Global Warming Is Still An Issue, Sort Of

Climategate is Still the Issue
corbettreport 287 videos http://www.youtube.com/watch?v=b-uzNBtdYOo&feature=player_embedded
-excerpt- Headlines November 22, 2010
2006 GOP Report on Global Warming Was Partly Plagiarized USA Today has revealed an influential 2006 Republican congressional report that raised questions about the validity of global warming research was partly based on material copied from textbooks, Wikipedia, and the writings of one of the scientists criticized in the report. One analyst determined that 35 of the report’s 91 pages were plagiarized, and often injected with errors, bias and changes of meaning. The report was compiled at the request of global warming denier Republican Congressman Joe Barton of Texas, then the head of the House Energy and Commerce Committee. With the Republicans set to take control of the House, Barton appears in line to become chair of the committee again. http://www.democracynow.org/2010/11/23/headlines#7
Experts claim 2006 climate report plagiarized
Michael Coffman, PhD
Global Warming or Global Governance? Global Warming or Global Governance 1/8
WakeUpCall4Wor http://www.youtube.com/watch?v=jaNcQ4Wj7bQ Global Warming or Global Governance? Global Warming or Global Governance 2/8 http://www.youtube.com/watch?v=YpmBDo99Xi4&feature=related Global Warming or Global Governance? Global Warming or Global Governance 3/8 http://www.youtube.com/watch?v=h9Ur0ka9rn4&feature=related Global Warming or Global Governance? Global Warming or Global Governance 4/8 http://www.youtube.com/watch?v=NQ-_PoBiUb8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 5/8 http://www.youtube.com/watch?v=zS0SWVIRaZ8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 6/8 http://www.youtube.com/watch?v=zS0SWVIRaZ8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 7/8 http://www.youtube.com/watch?v=GNZVfP95wyQ&feature=related Global Warming or Global Governance? Global Warming or Global Governance 8/8 http://www.youtube.com/watch?v=W4glMEpChc0&feature=related
WakeUpCall4Wor
Global Warming: Emerging Science & Understanding
British Broadcasting Channel Documentary
The Great Global Warming Swindle
Environmentalists 'exaggerated' threat to tropical rainforests from global warming
By David Derbyshire
Last updated at 8:26 AM on 12th November 2010 http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html
* Comments (77)
* Add to My Stories
Read more: http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html#ixzz16Basdsn8
http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html
Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 1/3 http://blip.tv/file/3971588/ Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 2/3 http://blip.tv/file/3971603 Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 3/3 http://blip.tv/file/3971616
Updated 1d 7h ago | Comment | Recommend E-mail | Save | Print | Reprints & Permissions | Subscribe to stories like this
In this 2007 photo, an iceberg melts in Kulusuk Bay, Greenland. Amid ongoing concern over global warming and the validity of climate research, experts now say an influential 2006 report contained material that likely was plagiarized.
Enlarge image Enlarge By John Mcconnico, AP
In this 2007 photo, an iceberg melts in Kulusuk Bay, Greenland. Amid ongoing concern over global warming and the validity of climate research, experts now say an influential 2006 report contained material that likely was plagiarized.
By Dan Vergano, USA TODAY
http://www.usatoday.com/weather/climate/globalwarming/2010-11-21-climate-report-questioned_N.htm
climategate.tv - arrest the crimatologists - http://climategate.tv/
YouTube – Richard Lindzen on the State of Climate Science.(November 22ND 2010) http://www.youtube.com/watch?v=uu9fprxnkEI&feature=player_embedded
Canadian Senate kills climate change bill Nov 20th YouTube – Senate kills climate change bill. http://www.youtube.com/watch?v=1R7pEgkMFMc&feature=player_embedded
Lord Stern Threatens Trade Wars Over Carbon Emissions

Nov 20th

Posted by admin in News

No comments

via WattsUpWithThat.com

Climate Wars: Nick Stern Threatens U.S. With Trade Boycott

The Times, 19 November 2010

Ben Webster

The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. Lord Stern Threatens Trade Wars Over Carbon Emissions

Nov 20th

Posted by admin in News

No comments

via WattsUpWithThat.com

Climate Wars: Nick Stern Threatens U.S. With Trade Boycott

The Times, 19 November 2010

Ben Webster

The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. Lord Stern Threatens Trade Wars Over Carbon Emissions
Nov 20th Posted by admin in News No comments via WattsUpWithThat.com http://wattsupwiththat.com/2010/11/19/lord-stern-deny-the-whole-usa-trade-if-you-dont-play-the-agw-game/ Climate Wars: Nick Stern Threatens U.S. With Trade Boycott The Times, 19 November 2010 Ben Webster The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. http://www.timesplus.co.uk/tto/news/?login=false&url=http://www.thetimes.co.uk/tto/environment/article2813617.ece
Schwarzenegger Reflects on Year of Climategate: “A Tremendous Setback”

Nov 20th

Posted by admin in News

No comments

via TomNelson.blogspot.com
http://tomnelson.blogspot.com/2010/11/schwarzenegger-year-we-had-tremendous.html
November 20, 2010
There are competing interests in this debate. The "science" of global warming has now well been debunked, outed, and disprovein in the real world. However, the debaters in the United Nations and in major academic universities and colleges both domestically in United States and around the world have instructed students that the impact of humans have increased the output of Carbon Dioxide on the planet and this has and will continue to cause the planet damage that may well be unrecoverable.
Why do I believe Global Warming is not caused by man and may in fact not be reality at this time regardless of the current conditions occuring on the planet? Because of the following group of data sets and documentary information:
Michael Coffman, PhD
Global Warming or Global Governance?
Global Warming: Emerging Science & Understanding
British Broadcasting Channel Documentary
The Great Global Warming Swindle
Environmentalists 'exaggerated' threat to tropical rainforests from global warming
By David Derbyshire
Last updated at 8:26 AM on 12th November 2010 http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html
* Comments (77)
* Add to My Stories
Read more: http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html#ixzz16Basdsn8
http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html


Climategate is Still the Issue
corbettreport 287 videos http://www.youtube.com/watch?v=b-uzNBtdYOo&feature=player_embedded
-excerpt- Headlines November 22, 2010
2006 GOP Report on Global Warming Was Partly Plagiarized USA Today has revealed an influential 2006 Republican congressional report that raised questions about the validity of global warming research was partly based on material copied from textbooks, Wikipedia, and the writings of one of the scientists criticized in the report. One analyst determined that 35 of the report’s 91 pages were plagiarized, and often injected with errors, bias and changes of meaning. The report was compiled at the request of global warming denier Republican Congressman Joe Barton of Texas, then the head of the House Energy and Commerce Committee. With the Republicans set to take control of the House, Barton appears in line to become chair of the committee again. http://www.democracynow.org/2010/11/23/headlines#7
Experts claim 2006 climate report plagiarized
Updated 1d 7h ago | Comment | Recommend E-mail | Save | Print | Reprints & Permissions | Subscribe to stories like this
In this 2007 photo, an iceberg melts in Kulusuk Bay, Greenland. Amid ongoing concern over global warming and the validity of climate research, experts now say an influential 2006 report contained material that likely was plagiarized.
Enlarge image Enlarge By John Mcconnico, AP
In this 2007 photo, an iceberg melts in Kulusuk Bay, Greenland. Amid ongoing concern over global warming and the validity of climate research, experts now say an influential 2006 report contained material that likely was plagiarized.
By Dan Vergano, USA TODAY
http://www.usatoday.com/weather/climate/globalwarming/2010-11-21-climate-report-questioned_N.htm
climategate.tv - arrest the crimatologists - http://climategate.tv/
YouTube – Richard Lindzen on the State of Climate Science.(November 22ND 2010) http://www.youtube.com/watch?v=uu9fprxnkEI&feature=player_embedded
Canadian Senate kills climate change bill Nov 20th YouTube – Senate kills climate change bill. http://www.youtube.com/watch?v=1R7pEgkMFMc&feature=player_embedded
Lord Stern Threatens Trade Wars Over Carbon Emissions

Nov 20th

Posted by admin in News

No comments

via WattsUpWithThat.com

Climate Wars: Nick Stern Threatens U.S. With Trade Boycott

The Times, 19 November 2010

Ben Webster

The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. Lord Stern Threatens Trade Wars Over Carbon Emissions

Nov 20th

Posted by admin in News

No comments

via WattsUpWithThat.com

Climate Wars: Nick Stern Threatens U.S. With Trade Boycott

The Times, 19 November 2010

Ben Webster

The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. Lord Stern Threatens Trade Wars Over Carbon Emissions
Nov 20th Posted by admin in News No comments via WattsUpWithThat.com http://wattsupwiththat.com/2010/11/19/lord-stern-deny-the-whole-usa-trade-if-you-dont-play-the-agw-game/ Climate Wars: Nick Stern Threatens U.S. With Trade Boycott The Times, 19 November 2010 Ben Webster The United States will be banned from selling goods to many countries if it continues to shirk its promise to cut greenhouse gas emissions, according to the world’s leading climate change economist. http://www.timesplus.co.uk/tto/news/?login=false&url=http://www.thetimes.co.uk/tto/environment/article2813617.ece
Schwarzenegger Reflects on Year of Climategate: “A Tremendous Setback”

Nov 20th

Posted by admin in News

No comments

via TomNelson.blogspot.com
http://tomnelson.blogspot.com/2010/11/schwarzenegger-year-we-had-tremendous.html
November 20, 2010
There are competing interests in this debate. The "science" of global warming has now well been debunked, outed, and disprovein in the real world. However, the debaters in the United Nations and in major academic universities and colleges both domestically in United States and around the world have instructed students that the impact of humans have increased the output of Carbon Dioxide on the planet and this has and will continue to cause the planet damage that may well be unrecoverable.
Why do I believe Global Warming is not caused by man and may in fact not be reality at this time regardless of the current conditions occuring on the planet? Because of the following group of data sets and documentary information:
Michael Coffman, PhD
Global Warming or Global Governance? Global Warming or Global Governance 1/8
WakeUpCall4Wor http://www.youtube.com/watch?v=jaNcQ4Wj7bQ Global Warming or Global Governance? Global Warming or Global Governance 2/8 http://www.youtube.com/watch?v=YpmBDo99Xi4&feature=related Global Warming or Global Governance? Global Warming or Global Governance 3/8 http://www.youtube.com/watch?v=h9Ur0ka9rn4&feature=related Global Warming or Global Governance? Global Warming or Global Governance 4/8 http://www.youtube.com/watch?v=NQ-_PoBiUb8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 5/8 http://www.youtube.com/watch?v=zS0SWVIRaZ8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 6/8 http://www.youtube.com/watch?v=zS0SWVIRaZ8&feature=related Global Warming or Global Governance? Global Warming or Global Governance 7/8 http://www.youtube.com/watch?v=GNZVfP95wyQ&feature=related Global Warming or Global Governance? Global Warming or Global Governance 8/8 http://www.youtube.com/watch?v=W4glMEpChc0&feature=related
WakeUpCall4Wor
Global Warming: Emerging Science & Understanding Search results for

* global
* warming
* emerging
* science
* and
* understanding

About 101 results http://www.youtube.com/results?search_query=global+warming+emerging+science+and+understanding&aq=f
Translate results into my language
[Global Warming Emerging Science and Understanding Part 1 - Dr. Coffman] 9:59 Add to Added to queue
Global Warming Emerging Science and Understanding Part 1 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 4,229 views
http://www.youtube.com/watch?v=RFxxdH67kwY
[Global Warming Emerging Science and Understanding Part 2 - Dr. Coffman] 6:23 Add to Added to queue
Global Warming Emerging Science and Understanding Part 2 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 1,578 views
http://www.youtube.com/watch?v=CI0k2fk0toA
[Global Warming Emerging Science and Understanding Part 3 - Dr. Coffman] 9:08 Add to Added to queue
Global Warming Emerging Science and Understanding Part 3 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 1,431 views
http://www.youtube.com/watch?v=iro31cSlVTs
[Global Warming Emerging Science and Understanding Part 4 - Dr. Coffman] 8:33 Add to Added to queue
Global Warming Emerging Science and Understanding Part 4 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 1,127 views
http://www.youtube.com/watch?v=1t_pX9VLBKQ
[Global Warming Emerging Science and Understanding Part 5 - Dr. Coffman] 9:30 Add to Added to queue
Global Warming Emerging Science and Understanding Part 5 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 1,017 views
http://www.youtube.com/watch?v=i99QYtsnjCA
[Global Warming Emerging Science and Understanding Part 6 - Dr. Coffman] 9:53 Add to Added to queue
Global Warming Emerging Science and Understanding Part 6 - Dr. Coffman

Eighty percent of the American population now believe that man is responsible for global warming. Emerging science, however, is providing ...

by sweetcjones | 1 year ago | 924 views
http://www.youtube.com/watch?v=TbJotLl7twM
British Broadcasting Channel Documentary
The Great Global Warming Swindle -Swindle The Great Global Warming Swindle- http://blip.tv/file/467726/
Environmentalists 'exaggerated' threat to tropical rainforests from global warming
By David Derbyshire
Last updated at 8:26 AM on 12th November 2010 http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html
* Comments (77)
* Add to My Stories
Read more: http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html#ixzz16Basdsn8

http://www.dailymail.co.uk/sciencetech/article-1328853/Environmentalists-exaggerated-threat-tropical-rainforests-global-warming.html
Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 1/3 http://blip.tv/file/3971588/ Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 2/3 http://blip.tv/file/3971603 Michael Coffman, PhD: Rescuing A Broken America - Alex Jones Tv 3/3 http://blip.tv/file/3971616
Episode #110a - Climategate
Date/Duration: 2009/11/29 / 1:00:01
Description: Just as the oligarchs are moving to consolidate their power in a new global governmental scheme based on the manmade climate change scare, their fraud has been exposed. The source code doesn't lie, unlike the scientists who have perverted the good name of science in the pursuit of their political goals. Join us this week on The Corbett Report as we ask you to help us in Operation: Arrest the Crimatologists.
[Download MP3 http://www.corbettreport.com/mp3/episode110a_climategate.mp3 - Documentation http://www.corbettreport.com/index.php?i=Documentation&ii=246]
Web Mirror Copy of Documentation page click link for direct further citation links on copied page: http://www.corbettreport.com/index.php?i=Documentation&ii=246
Documentation - A Message to the Environmental Movement...in Spanish!
Time Reference: 02:50
Description: MENSAJE PARA EL MOVIMIENTO MEDIOAMBIENTAL
Link To: YouTube
Cache:

Documentation - A Message to the Environmental Movement - Darth Vader style!
Time Reference: 02:56
Description: Why? Why not!
Link To: YouTube
Cache:

Documentation - WTO Director General: Global Governance Based on the EU Model
Time Reference: 04:39
Description: Real News #1
Link To: OldThinkerNews.com
Cache:

Documentation - MEP Reprimanded For Exposing EU Dictatorship
Time Reference: 06:22
Description: Real News #2
Link To: PrisonPlanet.com
Cache:

Documentation - New World Next Week 2009/11/29
Time Reference: 08:00
Description: Real News #3
Link To: YouTube
Cache:

Documentation - RCMP watchdog won't be reappointed
Time Reference: 09:31
Description: Real News #4
Link To: CBC
Cache:

Documentation - Respected scientist says aliens are among us
Time Reference: 10:21
Description: Real News #5
Link To: The Star
Cache:

Documentation - New EU President Rompuy announces 2009 as first year of global governance
Time Reference: 12:18
Description: The climate conference in Copenhagen is another step towards the global management of our planet.
Link To: OldThinkerNews.com
Cache:

Documentation - UK and France propose climate fund for poor
Time Reference: 13:35
Description: What? You don't think it's actually going to end up going to the poor?
Link To: BBC News
Cache:

Documentation - Global Warning: Leaked “Climate Fraud” emails under probe
Time Reference: 15:08
Description: A fair (mostly) piece on the Climategate scandal from Russia Today.
Link To: RussiaToday.com
Cache:

Documentation - CLIMATE BOMBSHELL: Hacker leaks thousands of emails showing conspiracy to "hide" the real data on manmade climate change
Time Reference: 19:45
Description: My first article on the subject as the story was breaking.
Link To: The Corbett Report
Cache:

Documentation - The warming conspiracy’s most damning emails
Time Reference: 22:55
Description: Highlights some of the more interesting parts of the leaked CRU correspondence.
Link To: Herald Sun
Cache:

Documentation - climategate: hacked emails expose climate control schemes
Time Reference: 23:06
Description: Data dump on the Climategate affair.
Link To: MediaMonarchy
Cache:

Documentation - ClimateGate for Dummies
Time Reference: 23:34
Description: Master article with links to dozens of other articles and videos on the subject.
Link To: Infowars.com
Cache:

Documentation - CRU Emails may be open to interpretation, but commented code by the programmer tells the real story
Time Reference: 24:13
Description: The code spills the beans.
Link To: WattsUpWithThat
Cache:

Documentation - Climategate: The Backstory
Time Reference: 26:13
Description: Prescient video on the CRU released by The Corbett Report just weeks before the Climategate story broke.
Link To: YouTube
Cache:

Documentation - Climategate: Dr. Tim Ball on the hacked CRU emails
Time Reference: 27:49
Description: Interview with historical climatologist about the climategate scandal.
Link To: YouTube
Cache:

Documentation - Ed Begley, Jr. Loses Control Over ClimateGate
Time Reference: 35:37
Description: Begley blows a gasket and becomes a broken record: peer-review, peer-review, peer-review.
Link To: YouTube
Cache:

Documentation - Climategate: how the MSM reported the greatest scandal in modern science
Time Reference: 39:22
Description: That should read failed to report.
Link To: James Delingpole
Cache:

Documentation - BBC Climate Correspondent Was Forwarded CRU Emails Five Weeks Before They Were Made Public
Time Reference: 43:41
Description: A BBC Weather presenter who was discussed by scientists in the “climategate” emails says he was forwarded the material more than five weeks before it was made public on the internet.
Link To: Infowars.com
Cache:

Documentation - NY Times reporter whitewashes Climategate story he is part of
Time Reference: 45:12
Description: What will the ombudsman say?
Link To: GreenHellBlog
Cache:

Documentation - Pretending the climate email leak isn't a crisis won't make it go away
Time Reference: 47:33
Description: I actually agree with Mobiot on that headline's injunction.
Link To: Guardian
Cache:

Documentation - Climategate update: Report filed with UK Information Commissioner
Time Reference: 57:19
Description: Lord Monckton of Brenchley joins The Corbett Report once again to discuss the report that he has filed jointly with Professor Fred Singer against the scientists connected to the ongoing climategate scandal. We discuss the basis of the report, what is
Link To: YouTube
Cache:

NEW:Leave us a voicemail message at (512)553-0297.

Economic Alert!: Climate Not Boding Well for the USA

http://www.mikeruppert.blogspot.com/

Sunday, September 20, 2009
In CoLLapse Times, Life and Art Fuse
From Jenna Orkin:
CoLLapse (Movie) Reviews
Metronews http://www.metronews.ca/vancouver/entertainment/article/314122--collapse-one-of-smith-s-best
Variety http://www.variety.com/review/VE1117941131.html?categoryid=31&cs=1

CoLLapse (Reality) Previews
Europe Overtakes North America As Richest Region In the World
Gordon Brown Urges EU to Back New Economic Order
Warning: Deflationary Collapse Dead Ahead
Pension Plan Shocker Dead Ahead (from Rice Farmer)
China’s coming magnificent bubble
Bank of America's Harris Says Job Market Remains in `Severe Bleeding Mode'
We are near failure in Afghanistan
US abandons missile shield to Russia's delight
Venezuela Is Accelerating Dollar Sales, Chavez Says (from Rice Farmer)
Rift at Fed
Dairy Farmers Want Industry Probe
HealthyStuff.org
Info on toxicity of commonly used items.
Know Your Farmer; Know Your Food Initiative
Body bags disrupt Canada's flu-readiness message (from Rice Farmer)

Europe
Far left party wins German votes
In Norway, the Left Can 'Bribe' Voters with Oil Money
Funeral Industry Sees Profits Fall 35% (Russia)
Does this mean people aren't dying as often as they used to?

Asia
Pig-Farmer Investors in China Stockpile 50,000 Tons of Copper, Sucden Says
Saudi Arabia's `Never Go Bust' Families Mean an End to Easy Credit in Gulf
Temasek (Singapore) Profit Falls Record 66% as Bank Values Drop (from Rice Farmer)
Cancer villages in the wake of China's boom
Rumor: China May Ban Gold, Silver Expo

September 30th update
Fallout Begins? Alabama Firm Cites CIT for Bankruptcy
Published: Saturday, 18 Jul 2009 | 5:13 PM ET

By: Reuters

An Alabama hardware supplier has blamed financial woes at U.S. lender CIT Group for its bankruptcy filing, in an early sign of the effect a potential CIT bankruptcy could have on millions of small U.S. businesses.

* Slideshow: The Largest Bank Failures of 2009

In court documents filed in U.S. bankruptcy court in Birmingham on Friday, Moore-Handley said it was forced to seek bankruptcy protection "due to difficulties accessing funds" under their financing arrangements with CIT [CIT 1.21 -0.99 (-45%) ]. (Click Here for After-Hours CIT Quotes.)

CIT Group inc.
Photo by: Americasroof

The company said it had been negotiating its own strategic plan with CIT but that "the federal government's recent decision not to support CIT's reorganization has thrown CIT into disarray and casts substantial doubt on CIT's ability to continue to fund (Moore-Handley's) working capital requirements."

The company, which says it is the second largest independent hardware and building materials distributor in the United States, said in court papers that it owes about $17.5 million to CIT.

CIT, which services nearly one million small- and mid-sized businesses, has been in talks with a group of bondholders to seek $2 billion to $3 billion in rescue financing as it tries to avoid its own bankruptcy filing, a source close to the company said on Friday.

The impact of CIT's demise would likely pale by comparison with the collapse of investment bank Lehman Brothers last September, analysts have said. But the ripples of the lender's collapse could be widespread, hurting already struggling small businesses such as arts organizations and retailers.

RELATED LINKS

Current DateTime: 05:05:36 03 Aug 2009
LinksList Documentid: 31983717

* CIT Could Hit Retailers
* Financing in Bankruptcy Possible
* Poll: Is CIT Too Small to Bail?

Moore-Handley, which was founded in 1882 according to its Web site, said it had net sales of $145.5 million in 2008, and expected a 20 percent decline in that figure for 2009 as residential construction activity in the Southeast declined.

The case is In re: Moore-Handley Inc, U.S. Bankruptcy Court, Northern District of Alabama, No. 09-04198.
Copyright 2009 Reuters. Click for restrictions.
Topics:Credit | FDIC | Bankruptcy | Federal Reserve | Federal Budget (U.S.)
Companies:CIT Group Inc
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http://finance.blogrange.com/finance-news/cit-eyes-debt-exchange-or-prepack-bankruptcy-sources-reuters/


CIT eyes debt exchange or prepack bankruptcy: sources (Reuters)
Wednesday, September 30th, 2009 | Finance News

NEW YORK (Reuters) –
CIT Group Inc (CIT.N) is planning to offer its unsecured debt holders two options: either exchange their debt voluntarily, or face a prepackaged bankruptcy, sources close to the situation said on Wednesday.

The commercial lender is struggling to reduce debt and raise equity to stay in business. But repairing its balance sheet is just one step toward returning to health -- it must still figure out how to fund future business, analysts said.

"At the end of the day, the business is not sustainable as it is," said Faris Saah, research analyst at Aladdin Capital in Stamford, Connecticut.

The exchange offer is likely to essentially turn the company over to bondholders, sources said Tuesday. Debt investors would get some combination of new debt secured by assets and shares in the company, and the company's overall debt levels would shrink. Little would likely be left for current shareholders, and CIT's shares fell 45 percent on Wednesday. Bonds also fell.

Engineering the exchange could be difficult. A debt exchange typically requires participation from owners of about 90 percent of the securities eligible to be swapped. For CIT, eligible securities would be roughly $32 billion of unsecured debt.

CIT plans to encourage bondholders to swap their notes by threatening a prepackaged bankruptcy, which could require holders of only about two-thirds of the company's total debt to sign on, sources familiar with the situation said.

CIT believes that a prepackaged bankruptcy could take one or two months, the sources said, asking not to be identified because the plan is not yet public. Some bondholders could do better in bankruptcy than a debt exchange.

Finance companies that file for the protection of bankruptcy courts are usually signing their own death certificate, but CIT believes it is an unusual case. The company has been around for more than a century, and many customers have signaled their loyalty to the lender, sources said.

And with credit generally tight for the small and mid-sized businesses that CIT caters to, there are few options for many of CIT's borrowers.

But a bankruptcy could still have some cost, noted Dan Fuss, vice chairman of Loomis Sayles, which oversees more than $140 billion of assets and owns some CIT debt. The company could lose future tax advantages from recent net losses if it files for bankruptcy, he said, which could hit its balance sheet.

"My preference for them would be the debt exchange because then they won't go through the disruption of a bankruptcy," Fuss told Reuters.

If the company files for bankruptcy, it may not be able to emerge as a going concern and might instead have to wind down its business, Aladdin Capital's Saah said.

CIT's longer term plan is to essentially turn itself into a bank. The company is one of scores of lenders and underwriters that relied on bond markets to fund its operations, only to suffer as the credit crunch has raged for two years.

Becoming a bank may not be easy, analysts said. CIT has a small bank subsidiary with about $5 billion of deposits, compared with CIT's overall assets of about $71 billion. Regulators have barred CIT Bank from accepting new deposits.

Although CIT received $2.3 billion in December under the Troubled Asset Relief Program (TARP), federal regulators this year declined further requests by CIT for funds.

In July, CIT bought some time to restructure with the help of an emergency loan from a group of bondholders.

CIT's board has yet to sign off on the restructuring plan, but the board is briefed frequently and knows what the management has been working on, the sources said.

Bond giant PIMCO, Centerbridge Partners LP, Oaktree Capital Management, Baupost Group, Capital Research & Management Co and Silver Point Capital were part of a group that provided a $3 billion loan to the lender this summer.

Under the terms of the $3 billion July loan, CIT must come up with a restructuring plan agreeable to lenders by October 1. That plan will likely include debt exchange offers, the company said in a regulatory filing in August.

If the company goes through a prepackaged bankruptcy, it would need a debtor-in-possession loan to finance it during the process. Banks including Bank of America, Barclays, and Citigroup have talked to CIT about providing financing, but it was not clear which bank was lined up for DIP financing.

CIT's notes maturing next year with a 4.75 percent coupon fell about 2 cents on the dollar to 69.375 cents, according to MarketAxess data.

Debt protection costs for CIT rose on concerns about the company's restructuring. CIT's five-year credit default swaps rose to an upfront payment of 36.2 percent the sum insured plus 500 basis points a year from 34 percent, according to CMA DataVision. That means it would cost $3.62 million to insure $10 million of debt plus $500,000 a year.

CIT shares fell 99 cents to close at $1.21.

(Reporting by Dan Wilchins and Paritosh Bansal; additional reporting by Jennifer Ablan and Walden Siew; editing by John Wallace, Matthew Lewis and Andre Grenon)

Source
Related News

* CIT near plan to turn over company to bondholders: sources (Reuters)
* CIT creditor advisers seek bankruptcy option: source (Reuters)
* CIT courts creditors, plans large debt exchange (Reuters)
* CIT posts loss, completes debt exchange (Reuters)
* CIT extends CEO Peek’s contract for one year (Reuters)


The End of Surburbia (June 29, 2006)



azhomegrownsolutions.ning.com/events/event/show?id=2641034:Event:1751

Many energy ralated aspects are coming into our new reality. Energy Companies will manipulate any limitations in oil (perceived or otherwise). The more preparation people make now the batter our ability to survive both on an individual and collective basis. If people like Alex Jones (on the President Obama Top 25 Enemies List in his movie ">Endgame: Blueprint For Global Enslavement
, Dr. Stan Monteith





, Dr. Bill Deagle
, and Alan Watt eugenics is pervasive and will continue.

Naomi Wolf has a pessimistic view of the society many US citizens have known. She does not emphasize to the same degree of planning the overt detrimental and harmful conditions that will be imposed on people. However as you will see, her perspective is far from glowing.

Talk by Naomi Wolf "The End of America"



Where should the USA go from here? A current blog article
The Virtues of a Disorganized Resistance offers some carefully considered answers. In this article both organized and disorganized resistance are put into focus. Author Denis Jones sites failures of movements by Malcolm X, Martin Luther King, etc. and states they all often have extreme negative results. Jones believes disorganized opposition can yield far greater returns not just allowing for the message to be transmitted.

Exerpt:

How is disorganized resistance superior?

In some societies, dissidents become heroes. In American society dissidents are systematically slandered, libeled, harassed, and villainized. If they become successful, they are murdered (e.g. Martin Luther King, Malcolm X). In the American experience, movements that look to leaders are decapitated. Leaders are a liability, not an asset.