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Update on Obama Administration's Theft of Delphi Salaried Retirees Pensions

DSRAIn August of 2012, I began a series of articles titled, "A Lawless Presidency" and began looking into a huge scandal that involved the Obama Administration taking the pensions from salaried workers of Delphi and then "topping up" the pensions of certain auto union workers to grease the wheels for Judge Robert Gerber's lightning fast GM bankruptcy. Part 1 was titled, "Obama Administration Rips Off Non-Union Delphi Pensions While Preserving Union Pensions". 

The Delphi bankruptcy case was overseen by Judge Robert Drain who also

at Jan 6, 2014 5:02 PM
       

Is "Refusing to Rule" a New Form of Judicial Activism?

Judicial Activism?  No Decision IS a DecisionIt seems a trend of judicial activism is growing in our federal courts. Judges have apparently learned they can advance their own agenda through what appears to be a new form of judicial activism - doing nothing! Judge Robert Gerber in the Southern District of New York Bankruptcy Courts has been doing this for years by not ruling on motions before him in the LyondellBasell bankruptcy case. Now it seems Washington, DC Federal District Judge Amy Berman Jackson has learned this trick in relation to the Contempt of Congress charges filed against U.S. Attorney General Eric Holder.   Read more »

at Aug 15, 2013 1:39 PM
       

Does the Savagery of New York's Bankruptcy Courts Threaten Your Financial Future? Be Afraid... Be Very Afraid

Gerber's Clawback SuitsDuring my investigation into the bankruptcy courts that began when I was researching the General Motors and Delphi bankruptcies during the 2012 election season, I learned something very interesting. Bankruptcy courts, and in particular the Southern District of New York courts, are hurting a lot of common Americans while, at the same time, making New York investment bankers and their highly paid lawyers very rich. They have been quietly helping President Obama fulfill one of his early campaign promises to use the bankruptcy courts to redistribute wealth in this country.

at Jun 27, 2013 2:14 PM
       

Congress Putting the Light of Truth on the Delphi Bankruptcy Scandal of Judge Robert Drain

Chairman John Mica and Congressman Mike TurnerJudge Robert Drain allowed the Treasury Department under then Secretary and infamous tax-cheat Timothy Geithner to steal the pensions of over 20,000 salaried pensioners of Delphi during its bankruptcy case. The pension deal, which topped up the pensions of United Auto Workers and United Steel Workers Unions was political payback for union support during the 44 day bankruptcy case of General Motors in Judge Robert Gerber's court. An article in Bankruptcy Law Review by Judge Lana Shadwick highlights the incredible story of this pension theft brokered in the Southern District of New York Bankruptcy courts.   Read more »

at Jun 20, 2013 12:16 PM
       

SDNY Bankruptcy Courts Sing the Blues on Fox Business - Maybe they should file Chapter 11?

The Bankruptcy Brothers: Judges Robert Drain and Robert Gerber Singing the Bankruptcy Blues at the SDNY CourthouseIs the Southern District of New York (SDNY) becoming the laughing stock of our nation's bankruptcy courts? After Chief Judge Cecelia Morris' appearance on Fox Business a couple of weeks ago, that just might be the case. I found this story while researching the SDNY on Bankruptcy Law Review. It seems Judge Morris wants to now blame all of the failings of her district's courts on the fiscal sequestration that is really just now starting to affect government entities. Sounds like more excuses from a court district already plagued with problems.   Read more »

at Jun 13, 2013 10:45 AM
       

Can YOU be sued simply for owning stock in a company? Apparently so, if the company went bankrupt!

Imagine you have been working for a company for many years as a faithful employee. You have diligently put away money into the company's 401k program and invested in company stock. The company goes through a merger and you are issued new stock in the new company. Now that company goes bankrupt through no fault of yours and you find yourself being sued for the value of your stock at the time of the merger.  Does that make you feel secure in your investment portfolio?

This is exactly what is happening to many of the shareholders of the Chicago Tribune and LyondellBasell.

at May 2, 2013 1:20 PM
       

Girls Gone Wild Hits Bankruptcy Courts - Maybe it should be Bankruptcy Judges Gone Wild!

Girls Gone Wild - Or is it Judges Robert Gerber and Robert Drain Gone Wild
Is it Girls or Bankruptcy Judges that have Gone Wild?

Researching everything going on in relation to the bankruptcy series I have been writing can be pretty dry. However, recently on Bankruptcy Law Review, I came across something that is both interesting and revealing at the same time. It seems the company behind Girls Gone Wild (GGW) has been forced into the bankruptcy courts. The Chapter 11 case was filed in the Central District of California bankruptcy courts in Los Angeles.

at Mar 14, 2013 11:11 AM
       

Bankruptcy Courts Part 7 - General Motors Revisited by Judge Robert Gerber... Oops

Stormy Skies for Judge Robert Gerber and GM BankruptcyIs 44 days too fast to move a bankruptcy the size of General Motors (GM) through the courts system without missing something major?  Apparently so, as Judge Robert Gerber, in the Southern District of New York (SDNY) Bankruptcy Court, is now having to revisit this case because of some potentially damaging issues involving the Canadian subsidiary of GM and alleged improper transfer of assets to hedge funds. I have previously reported on the GM bankruptcy and spoke with Judge Gerber about the Canadian lock-up funds in San Diego last year.   Read more »

at Feb 14, 2013 2:00 PM
       

Bankruptcy Courts Part 6 - Much Needed Study to Reform Chapter 11 Underway

Kenneth Klee - Mark Shapiro - DIP Financing Competition Debate

After discovering miscarriages of justice and inconsistent applications of the law when investigating the Delphi bankruptcy and its connection to the auto bailouts, I started noticing something fishy about the Chapter 11 process and bankruptcy courts in the U.S.  The mentality that is rampant in the "U.S. bankruptcy industry" revolves around theories of "foxes guarding hen houses" and the need for speed speed speed justified by the urgency of "melting ice cubes" and "rotting fish". Seriously??

at Dec 20, 2012 12:53 PM
       

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