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C NOVEMBER 28-DECEMBER 1, 2009 • LA WEEKEND ASIAN JOURNAL Community Journal http://www.asianjournal.com • (213) 250-9797
Debt Relief
Creditors threaten MGM with involuntary bankruptcy
giving on December 15. With such a holder, if such non con- the development of an optimal feast or famine business. If you to wipe them out, or be at the
a debt load of $4 billion, 10% tingent, undisputed claims ag- capital structure.’ This is a nice hit a blockbuster you feast for a mercy of your creditors just like
interest per annum is $400 mil- gregate at least $13,475 more way of saying that the company while. If there is no blockbuster MGM.
lion a year or almost $34 million than the value of any lien on needs a lot more money gen- for some time, it’s famine all ***
a month. So, for interest due for property of the debtor securing erated in the form of capital around and begging for funds Lawrence Bautista Yang specializes in
4 months up to December 15, such claims held by the holders because the company has too is the order of the day. bankruptcy, business, real estate and civil
MGM would have to produce of such claims. much debt and the movies com- litigation and has successfully represented
MGM is yet another icon of
Contingent claims are not more than five thousand clients in California.
$136 million in 3 weeks. That ing out of the studio are duds. American business that is felled Please call Angie, Barbara or Jess at (626)
Atty. LAwrence yAng is a lot of money for a busi- good enough to force an invol- Is it possible that MGM doesn’t by too much debt following the 284-1142 for an appointment at 1000 S.
ness that’s losing money. Thus, untary bankruptcy. Thus, if you know what kind of movies peo- footsteps of GM and Chrysler. Fremont Ave., Bldg. A-1 Suite 1125 Unit 58,
METRO-Goldwyn Mayer some skeptical creditors have are suing someone for $1.0 mil- ple want to see now? The movie If you have too much debt, Alhambra, CA 91803.
(MGM) is teetering on the edge threatened to force MGM into lion, that lawsuit is a contingent industry has always been a seriously consider chapter 7 (Advertising Supplement)
involuntary bankruptcy. claim subject to resolution by
of bankruptcy. The New York
the court, and does not qualify
Is bankruptcy the
Post reports that some creditors How does involuntary bank-
were threatening to force the ruptcy work? § 303 of the you to join forces with 2 more MinDinG
movie studio into involuntary bankruptcy code states that ‘An creditors to force defendant YOuR finances
into bankruptcy. On the other
right choice for you?
bankruptcy if their terms were involuntary case may be com-
menced only under chapter 7 or hand, bondholders are holders
not met. MGM hired restructur- of undisputed claims, and any
ing expert Stephen Cooper as 11 of this title, and only against
3 of them owed more than the
its top executive recently to put a person, except a farmer, fam-
minimum cutoff amount lien true in life. You will never get riod of time. Before long, they
a handle on the company’s debt ily farmer, or a corporation that
amount may band together and to where you want to be unless move on to bigger and better
of $4 billion. MGM’s reversal of is not a moneyed, business,
force debtor into involuntary you are on the right path. Which things in life. They understand
fortune is probably attributable or commercial corporation,
bankruptcy. way are you going right now? the power of decision.
to the absence of blockbuster that may be a debtor under Analysts contend that if the
hits in the last few years. With the chapter under which such Filing for bankruptcy when The refusal to decide is also
declining receipts, cash from case is commenced.’ It is com-
assets of MGM were auctioned Atty. rAyMond BuLAon you are in debt may seem like a a decision in itself. By refusing
off now, they would bring in
operations is hardly able to menced by the filing with the drastic step but when appropri- to decide what kind of life you
about $1.5 billion. Thus, in a ARE you currently over-
cover overhead and expenses bankruptcy court of a petition ate for your situation, it may be want to have, you have made
liquidation scenario, creditors
needed to finish projects this under chapter 7 or 11 by three whelmed with debt problems just what you need to do a com- the decision to leave everything
would lose almost two thirds
year estimated at $175 million. or more entities, each of which that you can no longer handle plete turnaround and get back to chance and be a victim of
or $2.5 billion, and stockhold-
MGM said in a statement that its is either a holder of a claim ers would end up with nothing. on your own? Thinking about on track. If your debt problems circumstances. Don’t let this
creditors are allowing it to skip against such person that is not Thus creditors agreed to a for- filing for bankruptcy but are are making you very insecure happen to you. There is power
interest payments due at the contingent as to liability or the bearance of the last 4 months afraid to make a decision? Do about your financial future, the in decision-making. If you are
end of September, October and subject of a bonafide dispute of interest payments to allow you feel stuck and paralyzed in fresh financial start provided burdened with financial prob-
November. Its next interest pay- as to liability or amount, or an MGM ‘additional liquidity as your situation, unable to take by our bankruptcy laws can lems, find out what options you
ment is due right after Thanks- indenture trustee representing discussions continue regarding any action? Maybe just think- put you on the road to financial have available and decide once
ing about your situation gives recovery so that you can start and for all to get out of debt as
you this sick feeling in your soon as possible. If you can
Get the credit rating you want
building wealth again instead
insuRance 101 stomach that won’t go away. Is of accumulating debts. get out of debt without filing
there a way out of your seem- The decision to be wealthy or for Bankruptcy, decide on what
ingly hopeless situation? to be poor is a personal deci- strategy to use to accomplish
working monthly payments into ing a credit counseling agency A famous author said: “It is sion. Don’t ever be misled into your objective. If Bankruptcy
your budget. instead of claiming bankruptcy. in those moments of decision thinking that some people are is your only solution, however,
Just as credit cards and loans Credit counseling can assist you that our destiny is shaped”. I destined to be rich while others perhaps you also need to de-
can help build your credit his- in reducing your debt without think what this means is that are destined to be poor. This is cide that this is what you must
tory, so too can your everyday as much damage to your cred- the decisions we make in life a big lie. If everything in life has do to change your life for the
actions. Always be sure to pay it report. By addressing your are so powerful and regardless been pre-arranged, life here on better. Seek legal help as soon
MeLody AveciLLA your bills on time, including problems early, many creditors of whether you realize it or not, earth would be pointless. You as possible.
rent, electric, gas, water, and will be willing to work with you you are constantly creating re- are here to make choices and to If you are unsure if Bank-
CUSTOMERS often ask why cable tv bills. provided you show a sincere in- sults in your life, good or bad, decide the kind of life that you ruptcy is the solution to your
lenders need to review their If you are interested in learn- terest in repaying your debts. at every single moment. You want to have. Your choices can financial problems, we can help
credit report before approving ing more about your credit re- Whether you’re just now are the creator of your destiny. make or break you. you evaluate your options. To
them for a home or car loan port, Equifax, Experian, and beginning to establish credit The path you take, whether If your life is out of control, schedule a free confidential
or a credit card. Credit reports TransUnion are all major credit for yourself or you’re trying to right or wrong will take you to only you can regain control of consultation, please call Toll-
contain a lot of valuable infor- reporting agencies. You may improve your credit rating, tak- a certain destination. Have you your circumstances by exercis- Free 1-866-477-7772. We have
mation about your previous fi- contact one of these companies ing smart steps now will enable ever gotten lost while driving ing your power of decision. No offices located in Glendale, Cer-
nancial behavior and help lend- to obtain a copy of your credit you to enjoy greater opportuni- on the road or freeway and re- one can do this for you. As a ritos and West Covina.
ers predict whether you’ll pay report. ties later; when it comes time alized that you were headed in bankruptcy attorney, I tell my ***
off any new debt. Therefore, it’s Unfortunately, there are times for you to apply for a loan on the wrong direction? What did clients that my job is to help None of the information herein is intended to
important that you maintain a when we may find ourselves a new home or that car you’ve you do? Did you just continue them understand their options give legal advice for any specific situation.
good credit report. with an unfavorable credit rat- been eyeing, you’ll be confident driving even though you knew Atty. Ray Bulaon has successfully helped
but ultimately, they are respon-
If you’re just starting out, ing. If you’ve found yourself in that your credit report won’t be you were going the wrong way? over 4,000 clients in getting out of debt. For
sible for the decisions that they
there are several ways to estab- this position, there are steps you stopping you from the things Of course not! Without doing a free attorney evaluation of your situation,
make. The people who under-
lish a good credit history. You can take to improve your credit you enjoy. a complete turnaround, you please call Ray Bulaon Law Offices at TOLL
stand this are the ones who
could apply for a credit card or report: begin paying your bills ** wouldn’t have reached your in- FREE 1-866-477-7772.
obtain an installment loan. It’s on time, avoid taking on any come out of bankruptcy suc-
If you suspect a scam, call the NICB hotline (Advertising Supplement)
tended destination. The same is cessfully over a very short pe-
smart to start out using credit new debt, and work with your at 1–800–TEL–NICB.
cards and installment loans for current creditors to repay your For information about auto insurance and
small items – this gives you
time to gain experience with
debts. If you are very late on
your payments, consider call-
insurance fraud, contact your insurance
agent. (Advertising Supplement) JUNO President and CEO: New members of Ernst
& Young Entrepreneur of the Year, Hall of Fame
DR and Nonette Teodoro inducted into an Elite Circle
of Corporate America, ‘The Oscars of Business’
BEING inducted into a hall of
fame once is enough to prove
that a person has accomplished
a lot. Imagine what it means if
the same person is inducted
into more than one, and of a dif-
ferent league! One thing’s for
sure: it signifies the individual’s
superb competence and ex-
traordinary ability to get things
done. To snag two grand rec-
ognitions is an astounding feat
attained by very few, but this is
what JUNO’s President, Dante
Raul “DR” Teodoro and JUNO
CEO, Nonette “NT” Teodoro
achieved last week during the
Ernst & Young Entrepreneur Of
The Year Awards.
Dubbed as the Oscars of busi- ners, DR and NT were inducted the time for JUNO to be in a
ness awards, the Ernst & Young to the Ernst & Young Entrepre- class of industrial giants. Fired
Entrepreneur Of The Year neur Of The Year Hall of Fame, up to take the company to
Award is the most prestigious described as “an elite corps of greater heights, DR and NT is
recognition a businessperson men and women who have been funneling the inspiration and
can receive. Entrepreneurs recognized for their exceptional energy derived from the Ernst
like Michael Dell and Howard entrepreneurial achievements.” & Young Strategic Growth Fo-
Schultz (founder of Starbucks) The title is given to “outstand- rum, the event preceding the
were bestowed the accolade in ing entrepreneurs for their vi- awarding ceremony, to vision-
years past. These movers and sion, innovation, courage, and ary moves for 2010.
shakers of business receive the leadership in building and For a resilient management
honor for their breakthrough growing successful businesses team committed to seeing
efforts and ability to thrive in – businesses that influence the their company overcome ev-
any market environment. The way we live, the products and ery bout in the industry, the
awards are for those who have services we depend on, and the awards they have received this
not only seen great potential economic vibrancy of our local year is a confirmation of their
and opportunity, but have also communities and global mar- adherence to standards of ex-
realized and maximized the kets.” This will be the second cellence. As they say, a man’s
said elements and produced hall of fame induction for JUNO true character arises in times
an enterprise of great value. Founder, Dante Raul Teodoro, of crises. It is when the world
Awardees become part of an who, in 2007, became part of sees the substance (or lack of
exclusive group of champions, the Chicago Filipino-American it) in his life. In the midst of
strictly for the best of the best. Hall of Fame for his humanitar- difficulty, the leaders of JUNO,
And JUNO’s top management ian efforts. Dante Raul and Nonette Te-
officially belongs to this breed The Ernst & Young Hall of odoro proved their unwaver-
of corporate leaders. Fame is reserved for the crème ing commitment to maximiz-
National nominees de la crème of business achiev- ing opportunities and being
As recipients of the Ernst & ers. Some recognizable names the best they can be in what
Young Entrepreneur Of The in the roster are: Starbucks CEO, they do.
Year Award for Staffing Ser- Howard Schultz, Google Found- Receiving one of the high-
vices in the Metro New York ers, Larry Page and Sergey Brin, est honors in business and a
region, DR and NT were made Yahoo! Founders, David Filo formal inclusion into the up-
nominees for the overall na- and Jerry Yang, eBay Founder, per-class strata of industrial
tional award. The Executives’ Pierre Omidyar, and Amazon. geniuses amidst extremely
refreshing approach to health- com Founder, Jeff Bezos. Tom turbulent times is what JU-
care staffing and persistent ef- Adams of the language-learn- NO’s Founders churned from
forts to provide a better way for ing software company, Rosetta this crisis. Enough said of their
healthcare professionals to get Stone, was the Overall Winner capacity to lead an enterprise
a job in the US brought JUNO of the Entrepreneur Of The Year and bring it to new heights.
to record-breaking heights. As Award for 2009. For more information about
founders of one of the most Challenged to do greater JUNO Healthcare visit http://
successful healthcare staffing things blog.junohealthcare.com or
agencies today, the well-de- During a meeting with the follow them on Twitter at
served regional prize they ac- staff members of JUNO Health- http://twitter.com/junocareers
cepted led to an invitation to care in New York, DR said that or fan on Facebook at http://
the most elite business gather- he and NT are challenged by facebook.com/junocareers.
ing in America. what they witnessed in the For job inquiries, call 212-685-
Ernst & Young Entrepreneur ceremonies. Hobnobbing with 5866 (New York, New Jersey)
Of The Year Hall of Fame some of the biggest names in and (323)937-7210 (California,
Having become regional win- business, they feel that now is Arizona). (Advertising Supplement)
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