Wine Profit – Vins Jean De Monteil http://vins-jean-de-monteil.com/ Sat, 04 Dec 2021 17:35:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://vins-jean-de-monteil.com/wp-content/uploads/2021/06/favicon-150x150.png Wine Profit – Vins Jean De Monteil http://vins-jean-de-monteil.com/ 32 32 Controversial Debt Buyers Get A Break Under New Wisconsin Law https://vins-jean-de-monteil.com/controversial-debt-buyers-get-a-break-under-new-wisconsin-law/ https://vins-jean-de-monteil.com/controversial-debt-buyers-get-a-break-under-new-wisconsin-law/#respond Wed, 01 Sep 2021 06:37:54 +0000 https://vins-jean-de-monteil.com/?p=753 Last summer, Sandra Goodwin was sued by Jefferson Capital Systems for $5,562 in overdue debt, but Goodwin had never heard of or done business with the company. “The paperwork said I was being sued,” said Goodwin, a former Madison resident who now lives in Stoughton. “I mean, I panicked.” Goodwin sought free legal advice from […]]]>

Last summer, Sandra Goodwin was sued by Jefferson Capital Systems for $5,562 in overdue debt, but Goodwin had never heard of or done business with the company.

“The paperwork said I was being sued,” said Goodwin, a former Madison resident who now lives in Stoughton. “I mean, I panicked.”

Goodwin sought free legal advice from Stacia Conneely, an attorney at the Madison branch of the nonprofit law firm Legal Action of Wisconsin. Conneely determined Jefferson Capital had purchased Goodwin’s debt — stemming from an online class she signed up for but never took — from LifeWay Credit Union.

Goodwin’s debt settlement is a small part of the multi-billion-dollar debt-buying industry that recently won a legislative victory in Wisconsin. Such companies buy and sell the right to collect debt, but consumer advocates say the result is sometimes a bill that the consumer might not recognize for an amount that can’t be verified from a company they have never heard of.

Wisconsin consumers have filed more than 2,000 complaints over the past four years with the state Department of Financial Institutions against debt collectors, including such debt-buying companies, outstripping complaints against payday lenders and auto loan-title lenders combined, a Wisconsin Public Radio analysis found. Many of these complaints were about threats or other improper telephone behavior, and some were about attempts to collect debt from the wrong person.

When a creditor such as a credit card company decides it cannot collect, the debt can be sold for pennies on the dollar to a third-party debt buyer. Then, debt buyers try to collect through traditional methods, such as phone calls, or they can sue for repayment.

According to a 2013 Federal Trade Commission report, however, 90 percent or more of people sued never show up in court, even if they have a good defense, including that the debt is too old to legally collect.

Unlike most states, some consumer debt in Wisconsin is erased after six years. Nationally, the FTC found that slightly over 12 percent of the debt purchased was more than six years old, which would put it beyond the statute of limitations in Wisconsin.

If a defendant fails to show up for court, the judge often issues a default judgment, allowing the creditor to garnish wages and put liens on real estate or other property, which can tarnish a consumer’s credit rating for years.

Organizations including the FTC, the U.S. Consumer Financial Protection Bureau, the National Consumer Law Center and Human Rights Watch have all called for stronger regulation of debt buyers, especially in court proceedings.

A bill signed into law March 1 by Gov. Scott Walker sends Wisconsin the opposite way, consumer advocates say. The law standardizes but in some cases lowers how much proof debt collectors must present in court at the beginning of a lawsuit.

“It moves in the exact wrong direction,” said Stoughton consumer attorney Mary Fons, who testified against the bill authored by state Rep. Mark Born, R-Beaver Dam.

The law is based on a nearly identical bill from the last legislative session, also sponsored by Born. Representatives from the Wisconsin Creditors’ Rights Association, which pushed the bill, did not respond to requests for comment by Wisconsin Public Radio.

Born also declined comment. In testimony late last year, he said the bill would help “both merchants and debtors save time and money associated with litigation.” He added that the change would make “credit markets function more efficiently, which benefits us all.”

Born’s 2013 proposal marked one of the few times the state Department of Financial Institutions has opposed a bill during Walker’s tenure, said Peter Bildsten, former secretary of the state Department of Financial Institutions.

“I’m very concerned about the lack of protection here in Wisconsin for borrowers like that,” he said. “They don’t have voices.”

Conneely said consumers can fight such actions if they can show it is the wrong amount, charged to the wrong person or already settled through bankruptcy.  Many people in debt, though, cannot afford an attorney, and “unfortunately sometimes it takes a lawyer to figure it out,” Conneely said.

Understanding The ‘Telephone Game’

Conneely said Goodwin’s situation isn’t uncommon. Debts can be bought and sold more than once. By the time someone is sued, how much is owed and to whom it is owed may be unrecognizable.

The FTC found that debt buyers often received very little information about the debts they purchased, usually packaged in one spreadsheet with many other debts. And the accuracy of the information isn’t guaranteed. The likelihood that the information is inaccurate grows as the debt ages.

“It’s sort of like the telephone game,” Conneely said. “It starts here, and by the time it comes around … years later, who knows what you’re going to see and what information is available?”

She said in Goodwin’s case, Jefferson Capital had purchased her debt, which originated from an online school called the College Network.

Goodwin said she never took the online course she signed up for, and she tried unsuccessfully to cancel it. Although she did sign a promissory note in 2011, Goodwin said she was legally blind at the time because of a stroke and didn’t know what she was signing.

The law firm representing Jefferson Capital didn’t return messages seeking comment.

Conneely said she is working on an out-of-court settlement.

Examining A Growing Industry

The debt-buying industry took off during the savings and loan crisis of the late ’80s and early ’90s, growing significantly in the early 2000s. The industry took a hit during the recession that began in 2007 when desirable debt was in low supply and more expensive.

The industry is thriving again: Third-party debt buyers recovered approximately $55.2 billion in 2013, earning close to $10.4 billion in commissions and fees, according to a 2014 Association of Credit and Collections Professionals report.

By the FTC’s count, there are now “hundreds, if not thousands” of debt buyers. Although some are small, large players purchase most debt. In 2008, 76.1 percent of all debt sold in the U.S. was bought by nine large companies. Buyers in 2009 paid an average of 4 cents on the dollar, and older debt was generally cheaper than newer debt.

Beth Steelman, of Clinton, was sued by one of those big debt buyers last summer. She asked that the company not be named because she is afraid of getting sued again.

Steelman said she found out about the lawsuit when she was contacted by defense attorneys soliciting her business. She said she was never legally notified of the lawsuit. Online court records show the creditor attempted but failed to serve notice that she was being sued.

Once she confirmed that, Steelman asked the company to provide details about the debt, which was between $1,000 and $1,500. It provided the last six numbers of one of her old credit cards.

“If I had tried to fight it, I could tell I was really up against Goliath,” she said.

Steelman paid the company two installments of about $289 each, and the lawsuit was dropped. She continues to get collection letters and isn’t sure if she still owes the company money.

“I’m very paranoid now,” Steelman said, adding that she checks court records every week to ensure she isn’t being sued. She called the new law “terrifying” and “heartbreaking.”

“And that means now, I’ll probably be checking daily instead of weekly,” she said.

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Some Engaged In A ‘Sewer Service’

In some cases, alleged debtors are never notified of the lawsuit, ensuring a no-show in court and a win for the creditor. In a practice sometimes called “sewer service,” a collector falsifies records saying a summons was served when it wasn’t, figuratively throwing the papers in the sewer. In 2010, New York’s attorney general sued to throw out about 100,000 judgments that had been obtained this way.

According to a new study by Human Rights Watch, the debt buying industry is “heavily reliant on litigation,” and judges often “rubber stamp” judgments that can be filled with errors and “enormous accumulations of interest.”

“Many debt-buyer lawsuits rest on a foundation of highly questionable information and evidence,” Human Rights Watch found. “Debt buyers do not always receive meaningful evidence in support of their claims when they purchase a debt, and in some cases the sellers explicitly refuse to warrant that any of the information they passed on is accurate or even that the debts are legally enforceable.”

Wisconsin’s online circuit court database shows that between 2003 and March 22 of this year, Jefferson Capital, the company that sued Sandra Goodwin, had filed 2,630 cases against Wisconsin consumers. Nearly 3,000 cases were filed by debt buyer Portfolio Recovery Associates since 1998. Another major player, Absolute Resolutions, has filed 535 cases against Wisconsin debtors since 2014. Hundreds more cases have been filed by companies including Unifund, Transworld Systems and Midland Funding.

Understanding ‘Zombie Debt’  

Once debts reach a certain age, they can be deemed no longer collectible. In Wisconsin, it is generally six years. Wisconsin and Mississippi are the only states where certain debts are completely extinguished once they are past that statute of limitations. Debt that is past that date but which creditors continue to pursue has been referred to as “zombie debt.”

In theory, the fact that a debt is no longer collectible should be a good defense in court. It’s already a violation of the federal Fair Debt Collection Practices Act to file an action in court to collect an expired debt. However, the National Consumer Law Center said most debtors don’t know the laws exist and may not show up in court to contest it. The center recommends a federal ban on any efforts to collect zombie debt, including phone calls or letters.

Fons confirmed that creditors sometimes do secure judgments on these so-called zombie debts “because they (companies) don’t get caught very often.”

Consumer Concerns Grow

From 2011 through 2015, the Wisconsin Department of Financial Institutions received 2,351 complaints about debt collectors, including third-party buyers, Wisconsin Public Radio found.

At the federal level, Wisconsin consumers have filed more than 1,100 complaints with the Consumer Financial Protection Bureau since July 2013 about all kinds of debt collectors. Americollect, a Manitowoc-based collections agency that uses the slogan “ridiculously nice collections,” was the most complained-about company with 44 complaints.

“Debt was paid” and “debt is not mine” were common reasons cited in the  complaints.

Even with so many complaints, the FTC has found consumers dispute only 3.2 percent of cases in which debt buyers attempted to collect. The commission noted that this figure “is likely to understate these problems.”

Debate Surrounds Debt Buyer Law

The new law signed by Walker standardizes but in some cases loosens the required proof at the beginning of a lawsuit for these kinds of legal actions under the Wisconsin Consumer Act. Creditors and third-party debt buyers now must provide a single billing statement as proof at the beginning of a lawsuit.

Under the previous standard, they were required to show all documents “evidencing the transaction,” which could include the initial contract and a record of any charges and additional fees or interest. The law also was changed to make sure the new requirements apply to all creditors, including third-party debt buyers.

Born said in a press release after the Assembly passed his bill in November that the legislation “closes a loophole that has been exploited by bad actors to avoid paying debts.”

Streamlining litigation could hurt consumers, Fons said.

“We don’t need it quicker,” she said. “We need more accountability, we need more accuracy.”

University of Wisconsin-Madison finance Professor Jim Johannes, who testified in favor of the bill, said it standardizes courts’ interpretation of what is required in order to sue.

“It puts a fork in what you need as evidence when you approach the courts in the pleading stage of a case,” he said. “It provides clarity for the courts. Previously, before this the courts could interpret it any way they wanted to.”

For Stacia Conneely, this wasn’t a problem.

“That’s what judges are for, is to review the law and decide what they think it means,” she said.

Johannes said he believes the new law will protect consumers while preventing people from getting out of paying their debts.

“I am all about consumers,” he said. “But I’m not going to sit there and allow somebody to get around paying a debt just because they found a loophole in the law that a judge can now define what they need at the pleading stage.”

Conneely countered that the new law has created a different type of loophole — one that benefits creditors. Now, the required billing statement can be drawn up any time the creditor chooses. It might not include crucial information about the account’s history, she said.

“So, it doesn’t provide the other information that people are going to need, such as how did it get to that amount, and that’s often the question people have,” Conneely said.

At the heart of the disagreement is who is responsible to prove a debt is accurate and can be legally collected — the consumer or the creditor.

In 2014, Georgia Maxwell, then-assistant deputy secretary of the Department of Financial Institutions, testified against Born’s bill.

“DFI would not support legislation that unduly shifts onto consumers the burden of determining the accuracy of the debt they may —  or may not — owe,” Maxwell told the Assembly Committee on Financial Institutions.

In 2015, the CFPB took action against two of the nation’s largest debt buying companies, Encore Capital Group and Portfolio Recovery Associates. The agency charged that the companies often did not verify the debt, collected payments by “pressuring consumers with false statements” and were “churning out lawsuits using robo-signed court documents.” The companies were ordered to pay refunds and fines totalling tens of millions of dollars and to halt collection efforts on another $128 million in debt.

Other states have taken steps to fix the system. In 2013, Minnesota started requiring creditors to show evidence including the terms of the original contract and the chain of custody of the debt. New York also enacted stricter requirements in 2014 by changing court rules.

Conneely is keeping an eye on the number of judgments obtained by debt buyers each month  now that the law has changed. She expects to see more, adding, “We’re just waiting to see how many more.”

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Constellation Brands loss diminishes as sales exceed estimates https://vins-jean-de-monteil.com/constellation-brands-loss-diminishes-as-sales-exceed-estimates/ https://vins-jean-de-monteil.com/constellation-brands-loss-diminishes-as-sales-exceed-estimates/#respond Wed, 30 Jun 2021 11:48:00 +0000 https://vins-jean-de-monteil.com/constellation-brands-loss-diminishes-as-sales-exceed-estimates/ Brands Constellation Inc. STZ, + 0.69% announced on Wednesday that it recorded a net loss of $ 908.1 million, or $ 4.74 per share, in its first fiscal quarter ended May 31, less than the loss of $ 177.9 million, or 94 cents per share, recorded during the period of the previous year. Adjusted earnings […]]]>

Brands Constellation Inc. STZ,
+ 0.69%
announced on Wednesday that it recorded a net loss of $ 908.1 million, or $ 4.74 per share, in its first fiscal quarter ended May 31, less than the loss of $ 177.9 million, or 94 cents per share, recorded during the period of the previous year. Adjusted earnings per share were $ 2.33, while earnings excluding its stake in Canadian cannabis company Canopy Growth Corp. CGC,
-2.25%
CANNABIS,
-1.92%
came to $ 2.51. The FactSet consensus was $ 2.35. Sales reached $ 2.027 billion from $ 1.963 billion a year ago, beating the FactSet consensus of $ 2.021 billion. Sales growth was driven by Meiomi wine, The Prisoner Brand Family, Simi, Ruffino and High West, the company said in a statement. Managing Director Bill Newlands said the beer business saw double-digit net sales and profit growth, while the wine business was poised to deliver accelerated growth and profitability. The company said it now expects EPS for fiscal 2022 to be between $ 2.70 and $ 3.00 and adjusted EPS to be between $ 10.00 and $ 10.30. . The FactSet consensus is $ 10.06. It plans to repurchase about $ 500 million of its own shares in the second quarter, after repurchasing 2.2 million shares for $ 523 million until June 30. Shares were slightly higher pre-market and gained 5% in the year to date, while the S&P 500 SPX,
+ 0.03%
gained 14%.

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Constellation Brands narrowly misses profits and improves forecasts https://vins-jean-de-monteil.com/constellation-brands-narrowly-misses-profits-and-improves-forecasts/ https://vins-jean-de-monteil.com/constellation-brands-narrowly-misses-profits-and-improves-forecasts/#respond Wed, 30 Jun 2021 11:42:18 +0000 https://vins-jean-de-monteil.com/constellation-brands-narrowly-misses-profits-and-improves-forecasts/ Constellation brands (STZ) – Get a report posted slightly lower than expected profits in the first quarter, but raised its full-year profit guidance as improved beer sales offset the continued decline in its wines and spirits division. Constellation Brands said comparable earnings for the three months ended May, the group’s first fiscal quarter, were set […]]]>

Constellation brands (STZ) – Get a report posted slightly lower than expected profits in the first quarter, but raised its full-year profit guidance as improved beer sales offset the continued decline in its wines and spirits division.

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Traverse City Film Festival gets out of debt | Local news https://vins-jean-de-monteil.com/traverse-city-film-festival-gets-out-of-debt-local-news/ Fri, 07 May 2021 04:37:57 +0000 https://vins-jean-de-monteil.com/traverse-city-film-festival-gets-out-of-debt-local-news/ TRAVERSE CITY – Susan Cover was ready to write a check before Michael Moore had a chance to finish his sentence. Moore announced at the Traverse City Film Festival founders’ picnic on Sunday that the Film Fest was still in debt by $ 60,000 – a far cry from the $ 487,000 it was in […]]]>

TRAVERSE CITY – Susan Cover was ready to write a check before Michael Moore had a chance to finish his sentence.

Moore announced at the Traverse City Film Festival founders’ picnic on Sunday that the Film Fest was still in debt by $ 60,000 – a far cry from the $ 487,000 it was in the red in 2016 and the $ 417,000. in 2017, according to Moore.

“We’ve had a few tough years financially,” Moore said before the screening of “Brittany Runs A Marathon” at the State Theater, which opened the festival Tuesday night. “It looked pretty dark.”

After getting so close to breaking even, Moore asked 12 people at the picnic to donate $ 5,000 each. Cover, sponsor and host of the festival, jumped at the chance, as did 11 other people.

“I put my hand up right away, before he finished his sentence,” Cover said.

Moore, founder of the Film Fest, mentioned Cover and several dozen donors during his speech Tuesday. He also thanked Film Fest co-directors Susan Fisher and Meg Weichman for turning the ship around so quickly after the event had run into deficit for the past few years.

“We’re doing really well and we’re on the right track,” Fisher said. “We’ve kind of reduced the weight of a lot of the things we’ve been doing and really streamlined our budget in a way that has helped us make more money over the last few years and really cut our budget.”

Moore said the organization filed its Tax Form 990 with the Internal Revenue Service two weeks ago, showing Film Fest’s financial turnaround made last year.

“With two years of deficits of over $ 400,000 each year, we had to make some changes,” said Moore.

The nonprofit’s previous tax documents showed a drop in contributions and grants, income and total assets from 2014 to 2016. Fisher had previously said past financial problems were under the former’s leadership. Film Fest director Deb Lake, who left the post in December 2017 due to conflict. conditions.

“There had been spending beyond our means for the past two years and we are working to manage that now,” Fisher said last year.

There was also an ongoing dispute between Boston Light & Sound and the festival over a balance of nearly $ 160,000 which the company claimed the Film Fest did not pay for the 2017 works. Both sides managed. to an unspecified settlement agreement in April.

Two years ago, Film Fest took several months to follow through on a payment contract with BATA for $ 12,285 in ad spend, according to correspondence obtained through a Record-Eagle Freedom of Information Act application.

BATA officials received the pledged funds on January 8, 2018, after months of back and forth.

Moore said he hopes to keep Film Fest in the dark, but he mentioned several maintenance costs for the state that will once again weigh on the organization. Moore said rising water levels have caused the basement to flood, which will create a mold problem when the water recedes. He expects the cost of removing mold to be $ 50,000.

Moore also said replacing the theater carpet and rewiring the marquee would cost $ 10,000 and $ 30,000, respectively.

The Film Fest received several notable donations after Moore asked customers to open their wallets to cover costs.

“I would do anything and everything to make this festival not only survive, but thrive,” Moore said.

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Does the settlement date have to be before the ex-dividend date to receive a dividend? https://vins-jean-de-monteil.com/does-the-settlement-date-have-to-be-before-the-ex-dividend-date-to-receive-a-dividend/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/does-the-settlement-date-have-to-be-before-the-ex-dividend-date-to-receive-a-dividend/ Dividends are a key source of investment income, but there is considerable confusion about the mechanisms for paying dividends. In particular, when you buy a stock near the time it will pay a dividend, it is important to know whether or not you will actually receive the dividend payment. This is where concepts like record […]]]>

Dividends are a key source of investment income, but there is considerable confusion about the mechanisms for paying dividends. In particular, when you buy a stock near the time it will pay a dividend, it is important to know whether or not you will actually receive the dividend payment. This is where concepts like record date, ex-dividend date, trade date, and settlement date all come into play.

The short answer: No
The simple answer to the question in the title is that the settlement date does not have to occur before the ex-dividend date for the shareholder to receive the dividend. To fully understand, however, you have to go into detail.

When a company pays a dividend, it sets what is called the registration date. This is the date the company reviews its official list of shareholders to decide who will receive the dividend. He then sets a payment date ranging from a few days to several weeks later; it is on this day that shareholders actually receive their dividends.

It would be simple if stock transactions were instant. However, exchanges still use rules that give brokers three business days to settle stock transactions. This means that, if you trade to buy stocks, they won’t officially arrive in your account until three business days later, which is known as the settlement date.

Accordingly, one way of expressing the rule is that in order to receive the dividend, your settlement date must be on or before the registration date that the company sets for the dividend. If it’s after, you won’t receive the dividend.

Why the ex-dividend date matters
The problem is, traders don’t really focus on when their trades settle, so it’s important for them to understand exactly when they can buy and sell stocks in the open market while still receiving dividends. The concept of the ex-dividend date makes this simpler.

The ex-dividend date is defined as the day a transaction settles too late to give the buyer payment of the dividend. Simply put, the ex-dividend date is typically two business days before the record date.

Since the ex-dividend concept already includes the settlement period, the settlement date can occur on or after the ex-dividend date. However, the trade date must be before the ex-dividend date for the settlement date to be on or before the record date – and therefore for the buyer to receive the dividend.

The dividend schedule can seem complicated. The easiest rule to remember is that, if you want the dividend, be sure to trade your shares before the ex-dividend date. This will allow the details of the settlement to fall into place properly.

Are you ready to start investing, but not sure where to start? Check out the Motley Fool Broker Center today.

This article is part of The Motley Fool Knowledge Center, which was created based on the wisdom gathered from a fantastic community of investors. We would love to hear your questions, thoughts and opinions on the Knowledge Center in general or on this page in particular. Your contribution will help us help the world invest, better! Write to us at knowledge center@fool.com. Thanks – and fool!

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Construction company wants debt settlement under Congo-IMF deal https://vins-jean-de-monteil.com/construction-company-wants-debt-settlement-under-congo-imf-deal/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/construction-company-wants-debt-settlement-under-congo-imf-deal/ JOHANNESBURG (Reuters) – Construction firm Commisimpex calls on the International Monetary Fund (IMF) to settle its € 1.2 billion ($ 1.35 billion) debt dispute with the Republic of Congo a prerequisite for a bailout deal, according to a letter seen by Reuters. FILE PHOTO: The logo of the International Monetary Fund (IMF) is seen outside […]]]>

JOHANNESBURG (Reuters) – Construction firm Commisimpex calls on the International Monetary Fund (IMF) to settle its € 1.2 billion ($ 1.35 billion) debt dispute with the Republic of Congo a prerequisite for a bailout deal, according to a letter seen by Reuters.

FILE PHOTO: The logo of the International Monetary Fund (IMF) is seen outside its headquarters in Washington, September 4, 2018. REUTERS / Yuri Gripas / File Photo

Congo’s negotiations for an IMF bailout program have dragged on since 2017. The Fund’s board is due to consider a Congo bailout on Thursday after the government agreed to restructure part of its debt to China.

The IMF had also called on Congo – an oil producer and member of OPEC – to move towards restructuring debt owed to oil trading companies.

Commisimpex, which worked on construction and public works projects from the early 1980s until a Congolese court ordered its liquidation in 2012, said debt resulting from decades-old unpaid bills must also be taken into account.

“The IMF has asked the Congo to negotiate with the two other major groups of creditors with which it is in default. It is patently unfair that the IMF appears to favor one group of creditors over others, ”the letter said.

The letter, dated July 5, was sent by lawyers for Commisimpex and addressed to the IMF’s acting managing director, David Lipton, and the director of its Africa department, Abebe Selassie.

The IMF did not immediately comment on the letter.

Congolese government spokesman Thierry Moungalla said he would not comment on Commisimpex.

Commisimpex wrote that the IMF should require Congo to fully and correctly record its debt to the company in its public accounts as a prerequisite for granting the bailout program.

He also said the Fund should require Congo to disclose the scenario for paying this debt as part of the debt sustainability analysis prepared with IMF staff.

And finally, he said the IMF should demand that the Congo enter into negotiations with Commisimpex on the payment of the debt.

Commisimpex sued Congo in courts in Europe and the United States for two decades, winning a series of court decisions as it tried to collect debt.

The Congo, however, did not pay. And in 2012, the country said the company owed € 1.3 billion in social security payments accumulated over 30 years. A Congolese court then ordered the liquidation of the company.

Report by Joe Bavier. Editing by Jane Merriman

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Axxis Geo Solutions rolls out its debt restructuring plan https://vins-jean-de-monteil.com/axxis-geo-solutions-rolls-out-its-debt-restructuring-plan/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/axxis-geo-solutions-rolls-out-its-debt-restructuring-plan/ Maritime traffic / Len Duevel Norwegian offshore surveying company Axxis Geo Solutions announced a draft plan for its debt restructuring proposal after filing a court-protected reconstruction claim in February. The restructuring plan involves a forced settlement of the company’s unsecured debt, which will settle 5-20% of its outstanding amount in cash, with the final percentage […]]]>

Norwegian offshore surveying company Axxis Geo Solutions announced a draft plan for its debt restructuring proposal after filing a court-protected reconstruction claim in February.

The restructuring plan involves a forced settlement of the company’s unsecured debt, which will settle 5-20% of its outstanding amount in cash, with the final percentage not yet determined. Creditors will have the option of converting their outstanding debt into company shares, while the company’s secured debt to Export Credit Norway will be settled in full through the sale of a research vessel. Naiad of Neptune and associated equipment.

The proposed plan would be funded by raising new shares and a group of investors signed a commitment agreement to inject $ 17-20 million into the company.

“After a successful reconstruction in accordance with the proposed plan, Axxis will have a balanced financial position and good liquidity reserves to support the continuation of operations. Today we presented the reconstruction project and stakeholder involvement, as part of the reconstruction process, and we expect the plan to be ready for a creditors vote after Easter, ”said Nina Skage , member of the Axxis board of directors.

“The company received an alternative proposal, which was carefully considered by the company with its advisers. Axxis considers the proposal unworkable for a variety of legal, business and financial reasons, ”Skage added.

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Roofer Seriously Injured In Fall At Work Agrees $ 9.5 Million Settlement | Local News https://vins-jean-de-monteil.com/roofer-seriously-injured-in-fall-at-work-agrees-9-5-million-settlement-local-news/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/roofer-seriously-injured-in-fall-at-work-agrees-9-5-million-settlement-local-news/ The extent of Lagares’ injuries requires him to wear prosthetics that will require periodic replacement over the course of his life, Fromen said. Lagares, he added, is unable to return to his job as a roofer. Lagares, married with eight children, filed a complaint on August 14, 2017 with his wife Carmen. Fromen said Lagares […]]]>

The extent of Lagares’ injuries requires him to wear prosthetics that will require periodic replacement over the course of his life, Fromen said. Lagares, he added, is unable to return to his job as a roofer.

Lagares, married with eight children, filed a complaint on August 14, 2017 with his wife Carmen. Fromen said Lagares was able to recover from his employer because the leg amputations he suffered are considered a “serious injury” under New York workers’ compensation law.

The Buffalo News on Wednesday contacted Sahlem’s Roofing & Siding, but did not receive a response from a company representative.

Although Speed ​​Global Services is listed as a defendant in the lawsuit, Joe Berti of Carrier Terminal Services said Wednesday that neither Speed ​​Global Services nor Speed ​​Motor Express had anything to do with Lagares’ injuries.

“There is an appeal process to remove Speed ​​Motor Express from this lawsuit,” Berti said.

“Carrier Terminal hired a professional roofer, Sahlem Roofing. … They were fully responsible for the health and well-being of their employees – because they were on the roof – as well as for safety, harnesses and whatever else they were supposed to have. That’s why they’re professional roofers, and they didn’t follow their own protocols that they were supposed to follow, which supposedly would have saved his legs, I guess, ”Berti added.

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The archdiocese needs $ 40 million for the settlement of sexual abuse. Here is where he is looking https://vins-jean-de-monteil.com/the-archdiocese-needs-40-million-for-the-settlement-of-sexual-abuse-here-is-where-he-is-looking/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/the-archdiocese-needs-40-million-for-the-settlement-of-sexual-abuse-here-is-where-he-is-looking/ The Archdiocese of St. Paul and Minneapolis is developing a plan that uses budget cuts, property sales and Catholic generosity to help the church come out of bankruptcy and move beyond a clergy sexual abuse scandal that has tormented her for years. The Archdiocese has pledged to pay $ 40 million out of the historic […]]]>

The Archdiocese of St. Paul and Minneapolis is developing a plan that uses budget cuts, property sales and Catholic generosity to help the church come out of bankruptcy and move beyond a clergy sexual abuse scandal that has tormented her for years.

The Archdiocese has pledged to pay $ 40 million out of the historic $ 210 million settlement with clergy abuse survivors who are not covered by insurance.

Explore the full survey Clergy abuse, cover-up and crisis in the Catholic Church of the Twin Cities

Officials shared the basics of their proposed payment plan with MPR News on Friday. Further details were gleaned from interviews and a review of court documents. The archdiocese hopes to present its final proposal to the bankruptcy judge within the next month.

While the numbers may change, it is clear that Catholics in the Twin Cities will pay for the sins of the church for years to come.

The plan includes $ 5 million from the Archdiocese over five years, $ 4 million from three large Catholic high schools in Twin Cities and a “voluntary contribution” of $ 3 million from the nearly 200 parishes in Twin Cities that are functioning. under the archdiocese. This is in addition to the nearly $ 9 million already raised in land and asset sales.

The archdiocese also plans to tap into a fund that it uses to pay for the health costs of its employees.

Difficult to avoid layoffs

Parishioners attend mass at Notre Dame de Lourdes in northeast Minneapolis on June 3, 2018. The parish has not been directly affected by allegations of clergy abuse, but Reverend Dan Griffith has took the final minutes of mass to discuss the Archdiocese of Twin Cities’ $ 210 million settlement. with survivors of abuse.

Nina Moini | MPR News

Archdiocesan officials have met privately over the past two weeks to discuss the budget cuts, according to a person familiar with the meetings who asked not to be identified.

On the day Archbishop Bernard Hebda publicly announced the settlement, he privately told employees they should expect a “tightening of their belts.”

The archdiocese reduced its operations by 20% before filing for bankruptcy in 2015.

Under the settlement with the survivors, the archdiocese is required to pay $ 1 million per year over the next five years, said archdiocese financial director Tom Mertens. The leaders of the organization are now seeking to manage costs “and will do their utmost to avoid layoffs,” he added.

It will be difficult, said Charles Zech, a professor at Villanova University in Pennsylvania who has studied diocesan bankruptcy settlements across the country. “This is where the biggest financial blow is going to be,” he said.

The archdiocese has already sold $ 8.8 million in assets.

He also sells the property of three Catholic high schools in Twin Cities – Benilde-St Margaret’s in St. Louis Park, Totino-Grace in Fridley and DeLaSalle in Minneapolis – to each respective school for a total price of $ 4 million.

It is not known how the schools will finance the cost. Managers at Benilde and DeLaSalle did not respond to calls for comment. Craig Junker, president of Totino-Grace, responded but declined to comment.

Sr. Steven Prince, a lawyer representing the schools, confirmed that an agreement had been reached with the archdiocese, but declined to give details until the plan was filed in bankruptcy court.

The archdiocese draws on other funds. Mertens said the institution will rely on $ 9.2 million in unallocated cash accounts and funds designated by the board of directors.

They will also take $ 4 million from a group health insurance fund that is used for workers in the archdiocese and local parishes.

While the payment may result in increased health care costs for teachers, accountants and other employees in the archdiocese, Mertens said there was enough money in the fund to make the program work as well. as determined by their health insurance consultant.

The board of directors that manages the fund accepted payment in response to a request from U.S. bankruptcy court judge Robert Kressel, “that all Catholic entities participate in the settlement, whether or not they are legally required to do so. “, he added.

The archdiocese is also counting on $ 6 million from a general insurance fund which brings together the parishes and the archdiocese.

The use of these insurance funds worries some parish curators.

Bernie Hesse, parish administrator for St. Columba in St. Paul, said employees contributing to the health insurance fund expected their health costs to remain low. He also fears that cuts to the archdiocese’s budget will result in less awareness among immigrant communities and low-income people.

“When you look at bankruptcies, it’s not often the people who need it most who are taken care of first,” Hesse said.

Victims of abuse by priests react to lawyer Jeff Anderson.

Victims of abuse by priests react as lawyer Jeff Anderson thanks them for their strength at a press conference announcing the settlement with the Archdiocese.

Lacey Young | MPR News

Mertens said the Archdiocese also has $ 10 million in legal bills that will be paid through the $ 210 settlement.

Lawyers representing victims of clergy abuse are also expected to take a third of the payment.

“The greatest contribution that we can afford”

Parish priests also review the budgets of their respective churches to see if they can make a voluntary contribution to the settlement. The archdiocese is setting aside $ 3 million of those payments, although this could cause church officials to defer other costs necessary to keep a parish operational.

Kevin Finnegan, pastor of Our Lady of Grace in Edina, said the archdiocese did not require parishes to contribute to the settlement.

“It’s a voluntary thing, and I would say that overall they are responding magnanimously,” he said.

Seventeen parishes owe more than $ 100,000 in arrears to the archdiocese, according to bankruptcy records. Mertens said the Archdiocese did not plan to increase these annual assessments on local parishes for two years.

In some cases, these payments are not easy.

Michael Byron, pastor of St. Pascal Baylon parish in St. Paul, said his church on the east side had helped despite recent difficulties in keeping the parish school open and budget problems caused by a $ 3.5 million debt. dollars related to the construction of a new church in 2002.

“I told our people that I had consulted with our leaders and I decided to make what is probably the greatest contribution we can afford to make – which is probably paltry compared to others. places, “said Bryon, adding,” but it’s something. “

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Settlement means Whittier will have to build a homeless shelter – Whittier Daily News https://vins-jean-de-monteil.com/settlement-means-whittier-will-have-to-build-a-homeless-shelter-whittier-daily-news/ Fri, 07 May 2021 04:37:56 +0000 https://vins-jean-de-monteil.com/settlement-means-whittier-will-have-to-build-a-homeless-shelter-whittier-daily-news/ The town of Whittier reached a tentative settlement in the Orange County homeless lawsuit that would see a shelter built with 139 beds in exchange for the possibility of enforcing its curfew laws and against camping. U.S. District Court Judge David O. Carter, who has handled the homeless trial since 2018, has yet to approve […]]]>

The town of Whittier reached a tentative settlement in the Orange County homeless lawsuit that would see a shelter built with 139 beds in exchange for the possibility of enforcing its curfew laws and against camping.

U.S. District Court Judge David O. Carter, who has handled the homeless trial since 2018, has yet to approve the settlement.

The number of beds needed comes from a 2019 city-paid study, or “census,” of the homeless population in Whittier, conducted by City Net, a Bellflower-based nonprofit that helps put end to roaming at street level. The report found 231 homeless people living locally.

Whittier Mayor Joe Vinatieri said the deal would help the city deal with its homelessness crisis. Over the past year, the city and other agencies have emptied camps on the median of Whittier Boulevard and Parnell Park. The latter was closed for more than six weeks for cleaning after the park closed.

“This will be a tremendous asset in enabling us to enforce our curfew laws and our camping ordinance,” Vinatieri said. “We will be providing more beds than we currently offer, and this will be more of an opportunity to help homeless people in Whittier get beds and services. “

Whittier Area First Day Coalition currently operates a 45 offer shelter in the city, 11 of which are reserved specifically for Whittier residents.

Police officers have been limited in how they can deal with the homeless after a federal appeals court in Boise ruled in September 2018 that activities, such as sleeping, are basic human needs, and quote someone. one who does not have a house to sleep on public property constitutes cruel and unusual punishment.

Finding shelter will not be easy, said Vinatieri: “It will take some time, but we are actively working on it. “

So far, city officials have identified only one possible location, a city-owned property now leased to Best RV Storage, 5913 Esperanza Ave. near the city border.

There is opposition to the location of nearby unincorporated West Whittier residents who, in July, filled the boardroom to speak out against the plan.

In the underlying Orange County lawsuit, homeless advocacy groups sued when county officials pushed hundreds of people out of tent camps in the Santa Ana Riverbed with no solution long term for their housing.

A July settlement paved the way for both providing beds for the homeless while giving law enforcement tools to Orange County to prevent more tent cities.

Brooke Weitzman, a lawyer for Catholic Worker, one of the plaintiffs, said in an emailed statement that the settlement was a good deal.

“We are delighted to see Whittier’s commitment to end all enforcement of quality of life laws and focus on steps toward lasting solutions to the housing crisis,” Weitzman wrote.

“We look forward to working with them on housing and shelter opportunities that will meet the needs of each person by keeping families together, allowing pets, ensuring enough space to comply with health advice. and security in light of COVID and minimizing the time spent in assembly shelters. ,” she said.

“As we have seen with so many other cities, if there are appropriate alternatives that take into account the needs of people with disabilities and trauma, there is no need to criminalize poverty.”

Carol Sobel, another lawyer for Catholic Worker, said the regulations would not give police carte blanche to make arrests.

“You have to have a suitable placement for someone,” Sobel said.

For example, a paralyzed person using a wheelchair cannot be taken to a shelter that only has a carpet on the floor.

Whittier resident Paul Ramirez, camp critic, said he liked the settlement.

“This is not the perfect situation, but it will go a long way in combating vagrancy on our streets and in parks,” Ramirez said.

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