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Wachtell chimes in on a potential GM bankruptcy

admin — Wed, 24 Dec 2008 06:15:53 +0000

Dealers, meanwhile, would lose the protection state franchise laws leaving the automakers free to rationalize their sales channels.

The attorneys also argued that a prepackage could protect consumers. Though many worry consumers, who often count buying a car as their second-biggest financial decision after buying a house, will avoid bankrupt automakers, Charles and Mason said Federal dollars might be used to back the warranty obligations and keep sales going. The Treasury could also become involved by spurring consumer demand for auto purchases, either through auto finance arms or via banks through the TARP program.

The bottom line, according to the attorneys, is that even a fed-sponsored filing “would be complicated, expensive and difficult to achieve.” The companies, on their own, could find it impossible to implement change quickly enough in bankruptcy to prevent catastrophic losses of cash.

Balance of Opinion: Identifying the enemy in Mumbai

admin — Wed, 24 Dec 2008 06:15:01 +0000

“Unlike terrorist groups of the past, [al-Qaeda] operated not as a single, secretive organization but more like a global franchise,” Ms. Applebaum writes in Slate. “Organizations and individuals with various agendas could go to al-Qaeda for weapons and training. Afterward, they could, in effect, set up their own local branches, whose goals and methods might reflect the original, Saudi-inspired al-Qaeda ideology – or might not. … By definition, the members of such groups … would not be combatants in the ordinary sense of the word. They would not wear uniforms, follow rules or organize themselves into anything resembling a traditional army. And they could not, therefore, be fought only with traditional military methods …

“Perhaps the Mumbai gunmen will … turn out to be members of a homegrown, locally based, ad hoc organization …

Small-town living presents unique benefits

admin — Wed, 24 Dec 2008 06:13:37 +0000

San Leanna’s quarter-of-a-million-dollar budget comes from water sales, property taxes, franchise fees and interest from savings.

Unlike Sunset Valley, San Leanna does collect property tax. Property tax in San Leanna is the highest amount allowable under state law for a village at $0.25 per $100 property valuation. At that rate, homeowners in the village still pay around $325 less a year than Austinites.

Unique challenges

In San Leanna, all water comes from the Edwards Aquifer, creating a dependence on rainfall.

â€œIf rain doesn’t happen, we have a problem,” Payne said. â€œIt’s an issue for this part of the country and will continue to be an issue for some time.”

As an emergency precaution, the village is tied into the City of Austin’s water system.