as a paradigmatic development in the pursuit of prosperity":

https://prospect.org/justice/how-do-you-solve-a-problem-like-the-sacklers-purdue-pharma-bankruptcy/

Now there are more than three bankruptcy judges in America, so how do the nation's biggest companies get their cases heard by these three enthusiastic Renfields for corporate vampirism?

They cheat.

For example: when GM was facing bankruptcy, it argued that it was a New York company on the basis that it owned a single Chevy dealership in Harlem, and got in front of Judge Drain.

The Sacklers were – characteristically – even more brazen. They really wanted to get their case in front of Judge Drain, the nation's most enthusiastic supporter of "third party releases," through which bankrupt billionaires can wipe the slate clean, securing dismissals of all claims by the people they wronged.

Drain is also uniquely hostile to independent examiners, "an independent third-party appointed by the court to investigate 'fraud, dishonesty, incompetence, misconduct, mismanagement, or irregularity…by current or former management of the debtor."

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3851339

If you're the Sacklers, hoping to keep two thirds of your billions and extinguish all claims by your victims, there is no better helpmeet than Judge Robert Drain of the Southern District of New York.

So, 192 days before filing for bankruptcy, the Sacklers opened an office in White Plains, New York (a company may claim jurisdiction in a specific court once they've operated a business there for 180 days).

Then they filed a bankruptcy in which they altered the metadata on their casefile, inserting the code for a Westchester county hearing into the machine-readable, human-invisible parts of the documents they uploaded to the federal Case Management/Electronic Case Files (CM/ECF) system (they also captioned the case with "RDD, for "Robert D Drain").

They chose their judge, and the judge obliged. UCLA Law's Lynn LoPucki is one of the leading scholars of these bankruptcy "megacases," and has written extensively on why these three judges are so deferential to corporate criminals seeking to flense themselves of culpability. She sees judges like Drain motivated by "personal aggrandizement and celebrity and ability to indirectly channel to the local bankruptcy bar. The judge is the star and the ringmaster of a megacase – very appealing to certain personalities."

Thus, these judges are "willing and eager to cater to debtors to attract business…[an] assurance to debtors that…these judges will not transfer out cases with improper venue or rule against the debtor…"

https://www.fulcrum.org/concern/monographs/02870w66d

This kind of judge-shopping goes beyond the Sacklers; the cases that Drain and co preside over make a mockery of the idea of America as a land of equal justice. "Prepack" and "drive-through" bankruptcies are reliable get-out-of-jail-free cards for capitalism's worst monsters: private equity firms.

Whether PE murdered your grandmother by buying her care-home and putting each worker in charge of 30 seniors:

https://www.washingtonpost.com/local/portopiccolo-nursing-homes-maryland/2020/12/21/a1ffb2a6-292b-11eb-9b14-ad872157ebc9_story.html

or poisoned your kids by filling your neighborhood with carcinogens:

https://www.webmd.com/special-reports/ethylene-oxide/20190719/residents-unaware-of-cancer-causing-toxin-in-air

limited liability wipes the slate clean.

30% of America's bankruptcies are private equity companies using the bankruptcy system to wipe away claims for their misdeeds, while keeping a fortune, thanks to the shield of limited liability.

Take Millennium Health, JamesS lattery's fake drug-testing company, which promised to help nursing homes figure out whether seniors were abusing (or selling) their meds by testing their piss for angel dust and other drugs. Slattery defrauded Medicare and Medicaid for millions, borrowed $1.8 billion (Slattery got $1.3 billion of that). He eventually walked away from this fraud after paying a mere $256m to settle all claims, and kept a fortune in assets, including the 40 vintage planes his private company ("Pissed Away LLC" – I am not making this up) owned:

https://prospect.org/justice/how-do-you-solve-a-problem-like-the-sacklers-purdue-pharma-bankruptcy/

For the wealthy, bankruptcy is the sport of kings, a way to skip out on consequences. For the poor, bankruptcy is an anchor – or a noose. This is by design: judges who preside over elite bankruptcies speak of their protagonists as heroic "risk takers" and tiptoe around any consequences, lest these titans be chained to a mortal's fate, costing us all the benefits of their entrepreneurial genius.

PE companies helped the Sacklers design their own bankruptcy strategy, and it was a standout, even by the standards of Bob Drain and his kangaroo bankruptcy court. But now, the Supreme Court has pumped the brakes on the whole enterprise.

The judges ruled that the exceptions the Sacklers took advantage of were intended for bankrupts in "financial distress" – not billionaires with vast fortunes hidden overseas. In so doing, the court threatens all manner of corrupt arrangements, from "the Boy Scouts, wildfires and allegations of sexual abuse in the church diocese — where third parties get a benefit from a bankruptcy they themselves aren’t going through.”

The case was brought by the DoJ's US Trustee Program, which lost in the Second Circuit when it tried to halt the Purdue bankruptcy and argued that the Sacklers themselves had to declare bankruptcy to discharge the claims against them.

Now the Supremes have hit pause on the bankruptcy the Second Circuit approved, and will hear the case themselves. It's only one step on a long road, but it's an unprecedented one. Some of the country's filthiest fortunes are riding on the outcome.

Going to Defcon this weekend? I’m giving a keynote, “An Audacious Plan to Halt the Internet’s Enshittification and Throw it Into Reverse,” tomorrow (Aug 12) at 12:30pm, followed by a book signing at the No Starch Press booth at 2:30pm!

https://info.defcon.org/event/?id=50826

I’m kickstarting the audiobook for “The Internet Con: How To Seize the Means of Computation,” a Big Tech disassembly manual to disenshittify the web and bring back the old, good internet. It’s a DRM-free book, which means Audible won’t carry it, so this crowdfunder is essential. Back now to get the audio, Verso hardcover and ebook:

http://seizethemeansofcomputation.org

If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/08/11/justice-delayed/#justice-redeemed

Image: Edwardx (modified) https://commons.wikimedia.org/wiki/File:Serpentine_Sackler_Gallery,_June_2016_05.jpg

CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/deed.en

[mikansei]

i'm still thinkin abt @havanillas' roleswap ratio... i want his stoneheart gem to be lapis lazuli:

matches his color scheme (and is gorgeous 💙)

represents truth and enlightenment but is spangled with pyrite (fool's gold), which is thematically delightful to me

cn lapis lazuli 青金石 qīngjīnshí (blue gold stone) echoes cn aventurine 砂金石 shājīnshí (sand gold stone), which is linguistically delightful to me

obviously if penacony happens in this au he couldn't twin his stone with jade's, and sapphires are translucent while lapis isn't... maybe instead of breaking his cornerstone the plot friction there is he'd have to alter it to be translucent & remove the pyrite veins? but if sapphire were in jade's role i can't see him agreeing to be personally involved in tampering with a cornerstone

(if he were amethyst instead he could twin a lot easier with sugilite, but i don't like amethyst as much lol)

maybe he could be lazurite, the blue component of lapis lazuli without the pyrite. i could see him wanting to excise the "fool's gold" from the stone representing truth

and as much as i want him to have a cool boss form mirroring aven's, i have a feeling his cornerstone ability would be less visual & more like jade's - instead of reading people's desires, his lets him be a human lie detector

[faspconsultingllc]

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