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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.

As the Baby Boomer workforce faces retirement, personal debt will be a problem for many. Baby Boomers have earned the moniker “Sandwich Generation” as they are the first generation to face significant financial obligations for the previous generation as well as the future generation. Medical bills and assisted care for aging parents and skyrocketing education expenses are just a few examples of costs that will force a growing number of Baby Boomers to carry more debt into retirement. This debt will drain further an already underfunded retirement savings and force many Boomers to work longer or accept a lower standard of living.

The recession and weak economy have further hindered Baby Boomers in their quest to retire and enjoy the fruits of their lifetime of labor. 401K account balances have dwindled and have mockingly referred to as “201K’s”. On top of this, Social Security and Medicare will be going through many changes, which may further complicate future plans for Baby Boomers.

While most financial guides advocate the best way to prepare for retirement is to “save more money”, this advice is not particularly helpful or feasible for many Baby Boomers, given the financial realities they face. Neither are the traditional principles of curtailing spending or increasing earnings. 

* Save More – If they could, they would. Baby Boomers are the most driven and successful generation in terms of goal attainment and focus; patronizing, irrelevant advice such as this is both unhelpful as well as irritating.

* Spend Less – This works only on discretionary spending and is not particularly applicable to health insurance, medicine and medical care spending which is significant and ongoing for Baby Boomers caring for aging parents.
* Earn More – With soaring unemployment, organizational downsizing and cost cutting, it is more and more difficult for Baby Boomers to find paycheck which will cover their expenses and financial obligations AND fund retirement.

Most Baby Boomers ascribe to traditional values of honoring financial obligations and payments to their creditors, resulting in a highly stressful juggling act. Adding to the stress of the situation is the self imposed isolation; most Baby Boomers are ashamed to acknowledge, discuss or seek help with their debt.

If you are a Baby Boomer and have nodded in agreement while reading this article, let me ask for a few more moments of your time. There is nothing dishonorable about obtaining advice and assistance to manage financial hardship. If you are the sole supporter of your family, seeking help is the smart and responsible decision rather than suffering alone, letting the stress of the situation wear you down both physically and mentally. Recall airline safety demonstrations- place your own emergency oxygen mask on first before assisting your dependents.

“I feel like I can breathe again”, many of my clients say after learning about the debt relief options available to them. Legitimate debt relief providers, such as licensed attorneys and non-profit organizations, can give the information, guidance and planning individuals in financial crisis need to end the spiral of mounting debt and move towards financial wellness. Baby Boomers, make happiness the main ingredient in the generational “sandwich” of your lives.

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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