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.
GMAC, the finance company co-owned by General Motors and by Chrysler’s major stakeholder, Cerberus, has completed its campaign to exchange an equity stake in the company to debt holders. Automotive News reports:
The lender said holders of $21.2 billion of debt will swap their stakes for $15.7 billion of new securities plus cash. The exchange will ease GMAC’s debt burden, though the lender fell short of its goal of 75 percent participation in the roughly $38 billion swap, instead getting about 56 percent.
GMAC’s offer required investors to accept less than face value for their holdings. It was designed to enable Detroit-based GMAC to become a bank holding company, allowing it to tap low-cost funding and helping to assure its survival.
The equity swaps also have the effect of reducing the ownership stake in GMAC for both GM and Cerberus, which was one of the requirements of the GMAC transition to a bank holding company, which is what allowed them to qualify for $6 billion in TARP funds earlier this week.
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