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.
GM is expected to announce today that they are eliminating the Pontiac brand, according to a Reuters report:
The New York Times reports that the auto taskforce is preparing to file bankruptcy papers for Chrysler as early as next week and that they have negotiated many of the details with the union already:
Yesterday we reported that a group of banks and investment funds that hold $6 billion in Chrysler loans had made a counteroffer to get a higher payoff than that offered by Chrysler and the Obama administration’s auto taskforce during restructuring negotiations. Automotive News reports that the administration rejected that counteroffer:
A group of banks and funds that hold billions in loans to Chrysler LLC has made a counteroffer in the negotiations aimed at restructuring the automaker’s debt to help the company survive. Automotive News reports:
The Obama administration’s auto taskforce is pushing General Motors to make an offer to convert all of their outstanding bonds and money owed to the UAW to stock in one huge debt-equity swap. Reuters reports:
Sen. Debbie Stabenow appeared on The Ed Show on MSNBC on Monday evening to talk about the possibility of General Motors being forced into bankruptcy by the Obama auto taskforce. Video below the fold.
The New York Times reports that President Obama’s auto taskforce has told GM officials to begin preparations to file for bankruptcy by June 1 in case ongoing negotiations with bondholders and the UAW fail to produce enough concessions to allow the company to remain viable while restructuring out of court.
The Wall Street Journal reports that negotiations between Chrysler, the Treasury Department and the major banks and companies that hold secured debt in the company are not going well. Neither side, it appears, can agree on the true value of either the company or the debt:
After being relatively unsuccessful in its attempts to negotiate the restructuring of billions in debt held by bondholders, General Motors is now going back to the bargaining table with what looks to be an even weaker offer to those bondholders than the one they previously made. Automotive News reports:
The auto taskforce named by President Obama to evaluate and oversee the restructuring plans and bailout funds given to the Big Three automakers is in Detroit this week working with GM officials to help speed up their restructuring process to meet the 60 day deadline given last week to come up with a new plan [...]
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