Wacky O.C. soapboxes set for Red Bull race Watch Aidan Moffat's shortfilm about backstage areas Death of Osama bin Laden Phone call pointed U.S. to compound — and ‘the pacer’ kentsterling.com Fire Dick Stockton Now Has a Facebook Page Tyler Hansbrough Reads ‘Chicken Little’ Sterling’s Daily Apology the Indianapolis Motor Speedway – May 4 2011 Mumbai wins 5th game in 6 matches Rotoinfo Sports Blog Indiana Pacers Darren CollisonG 11 Things Do When Client Files Bankruptcy Dan Patch awards announced Pacer gets new pact on credit facility International opens L.A.area warehouse PACR TKLC AMKR TBI Thursday's Big Earnings Losers

LOS ANGELES – It's an old-fashioned soapbox derby with a modern twist – and plenty of twisted humor. The themed soapbox cars this year include a Wayne's World-style AMC Pacer, a rolling sushi bar, rowing Spartans and some Jersey Shore-inspired... Recently, on the final touring weekend of three with Malcolm Middleton, I started to relieve the boredom by messing about with the video camera on my phone. I'd forgotten it was there; I'm still getting used to the idea of having a multi-functional device in my pocket. I made a little film that was intended to be part of a longer (short) movie about how boring the backstage areas at gigs are these days. There was a time when the dressing room was a consummate den of debauchery, but these days I'm happy with a cup of tea, some nuts, a few ciders and a good Wi-Fi connection. The plan was to continue to make little films like this and then compile them, but I got bored with that pretty quickly and never got round to making another. It turns out making a movie about being bored was pretty boring – who could have guessed? It seemed an innocuous, catch-up phone call. Last year Abu Ahmed al-Kuwaiti, the pseudonym for a Pakistani known to U.S. intelligence as the main courier for Osama bin Laden, took a call from an old friend. Where have you been? inquired the friend. We've missed you. What's going on in your life? And what are you doing now? Kuwaiti's response was vague but heavy with portent: "I'm back with the people I was with before." Read full article >> by Kent Sterling Dick Stockton is the worst that sports broadcasting offers, and it's time to do something about it.  Given the recent and almost immediate success of the Facebook page that helped unseat Donald Trump from the Indianapolis 500 pacer car, using that media for our cause seems to make the most sense. Here [...] The rugged NBA player known as Psycho T takes a crack at reading the classic children's book. In the wake of the comment that the Indianapolis Motor Speedway is giving some thought to dumping Donald Trump as the driver of the pacer car for this year's Indianapolis 500, it's worth reminding everyone who deals in the public light that indifference is the enemy, and noise is a friend. The folks at 16th [...] In-form Rohit Sharma hit an undefeated fifty and pacer Lasith Malinga finished with 3-9 to guide Mumbai Indians to a 37-run victory over Deccan Chargers in the Indian Premier League on Sunday. Pacer's guard Darren Collison is down on the court in pain after making a layup and twisting his ankle on the cameraman. He will head to the locker room. **Bankruptcy filings are** up considerably. So, don't be surprised if you open your mail and find a letter from an attorney telling you that one of your clients or customers is seeking relief from the courts to solve his or her financial troubles. The bankruptcy process is full of rules that the debtor and creditor must follow. However, bankruptcy is not as formal as say civil court, says Victoria Ring, a debtor bankruptcy specialist and CEO of Colorado Bankruptcy Training, which provides instruction and support to attorneys nationwide. Bankruptcy is a big "Let's Make a Deal." You can negotiate a resolution, hopefully one that is in your favor, in cases where the debtor is trying to save the business and pay back creditors. With a Chapter 11 or Chapter 13 filing, reorganization is the goal. Debtors are required to pay debts according to a repayment plan the court sets up. Chapter 7 bankruptcy filing is quite different; the business is shutting its doors permanently and individuals are given a "fresh start" by liquidating assets and discharging debts. Of course, the problem is that the vast majority of the filings are Chapter 7. More than 1.5 million consumer bankruptcy filings were processed over a 12-month period ending September 30, a 14 percent increase from the previous year, according to data released by the Administrative Office of the U.S. Courts. Chapter 7 filings were up 16 percent to over 1.1 million. Chapter 13 filings were up 9 percent to 434,839, while Chapter 11 filings were down nearly 4 percent to 14,191. Business bankruptcy filings fell 1 percent to 58,322. Samuel J. Gerdano, executive director of the American Bankruptcy Institute (ABI), expects bankruptcies to rise in months ahead as unemployment hovers near 10 percent and access to credit remains tight. "As the economy looks to climb out of the recession, businesses and consumers continue to file for bankruptcy to regain their financial footing." The extent of your customer or client's financial situation is more clearly revealed in the bankruptcy filing and "341" notices you receive. These will spell out 1) the type of bankruptcy filed; 2) the date the case was filed; 3) the court in which the case is being heard; 4) the deadline to file a proof of claim; 5) the time, date, and place for the first meeting of creditors; and 6) the rules for collecting what's owed to you. In some cases, you will have a better chance of getting paid the money that's due--maybe not all but at least some of it. Here are some guidelines. **1. Stop Contact Completely** Once a person or business files for bankruptcy, you have to stop any and all collection activity. If you make contact to try to get your money back, you will violate the bankruptcy code and you can actually be sued. Even if you filed a lawsuit against the client, it gets stayed until the bankruptcy is completed. You can, however, contact the attorney or court appointed trustee to work out an arrangement on how your debt is handled in the bankruptcy, says Ring, who is the author of 102 Things Your Need to Know Before You File Bankruptcy. If for some reason you are not listed in the bankruptcy petition as a creditor who is owed money, then you will have the right to keep collecting on the debt even after the bankruptcy is over, says Ring. **2. Do a Cost-Benefit Analysis ** Assess whether it is even worth your time or should you simply take the loss, says Daniel Gershburg, a Brooklyn, New York bankruptcy attorney. Meaning, "in a practical sense can you really get any money back from this consumer or client?" For instance, say the business grosses over $500,000 but it has over $1 million in debts and a long string of 15 creditors or more. There is very little chance you are going to receive any money back, Gershburg says. In most cases, he adds, small companies or consumers filing bankruptcy aren't going to have tangible assets that the trustee can sell and then distribute to any and all creditors. Ring suggests reviewing the schedule I and schedule J, included in every petition, which will show the filer's income and expenses. **Dig Deeper: Report: Businesses Going Bankrupt** **3. Pay Attention to the Type of Bankruptcy** Chapter 7 is available to both individuals and businesses. Its purpose is to achieve a fair distribution to creditors of the debtor's available non-exempt property, according to ABI. If debts outweigh the value of the assets, whatever is liquidated gets split up among creditors. Chapter 13 is for individuals or sole proprietors. It is designed for someone with regular income whose debts do not exceed certain amounts. It is used to budget some of the debtor's future earnings under a plan through which creditors are paid in full or in part. Chapter 11 is primarily used by corporations. The purpose of Chapter 13 and 11 is to give the debtor a breather from creditors while the individual or company attempts to reorganize and come up with a better, more profitable way of doing business. The average case takes four to seven months to submit and approve a repayment plan. **4. File a Proof of Claim** Check the bankruptcy filing notice to see what the deadline is to file a claim with the bankruptcy court detailing what you are owed and why. Failure to file a claim definitely will eliminate any chance you have of getting paid, says Gershburg, who blogs about bankruptcy topics on his site and on Chapter7New Jersey.com. If there is any money left after the bankruptcy proceeding, the trustee appointed by the court will be charged with paying various creditors what's leftover. Proof of claim is a one-page form that you can fill out yourself; you don't need a lawyer, says Ring. You can download this form for free from the US Courts web site; the filing fee is around $20. **Dig Deeper: Ask Inc.: A client of mine just went bankrupt. Now how do I get them to pay me?** **5. Get in Line and Wait** Bankruptcy court has a definitive pecking order. Where you fall in the order will determine how likely you are to get any of what you are owed. Secured claims, which include mortgage holders, rank higher than unsecured claims, such as goods sold or services rendered. There are also fees that have to be paid to the trustee and administrators. Schedule A and Schedule B of the bankruptcy petition list secured debts while Schedule E or Schedule D lists unsecured debts. If the debt is secured, you have a stronger leg to stand on. But even if there is a chance you will get your money back, it's typically 10 cents on every dollar owed, Gershburg says. **6. Attend the "341" Creditors Meeting** This is a meeting with the court-appointed trustee, the debtor, and creditors. At this meeting, the debtor explains how things got so bad and what's going to be done about it. Here is where as a creditor you get to ask questions of the debtor. You can object to the repayment or reorganization plan if you feel the debt owed you is not being treated fairly, says Ring. If you believe some type of fraud is being committed, you can make that accusation--if you have proof to back it up. **Dig Deeper: Supreme Court to Confront Alleged Bankruptcy Abuse** **7. Review Any Proposed Repayment Plan** For the first 120 days, the debtor has the right to come up with a reorganization plan. If the court-appointed trustee decides the plan is workable, it's sent out to all the creditors for review. For the plan to be approved, the debtor needs to have the consent from more than 50 percent of the total number of creditors and from more than two-thirds of the debt owed. Look at the disclosures to see how the debtor plans on paying each of the creditors, Gershburg says. **8. Follow PACER (Public Access Court Electronic Records)** This allows users to obtain case and docket information from bankruptcy courts online. You can create a user name and password to look up what is essentially public information, says Ring. You can see for yourself what is going on with a bankruptcy filing, bypassing the need for an attorney. **Dig Deeper: Case Study: Was Bankruptcy the Answer?** **9. Protect Your Business Upfront** Get a deposit, collateral, or a third-party guarantee from your clients. For instance, an entrepreneur can use a security agreement and a Uniform Commercial Code 1 form to insure his or her receivables. When extending credit to your client, you can negotiate a security agreement, which means in effect you are placing a lien against an asset of the company (e.g., piece of equipment). You can file a UCC-1 form with your state or county. Should that client file bankruptcy you are not guaranteed payment; however, if you have a UCC filing it puts you further ahead on the line of other creditors that are trying to collect. **10. Conduct Credit Checks ** Before you go into business with a company do a background check or a credit check if it's a consumer. Ask to see cash-flow statements to make sure everything is fine, suggests Gershburg. Conduct routine credit checks or take note of any behavioral changes among clients or customers. For instance, "you may see payments are coming in slower than usual, so a client who paid on time is now paying you 90 to 120 days past due. This is a major warning sign," he adds. Protect yourself contractually; meaning, draw up terms that specify if accounts go unpaid after 90 days, it will be considered a breach of contract. You can sue and take that client to court immediately. **Dig Deeper: How to Evaluate Your Company's Financial Position** **11. Get Paid Early to Avoid Danger** Make it a habit of getting paid on time. In general, a business should not be 60 days in arrears on a major contract. Consider giving clients discounted fees for paying earlier. It is common in many lines of business to offer cash discounts--a reduction in the amount of a bill if it is paid early. For example, 3 percent if paid within 10 days, 2 percent in 30 days, and net regular terms for 60 days. Having a client declare bankruptcy is a risk you take in business, but if you get paid earlier or on time, there won't be so much money outstanding if they do file. Also, talk to your attorney or accountant about taking a deduction for the bad debt on your taxes. If you miraculously manage to recoup any portion of the money owed, then you can claim it as income later on. COLUMBUS, Ohio, Dec. 28 (UPI) -- Rock N Roll Heaven was voted the top 3-year- old male pacer champion among the 2010 Dan Patch Award winners announced Tuesday. Pacer International Inc. told investors this week it has a new financing deal with lenders backing a $125 million credit facility that will cut interest costs and pave the way for growth this year. The Dublin-based intermodal and third-party logistics provider said the arrangement reduces an earlier group of 11 lenders to Bank of America and Wells Fargo. The pact also keeps the credit facility at $125 million but allows for a potential $50 million increase while also cutting interest costs and... Pacer International opens L.A.-area warehouse Freight transportation and logistics services company Pacer International (PACR) announced a quarterly loss of 3 cents per share. That's down from earnings of 27 cents in the same quarter last year.
Key Words: pacer

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