Detroit preps to file for bankruptcy as soon as Friday, paper says

1 hour ago

Carlos Osorio / AP

In this July 12, 2013, an Outsource to Detroit banner from Galaxe.Solutions is seen on a Detroit building.

Detroit, saddled with more than $18 billion in debt, became the biggest U.S. city in history to file for bankruptcy on Thursday.

Once a symbol of America's industrial might and more recently an example of urban decay, crime and hopelessness, the home to the nation's automobile industry took the extraordinary step after months of negotiations with creditors failed.

?The fiscal realities confronting Detroit have been ignored for too long. I?m making this tough decision so the people of Detroit will have the basic services they deserve and so we can start to put Detroit on a solid financial footing that will allow it to grow and prosper in the future,? Gov. Rick Snyder said in a statement. ?This is a difficult step, but the only viable option to address a problem that has been six decades in the making.?

Snyder authorized the city's emergency manager to file for federal bankruptcy, as required by state law, saying it was the only option to restore the city and provide residents with necessary public services.

Kevin Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing in federal bankruptcy court.

Orr was unable to convince a host of creditors -- including pensions, Teamsters, employee associations and banks -- to take pennies on the dollar to help facilitate the city's massive financial restructuring.

He laid out his plans in June meetings with debt holders, in which his team warned there was a 50-50 chance of a bankruptcy filing.

A number of factors ? most notably steep population and tax base falls ? have been blamed on Detroit's tumble toward insolvency.

Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is now struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.

In a letter that accompanied the federal filing, Snyder listed the city's ailments: The city's unemployment rate has tripled since 2000; its homicide rate is at its highest in nearly 40 years; residents wait an average of 58 minutes for the police to respond to their calls (the national average is 11 minutes).

The governor's statement on Thursday said that 38 cents of every city dollar goes toward debt repayment, legacy costs and other obligations. That was expected to reach 65 cents per dollar by 2017.

When Orr initially made his pitch to creditors, some were asked to take about 10 cents on the dollar of what the city owed them. Underfunded pension claims would have received less than the 10 cents on the dollar under that plan.

A team of financial experts put together by Orr said that proposal was Detroit's one shot to permanently fix its fiscal problems.

On Wednesday, as the bankruptcy filing was imminent, Detroit's two pension funds filed a lawsuit against the governor and Orr, the Free Press, Detroit's hometown paper, reported. Detroit city employees filed suits earlier this month as well -- for fear their pensions would be slashed if the city filed for bankruptcy.

Earlier Thursday, the Free Press said the filing would set off a 30- to 90-day period "that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer."

If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.

In the letter to the court, Snyder wrote: "I know many will see this as a low point in the City's history. If so, I think it will also be the foundation of the City's future -- a statement I cannot make in confidence absent giving the City a chance for a fresh start, without burdens of debt it cannot hope to fully pay."

The Associated Press and Reuters contributed reporting.

Source: http://feeds.nbcnews.com/c/35002/f/663286/s/2edae8ac/l/0L0Snbcnews0N0Cbusiness0Cdetroit0Epreps0Efile0Ebankruptcy0Esoon0Efriday0Epaper0Esays0E6C10A678946/story01.htm

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Unconventional pastor leads booming NYC megachurch

NEW YORK (AP) ? Carl Lentz is not your typical pastor.

Along with his half shaved head and slicked back Mohawk, he's dressed in his usual Sunday attire: black jeans and an unbuttoned denim shirt with a tank top underneath. His tattooed arms, including one with two guns crossed, peek out from under his rolled-up sleeves.

His Hillsong Church NYC holds at least six sermons every Sunday in a ballroom-style concert venue that has hosted such bands as U2 and the Red Hot Chili Peppers. People squeeze into whatever space they can find and take notes on iPhones as Lentz marches across the stage, peppering his sermon with Bible verses, jokes, pop music lines and street slang.

"If you're new to our church, we love you," says the 34-year-old Lentz. "Don't be alarmed by the craziness you see. One time somebody said, 'Y'all are crazy in your church,' and I said, 'You ever seen you dance drunk? Don't be judging us up in church.'"

New York has become a magnet for startup evangelical churches in recent years. There are currently more than 200 in Manhattan alone, according to Tony Carnes of the research project, A Journey Through NYC Religions, and Hillsong is one of the fastest-growing.

After a little more than two years, Hillsong estimates it draws 5,500 people to Sunday services each week. Crowds lining up are a regular weekly scene at Irving Plaza near Manhattan's Union Square. Hillsong often has to add additional evening sessions, which could last well into the night.

"I've gotten used to seeing bar stools and club stuff in the place that we have church," Lentz said, adding "that's church to me now."

Steve Dagrossa, a 31-year-old who says he is a recovering heroin addict, attended all six sermons on a recent Sunday, for a total of 12 hours. He has even styled his hair his hair like Lentz.

"It's unconventional but we're not a conventional city," Dagrossa said. "This isn't the Bible Belt. This is New York."

Meredith Anderson, a 27-year-old church member who also works as an assistant to Lentz, said she "went from being a drug addict party animal to becoming a Christian living a full, healthy life."

"If it was a church that was all buttoned up, you know, what everybody thinks about when they think about church ... that's not necessarily something that would speak to me," she said. "But because it's young people, because there are young people there, I feel more comfortable."

The church is a branch of the popular Australian-based Hillsong Church, the Pentecostal church which draws more than 21,000 weekly to its services. Hillsong is best known for its concert-type settings where they play Christian rock and praise music, which often appeals to a younger demographic of churchgoers.

Much of Hillsong NYC's success can be attributed to its unorthodox leader. Lentz is a hyperactive, self-proclaimed insomniac who would rather stand than sit. His gift for gab lends itself to creating hype for the church. He loves hip hop music and often calls getting the word of God out "a hustle."

At one service, he broke out Coolio lyrics. At another he called the biblical Saul the "LeBron James of Judaism." He is an avid basketball fan and player, and is a fixture at New York Knicks games.

Lentz has established himself as his own brand. He has more than 67,000 followers on Twitter and 59,000 on Instagram, where you can find pictures of him standing next to Jay-Z and NBA star Kevin Durant. Justin Bieber posted a picture of himself eating lunch with Lentz, "talking 'bout our savior Jesus Christ."

Hillsong is far from the first church to attempt to win over a young demographic, but few have been able to pull it off as successfully as Hillsong, according to Carnes.

Still, Hillsong is just as susceptible to the downfalls of any modern progressive church, and there is always the danger that the trendy concert culture could overshadow the message, Carnes said.

"This church is always only about Jesus. ... It's always, it's only about Jesus." Lentz said in a recent sermon.

Lentz declined to discuss same-sex marriage, a polarizing issue that young evangelicals have said in repeated surveys that they do not want to be a focus of church. Many evangelical pastors starting churches in New York avoid addressing the topic from the pulpit, a decision that has drawn criticism from evangelical leaders who consider the issue one of the most important for traditional Bible-believers.

Lentz said he enjoys having critics.

"They give me fuel for the fire," he said.

Source: http://news.yahoo.com/unconventional-pastor-leads-booming-nyc-megachurch-064437395.html

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Heathrow airport outlines its plans for expansion

LONDON (AP) ? Heathrow has unveiled new proposals to create a third runway at the London airport ? saying that the ideas will allow a vast expansion at Europe's busiest air hub.

The three options put forward on Wednesday will allow the airport to move from 480,000 flights a year to 740,000. Each of the plans will mean some compulsory property purchases and major work on a key London highway.

But Heathrow executives backed away from immediately proposing a fourth runway ? an idea floated by planners concerned that a lack of airport capacity could hurt Britain's competitiveness.

Expansion at Heathrow has been controversial, as residents have complained about the noise and pollution.

London's Mayor Boris Johnson has put forward other alternatives, and a commission will rule on which is best.

Source: http://news.yahoo.com/heathrow-airport-outlines-plans-expansion-102205919.html

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My OS is better than your OS - Talk Mobile

Hardware is important, there's no denying that. But without software, it doesn't matter how awesome the hardware is. It'll be a fancy paperweight. No matter how good the physical device is, if it has crappy software on it, nobody's going to care about it. Conversely, we've seen many times that excellent software can make up for crappy hardware.

The device you hold, but by and large it's the software that you interact with. It's the operating system that loads the apps, that displays your information, that connects you to the wider digital frontier. The operating system is often one and inseparable with the brand.

Software is where the real innovation happens. It's software that gives us multitasking interfaces, voice and gesture controls, notifications, and everything else. Software is what happens on our devices. The software is what defines the experience.

But what's important in software? Good features or a lot of features? Does it matter if it's open or closed source? And is the app launcher due for a revolution?

Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/wC8UnBpgPQM/story01.htm

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Kyle Busch calls Ryan Newman an idiot, Twitter laughs at him: What's the buzz?: Video shows Newman had nothing to do with wrecking Kurt Busch

Autoweek loves passionate comments and debate, but remember that you're part of a diverse community. Above all: be respectful. Critique statements, not people; talk about the automotive world, but skip the political rhetoric, hate speech, and obscenities. While we can't read every post, this site is moderated and Autoweek will remove comments as we see fit. Questions? Read our Terms of Use or email moderator@autoweek.com.

Source: http://www.autoweek.com/article/20130715/NASCAR01/130719904?utm_source=rss&utm_medium=feed&utm_campaign=

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TV reporter goes all out with bear safety tips

TV

Kurt Schlosser TODAY

8 hours ago

TV reporters provide valuable information on a daily basis in an effort to help viewers navigate through a world of local news, weather, sports ... and bears.

After a rash of bear sightings in the Providence, R.I., area, NBC 10 reporter Julie Tremmel "put together a few tips from the experts to help protect yourself should you come across a curious bear." She then offers a fantastic re-enactment-style report featuring herself acting as someone trying to ward off an approaching animal.

• "Avoid direct eye contact with the bear," Tremmel says, via voiceover, as video shows her in a grassy area at night, her eyes moving wildly from side to side.
  
• "Don't run away. Instead, back off slowly," she reports, backing into the brush, lit by what feels like car headlights.
  
• "Wave your arms to let the animal know you're human." This instruction comes with Tremmel flailing her arms, like she would do if she'd just tipped over the bear's honey pot and attracted thousands of bees.
  
• "Don't yell, stay quiet" is coupled with an index-finger-to-the-mouth shhhhhh gesture. "Unless the bear attacks, then scream and throw things at the bear." Tremmel whips off a flip-flop and tosses it at her camera operator.
  
• And finally, "If the bear attacks, curl up in a ball on your side or lay flat on your stomach," Tremmel advises as she gets down in the tall grass and no doubt gets eaten alive by mosquitoes. "Above all, stay calm."
  

The viral video sensation left TODAY anchors Willie Geist and Natalie Morales in stitches Friday morning. "How great was that?" Geist asked Morales, whose eyes were filled with tears of laughter.

But the pair admitted that Tremmel's report was valuable information for viewers concerned with possible bear attacks.

"Curl up in a ball and wait for death, I think, was the final piece of advice," Geist concluded.

Source: http://www.today.com/entertainment/tv-reporters-tips-dealing-bears-goes-viral-6C10616740

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Wolters Kluwer Launches Fair Lending Training | RV Business

Wolters Kluwer Financial Services today (July 10) launched a new comprehensive fair lending training program targeting the automotive, recreational vehicle, marine and powersports dealer industry, according to a press release.

Developed as a response to increased lender pressure and industry scrutiny of fair lending practices within the dealer marketplace, the training provides dealers with a comprehensive program to educate finance department personnel and equip them with fair lending standards needed to help them ensure compliance and maintain strong lender relationships.

In March, the Consumer Financial Protection Bureau (CFPB) published Bulletin 2013-02, Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act. Since then, the CFPB has issued subpoenas in an expansive probe into indirect auto lending practices, and the justice department is investigating auto dealers for their rate markup practices, hinting that further legal action targeting dealers directly may be on the horizon. It has prompted a great deal of analysis, discussion and concern within the network of dealers and their lender relationships.

?While dealers generally fall outside the jurisdiction of the CFPB, recent developments have made it clear the lenders they work with will not escape the scrutiny of regulatory bodies which enforce ECOA compliance. These lenders are certainly starting to exert pressure on dealers to find ways to demonstrate that they are in compliance with fair lending regulations,? says Chip Zyvoloski, senior attorney, indirect lending with Wolters Kluwer Financial Services. ?Our fair lending training is designed to help dealers comply with the law, protect them from risk and at the same time provide them with a way to demonstrate ongoing compliance to their lender relationships.?

The National Independent Automobile Dealers Association (NIADA) has announced their endorsement of the Wolters Kluwer Financial Services fair lending training program.

Source: http://www.rvbusiness.com/2013/07/wolters-kluwer-launches-fair-lending-program/

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