READER’S DIGEST FILES FOR CHAPTER 11
It’s hard to be in the magazine business these days. The Reader’s Digest Association, according to The New York Times, will “file for prearranged Chapter 11 bankruptcy protection for its United States businesses within 30 days.” The company has already struck a deal with the majority of its banks to reduce its debt from $2.2 billion to $550 million, and does not expect to shutter any publications or lay off any employees. Under the restructuring plan the association’s value will plummet, and its owner Ripplewood Holdings will shed its board seats and shares, leaving the existing debtholders to become the new owners.
WHY WASN’T I IN GLENDORA YESTERDAY?
California authorities say a man caused a traffic jam when he threw money onto a Los Angeles-area freeway and people dashed into the lanes to grab the cash.
California Highway Patrol Sgt. Kurt Stormes says the man tossed money from his car on Interstate 210 in the Los Angeles suburb of Glendora shortly before noon Sunday. Stormes says about 10 people ran into traffic lanes to get it. CHP officers recovered about $1,000.
GUESS MONEY TALKS – MORE GLENN BECK DETRACTORS
This is why we should really be supporting grassroots campaigns, letter-writing, emailing, calling…it works!
• Allergan (maker of Restasis):
• Ally Bank (a unit of GMAC Financial Services):
• Best Buy
• Broadview Security:
These companies join a growing list of advertisers to pull their ads from Beck’s show, including ConAgra, GEICO, Lawyers.com, Men’s Wearhouse, Procter & Gamble, Progressive Insurance, RadioShack, Roche, SC Johnson, Sanofi-Aventis, Sargento, and State Farm Insurance.
TALK ABOUT BUSY!
Federal prosecutors on Monday charged a Miami man with the largest case of credit and debit card data theft ever in the United States, accusing the one-time government informant of swiping 130 million accounts on top of 40 million he stole previously.
Albert Gonzalez, 28, broke his own record for identity theft by hacking into retail networks, according to prosecutors, though they say his illicit computer exploits ended when he went to jail on charges stemming from an earlier case.
Gonzalez is a former informant for the U.S. Secret Service who helped the agency hunt hackers, authorities say. The agency later found out that he had also been working with criminals and feeding them information on ongoing investigations, even warning off at least one individual, according to authorities.