I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
Only days after GMAC qualified as a bank holding company and became eligible for bailout funds from the federal government, the Treasury Department has purchased a $5 billion stake to infuse liquidity into the company, which provides 80% of the financing for the purchase of GM and Chrysler vehicles:
The U.S. Treasury Department late today said it will commit $6 billion of taxpayer money to GMAC LLC “as part of a broader program to assist the domestic automotive industry in becoming financially viable.”…
In an announcement, the department said it will purchase a $5 billion stake in the lender, which has been jointly owned by Cerberus Capital Management LP and General Motors.
In addition, the government is lending up to $1 billion more to GM so that it can participate in a rights offering at GMAC connected to the lender’s reorganization as a bank holding company. The $1 billion comes in addition to $13.4 billion the government has promised GM by mid-February to keep it from running out of cash.
The equity purchase gives the government $5 billion worth of preferred stock in the company, which are required to pay dividends of 5% per year for the first five years and 9% thereafter. The bailout funds also come with limits on executive pay. The article notes that GMAC has lost nearly $8 billion in the last five quarters.
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