Friday, July 21, 2017

Bill to ensure casinos keep doors open despite Atlantic City shutdowns

Bankruptcy Attorneys, New Jersey

A group of democratic law makers in New Jersey are pushing for a measure to protect Atlantic City’s casinos and racetracks should the state government ever face another shut down, something law makers say they hope doesn’t happen again, but they want to be forthright in protecting the state’s economy in case it does.

An article on NJ.com explains that during the recent state government shutdown, the city’s casinos may have been forced to close if the impasse had lasted longer than a week.

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“But just days after the shutdown ended — without the gambling halls shuttering — a group of Democratic lawmakers from south Jersey are pushing a measure to make sure the state’s casinos and racetracks never face that threat again.”

The bill (S3421/A5126) would ensure that casinos and tracks keep their doors open indefinitely if a shutdown does occur.

“That would amend the current law — signed in the wake of the last shutdown, in 2006 — that says casinos and tracks are required to stay open, but only for the first seven days of a shutdown,” the article reads. “A 2008 law was designed to prevent that from happening during a state government shutdown. But there is a catch as New Jersey faces another budget impasse.”

State Sen. Jim Whelan commented saying that Atlantic City is once again becoming a popular destination and if the casinos close now, or at any time in the near future, it would be destructive to the lives of all of the people and families who are dependent on them to make a living – creating an economic riptide throughout the city and state that would end with negative consequences for everyone.

“The bill would have to be approved by both the Senate and Assembly and then signed by Gov. Chris Christie before becoming law,” the article reads. “Even though the city has lost five casinos in recent years thanks partly to increasing competition from neighboring states, Atlantic City’s seven casinos still employ about 50,000 workers and generate $1.3 million in state taxes each day. Plus, experts say the city is on the rebound lately after facing the threat of bankruptcy last year.”

During a 2006 shutdown 12 casinos in Atlantic City were forced to close their doors for three days, which cost the state about $4 million in casino tax revenue due to regulators and inspectors being unable to work.

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Friday, July 14, 2017

New documentary explores the collapse of coal mining

Bankruptcy Attorneys, Pennsylvania

A new documentary recently released follows the lives of coal miners after they are laid off from their jobs, leaving them without insurance or a pension.

“We knew it was coming, we just didn’t know how hard it was gonna be. We’re losin’ everything,” Regina Lilly, wife of a West Virginia coal miner who was laid off after their child was born, said in a new National Geographic documentary about coal mining,” an article by the Business Insider reads.

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The documentary is called “From the Ashes,” and it explores the past, present, and future of coal mining. The documentary is currently on YouTube. 

When mining companies move to new locations with cheaper coal, local residents have said they believe that the coal companies have “failed” them.

“In one example portrayed in the documentary, Alpha Natural Resources sent letters to 100 workers about upcoming layoffs. These ‘WARN notices’ are generally sent to workers two months before a round of layoffs, giving them time to find new jobs,” the article reads. “However, some coal workers still face unexpected layoffs …”

A wife of one of the workers said it’s heartbreaking for a community and the workers because not only have they lost their livelihood, they’ve also lost their worker’s pension, retirement plans, their savings – any finances they had in the company – but the company just then files for bankruptcy and so long as they get money in their pockets, they don’t care about the workers who have lost everything.

“In the documentary, Mary Anne Hitt, director of Sierra Club’s Beyond Coal campaign and a West Virginia resident, described the aftermath of a mine layoff as a ‘life and death struggle’ for local communities. She described the scene as one she’s seen time and again, where coal companies ‘want to shed their obligations to workers, that includes pensions and healthcare commitments,’” the article reads.

Hitt goes on to say that not just one worker loses their livelihood when coal mining jobs go, but entire communities do, which makes it harder to bounce back from. She said that it’s happening across the U.S. on an unprecedented scale. 

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Friday, July 7, 2017

Takata files for bankruptcy amidst lawsuits, fines due to defective air bags

Bankruptcy Attorneys, East Brunswick, NJ 

Takata filed for bankruptcy Monday following lawsuits, fines and recall costs for millions of lethally defective air bags in the U.S. and abroad. The air bags proved to be the company’s undoing and an article by the New Jersey Herald claims it could take years to get the dangerous devices off the road.

“Crushed by lawsuits, fines and recall costs, the Japanese auto parts supplier filed for bankruptcy in Tokyo and Delaware and will sell most of its assets for $1.6 billion to a rival company,” the article reads. “A small part of Takata will continue to manufacture replacements for the faulty air bag inflators.”

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About 100 million of the Takata inflators across the world have been recalled; 69 million in the U.S. alone. It’s reportedly the biggest automotive recall in American history. It will take the industry years to produce all the necessary replacements.

“In the meantime, millions of car owners are forced to nervously wait for someone to fix a problem blamed for at least 16 grisly deaths worldwide, 11 of them in the United States. Many owners have been put on waiting lists by their dealers until the parts arrive,” the article reads. “The big problem is the air bags are still out there. They’re like bombs waiting to explode, said Billie-Marie Morrison, the lawyer for a young Las Vegas woman grievously injured by an exploding air bag in March.”

According to the New Jersey Herald, the last batch of repairs in the U.S. won’t start until September of 2020. The National Highway Traffic Safety Administration is overseeing the recall.

More than 16 million inflators have been repaired so far in the U.S. That’s about 38 percent of the total. In Japan, 70 percent have been replaced, according to Takata. That’s partly because Japan refuses to renew vehicle registrations unless recalls have been completed.

“Because of the type of chemical propellant used by Takata, the defective air bags can inflate with too much force and spew deadly shrapnel at drivers and passengers,” the article reads. “Takata sold the inflators to 19 automakers, including Toyota, Subaru, BMW, Honda, Ford and Nissan.”

Takata’s bankruptcy filing clears the way for most of its assets to be taken over by Key Safety Systems, which is a Chinese-owned company based in suburban Detroit.

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