6 chapters across the catalog
Tupperware Brands Corporation has filed for Chapter 11 bankruptcy protection as it seeks to reorganize its business. The company, once a staple of American suburban life, recently featured drag queens like "Kay Sadia" (Oscar Quintero) as successful salespeople. Some commentators suggest that the brand's shift in marketing strategy may be linked to its financial struggles.
Bethlehem Steel Pension Cuts and EPA Senior Grantees
A 67-year-old retired chemist shared his story of having his Bethlehem Steel pension cut in half after the company went through Chapter 11 and was liquidated. He now works as a grantee for the EPA, where senior professionals are paid $12 an hour to perform the work of regular employees. The hosts warned this is a precursor to a wider pension crisis in the U.S. economy.
The degradation of airline service is framed as a "reverse bailout" intended to replace expensive flight attendants with federally funded air marshals. Congressman Ron Paul's point that airlines are the only industry not responsible for their own security costs is cited to explain the industry's reliance on government intervention.
Paul Allen, Charter Communications, Debt Forgiveness Tax Breaks
Microsoft co-founder Paul Allen is identified as a major beneficiary of the stimulus bill through his stake in Charter Communications. The cable provider's $8 billion debt forgiveness during Chapter 11 bankruptcy is reportedly eligible for tax deferment until 2014 under the new legislation. This is characterized as a significant tax break for the wealthy.
Global Debt and the Impending Economic Splat
The United States is identified as the world's leading debtor nation according to the CIA Factbook. Some analysts predict a "reset moment" involving hyperinflation or a transition to a new currency like the "Amero" to wipe out existing debts. This process is compared to a national version of Chapter 11 bankruptcy.
Ziff Davis filed for Chapter 11 bankruptcy protection following years of financial instability. The filing serves to freeze company debts and allow for refinancing under an oversight group while operations continue. Despite the legal status, the company remains in business and continues to settle outstanding payments with contractors.
