Dear me… I do not know what version of reality you reside in @peterma… It’s definitely not one that that the rest of the world operates in…
*Property giant Evergrande has filed for bankruptcy protection in the US as the real estate crisis in China deepens… It will allow the heavily-indebted company to protect its assets in the US as it works on a multi-billion dollar deal with creditors…
Evergrande shares have been suspended since March… And now as China’s property crisis worsens and and it’s economy is weakening… Evergrande is just one of many of China’s corporates that have recently applied for Bankruptcy Protection under US Laws…
Evergrande has more than $300 billion in debts and is now looking for protection against being sued or it’s offshore assets plundered in the US… It’s using Bankruptcy Protection
Major Media networks across the globe are reporting it as a Bankruptcy and you’ve trawled the internet and found a tiny Indian News outlet (Zeebiz) that you claim backs up your latest fallacy…
Most Western countries have their version of chp 15 - it’s nothing new.
If I have a debtor who refuses to pay me I can ask the court to institute bankruptcy proceedings and also place a charge on certain assets meaning that my debtor cannot sell/dispose or assign those assets to a third party.
If my debtor figures he’s insolvent then he can apply (file) to the court for what is termed “Voluntary Bankruptcy” - he is asking the court to recognize that he is insolvent.
If, on the other hand, my debtor is of the opinion that he is suffering a short term insolvency (usually called cash flow) then he can prevent me from asking the court to declare him bankrupt and from placing a charge on his assets.
The court will weigh up the chances of his recovery and make a judgement based on what evidence of proposed recovery the debtor offers. Until that judgement then me as a creditor will have to wait.
This is what US creditors of Evergrande will have to do right now - wait and see the supposed “restructuring” that will be offered.
Remember that unfinished sites have minimal value compared with finished products so many times I have witnessed creditors cutting a deal to minimize their losses - often it can be 10 cents to the dollar vs 50 per dollar.
Edit: I see guys asking for links - I’ve a filing cabinet that has a few such links - and a memory of how bankruptcy laws are used and abused
The court can either deny the protection filing, allow more time and keep the protection in place during that time or approve a CVA - here known as a Company Voluntary Agreement.
This is often the outcome in construction where there are unfinished projects.
These agreements are extremely unfair to smaller creditors - let’s say you are in the air condition business - you have installed 100k of equipment as yet unpaid thus you are a creditor to the tune of 100k.
Imagine that you can legally go on site and take possession of the equipment - your loss would be circa 10k - you get 90 cents to the dollar.
If the proposed agreement is offering 50c to $ then you vote against (all creditors get to vote).
Here is the crunch - votes on the agreement are monetarily weighed therefore the guy who is owed 1 million - his vote is worth 10 times more.
In this case as in most large bankruptcies in construction it’s the Financials who are owed most - and they will weigh the risk of a fire sale vs controlled exit carefully.
We are back from what you guys call vacation, we call it holidays. Problem with these holidays is the aeroplanes - you cannot open the window and let in fresh air so they can become a haven for viruses like covid.
And yes we got it - on the way home - thankfully being well vaxed symptoms lasted for less than a day.
Being into Positive Mental Attitude was also a huge help - to that end think I’ll give this thread a little break - no intended disrespect to any of you guys.
The West is OVER mate - we’re just sitting around now waiting for the inevitable “BARBARIAN AT THE GATE…” - well spotted
Disagree with you there - USA relies on multiple cynical “Wars” to boost it’s economy and even as we speak is actively engaged in a proxy war in Eastern Europe where it has manipulated the Government of a Country and installed it’s own puppet leader - in order to provoke action from Russia. -
To quote Orwell loosely "Oceania has ALWAYS been at war with EastAsia !"
Just a shame that USA can only pick on the defenceless when it comes to actually putting "Boots on the ground "!
Even CNN is calling out Biden’s bluff… This president needs to be reminded he swore to be in the interest of the United States and not Ukraine or China, or any RICO government…
The US is going through a living-hell that is completely manufactured…
Wow, Claudia Tenney calling Garland a “crooked cop”. Calling it like it is. Something most of the politicians are afraid to say…
Did you know that 70% of the wealth in the US is now controlled by those who vote Democrat, and because of this the Democrat party no longer represents the views and interest of the poor and middle class. That is not me saying that but life long Democrat RFK jr.
Where does this put America if neither the republicans nor the Democrats represent the poor or middle class? I have always said that the rich control American politicians.
I’ve been watching her and another YouTube channel for the last two years as I start my journey to the Philippines. There are plenty of traditional women around the world.
