can i assume the bankruptcy bill exempts corporations ??

[welshTerrier2]

as always, the war on poverty is going very well ... corporate forces, supported by government, are really handing the poor their heads ... even catastophic medical conditions won't get them off the hook ... it seems some have conflated the war on poverty with the war on poor people ...

does anyone know what impact the new bankruptcy law has on corporations that file for bankruptcy protection??? ... i assume they are, of course, exempt ... it wouldn't make sense to put people before corporations, would it? the goverernment of the corporations, by the corporations and for the corporations is alive and well in Washington ...

it's important for Democrats to make an issue of this ... little people get screwed with the new bankruptcy law while corporations use bankruptcy protection to screw workers and break unions ... you could not find a starker example of this government's priorities ...

source: http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-09-14T214821Z_01_MOR452096_RTRIDST_0_BUSINESS-AIRLINES-BANKRUPTCIES-DC.XML

Delta Air Lines Inc. and Northwest Airlines, the third- and fourth-largest U.S. air carriers, both declared bankruptcy on Wednesday as the industry's struggle with soaring oil prices and low-cost competition came to a dramatic head.

With the filings, both made in U.S. bankruptcy court in the Southern District of New York, four of the seven largest airlines in the United States are now operating under Chapter 11 federal bankruptcy protection from their creditors.

Both airlines would likely use bankruptcy to slash labor and pension costs, following in the footsteps of No. 2 U.S. carrier United Airlines, the main unit of UAL Corp.

Northwest's woes are focused on high labor costs, which it is trying to slash by $1.1 billion.

Analysts said Northwest, which hired replacement workers to substitute for mechanics and cleaners who struck last month, could be using bankruptcy to get concessions that unions have been reluctant to grant at the bargaining table.

[Birthmark]

1. I like this part:

Northwest's woes are focused on high labor costs, which it is trying to slash by $1.1 billion.

Yeah, that having to pay workers shit just eats up the profits.

[Inland]

2. Yep. The bankruptcy bill targeted consumer bankruptcies,

making it more difficult to discharge debts, making it more expensive, requiring credit counseling.

I suspect nobody is going to ask Delta or NW's execs to get credit counseling.

RAther, those same execs that ran their companies into the ground are going to get paid MORE to bust the unions, and the shareholders will get zero cents on the dollar.

Their lawyers and top execs are going to make out like bandits.

[welshTerrier2]

4. side by side ...

setting the outrageous provisions and the screw the poor (and middle class too) attitude embodied in the new bankruptcy law SIDE-BY-SIDE with these corporate bankruptcy filings is exactly the kind of case the Democratic Party should be making ...

i doubt they will, of course ... they'll just say they voted against the bankruptcy bill and that will be the end of it ...

[The Velveteen Ocelot]

3. The new bankruptcy law is not in effect yet.

And it does affect corporations, though of course it doesn't screw them as thoroughly as it does individuals. As of Oct. 17, when it becomes effective, corporations filing for Ch. 11 reorganization will have only 18 months to reorganize, unlike under the current law, where they can operate in bankruptcy almost indefinitely. And there's one good thing about the new law: boards of bankrupt corporations won't be able to give their top execs those huge retention bonuses any more.

[welshTerrier2]

5. talk about crumbs ...

well, i suppose that's something ... thanks for the info ...

but that's little more than crumbs ... the remedy they're most interested in is breaking the unions and screwing labor ...

and how do the company's non-employee shareholders contribute to rebuilding the company ... maybe if workers are getting screwed, they should lose any special capital gains treatment from their investments ... the problem is, of course, that labor gets screwed and investors don't suffer at all ...

and so it will remain as long as we allow a "profits before people" mentality to rule our country ... capitalism should not mean that we value capital more than labor ...

[Fescue4u]

6. Doesnt really exempt them

so much as not address them at all.

The bankruptcy law limited chapter 7 filers and forces them into a ch.13 or no bk at all.

COrporations are only eligible for ch.11's

So while it doesnt affect corporations in the slightiest, its not exactly accurate to say it exempted them.

Nonetheless, your point is quite valid.