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SPORTS
August 15, 2013 | BY RYAN LAWRENCE, Daily News Staff Writer rlawrence@phillynews.com
ATLANTA - Since he was with four major league teams in April, Casper Wells left most of his belongings in his truck outside a friend's apartment in Arizona. He didn't move the truck from Arizona to Chicago, where he ended up spending most of the 2013 season, until June. Wells' truck was en route to Philadelphia yesterday afternoon, when he saw his name penciled into the Phillies' starting lineup for the first time since joining the team last week. Wells, 28, started in centerfield against the Braves.
BUSINESS
August 15, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Asher Raphael , "chief strategy officer" at Chester-based Power Home Remodeling Group , says it's time to expand into another new city. Hire a couple hundred people. Send them out to bang on a lot more doors. Sell more windows. Power has opened in Atlanta, Boston, and Chicago, and on Long Island in the three years since then- Gov. Ed Rendell authorized a $300,000 grant to ease the company's move into a state business-tax-break zone in Chester. At that site in a former electric utility building, Power now employs more than 200, and claims $40 million in yearly local sales, at about $10,000 a customer.
SPORTS
July 30, 2013 | By Zach Helfand, Inquirer Staff Writer
DETROIT - A bus rumbled over a potholed street and stopped at a bar just past the old Tiger Stadium. A line of people waited for it on the sidewalk outside the bar. The bus offered 52 seats and a ride to the game. The patrons in line smiled. Today, this fleet of buses would ferry fans to another sellout a mile and a half down the road at Comerica Park. In a city that filed for bankruptcy less than two weeks ago, the first-place Detroit Tigers are a source of pride. The Tigers would sweep the series against the Phillies.
NEWS
July 30, 2013 | By Joseph N. DiStefano and Troy Graham, Inquirer Staff Writers
Now that Detroit has filed for bankruptcy, will other financially challenged big cities follow Motown to U.S. Bankruptcy Court to escape some of what they owe? Maybe, but Philadelphia is unlikely to be one of them. Michigan officials wanted their biggest city to go bankrupt. They expect this will enable the city to trim what it has to pay investors who own city bonds, retired police who collect city pensions, and other creditors. "Michigan's antipathy for bondholders is startling," said Matt Fabian, managing director of Massachusetts-based Municipal Market Advisors.
NEWS
July 28, 2013 | By Mark Zandi
Is Detroit's bankruptcy an omen or an anomaly? Will other American cities, such as Philadelphia, eventually go down the same dark financial road? Or is the Motor City's financial crisis an isolated event? Detroit's story is a cautionary tale. The city's economy soared with the advent of the automobile a century ago, making companies such as Ford and General Motors the Apple and Google of their day. The population ballooned, rising to nearly two million after World War II. A city that big requires lots of government services, including schools, police, fire, sanitation, and social services.
NEWS
July 26, 2013 | ASSOCIATED PRESS
DETROIT - As the once-proud city of Detroit humbles itself in bankruptcy court, its financial future may hinge on this key question: Is the city obliged to its past? Or can Detroit renege on its promises to thousands of retirees for the sake of its present city services? The legal question at the heart of Detroit's bankruptcy filing has never definitively been answered by the nation's highest courts. But it could become increasingly important as cities from coast to coast are grappling with shortfalls in pension funds that left unchecked could force cutbacks to police, firefighters and other city services.
NEWS
July 26, 2013
ALTHOUGH a municipality filing for bankruptcy protection is rare, you still ought to be paying attention to what happens to bondholders in the case of Detroit. The city's Chapter 9 filing likely will set some precedents, including how investors and/or their investment advisers view municipal bonds, also known as munis. "I think that the potential risks to the municipal-bond market are serious," said David D. Tawil, co-founder and portfolio manager for Maglan Capital, a New York investment firm that specializes in distressed assets.
NEWS
July 25, 2013
KICKING the can down the road - delaying action on the hard problem - is one time-honored political strategy. Why do something today when you can wait until you are safely re-elected, or even longer? The bankruptcy of Detroit is proof of the flaw in that strategy. And the lesson we can learn from Detroit, says Jennifer Bradley, of the Brookings Institution, is that "any place that thinks it can kick the can down the road will find the road can drop off abruptly. " Certainly not all of Detroit's problems were of its own making.
SPORTS
July 25, 2013 | BY DAVID MURPHY, Daily News Staff Writer dmurphy@phillynews.com
ST. LOUIS - The Phillies will watch former San Francisco Giants closer Brian Wilson in a workout tomorrow in Los Angeles as they continue an attempt to upgrade a bullpen that entered yesterday ranked at the bottom of the National League in most major relief-pitching categories. Wilson was the closer on the 2010 Giants team that defeated the Phillies in the NLCS before beating the Rangers in the World Series. He has not pitched since April 2012, when he underwent Tommy John surgery to repair a torn UCL in his right elbow.
NEWS
July 23, 2013 | Associated Press
DETROIT - It wasn't easy making Detroit the largest U.S. city to file for bankruptcy protection, but it was the right decision, Michigan Gov. Rick Snyder said yesterday as he, the city's mayor and its emergency manager made the television talk show rounds. Snyder, a Republican, gave his blessing to emergency manager Kevyn Orr's decision to file for bankruptcy for Detroit on Thursday. "We looked through every other viable option," Snyder said on CBS' "Face the Nation. " "The debt question needs to be addressed.
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