The Evolution of Bankruptcy and insolvency laws and the case of the deed of company arrangement

This article considers the process of historical development of the bankruptcy and insolvency laws in the United Kingdom, the United States and Australia. The central point is to demonstrate that the process has been one ofprogressive liberalisation of consequences accompanied either by increased regulation or new and innovate flexible techniques of creditor involvement. We conclude the article with an examination ofthe operation ofthe deed ofcompany arrangement, or DOCA, in Australia and a recent liberalisation involving a practitioner-led

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BANKRUPTCY EdelmanJ14Jan2019


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President Trump Make America Great Again Rally – Erie, PA – 7:00pm Livestream…

Tonight President Trump heads to Erie Pennsylvania for a campaign rally at Erie International Airport. Originally First Lady Melania was scheduled to attend, however she has cancelled due to her virus recovery. The anticipated start time is 7:00pm ET [Livestream Links Below]

Trump Campaign Livestream LinkRSBN Livestream LinkFox News Livestream

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President Trump Shares a Tarmac Debate Prep Session – Video and Transcript…

The new White House communications group is making a big mistake by delaying the uploads of the impromptu pressers.  The problem started about two weeks ago, and has continued to worsen.  This recent example was from yesterday and took 28 hrs to surface.

In this tarmac presser President Trump outlines how the impromptu pressers are part of his debate prep.  He then gives a real-time example.  WATCH:

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[Transcript] –  THE PRESIDENT: Hello, everybody. You know our senator. You know our governor. They’re great — both of them. And they’re doing a terrific job.

We have a big — two speeches today. And we have thousands and thousands of people waiting. There’s never been anything like this, I will say that, with — I’m being very humble. I’ll say that, Jeff. Is that okay? But there’s never been anything like it. We have tremendous crowds. You saw the lines. They formed two days ago.

So we’re going to make two stops. And you’re going to be with us a little bit, and I know you’re going to be with us a little bit.

And we have a very exciting election coming up. We’re doing very well in North Carolina, very well in Florida, very well pretty much everywhere. We’re looking — we’re doing very well. And when people find out really what we’ve done and how good the economy is and how it’s coming back, the numbers are fantastic. So we — we seem to be in very good shape.

Any questions?

Q Stimulus. Can you give us the latest on stimulus talks? On stimulus talks.

THE PRESIDENT: Yeah, we’re having talks today. We’re discussing it today, very solidly. We’ll see what happens.

Q Have you talked with Leader McConnell?

THE PRESIDENT: Nancy Pelosi, at this moment, does not want to do anything that’s going to affect the election. And I think it will affect the election negatively for her.

So we’ll see what happens. But there are talks going on as we speak.

Q Have you talked with Leader McConnell about this?

THE PRESIDENT: I don’t want to comment on that. But the Republicans will come along.

Q Mr. President, why did you criticize Dr. Fauci? Does it have anything to do with his high standing in public sentiment?

THE PRESIDENT: No, I think, really, Dr. Fauci is a very nice man, but we let him do what he wants to do. He gets a lot of television. He loves being on television, and we let him do it. Sometimes he says things that are a little bit off, and they get built up, unfortunately.

But he’s a nice guy. I like him. But he’s called a lot of bad calls. He said don’t wear a mask and he said don’t ban China. They were bad calls. He admits that. And I don’t hold that against him. If I did, I wouldn’t have him. I think he’s a nice a guy.

Q Why don’t you fire him?

THE PRESIDENT: Huh?

Q Why not fire him?

THE PRESIDENT: I don’t want to. I don’t want to hurt him. He’s been there for about 350 years. I don’t want to hurt him.

Q You’ve been saying that Dr. Fauci said not to wear a mask, but he’s been saying to wear a mask for months.

THE PRESIDENT: Well, he used to say don’t wear a mask. So, you know, you have people on both sides of it. But I’m okay —

Q So why are you still quoting that?

THE PRESIDENT: Excuse me. I’m okay with masks. I like it. I think it’s good. A lot of people like it. This gentleman has done an incredible job in Arizona, and he’s taken a very tough stand. But he’s let his economy grow. And, frankly, if they would’ve done that in Michigan and various other places, where the governor just shut it down for everybody except for her husband.

His attitude — you know, they had a spike, and he let the spike play. And they were careful. And now your state is really in great shape.

GOVERNOR DUCEY: Thank you, Mr. President. Thank you.

THE PRESIDENT: What a job. So proud of him.

Q Your Chief of Staff said today that there will be a lawsuit filed on Section 230 on the tech companies. Is it your —

THE PRESIDENT: Who said that? Who said that?

Q Mark Meadows said that, as soon as today, there could be a lawsuit filed.

THE PRESIDENT: Well, you know —

Q Is that from the White House?

THE PRESIDENT: — they’ve given — they’ve been given great protection. And when they take down people like Charlie Kirk — you know, Charlie Kirk is a terrific person. And I was — I just heard that he was taken down. And how can you take down Charlie Kirk? He’s mainstream conservative but solid as a rock. He represents a point of view, and he’s putting up something from the New York Post, which is a respected newspaper. I’ll tell you what: The biggest winner in this whole thing is a newspaper called the New York Post, the oldest paper in our country.

So what they have done is really — I’m very proud of them.

Q Are you filing a lawsuit? Or is the campaign filing a lawsuit?

THE PRESIDENT: You’ll be seeing very soon.

Q Mr. President, do you understand that when it comes to the science and a new virus, things change; scientists learn new things and that’s why Fauci and some scientists changed their recommendations?

THE PRESIDENT: You don’t understand. I understand well. You don’t understand, and you never have understood.

Q Is this election going to be a repeat of 2016, given the polls?

THE PRESIDENT: I think so. I think we’ll do better than 2016. We’re way ahead of where we were in 2016, and I’ve done things that nobody has ever done. We built the greatest economy in the world, and we’re building it rapidly again.

If you look at Arizona — you look at the job they’ve done. And I’m just leaving other states. I mean, every one of these Republican-run states are doing phenomenally. The Democrat-run states are not, but they’re not going to affect our numbers very much. I think they’re going to open up on November 4th. They’ll be opening up on November 4th.

And, by the way, the fact that Kristen Welker is, you know, a dyed-in-the-wool radical-left Democrat, or whatever she is —

Q It’s not true, Mr. President, and you know it.

Q That’s not true.

THE PRESIDENT: Okay. Okay. And then ask — why are you defending her?

Q That’s not true, Mr. President.

THE PRESIDENT: Then ask her: Why did she delete her account? Would you please have her put her account back?

Q Mr. President, you’ve dealt with her, and you know she’s a fine journalist.

THE PRESIDENT: And you know what? It’s not going to affect — I know you want to stick up. It’s not going to affect me. I’m going to be there. But, you know, I told you about the last one, and I was right. And I told you about Savannah Guthrie, and I was right. And I’m telling you about Kristen Welker. Kristen Welker should put all of her statements back on. She deleted her entire account. She shouldn’t do that.

Q What are they going to do with the mics? Are they trying to have —

THE PRESIDENT: The what?

Q Are they trying to have the moderator be able to turn off the mics? Is that what —

THE PRESIDENT: I have no idea.

Q Mr. President, what are you doing to prepare for the debate, sir?

THE PRESIDENT: I’m doing this.

Q (Inaudible.)

THE PRESIDENT: What am I doing to prepare? I’m doing this. I’ve done — I’ve done very well in debates. And, you know, you do what you do. You just do what you do.

The last debate, I had two on one. I usually have two on one, at least. And I did well in the last debate, and we did well with Savannah Guthrie, based on reports. But all you can do is — look, you know, you go around; we do interviews with you. This is like — I call this “debate prep.” This is actually tougher than a debate, if you want to know the truth.

Q Will you do the testing before the debate? And will you authorize your —

THE PRESIDENT: Say it?

Q Will you do the testing before the debate? And will you au- —

THE PRESIDENT: The testing?

Q Yes, the COVID testing. Will you authorize your doctors to tell us when —

THE PRESIDENT: Sure. I would have no problem with it.

Q — the last negative before you —

THE PRESIDENT: I’m — not only am I free — positive, or whatever — what would you call it? I’m totally free. Right? Not only am I free, I’m immune, they say. They say if you’ve had it, you’re immune. Now, the question is, are you immune for four months or for the rest of your life? That’s the only thing we don’t know.

Q Will you authorize your doctors to tell you when you tested negative last, before the last event?

THE PRESIDENT: Sure. Is that very important to you?

Q Yes, sir, it is.

THE PRESIDENT: You seem to be so intent. But if it’s so important to you — why is it so important to you?

Q Because we want to know how long you may have been —

THE PRESIDENT: I know. But why? Why?

Q We want to know if you followed the rules from the debate commission.

THE PRESIDENT: I know. But why is it so important to you?

Q Will you authorize your doctors to release that information?

THE PRESIDENT: Look at the dedication. Yeah, my doctors have already given it. You know, my doctors have given more information than has been given on any human being in the history of the world.

Q But have not given that detail, Mr. President.

Q Mr. President, can you tell us why — what your campaign strategy seems to be to call Biden a “criminal”? Why is that?

THE PRESIDENT: He is a criminal. He’s a criminal. He got caught —

Q He was the Vice President of the United States.

THE PRESIDENT: Read his laptop. And you know who’s a criminal? You’re a criminal for not reporting it. You are a criminal for not reporting it.

Q I’m asking your strategy.

THE PRESIDENT: Let me tell you something: Joe Biden is a criminal, and he’s been a criminal for a long time. And you’re a criminal, and the media, for not reporting it. Good luck, everybody. Have a good time. Have a good time.

END 11:44 A.M. MST

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McConnell Announces Full Senate Vote on Judge Amy Coney Barrett, Monday Oct. 26th…

Senate Majority Leader Mitch McConnell has announced the full senate vote for Supreme Court Nominee, Judge Amy Coney Barrett, will take place next Monday October 26.  The nomination is expected to be voted out of the Senate Judiciary Committee this Thursday.

WASHINGTON, D.C. — Senate Majority Leader Mitch McConnell (R-KY) announced Tuesday that the Senate will vote to confirm President Trump’s nominee Amy Coney Barrett to the Supreme Court on Monday, Oct. 26.

With a 53-47 majority, and just two Republican senators opposed, Trump’s nominee is on a glide path to confirmation that will seal a conservative hold on the court for years to come.

Without the votes to stop Barrett’s ascent, Democrats have few options left. They are searching for two more GOP senators to break ranks and halt confirmation, but that seems unlikely. Never before as a court nominee been voted on so close to a presidential election.

Senate Democratic leader Chuck Schumer decried what he called the “farcical” process to “jam” through Trump’s choice, even as the coronavirus outbreak sidelined GOP senators. (more)

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Steve Bannon Discusses Biden Scandal and Upcoming Debate With Maria Bartiromo…

“Sloppy Steve” should always be taken with the proverbial grain-of-salt due to his self-serving internal compass.  However, that said, sometimes his insight can be complimentary to the larger picture.

Bannon believes that President Trump will focus heavily on Joe Biden’s pay-to-play scandal during the debate this upcoming Thursday.  The media approach to the Biden scandal has been to call it “Russian disinformation,” but the American electorate are not naive to the simple structure of Biden’s family being paid to influence U.S. policy.

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FLASHBACK – 2016: From Robert and Rebekah Mercer you get, Cambridge Analytica, Steve Bannon and Kellyanne Conway.  The Mercer’s backed away in 2019 and re-engaged again in 2020.

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It Begins – DOJ Files Antitrust Lawsuit Against Google Inc…

Of all the seismic events surrounding the architecture of the deep state, the mechanisms within the swamp and the universe that surrounds all of the ancillary aspects we have come to categorize under names such as “Obamagate”, “Spygate”, “FISAgate” and the surveillance state writ large, none are as universally important as this one.

In the most significant measure this foundation is the “there” in the phrase: “there are trillions at stake.”  This is the substrate that holds the swamp in place.  It was not coincidental the Big Tech conglomeration was the first and primary focus of Obama’s Chicago network.  The downstream consequences cannot be overstated.

The DOJ has filed the class action lawsuit against Google Inc [pdf here], and while Google, and their subsidiaries (YouTube etc) are the secondary targets don’t think for a second that this does not touch on every single aspect of the ancillary technology monopoly; that includes social media platforms.

In short, this is a big effen deal.

FROM THE DOJ – Today, the Department of Justice — along with eleven state Attorneys General — filed a civil antitrust lawsuit in the U.S. District Court for the District of Columbia to stop Google from unlawfully maintaining monopolies through anticompetitive and exclusionary practices in the search and search advertising markets and to remedy the competitive harms. The participating state Attorneys General offices represent Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, South Carolina, and Texas.

“Today, millions of Americans rely on the Internet and online platforms for their daily lives.  Competition in this industry is vitally important, which is why today’s challenge against Google — the gatekeeper of the Internet — for violating antitrust laws is a monumental case both for the Department of Justice and for the American people,” said Attorney General William Barr.

“Since my confirmation, I have prioritized the Department’s review of online market-leading platforms to ensure that our technology industries remain competitive.  This lawsuit strikes at the heart of Google’s grip over the internet for millions of American consumers, advertisers, small businesses and entrepreneurs beholden to an unlawful monopolist.”

 “As with its historic antitrust actions against AT&T in 1974 and Microsoft in 1998, the Department is again enforcing the Sherman Act to restore the role of competition and open the door to the next wave of innovation—this time in vital digital markets,” said Deputy Attorney General Jeffrey A. Rosen.

As one of the wealthiest companies on the planet with a market value of $1 trillion, Google is the monopoly gatekeeper to the internet for billions of users and countless advertisers worldwide. For years, Google has accounted for almost 90 percent of all search queries in the United States and has used anticompetitive tactics to maintain and extend its monopolies in search and search advertising.

As alleged in the Complaint, Google has entered into a series of exclusionary agreements that collectively lock up the primary avenues through which users access search engines, and thus the internet, by requiring that Google be set as the preset default general search engine on billions of mobile devices and computers worldwide and, in many cases, prohibiting preinstallation of a competitor. In particular, the Complaint alleges that Google has unlawfully maintained monopolies in search and search advertising by:

  • Entering into exclusivity agreements that forbid preinstallation of any competing search service.
  • Entering into tying and other arrangements that force preinstallation of its search applications in prime locations on mobile devices and make them undeletable, regardless of consumer preference.
  • Entering into long-term agreements with Apple that require Google to be the default – and de facto exclusive – general search engine on Apple’s popular Safari browser and other Apple search tools.
  • Generally using monopoly profits to buy preferential treatment for its search engine on devices, web browsers, and other search access points, creating a continuous and self-reinforcing cycle of monopolization.

These and other anticompetitive practices harm competition and consumers, reducing the ability of innovative new companies to develop, compete, and discipline Google’s behavior.  (read more)

The Statement from AG Bill Barr is HERE

…”The complaint filed today against Google is based on violations of the U.S. antitrust laws and is separate and distinct from concerns raised about content moderation and political censorship by online platforms. As part of the Department’s broader review of market-leading online platforms, we listened to myriad public concerns about how online platforms fail their users. While many of the concerns we heard were competition-related, others were not – like online child exploitation, public safety, and censorship. Outside the Antitrust Division, the Department has considered these issues separately, including by advocating for Section 230 legislative reforms. Our antitrust investigation of Google, by contrast, is based solely on traditional antitrust principles and is aimed at promoting consumer welfare through robust competition.” (more)

On May 28th, after President Trump signed an executive order targeting on-line censorship, CTH wrote a twitter thread about it.  There had to be a breaking point where the FCC or DOJ stepped-in to address the issues if our constitutional republic is to survive.

[Read Executive Order Here] – In the periphery of this executive action there was a widespread expectation of this antitrust lawsuit against Google Inc and their affiliated companies. The controlling ideology of ‘big tech’ merges with legal action by the DOJ.

There have been visible signals, subtle but visible, the DOJ was about to move on a massive (the biggest in history) antitrust lawsuit against Google and all affiliates.

The issue did not necessarily surface as most would think; via a bias based on conservative -vs- leftist ideology in content manipulation; though those underlying aspects are a part of the larger underpinning we will soon see surface.

Antitrust lawsuits, writ large, are based on “prices”, “costs”, and net “financial” distortions caused by corporations not competing based on open commerce. “Antitrust” in it’s structural form is based on costs and the manipulation of prices.  Essentially, controlled commerce.

In the digital sphere the targeted firms have not opened themselves to liability based on ideology; but rather Google, all subsidiaries and alliances, have opened themselves to antitrust violations through the manipulation and control of financial benefit.

Demonitization of digital platform content providers, in combination with Google’s control of almost all ad revenue in the digital space, is what has opened the door for DOJ intervention based on antitrust laws.

Antitrust intervention is warranted because the content being generated on these on-line, digital platforms, is being arbitrarily valued by the media company GoogleAds and not the free market. Directing pathways and content promotion is another former of devaluation. Devaluing certain content they are ideologically opposed to creates consumer distortions.

Underpinning that revenue control is the ideological nature of the control enforcer, in this example Google. However, for the purpose of antitrust lawsuits, that motive is irrelevant.

The methods, practices and purposeful control of value; through collusion of corporate interest specific to a planned and organized effort to control monetary benefit; is the part of their activity that is quantifiable, discoverable, easily provable, and ultimately unlawful.

The financial distortion of internet commerce is the crack in the Big Tech stranglehold that should afford the DOJ the opportunity to step in.  Google (and all subsidiaries) will lose on the substance of their defense because ultimately their business practice has resulted in, and arguably they have engaged in, price fixing.

It will take time, but from an optimistic position the DOJ take action will eventually force Google into a settlement.  There could be a massive financial settlement in addition to a negotiated Consent Decree. Within the decree terms, we could/should see a break-up.

Any antitrust action is only tangentially related to President Trump’s previous confrontation with Twitter and big tech social media based on ideological lines. However, it is easy to see how the two issues will merge.  The monetary distortions are based on ideology.

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President Trump Supports an Independent Special Counsel to Investigate Foreign Payments to Biden Family…

Earlier this morning President Trump called-in to Fox News for an interview on several topics. During a part of the interview President Trump draws a comparison between confirmed evidence of Hunter Biden selling influence with false accusations of Donald Trump Jr. selling influence.

President Trump discusses the upcoming debate and outlines his support for an independent special counsel to investigate how payments to Hunter by several foreign governments were constructed as a back-door process to purchase action from Joe Biden.

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Given the factual, demonstrable and clearly evidenced institutional biases within the DOJ and FBI, how exactly is a special counsel supposed to be appointed and operated?

Accepting the traditional nature of the approach; yet overlaying the known corruption within the DC institutions; any investigation seems rather futile.

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Woman Receives ODD Phone Call From Dept. of Employment Security…What is Going on HERE

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A Springfield, Illinois woman who has waited several weeks for a callback from the Illinois Department of Employment Security (IDES) finally got her wish, but it didn’t turn out the way she wanted it to. Needless to say, Leah Cheistder is livid after she receives the following message:

“Yeah, I don’t really know what you’re calling about…Umm six, six, that’s just freakin’ weird…well, Okay, have a good day.”

Cheistder is looking for answers regarding this horribly rude phone call.

Ms. Cheistder is having a difficult time paying her bills because of the IDE bureaucracy not being able to get their act together. Indeed, she was actually doing the dishes in her Illinois home and she missed her call back, but she had been on hold for at least twelve days, from September 24th to October 6th.

“Then, I saw that there had been a voicemail, and I was like, “A voicemail? Really? I thought they had only called once, so I’d better check it’, and so I did,” Cheistder recounted.

Needless to say, she was fairly taken aback by the first 15 seconds of the voicemail, and things only went from bad to worse:

“Hello, this is the Illinois Department of Employment Security, commonly referred to as the IDES. Uhhhh, well Leah, it looks like you gave us a call and then you got a call back. I’m really not sure why, so let’s see what’s going on.”

To top it all off, after that somewhat cavalier and lackadaisical message, then this Ms. Chiestdter heard this alleged IDES employee yawn as loudly as possible.

“I really felt insulted,” Ms. Chiesdter said. “These people are responsible for basically aiding in the worst unemployment of our times, and I just don’t feel like they were taking it very seriously or even being very professional about it.”

The voicemail closed with the employee’s “freakin’ weird” comment, and Chiesdter couldn’t help but wonder if she was the only one that this was happening to. Chiesdter said this was her chance to get her issues resolved, but now she has no choice but to go back to the end of the line, start all over again, and hope against hope that she can find someone with a bit more compassion next time.

IDES Acting Director Kristin Richards put out a statement regarding this incident:

“This type of behavior is unacceptable and beyond the pale. We expect that our employees will always give their very best when they represent the Illinois Department of Employment Security, and all of our claimants deserve that kind of service.

Department employees are going to be reminded that this type of behavior is unprofessional and inexcusable. Someone who receives this type of treatment is going to feel terrible. We are taking this matter very seriously and are looking at all necessary disciplinary actions.”

IDES officials did not name the employee, but they did say that this individual is most likely a year-round, regular employee and not one of the 500 temporary employees that Governor J.B. Pritzker had hired to field calls and keep up with the demand.

What do YOU think about the terribly unprofessional conduct of this IDES employee and the horrible treatment that this woman receives?

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October 20th – 2020 Presidential Politics – Trump Administration Day #1370

In an effort to keep the Daily Open Thread a little more open topic we are going to start a new daily thread for “Presidential Politics”. Please use this thread to post anything relating to the Donald Trump Administration and Presidency.

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This thread will refresh daily and appear above the Open Discussion Thread.

President Trump Twitter @POTUS / Vice President Pence Twitter @VP

Kayleigh McEnany Twitter @PressSec

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Tuesday October 20th – Open Thread

Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

For Thine is the kingdom and the power and the glory, forever and ever. Amen †

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