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President Obama Outperforms in Blame Game & Fantasy Fiction During Presidential Address
Like many Americans, I am outraged by the Presidential Address on June 15 from the Oval Office regarding the BP oil spill which in effect was no more than another episode of the Smoke and Mirrors Show starring Mr. Obama.
While millions have been impacted and suffer as a result of BP’s poor handling of the oil spill, now in its 58th day, Mr. Obama had the gall to attempt to fictionalize the very real crisis in the Gulf of Mexico into “Cap & Trade” legislation. Really, Mr. Obama, the millions of people in the Gulf don’t give a flying rip about your ill-timed politicking, posturing and storytelling. What they DO care about is restoring their businesses, the threat to our natural resources this spill continues to cause, and the impact on a major food source for this country and damage to the fisheries, tourism, and all of the related industries that will be impacted by this disaster. Around 10% of this nation’s GDP comes from that Gulf and surrounding areas, which this country simply cannot afford to lose at this juncture. The perfect storm has come upon us: financial meltdown, high unemployment, and now a hit to 10% of the total GDP of this country. This hit can reasonably be calculated to represent a 70% hit to the regional economies in Alabama, Mississippi, Florida, and Louisiana. With a worse than expected 2010 hurricane season, God himself only knows what is to come for residents and businesses in the Gulf, and the ripple effect it will have in an already devastated economy.
Factual Assessment of the Presidential Address:
1. Obama attempts to repackage and camouflage what amounts to a very slow move to action.

2. He is still blaming George Bush for everything negative that happens under his watch. The Bush administration may have been just as culpable as the Clinton and Obama administrations in not better-enforcing safety on deepwater rigs, but Mr. Bush & Co. had nothing at all to do with Obama’s extremely poor and delayed response. You could just see the frustration boiling Bobby Jindal’s blood, as it did the blood of many Americans.

3. Complete lack of leadership and focus in time of crisis. The focus of the President on restitution payments parallels a doctor focusing on pain management options rather than addressing the cancer. Payments don’t mean a hill of beans until that geyser is plugged and the oil contained.

4. Obama equates his election to ascension onto the throne. Believe me; I truly agree BP should have to pay for the damage they have caused. However, the absolute arrogance of “King Obama” to demand payment from BP is a farce; it’s unconstitutional and has no place in a democracy. Furthermore, to have the FEDERAL GOVERNMENT, especially the Obama administration handle a dime of any money scares the living daylights out of me. His cronies will all have their snouts buried in that $20 Billion trough they want to create. The shoving and fighting for a better place in line to the trough is likely to be all the action we will see.

5. The moratorium on offshore drilling, coupled with his argument for green energy. All Americans should be terrified that the leader of our country overlooks the unarguable facts that:
(1) Americans don’t have wings and therefore need gasoline powered vehicles to get to work
(2) WE ARE IN A RECESSION and cannot afford any gas hikes.

6. BP’s agreement to escrow $20 billion is being “spun” by the Obama-biased press. The fact of the matter is that BP agreed to $5 billion per year for four years. It’s a far cry from a $20 billion lump-sum paid up front. In the first year, $5 billion is not likely to pay for all the cleanup and consequential damages to fishermen, fisheries, hotels & tourism, and the other “ripples” that are sure to be felt in the economy. And make no mistake about it: BP was politically “muscled” into this agreement. Obama & Co. have absolutely no constitutional basis whatsoever for requiring BP to pay this money. BP simply complied and did “the right thing”, as they said they would do. The real rub will now come from shareholder lawsuits against BP over this rather large payment and commitment for future payments. After all, BP is liable under law for only $75 million in damages. To think that BP can commit to such a large funding that is above and beyond what is legally due will surely result in a flurry of lawsuits from shareholders to stop the payments. This is where the law meets politics, and the rights of the BP shareholders conflict with the rights of the oil spill victims. We shouldn’t be fooled into thinking this will be a nice little $20 billion dollar package, all tied up in a nice red bow. It’s more like Pandora’s box on steroids.
7. Mr. Obama’s “independent third party” to administer the funds is hardly “independent”. Mr. Feinberg is Mr. Obama’s pay czar. To think that Feinberg & Co. aren’t making a tidy sum, and the democrats aren’t going to try to use the money to leverage votes in this upcoming election season is purely naïve. It wouldn’t surprise me at all to find out a few months from now that the money still hasn’t timely reached those in need in the gulf region. Sounds like a repeat of the bank bailout all over again. If any “small people” actually received benefit from the bailout funds, please let me know. I have yet to find a single law abiding American that benefited in the slightest of ways. I truly hope that this isn’t going to turn into the equivalent of fat bonuses for the Washington insiders, or parlayed into political pork. Mr. Obama’s war cry during his campaign was to have a completely transparent government- Mr. Obama, this is your chance to prove yourself.

For actual facts and real information regarding the effects and current realities of the Gulf Oil Spill, please stay tuned as I will be publishing a special edition of my legal blog dedicated exclusively to the crisis and the ramifications. Final words to Mr. Obama, start showing and stop telling as Americans are tired of your empty rhetoric and stories. The time for results is now.

WARNING: The Latest Internet Scam is Credit Card Debt Termination.

Too good to be true because it is 100% False.
Consumers be warned- “credit card debt termination” scams are spreading like wildfire right now on the Internet. It usually goes by the name “Credit Card Termination or some variation on that name, and victims are paying thousands of dollars for this bogus service with the false belief that their debt will dissipate and their credit scored will not be damaged. By presenting a phony interpretation of banking and accounting laws, these con artists claim that they can legally terminate all of your credit card debt. They will go as far as hosting phony arbitrations and presenting victims with fake court documents.

This scheme has its roots in the income tax protest movement of the 1970s, where people were claiming that paying taxes was unconstitutional. Among professionals in the collection industry, the “Credit Card Termination” scam is called the “monetary protest movement.” The common theme with these programs is that our banking system prohibits banks from lending out their own money. So how does a credit card bank extend credit then? The protesters claim that the credit card agreement itself becomes a form of money the moment you sign it. Their premise is that the bank “deposits” your agreement as an asset on their books, and then any credit you use is offset as a liability against that asset. The scam promoters claim that all you need to do to wipe out your debt is demand your original “deposit” back from the bank, which will be offset against what you borrowed. THIS IS NOT TRUE or LEGITIMATE!! Just as the IRS shut down the tax protesters, the Attorney General’s Offices are actively prosecuting businesses and individuals for their participation in these fraudulent “debt termination” services.

Individuals in financial crisis may be tempted and lured in by the false promises and bogus testimonials advertised on the web pages of these, only to find themselves in worse trouble and greater debt. As I have advocated in other articles, investigate the credibility of any debt service providers you are considering. Are they licensed attorneys? Do they belong to the Better Business Bureau? Is there a physical office and address you can verify? Though you may feel stressed out, hopeless and think that things could not get any worse- trust me, get involved with one of these bogus “debt termination” scams and things will get a lot worse as your creditors, assuming that you have blithely ignored them, come after you.

Gov. Mitch Daniels stated Friday it may be time for Indiana to pass a municipal bankruptcy law in situation Gary or an additional insolvent Hoosier town fails to avoid monetary ruin within the long term.

This kind of a law is really a requirement for just about any town enthusiastic about pursuing bankruptcy, and he stated it shouldn’t damage Indiana’s AAA credit score, a single of the very best within the nation.

Nevertheless, Daniels stated he nevertheless hopes Northwest Indiana’s biggest town is going to be in a position to correct its monetary ship by building the Gary/Chicago International Airport or even a land-based casino. He even praised Gary Town Hall for slashing its tax levy by 24 % because 2008 using the assist from the Indiana Distressed Unit Appeals Board.

The governor created his feedback although meeting using the Post-Tribune editorial board Friday. He sat down to speak about problems facing Northwest Indiana right after going to Banneker Elementary College and KIPP Lead Charter College in Gary.

Daniels also spoke in the Genesis Middle throughout a Gary Chamber of Commerce luncheon. He informed a packed home that Northwest Indiana, and as a result the whole state, has met federal air high quality standards for that very first time in background.

He also informed the crowd how Indiana is becoming a leader within the Midwest when it comes to attracting new companies. Nonetheless, the national recession could make sure Indiana’s rainy day fund is going to be gone through the time the Common Assembly starts crafting its following spending budget in 2011.

Which is in spite of a freeze on hiring and raises along with a 50 % cut in travel expenditures, between other cost-cutting actions.

WESTLAKE, Texas, Apr 30, 2010 (BUSINESS WIRE) — MiddleBrook Pharmaceuticals, Inc. /quotes/comstock/15*!mbrk/quotes/nls/mbrk (MBRK 0.30, +0.00, +0.30%) (“MiddleBrook” or the “Company”) has filed a voluntary petition (the “Petition”) for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). MiddleBrook will continue to manage and operate its business and assets during the pendency of the bankruptcy case, subject to the supervision and orders of the Bankruptcy Court and in accordance with applicable provisions of the United States Bankruptcy Code.

In conjunction with the filing, MiddleBrook is seeking customary authority from the Bankruptcy Court that will enable it to continue operations and deliver products to customers in the ordinary course of business and without interruption.

“During this process, we remain committed to continuing to promote MOXATAG through our third party partner’s electronic promotion program and maintaining product availability to our trade customers,” said David Becker, MiddleBrook Executive Vice President and Chief Financial Officer, and Acting President and Chief Executive Officer.

The filing of the Petition places an automatic stay that restrains most actions a creditor could commence or continue against MiddleBrook and its assets, under applicable bankruptcy law, without the permission of the Bankruptcy Court. Stockholders of a company in Chapter 11 generally receive value only if all claims of the company’s secured and unsecured creditors are fully satisfied. MiddleBrook is unsure if there will be value available for distribution to the common stockholders in the bankruptcy process, and therefore makes no guarantees that such claims will be satisfied.

Probable NASDAQ De-listing

MiddleBrook anticipates it will receive a letter from NASDAQ notifying it that its common stock will be de-listed from the NASDAQ Global Market for failure to pay certain fees required by NASDAQ Listing Rule 5210(d), as well as due to the filing of the Petition pursuant to NASDAQ’s discretionary authority. At this time, the Company does not intend to appeal the decision and expects that the Company’s common stock will be de-listed.

About MiddleBrook Pharmaceuticals

MiddleBrook Pharmaceuticals, Inc. /quotes/comstock/15*!mbrk/quotes/nls/mbrk (MBRK 0.30, +0.00, +0.30%) is a pharmaceutical company focused on commercializing anti-infective products that fulfill unmet medical needs. MiddleBrook’s proprietary delivery technology, PULSYS, enables the pulsatile delivery, or delivery in rapid bursts, of certain drugs. MiddleBrook currently markets MOXATAG, the first and only FDA-approved once-daily amoxicillin, and KEFLEX (cephalexin, USP), the immediate-release brand of cephalexin. For more information about MiddleBrook, please visit www.middlebrookpharma.com.

KEFLEX, KEFLEX 750 MG, MiddleBrook, MiddleBrook Pharmaceuticals (stylized), MiddleBrook Pharmaceuticals, Inc., MOXATAG, and PULSYS are MiddleBrook’s trademarks and have been registered in the U.S. Patent and Trademark Office or are the subject of pending U.S. trademarks applications. Each of the other trademarks, tradenames, or service marks appearing in this document belongs to the respective holder, as used herein, except as otherwise indicated by the context. References to “we,” ”us,” “our,” ”MiddleBrook,” or the “Company,” refer to MiddleBrook Pharmaceuticals, Inc., and its subsidiaries.

FORWARD-LOOKING STATEMENTS

Some of the statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements related to MiddleBrook’s plans to continue to operate, promote MOXATAG and maintain product availability and the availability of value for the common stockholders in the bankruptcy process. In some cases, forward-looking statements are identified by words such as “intend,” “believe,” “anticipate,” “expect,” “estimate,” “will,” “may,” “should,” “could,” “would” and similar expressions. Such forward-looking statements reflect MiddleBrook’s current plans, beliefs, estimates and views and involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others, Bankruptcy Court approval for the Company to continue its operations and deliver products; the Company’s ability to manage expenses and fund its working capital needs during the Chapter 11 process; the Company’s ability to manage its relationships with its creditors, vendors, and customers during the Chapter 11 process; the Company’s ability to successfully commercialize and market MOXATAG or KEFLEX during the Chapter 11 process due to: the limitations on the Company’s resources and experience in the commercialization of products; the elimination of a substantial portion of the Company’s commercial organization; the lack of acceptance by physicians, patients and third party payors of the Company’s products; unanticipated safety, product liability, efficacy, or other regulatory issues; problems relating to manufacturing or supply; delays in the supply of products by the third party manufacturers and suppliers on which the Company relies; inadequate distribution of the products by wholesalers, pharmacies, and other customers; competition from other products; and other risks identified in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in MiddleBrook’s Annual Report on Form 10-K for the year ended Dec. 31, 2009. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. MiddleBrook undertakes no obligation to update publicly or review any of the forward-looking statements made in this press release, whether as a result of new information, future developments or otherwise.

SOURCE: MiddleBrook Pharmaceuticals, Inc.
MiddleBrook Pharmaceuticals, Inc.
David Becker, 817-837-1200

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By Marie Beaudette
  
Of DOW JONES DAILY BANKRUPTCY REVIEW
 
On Tuesday, General Growth Properties Inc. (GGP) will ask the New York bankruptcy court to approve the rules that will govern an auction process to determine who’ll get to sponsor the mall giant’s exit from Chapter 11 protection.

General Growth is backing a plan sponsored by a group of investors led by Brookfield Asset Management Inc. (BAM), which has offered to pump $6.5 billion into the company to finance its exit from bankruptcy. The company postponed a hearing scheduled for this week on the rules to allow it to continue to explore the “full range of offers” it has received.

The company has been fending off advances from rival Simon Property Group Inc. (SPG), which earlier tried to buy the company outright but is now offering a deal set up like the one backed by the Brookfield-led investors.

Simon and hedge fund Paulson & Co. have put forth a plan to pump $6.5 billion into General Growth, along with other investors, in return for two-thirds of the company’s stock when it exits bankruptcy protection. Simon, however, has agreed to forgo a grant of 120 million warrants to buy more General Growth stock, which is part of the Brookfield deal. Simon has also agreed to backstop a $1.5 billion line of credit for General Growth.

At Tuesday’s court hearing, General Growth will ask the court for approval to enter into a preliminary deal with the Brookfield-led investors and to sign off on the auction procedures. According to court papers, the bidding process would last through June 2.

Shareholders of Washington Mutual Inc. (WAMUQ) on Wednesday will ask the Wilmington, Del., bankruptcy court to appoint an examiner to probe a proposed settlement that would leave them empty handed in the company’s Chapter 11 case.

Washington Mutual, the former parent of WaMu bank, has reached a deal to settle a dispute with J.P. Morgan Chase & Co. (JPM) and the Federal Deposit Insurance Corp., which engineered the sale of WaMu to J.P. Morgan in 2008.

The shareholders said an examiner should be appointed to probe the settlement because new information on the collapse of WaMu bank becomes available with “each passing week.”

A U.S. Senate subcommittee and regulatory investigations have brought to light new information about, for example, the role of Goldman Sachs Group Inc. (GS) in WaMu’s risky lending, the shareholders said in court papers.

Washington Mutual’s proposed settlement with J.P. Morgan and the FDIC would release them from claims stemming from the bank’s seizure and sale. The shareholders say lawsuits over the loss of WaMu are worth $20 billion, and WaMu’s former parent should never have agreed to a proposed settlement that leaves them with nothing.

On Tuesday, Station Casinos Inc. will ask the Reno, Nev., bankruptcy court to approve a series of agreements that will serve the basis for its plan to exit Chapter 11 protection.

The plan is based on the sale of many of Station Casino’s assets to Fertitta family, which founded the casino company. Members of the family have agreed to lead a group that includes investment firm Colony Capital and Station’s mortgage lenders that will purchase the more than a dozen of the company’s casinos, including Santa Fe Station, Texas Station and two Fiesta brand casinos, pending higher bids at a bankruptcy court supervised auction.

Station Casinos’ commercial mortgage lenders will get five Las Vegas area casinos. Senior lenders owed $2.5 billion would get a controlling stake in the casino properties and sell 46% of the equity to the Fertittas, according to court papers. Colony Capital will also make a new investment in the company.

Station Casinos filed for bankruptcy protection in July 2009 to restructure $5.7 billion in debt. It owns and operates 18 casinos in Nevada, including the Red Rock Casino Resort Spa, Palace Station Hotel & Casino and Wild Wild West Gambling Hall & Hotel.

Station Casinos rival Boyd Gaming Corp. (BYD), which has offered to buy the company, has said the insider deals the company reached to hasten its bankruptcy exit will stifle its efforts to acquire the casino operator.

 (This item appears in Dow Jones’ Daily Bankruptcy Review newsletter.)

 -By Marie Beaudette, Dow Jones Daily Bankruptcy Review; 202-862-1354

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