Daily Archives: June 19, 2017

Donald Trump Tape Tease: Sean Spicer Says Big Reveal Possible At Week’s End – Deadline

Posted: June 19, 2017 at 7:44 pm

White House Press Secretary Sean Spicer said Monday that it is possible we will have an answer by the end of this week as to whether tapes really do exist of President Trumps conversations with former FBI Director James Comey or if the President of the United States, when he tweeted suggesting there might be tapes, was just making shit up.

Maybe not coincidentally, Trump has a deadline of the end of this week to turn over to the House Intel Committee all memos about, and any tapes of, conversations with Comey.

Ten days ago, Trumpagain dodged a question as to whether he did, as he hinted, tape conversations with the FBI director, as he had suggested in a tweet shortly after sacking Comey.

Well, I will tell you about that, sometime in the very near future, Trump sidestepped when a reporter directly asked him, during a Rose Garden news conference, whether the tapes actually exist.

Addressing the questions at a joint presser with Romania President Klaus Iohannis, reporters noted Trump was hinting the tapes exist. Im not hinting anything. Ill tell you over a very short period of time, Trump shot back. Oh youre going to be very disappointed when you hear the answer, he added as reporters kept lobbing more tape questions. Back then, Spicer told reporters, in response to questions as to when they would have an answer on Trump tapes: When hes ready. Just watch the helicopter.

In May, Trump tweeted, the day after sacking Comey, James Comey better hope there are no tapes of our conversations before he starts leaking to the press!

Trumps tweet seemed to suggest that POTUS had recorded those conversations, though he refused to elaborate in a Fox News Channel interview days later. The tweet triggered TV news pundit to talk again of Richard Nixon and Watergate. Those pundits thought Trump ought to know that if he did record that dinner or those two phone calls he does not own them; they are federal records, thanks to Nixon.

Speaking of tapes, no audio or video exists of todays tape teaser by Spicer. Thats because Mondays White House Press briefing banned video or audio recording of the press gathering. Team Trump is trying to keep press focus off the investigation of Russian meddling with the election and whether there was any collusion in that effort by members of his campaign.

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President Donald Trump, Unreliable Narrator : NPR – NPR

Posted: at 7:44 pm

Unlike most presidents, who keep the public at arm's-length, President Trump appears to let us into his head with his constant tweeting. Saul Loeb/AFP/Getty Images hide caption

Unlike most presidents, who keep the public at arm's-length, President Trump appears to let us into his head with his constant tweeting.

President Trump did it again on Twitter late last week.

"I am being investigated for firing the FBI Director by the man who told me to fire the FBI Director! Witch Hunt," he tweeted Friday morning.

Once again, a Trump tweet set off a media frenzy, this time making everyone wonder whether he was indeed confirming that he was under investigation for obstruction of justice. (The White House later said the tweet was not confirmation that Trump has been informed that he is under investigation.)

This isn't the first time that Trump has made trouble for himself in his tweets (see: the tweet that a judge recently cited in once again blocking Trump's travel ban). But his tweets are more than a potential legal liability, and they're even more than fodder for the occasional breaking news alert his Twitter feed is groundbreaking in that he seems to be letting us inside his head. And in doing so, he is the first president to narrate his presidency in real time.

But he is not just any kind of storyteller. He peppers those tweets with things that most politicians strain to hide: factual inaccuracies, evidence of character flaws, unsupported allegations.

Social media has given America President Donald Trump, unreliable narrator.

A point of view that clouds the story

Trump's Twitter account with its commentary on current events by one of the main players in those events could someday be an obsession of postmodern literature professors. And just as it's impossible to put down Catcher in the Rye or Lolita or Gone Girl, Trump's Twitter feed has captivated Americans' attention. Every ambiguous post sparks a debate about not only what he means but also what prompted it: What is motivating him today? Why say this, and why now?

In literature, an "unreliable narrator" is someone who tells the story while layering a clearly distorting lens over that reality there is a clear point of view (The Catcher in the Rye's angst-ridden teenager, Pale Fire's unhinged professor), and it shapes how the story is told. It doesn't necessarily imply malice (consider Huckleberry Finn or Tristram Shandy), but simply a point of view that clouds the story.

In The Art Of The Deal, Trump praised "truthful hyperbole" a kind of purposeful truth-stretching to get people "excited." In other words, he has shown a willingness to distort the facts. With his regular usage of factual inaccuracies and disputes with the "fake media," Twitter Trump has given us a framework to figure out what exactly his lens on the world looks like.

Trump isn't entirely unique in this regard: Everyone is an unreliable narrator in some way. And Americans often regard politicians in general as unreliable narrators. When politicians explain their views of the world, we can easily guess at their basic motivations: advancing policies, winning for their party, protecting their legacies.

And that means we can easily determine for ourselves how big the gap is between what any given politician says and what we perceive to be factually true.

But with every Trump tweet, Americans have the unique opportunity to measure and remeasure that gap.

Trump demands our attention over and over again

We occasionally get glimpses of presidents' inner lives (like Obama tearfully admitting his fury over the Sandy Hook shooting). And after presidencies, we get memoirs (George W. Bush writing about his decider-ness in Decision Points).

However, no president has narrated his presidency so heavily in real time. And Trump adds to that an aggressively unfiltered voice his tweets present a man willing to be impulsive, say things that aren't true and take aim not only at members of his own party but also at his own administration. His Twitter feed seems to let us know when he wakes up, when he goes to bed, what he is obsessing over at the moment and even which cable news outlets he is watching.

It's the kind of hints that J.D. Salinger has Holden Caulfield drop for us in The Catcher in the Rye. Yes, Holden tells us what he is doing, but Salinger wants us to also pay attention to the lens through which Holden views the world. Holden himself is the story.

That second part drawing our attention not only to the story but also to the point of view it's coming from is what makes this kind of story compelling. A third-person Catcher in the Rye would be hopelessly dull.

Similarly, up until now, the presidency has largely been narrated in the third person, by the media, by political scientists, by pundits (some of them unreliable themselves).

We've been able to glean all of those usual political motivations from past presidents, but it has been dull in comparison to what we could only imagine was going on in their heads. What was going on in Clinton's brain when he hit on a young intern? What did George W. Bush think on Sept. 11, 2001? We had no way of knowing in the moment.

Is Donald Trump actually Nabokov?

Candidate Trump holds up his book "The Art of the Deal," given to him by a fan in Birmingham, Ala. In the book, he espouses "truthful hyperbole." Eric Schultz/AP hide caption

Candidate Trump holds up his book "The Art of the Deal," given to him by a fan in Birmingham, Ala. In the book, he espouses "truthful hyperbole."

If Trump is indeed the unreliable narrator, his Twitter feed perhaps best resembles Vladimir Nabokov's Pale Fire, considered one of the greatest works of 20th century fiction.

A quick summary: In Pale Fire, a fictional poet and professor named John Shade writes a 999-line poem, which is presented near the start of the book. The poem is, by turns, poignant, mundane, funny and wrenching, telling about Shade's youth, his marriage, his daughter's suicide and his struggle to come to terms with death.

After Shade's death, a fellow professor, Charles Kinbote, writes a 200-page analysis of the poem. That analysis is a total misreading Kinbote believes the poem to be about himself, and he also claims to be the exiled king of a foreign country named Zembla. And yet, even while it's a rambling, deranged delusion of grandeur, it's also utterly captivating.

Kinbote's analysis seems to have entirely lost touch with reality in a way that Trump's tweets have not. But just as the reader can look at the "reality" of the poem and then at Kinbote's commentary to decide how big the gap between reality and his commentary is, we can see what is going on in the real world, then look at Trump's tweets and decide for ourselves how big that gap is.

And on top of all that, there is yet another layer.

After all, Trump's tweets have led to endless conjecturing about why he tweets. Does he simply lack a filter? Is it red meat for his base? Is he carefully planting distractions when the news isn't going his way? Does he secretly want his executive order to fail? Is covfefe a coded message????

Literary critic Wayne Booth, who is credited with coining the term "unreliable narrator," expounded on what makes this kind of narrator work.

"All of the great uses of unreliable narration depend for their success on far more subtle effects than merely flattering the reader or making him work," he wrote in his The Rhetoric of Fiction. "Whenever an author conveys to his reader an unspoken point, he creates a sense of collusion against all those, whether in the story or out of it, who do not get that point."

So the question is who is colluding with us as readers. Essentially, one of the great debates over Trump's tweets boils down to this: Is Trump Kinbote, or is he Nabokov?

Almost 70 percent of voters, including 53 percent of Republicans, think Trump tweets too much, according a recent poll. J. David Ake/AP hide caption

Almost 70 percent of voters, including 53 percent of Republicans, think Trump tweets too much, according a recent poll.

At one extreme, some Trump opponents consider him to be Kinbote delusional or, at the very least, showing his weaknesses while being oblivious to the fact that he is doing it. There is a sort of collusion for these readers in the sense that Trump is unconsciously colluding with them by in their minds letting them know how far his perceptions are from reality.

At the other extreme, some supporters consider Trump to be Nabokov. They think he is playing "four-dimensional chess." Just as readers "collude" with Nabokov, seeing Kinbote's flaws as Nabokov lays them out, some Trump supporters feel they are colluding with the real-life Trump, the one who carefully draws our attention away from scandals and uses secret codes.

This point of view squares with his affinity for "truthful hyperbole." (But then again, potentially damaging tweets like his Friday message about being investigated for firing FBI Director James Comey undermine this point of view.)

In each case, each group feels like it's privy to a secret the other group just doesn't get.

The upshot seems to be that Trump has discovered a way to push the president of the United States even further into the spotlight. As Catcher in the Rye makes Holden's internal monologue a part of the story, Trump has found a way to make the president not just a person who does things; he is a person whose very thoughts seem to be on display. (And, as has been reported, Trump loves being the center of attention.)

But it's also possible that he loses something in the process namely, a portion of his potential symbolic status. The president is always a symbol. Yes, he gives off flashes of humanity from time to time, but he exists at a remove from Americans. And despite the constant clamoring for "authenticity," this kind of remove is, arguably, how many Americans want it.

"People want the president to be a symbol, like they want the monarch to be a symbol, but there's always this curiosity about the gossip about the royal family," Tom Rosenstiel, executive director of the American Press Institute, told NPR last month. "But we don't know, and we get to muse about it. There's a comfort level about not knowing."

That arm's-length president, shown in TV news shots shaking hands and striding purposefully from meeting to meeting, is the norm. But then, Trump isn't one for norms. Our brains try to push him to that arm's-length symbolic status we're used to, but he resists, yanking us back in. Every tweet eliminates the distance, putting us right inside his head with him (or, some might argue, that is what he wants us to believe).

This kind of whiplash happens in books like Pale Fire as well. The story is humming along, but then it jolts to a stop. Wait. Am I being played?

That whiplash may be one reason why Americans seem to be souring on his Twitter feed. Fully 69 percent of voters, including 53 percent of Republicans, believe the president tweets too much, according to a recent Morning Consult/Politico poll.

The difference between Trump and Kinbote, of course, is that Trump is real, and his policies have real effects on people. So do his tweets, says one literature professor, creating a sort of Rube Goldberg machine of tweets.

"Especially in real time, the narrator has to keep going on the same storyline," said Nathalie Cooke, professor of literature at Montreal's McGill University. "So as Trump fuels the storyline with the populist Trump, the polarization in his readers actually fuels the continuation of the story."

And as the story continues, Trump has more to tweet about, creating more news and more fodder for that polarization among readers about whether he's Kinbote or Nabokov. That kind of polarization arguably fuels even more tweets tweets in which he further intensifies his us-vs.-them point of view.

But Trump's tweeting is also a risky pastime. His tweets have weakened the case for his "travel ban," for example. And his Friday tweet further intensified the nation's focus on the Trump-Russia investigations storyline.

And this is the nature of the dilemma that Trump's addictive Twitter account presents. Unreliable narrators are fascinating, but it's often because they say too much.

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Donald Trump’s Favorite Poll Shows Approval Rating Drop – Newsweek

Posted: at 7:44 pm

Donald Trump loves championing the Rasmussen Reports poll.Just last week he tweeted out the survey, happily noting that it had pegged his approval rating at 50 percent, which is by no means great but far better than his average in other polls.

But it's far less likely the president will promote the polling company's latest findings,which found his approvalrating had fallen 2 percentage points over the weekend.

The latest daily tracking survey from Rasmussen pegged Trump's approval at 48 percent, down from 50 percent Friday. Disapproval of the president rose to 51 percent in the new poll, from 50 percent. The Rasmussen survey samples 1,500 likely voters over a three-day period and has a margin of error of plus or minus 2.5 percentage points.

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Rasmussen, which is generally considered to be right-leaning,has found far better results for Trump than most other polling outfits. For instance, the latest survey from Gallup, on Sunday, found the president's approval rating to be nearly 10 points lower than where Rasmussen had it on Monday. Gallup pegged Trump's approval rating at 39 percent and his disapproval rating at 55 percent. That's actually a slight improvement on where Trump stood in the Gallup poll earlier in the week,when he droppedto36 percent approval, just 1 percentage point better than his all-time low in late March.

The weighted average from data-focused website FiveThirtyEight putTrump's support at 37.8 percent Monday, but it had yet to recalculate with the drop in the Rasmussen survey. Trump's disapproval rating was 55.4 percent in theFiveThirtyEightaverage, which accounts for a poll's quality, sample size and any partisan leanings.

Trump's approval rating has steadily declined during his challenging first months in the White House. The investigations into the Trump campaign's ties to Russia, which the intelligence community says interfered in the 2016 election, have often dominated the news.

Especially worrying for the White House are recent surveys that found some of the voters who helped elect Trump seem to be navigating away from the president. In just one month, the number of Republicans who saidAmerica was on the right track fell 17 percentage points, according a Gallup survey last week.

AnAssociated Press-NORCCenter for Public Affairs Research survey last week found that disapproval among GOP voters had risen to about 25 percent. The same poll found that only50 percent of whites without a college degree approve of the job the president is doing. Last November, sixty-six percent of whites without a college degree voted for Trump.

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Donald Trump's Favorite Poll Shows Approval Rating Drop - Newsweek

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‘House Of Lies’ Creator Calls Donald Trump’s Cuba Policy Idiocy – Deadline

Posted: at 7:44 pm

House Of Lies creator Matthew Carnahan is furious about President Donald Trumps decision to roll back relations with Cuba. Carnahan shot the Showtime series fifth-season finale in Havana last year and plans to return to shoot a new series there entirely but fears the new restrictions could make it more difficult for future collaborations between Cuban and American filmmakers.

Im f*cking pissed, he told Deadline. Im really f*cking pissed. Its idiocy, plain and simple.

REX/Shutterstock

On Friday, Trump announced his decision to strictly enforce exemptions that allow travel between the U.S. and Cuba and prohibit commerce with Cuban businesses that are owned by the Cuban military or intelligence services, which in a totalitarian regime are not always easy to separate from private enterprises.

American culture dominates the world more than the U.S. military ever could or would want to. But Carnahan sees this change of course as a retreat from engaging with the people of Cuba, and a return to a policy thats failed for more than 50 years.

REX/Shutterstock

Shooting in Cuba was remarkable and transformative for me personally, he said. I dont think Ive ever worked with a more enthusiastic and professional group, and a crew that was really genuinely excited to come to work every day. They were so aware of the moment that this was the first American show in 50-plus years to shoot there, and they wanted nothing more than to continue to be able to collaborate in the future.

I know people there who support the film business the small and struggling prop houses, the camera and lighting places, he said. I know people there who run restaurants in their homes, called paladares. These are places that struggle because of the system they work in. But if the idea is to foster American democratic values and business practices, this shift in polices is a disastrous idea, and all it will do is punish these people, and more likely, further empower the parts of the regime that we would all like to see sink into the background.

How disruptive the new rules will be is going to depend on how strenuously the U.S. enforces this policy, and thats going to determine how bad its going to get for Cubans and small business owners, he said. I think its really going hurt the Airbnbers and the restaurateurs and the people at the fringes of the new economy, where there is this fragile budding growth. Thats the danger that these buds will wither up and die.

The way Trump has laid out the new policy, he said, is that they want to withdraw support from anything that can profit the military. Its a socialist state, so theres a massive width of possible interpretation of that. It could decimate production, but maybe the ministry of culture or the ministry of film and television doesnt enter into the world of the Cuban military.

But if its really about pushing forward American democratic values, promoting free trade and capitalism and the things that Trump purports wanting to bring to Cuba, the best way is to allow our film and TV industry to go down there and quote-unquote infect the Cuban culture with our way of life.

REX/Shutterstock

Carnahan said hes writing a new show, titledEl Showrunner, which will shoot entirely in Cuba. Its utterly subversive and will introduce ideas to my Cuban crew that even 10 years ago would have been completely unthinkable for the Cuban regime to allow to cross their borders. The story is kind of a deconstructed meta-version of Our Man In Havana, and deals with ideas about undermining the socialist state. Its still in the conceptual stage, but Im definitely still planning to go back.

Getting State Department approval to film House Of Lies in Cuba wasnt easy, even under President Barack Obamas breakthrough policy. It was always the American government, even under Obama, that was the most prickly, he said.

The episode of House Of Lies that filmed in Havana was also comedically very subversive, he said. It talks about a couple of brothers, loosely based on the Koch brothers, who come to rape and pillage Cuba. The Cuban liaison with the Cuban film community didnt censure one word. They took it as a kind of good-natured cultural exchange and all in good fun.

As for the current Castro in power in Cuba, Carnahan said, This is not your fathers regime. This is potentially a very willing partner to our industry, and they have a wealth of remarkable acting and directing talent. And they are excited to work with us on either side of our borders. Thats what should be happening a genuine cultural exchange. It brings the best of American business and ideals to this amazing place. Thats what we should be doing.

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What to expect in defective air bag maker Takata’s looming bankruptcy – USA TODAY

Posted: at 7:44 pm

A worker demonstrates a pyro-electric wheel airbag initiator during a presentation for journalists at the international automotive supplier Takata Ignition Systems in 2014(Photo: Jens Meyer, AP)

Corrections and clarifications: This story originally misstated the parties that settled economic-loss claims involving Takata air bags.

Troubled auto supplier Takata is tumbling toward a widely expected bankruptcy filing following a costly scandal that has killed at least 16 people worldwide.

The Japanese supplierrecently pleaded guiltyin a U.S. court to criminal charges for its handling of the scandal, which involved exploding air bags.

The company agreed to pay $1 billion in penalties, including funds for people injured as a result of the fiery shrapnel hurled from its air bags. The defect has been blamed for more than 100 injuries and 16 deaths.

Morethan 42 million vehicles were equipped with the potentially defective parts, triggering the largest recall in U.S. history.

With reports circulating that the company could file for court protection as early as this week, here are several factors to watch:

1. Repairs won't stop: Although bankrupt companies can sometimes seek to sever obligations such as warranties, Takata will be required to prioritize the production of replacement parts.

Automakers have contributed hundreds of millions of dollarsto accelerate the repairs, ensuring that the recall campaign will continue unimpeded after the bankruptcy filing occurs.

As of May 26, automakers had replaced 38.1% of air bags affected by the recall, according to the National Highway Traffic Safety Administration.

2. Takata likely willget new ownership:Chinese-owned Key Safety Systems is widely expected to acquire Takata as part of the company's bankruptcy restructuring plan.

Key Safety Systems, whose U.S. headquarters is in Sterling Heights, Mich., would become the world's second-largest air bag manufacturer if the deal goes through, according to Evercore ISI analysts. The company would have market share of 20% to 25% following the deal, trailing only Autoliv's 40%.

3. Victims will still get compensation: People hurt by Takata air bags and families whose loved ones died because of the defect are eligible for compensation through a $125 million fund established as part of the company's criminal settlement.

Bankruptcy filings can disrupt previously pledged payments to third parties, but the victim compensation fund pledged as part of the government settlement is expected to take priority over other debts.

Former FBI director Robert Mueller had been appointed to administer the victim compensation funds, but he recently relinquished that post to take over as special counsel investigating Russian influence in the U.S. presidential election. His replacement is Kenneth Feinberg, who administer victim compensation funds for 9/11 and the General Motors ignition switch.

4. Current vehicle owners might get paid: Owners of nearly nearly 16 million Toyota, Mazda, Subaru and BMW vehicles equipped with Takata's defective air bags recently reached a deal with those four automakers for $553 million in compensation to cover the economic losses they've incurred because of the scandal.

The deal, which must still be approved by a federal judge, will cost Toyota $278.5 million, BMW $131 million, Mazda $75.8 million and Subaru $68.3 million. It will not be affected by the bankruptcy.

The accord leaves open the possibility that consumers will reach similar agreements with other automakers, which willremain in place even following the bankruptcy filing.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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What to expect in defective air bag maker Takata's looming bankruptcy - USA TODAY

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Clock Ticking on India’s Bad Bank Debts Under Bankruptcy Law – Bloomberg

Posted: at 7:44 pm

by

June 18, 2017, 6:00 PM EDT June 19, 2017, 4:38 AM EDT

Indias central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the countrys bad loans that have swelled to $180 billion.

The clocks already ticking -- some cases are already before the National Company Law Tribune," said Sanjeev Sanyal, principal economic adviser to the finance ministry. "More lists will be out in the next few months." Cleaning up Indias stressed loans is the biggest priority of Prime Minister Narendra Modis government, Sanyal said in an interview in New Delhi.

The Reserve Bank of India last week notified 12 large debtors against whom it had ordered banks to use bankruptcy lawsto resolve 2 trillion rupees ($31 billion) or almost a fourth of the countrys bad debts. The process in these cases will be completed within a period of 90 days compared with 180 days in other cases, the government said.

Read more: Indias RBI Said to Order Lenders to Take 12 Debtors to Court

For Modi, getting rid of the bad loans is crucial to reviving investments in Asias third-largest economy to meet his election pledge of adding jobs before the 2019 elections.

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As concerns about slowing growth grow louder, India needs to resolve its debts mess and strengthen its lenders. Last month, the government gave the RBI new powers by amending the Banking Regulation Act. That enabled the central bank to order lenders to initiate insolvency proceedings against defaulters and create committees to advise banks on recovering nonperforming loans. Using the bankruptcy law will ensure company founders and lenders renegotiate terms to resolve stressed loans within 180 days.

Resolving troubled loans will help the government plan capital infusion into state-owned lenders, Sanyal said. India plans to inject at least 100 billion rupees of capital into state-controlled lenders in the year ending March 2018 as it seeks to ratchet up credit growth.

The RBI directive will negatively affect banks profitability over the next year if they need to take large write-downs relative to their existing loan-loss reserves, Alka Anbarasu, senior analyst at Moodys Investor Service said in a note Monday. However, the move is credit positive as it can help improve asset quality and set a precedent for resolving nonperforming loans from smaller borrowers, according to Moodys.

While it may not affect private-sector Indian banks given their strong profitability and capitalization, weaker public-sector banks may require a large capital infusion from the Indian government, Moodys said.

Read more: an explainer on Indias bad debt woes

State banks will require about 800 billion rupees in equity capital over the next two years to support credit growth and to comply with global Basel III norms, ICRA Ltd., the local unit of Moodys Investors Service had said in February.

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More local attorneys winning work in Gymboree bankruptcy – RichmondBizSense

Posted: at 7:44 pm

A West Coast retail chains bankruptcy continues to feed the Richmond legal scene.

More local attorneys picked up work last as a result of the June 11 bankruptcy of Gymboree, which is headquartered in San Francisco but filed its Chapter 11 case in Richmond federal court.

Creditors of the debt-ridden retailer have begun hiring lawyers on the ground in Richmond, the latest of which include Chris Perkins of LeClairRyan and Gus Epps of Christian & Barton.

They join local attorneys already on the case from Hunton & Williams, McGuireWoods and Wolcott Rivers Gates.

The lead local attorneys representing Gymboree area group from the Richmond office of Kutak Rock. Theyre working with Chicago-based Kirkland & Ellis.

Richmond hotels also will be glad to know plenty of lawyers from farther afield are likely to travelto Richmond as the case plays out.

The out-of-state firms working for creditors on the case include: Perdue, Brandon, Fielder, Collins & Mott from Arlington, Texas; Ballard Spahr from Los Angeles; Linebarge Goggan Blair & Sampson from Houston; Morris James from Wilmington, Delaware; Frost Brown Todd from Cincinnati; and Kurtzman Steady from Philadelphia, among others.

Gymboree is the latest example of large out-of-town corporations planting bankruptcies in Richmond in recent years, drawn by a court and judges here known to handle complicated bankruptcy cases in a way thats viewed by many as favorable to debtors.

Despite being based in California, Gymboree controls an LLC that was incorporated in Virginia, which allows it to file in the commonwealth. It put eight of its affiliated corporations into Chapter 11 in Richmond on Sunday.

The company, which has 1,300 stores nationwide, was forced to file Chapter 11 as it faced more than $1 billion in debt coming due and had missed a debt payment earlier this month. The reorganization plan, which could be filed by the end of the week and confirmed in 90 days, could reduce its debts by $900 million.

Filings state the company plans to close and liquidate up to 450 stores. It has five locations in the Richmond market, according to its website at Short Pump Town Center, Stony Point Fashion Park, Regency Square, Virginia Center Commons and Chesterfield Towne Center.

Gymboree has not yet announced which stores will close.

Judge Keith Phillips is overseeing the case in Richmond.

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Novation Bankruptcy Objection Filed – Bankrupt Company News (press release) (blog)

Posted: at 7:44 pm

Deutsche Bank National Trust filed with the U.S. Bankruptcy Court an objection to Novation Companies settlement by and among the Debtors, the noteholders and the creditors committee.

The objection asserts, Although the Trustee is a creditor of both Novation and NMI, the claims the Trustee holds against each of the Debtor Defendants arise from distinct and distinguishable legal obligations, as discussed in more detail herein. Thus, the entire premise underlying the Motion that there is no harm to creditors of NMI because all creditors classified in Class 4(b) under the confirmed Plan have identical claims against each of the Debtor Defendants is fundamentally flawed. Once the Trustees claims are determined by the New York Court, it is plausible that the Trustee may have a judgment against NMI, but not Novation.

In addition, The proposed settlement conflates the identity of Novation and NMI, two distinct legal entities, and attempts to strip the sole asset held by NMI, for the benefit of a single class of Novation creditors the Class 2 Noteholders. Notably, there is no settlement agreement or term sheet attached to the Motion, setting forth the actual terms of the Settlement. Rather, the Motion only refers to the confirmed Plan in the Novation case, without any comprehensive term summary.

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National priorities defy convention in St Lucia – St. Lucia Times News – St. Lucia Times Online News (press release)

Posted: at 7:44 pm

The key issues of political change, socio economics and preservation of the environment will return to Saint Lucias House of Assembly on Tuesday, June 20, as debate resumes on the appropriation bill 2017/18.

However, far from Machiavellian schemes, hopefully, policymakers and the legislature would have perhaps gained more positivity on the key metrics that measure the outlook for future growth and development, as opposed to corporate welfare the transfer of business, economic opportunity and money from one subsector to another at the expense of anti-poverty measures.

Also, observers, professionals and intellectuals with a view to policy and unfettered opinions, myself included, are anticipating that the unintended six weeks suspension of parliament would repurposed with renewed hope on the part of policymakers and the legislature to lay out a vision for the country: a national initiative, whereby citizens could lay down their arms and support.And asnoted previously, we all know what the major issues are, including the IMPACS report, citizen security, the need for sustainable and appropriate foreign direct investment, preservation of the environment and addressing the dysfunctional administration of justice.

This we can accomplish, but let us all consider the specifics of what must be done to achieve prosperity, beginning with a reset agenda on socio-economic, security, governance, trade and international relations, on a bilateral and multilateral level.

Times have changed, but more entrenched is the need for immediate and long term strengthening of economic growth and sustainability. And so, one way or another, government debt at roughly EC$3.1billion and electoral promises that give rise to trickle-down economics by cutting taxes and eliminating government services in a trend that still has the economy in shambles, and showing increased volatility.On the other hand, a change of trend to allocate 72 percent of capital expenditure to economic services seems purely transactional and dangerous.The pivot to citizenship by investment (CIP) offers both threats and opportunities, albeit recent strengthening of capital outflow restrictions and corresponding banking make it more difficult for small developing countries to process financial transactions. This is in addition to the balancing act not to embrace nefarious characters and strongmen.The compound effect in such an environment seems unlikely to achieve an economic growth rate of at least four percent per year. Which means the savings gap will shrink and institutions will collapse, in a buildup of political and economic chaos, crisis and decline.

The peculiar environment that engulfs Saint Lucia today is not far removed from the global economic downturn of 2007-2008, or the current Qatar crisis, in terms of isolation as an island where approximately 90 percent of its overall trade is made by sea and imports around 80 percent of its oil through sea routes.

Political and economic stability is critical to successful investing, but more importantly, history has shown that, in the midst of crisis, opportunity abounds for renewed hope that allows for actual money to be invested: the monetization of the engine of growth and the ability to leverage Saint Lucias global economic identity as a destination for investment.

Whats more relevant is Saint Lucias geography. It is important to understand the blue economy the exploration of both the Caribbean and Atlantic ocean resources, in a sustainable manner supported by the green economy renewable energy, arable land use and environment preservation.In this context, the development of human resources, re-education and training in science, technology, engineering and maths (STEM) are central. These are tools of the modern economy that go a long way in handling new jobs of the future. In fact, robust innovation and the economics of climate change adaptation would provide a renewable future for investment in Saint Lucia.Flexibility is sensible to investments and likewise the country. Financing, from the St Lucia Development Bank, for agriculture, agribusiness and fisheries sector should be accorded a high priority with the goal of doubling output, decreasing the food import bill, and the need for substantial import licences and concessions.This would eventually improve farmers and fishers income, help stabilize food and nutrition security to improve health care, restore rural economic development via infrastructure and housing, and provide an integrated development and management of the Saint Lucia Fish Marketing Corporation and Saint Lucia Marketing Board and the Government Supply Warehouse.There is, likewise, the opportunity to integrate the digital wave to agriculture, agribusiness and fisheries sector. Develop farmers seed systems to strengthen biodiversity, patent seeds, strains, breeds, concept and the protection of intellectual property rights.Digital penetration in rural communities would also strengthen research and development, the maintenance of wetlands and mangroves, and data collection in real time for analysis.

This is one avenue, not forgetting the cooperative model if decisiveness is required in the blue and green economic integration, with a sense of honesty, accountability and transparency for the uplifting of people and country facing 21.6 percent unemployment, youth unemployment rate of 43.1percent and poverty rate at 28 percent.

A recent article in the Nation by Dennis Kucinich evoked the possibility faced in Saint Lucia.Growing poverty and inequality in America and other countries can be tied to a dismantling of the public sphere through the privatization of public services, which imposes the rentiers premium on parking meters, toll booths, waste and sanitation services, water and sewer fees, and health care, to name a few.In urban areas privatization looms as a major economic issue. People, through taxes, fees and utility rates, pay once for public services to be created. Once services are privatized, the public is forced to pay again and again, at higher rates, for less service.The public is told that money is saved. Whose? Wages are cut, services are reduced, increased rates and fees follow. The loss of public accountability and political control shifts onto the public as increased economic burdens and the social and economic costs borne by displaced public workers.In such a climate, unions are under attack, since they exist to promote economic justice. The right to organize, the right to collective bargaining, the right to strike, the right to decent wages and benefits, the right to a secure retirement, the right to sue an employer for maintaining an unsafe work place, all these rights and more are at risk. Labor unions helped to build economic equality. Their demise means less bargaining power for all American workers.

This brings me to the importance of a vision for the country: a national initiative and infrastructure scope on a scaled-up level, higher minimum wage and job quality output.Russia is doing as it pleases in Eastern Europe and the Middle East, and to some extent Latin America and the Caribbean.China is a major player in the Pacific and the Caribbean, pursuing an economic corridor, as part of its String of Pearls strategy, building up on a dominant maritime strategy worldwide.Saint Lucia is in the crosshairs via Desert Star Holdings, the Pearl of the Caribbean.And so, what is Saint Lucia to gain for its national interest and economic diplomacy? Whats the maritime strategy, in consequence to the blue and green economy? The development of our air and sea ports, maritime cooperation and information vis-a-vis national interest and strategic partners global aspirations?Saint Lucia should not have to choose a position of shortcoming; still, this requires collective action for a reassertion of sovereignty, economic edge and good governance that focuses on the general good, not the demands of sectoral groups.This is urgent and important. However, this of course calls for values-based policy both domestic and foreign, which rests on democratic rights and freedom, equality, equity, peace and human rights.Foreign policy is also trade policy. And according to then Senator John Kerry, Foreign policy is economic policy It is urgent that we show people in the rest of the world that we can get our business done in an effective and timely way.In the midst of current socio-economic volatility, the writing is on the wall. A key yardstick is the lack of focus; misplace priorities and the greatest fault, credibility.These are obvious liabilities to very difficult decisions that need to be made to determine the future of Saint Lucia. Much depends on whether socio-economic, security and governance issues can change course in time.But meanwhile, everyone waits in a sober and distorted mood; there is the battle for political survival the theatrics of the mind.

NOTE: Melanius Alphonse is a management and development consultant, a long-standing senior correspondent and a contributing columnist to Caribbean News Now. His areas of focus include political, economic and global security developments, and on the latest news and opinion. His philanthropic interests include advocating for community development, social justice, economic freedom and equality.He contributes to special programming on Radio Free Iyanola, RFI 102.1FM and NewsNow Global analysis. He can be reached at[emailprotected]

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National priorities defy convention in St Lucia - St. Lucia Times News - St. Lucia Times Online News (press release)

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5 requirements for America’s survival – WND.com

Posted: at 7:43 pm

Its 2017 in America. Instead of peaceful protests when there is disagreement, we riot. When we dislike a person, a party or a president, violent demonstrations ensue. We reject our laws. Police officers are murdered in cold blood. And now, there are near assassinations of our government representatives.

Have we forgotten what the idea of America is all about?!

Four-hundred years ago, people came to this continent fleeing monarchies, persecution and oppressive governments. Untold misery and loss, with small gains, are the backbone of the founding of this great country.

The very uniqueness of the American way of life lies in the toil, sweat and tears it took to establish a fellowship of citizens who could live together in harmony, respecting the rights of the individual and the value of the group, and give birth to a freedom that would eventually surpass anything the world has ever seen.

Our Founding Fathers understood the weaknesses inherent in the nature of man. They knew the history of the rise and fall of former great nations. They were willing to pay the price to safeguard all that had been accomplished, by all who had gone before, by fighting for a system of governance that would be founded upon key concepts: 1) a self-governed citizenry; 2) limited government; 3) sovereignty of the people; 4) adherence to agreed-upon law; 5) a national commitment to the basic principles required to live in a free society (too numerous to list here) and all of this was to be respected and defended in the foundational documents of this radical new society.

The Founding Fathers wrote the Declaration of Independence, established the Constitution and amended it with the Bill of Rights, all to ensure that this society of sovereign individuals, designed by God to be free and self-directed, would never again live under the heel of master or tyrant. They clearly understood that our rights do not come from a constitution or a government.

Rights come expressly from the Creator of the universe only. We then become the stewards of these rights.

While we have broken free from dictatorships and oppression, we have drifted away from an understanding of the origin, and foundation, of our very freedoms and the right to life, liberty and the pursuit of happiness we claim.

As I was watching the news coverage recently of a series of demonstrations by college students (one primarily by blacks), another by a homosexual group and still another by a mixed group of political agitators, I was troubled to see how tragically unaware we have become of the reason for the lawlessness in our nation. We are willfully abandoning all of the aforementioned principles and concepts that once made America a light unto the world.

We cannot survive if: 1) we are not self-governed; 2) our government becomes bloated and oppressive; 3) we do not understand, and cherish, the awesome privilege and responsibility that comes with being a sovereign citizen; 4) any of us starts defying the rule of law and living as a law unto ourselves, casting off the contract weve made with our fellow citizens; and 5) willingly abandon belief in God and His best for us as sovereign beings made in His image.

This is not a game. This is our survival our nations survival. We have come so far and have been so blessed by our Creator with abundance and approbation. We must once again commit to those founding principles that made America the great nation it has become.

We must turn back. We must turn back to God. We must turn back to each other. We must turn back to our country. Otherwise, we will, indeed, live under the heel of a master and tyrant of our own making.

Have you ever wondered what African-Americans want, and why they vote Democratic?Do you know how slavery actually began in America?Ben Kinchlows best-selling book Black Yellowdogs breaks race and politics down in black and white. Get your copy today!

Media wishing to interview Ben Kinchlow, please contact media@wnd.com.

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5 requirements for America's survival - WND.com

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