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BUSINESS
July 31, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The Philadelphia region is home to some well-respected municipal-bond-investing experts, among them David Kotok, chief investment officer of Cumberland Advisors in Vineland, N.J., and Tom Kozlik, of Janney Montgomery Scott in Center City. We checked in with them to find out the skinny on investing in munis right now, after Detroit's bankruptcy filing sounded a wake-up call across the market. In recent days, Kotok has been advancing a war of words with the Cassandra of muni bonds, Meredith Whitney, who famously appeared on 60 Minutes in 2010 predicting an avalanche of bankruptcies across American cities.
NEWS
July 23, 2013
Mayor's accuser files lawsuit SAN DIEGO - Mayor Bob Filner's former communications director has filed a sexual-harassment lawsuit against the leader of the nation's eighth-largest city. Irene McCormack said Monday that Filner had asked her to work without underpants, demanded kisses, and dragged her around in a headlock while whispering sexual advances. McCormack said she resigned in June at a staff meeting. On July 10, prominent former supporters claimed Filner sexually harassed more than one woman and urged him to resign.
NEWS
July 23, 2013 | By Zachary A. Goldfarb, Washington Post
DETROIT - The battle over the future of Detroit is set to begin this week in federal court, where government leaders will square off against retirees in a colossal debate over what the city owes to a prior generation of residents as it tries to rebuild for the next. Soon after Detroit emergency manager Kevyn Orr and Gov. Rick Snyder approved a bankruptcy filing Thursday, groups representing the 20,000 retirees reliant on city pensions successfully petitioned a county court to effectively freeze the bankruptcy process.
BUSINESS
July 23, 2013
New Life Child & Family Development Center , 2633 Hillcrest Ave., Norristown; Chapter 7; no schedules available. Maine Management , also known as Trustee Charmaine Prater-McCullum , also known as Trustee Charmaine Fernando A. Colon , also known as Trustee Charmaine Prater Colon , also known as Trustee Charmaine Prater Ezengiva , also known as Trustee for Chiquetta S. Woods , P.O. Box 3288, Philadelphia; Chapter 11;...
NEWS
July 22, 2013
Coroner: Teen in Asiana crash killed by vehicle SAN MATEO, Calif. - As the wreckage of Asiana Flight 214 burned, Ye Meng Yuan was lying on the ground just 30 feet away, buried by the firefighting foam rescue workers were spraying to douse the flames. No one knows exactly how the 16-year-old Chinese student got to that spot, but officials say one thing is clear now: She somehow survived the crash. And in the chaotic moments that followed - flames devouring the fuselage, those aboard escaping by emergency slides, flight attendants frantically cutting away seat belts to free passengers - a fire truck ran over Yuan, killing her. The new details - released yesterday by the coroner's office - compounded the tragedy for her family and confirmed the growing suspicions that emergency workers have had since soon after the July 6 crash: One of the three who died did so by rescuers' actions.
NEWS
July 21, 2013 | By Steven Mufson and Michael A. Fletcher, Washington Post
Detroit's historic bankruptcy filing aroused opposition from angry investors, public employees, and retirees Friday, as state leaders framed the action as their best shot at putting the ailing city on a road to recovery. Flanked by posters of the city's skyline with the words "Reinventing Detroit," the state-appointed emergency manager said Friday that he hopes the roughly $19 billion bankruptcy will provide the fiscal breathing room needed to repair the city's infrastructure and restore basic services.
BUSINESS
July 21, 2013 | By Zachary A. Goldfarb and Mike DeBonis, Washington Post
Detroit's historic bankruptcy filing could raise anxiety - and, thus, interest rates - in the nearly $4 trillion municipal bond market, which cities use to fund construction and public-works projects, finance officials said. Detroit owed creditors about $19 billion. Others said that Detroit was so financially damaged and the bankruptcy so anticipated that the effect will be muted. Whatever the case, the bankruptcy filing did not come at a good time. The municipal bond market has been under pressure because of speculation that the Federal Reserve could curtail its bond-buying program this year.
NEWS
July 20, 2013 | By Michael A. Fletcher, Washington Post
Detroit filed the largest municipal bankruptcy in the nation's history Thursday, marking a new low in a long decline that has left the U.S. automaking capital bleeding residents and revenue, while rendering city services a mess. The city, which was the nation's fourth largest in the 1950s with nearly two million inhabitants, has seen its population plummet to 700,000 as residents fled increasing crime and deteriorating basic services, taking their tax dollars with them. As Detroit faced an estimated debt of $19 billion, the state in March appointed an emergency manager vested with extraordinary powers to rewrite contracts and liquidate some of the city's most valuable assets.
BUSINESS
July 10, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Waterloo Gardens is offering deep discounts as it prepares to close its last store, in Exton. The going-out-of-business sale at the 50-acre nursery and retail property follows last year's bankruptcy filing and the closing of the LeBoutillier family business's original Devon store. The bankruptcy followed Waterloo Gardens' ill-timed expansion to stores in Warminster and Wilmington in the late 2000s, just as the recession and the collapse of suburban housing development cut demand for landscaping services, flowers and ornamental trees, and new fountain systems, patio furniture, and other outdoor items.
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