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¶ … WorldCom Noose Getting Tighter: Bankruptcy Tough to Avoid" illustrates dramatic business news, relevant to current issues in the telecommunications slump. The WorldCom bankruptcy declaration is also personalized because it reminds the reader of the fragility of the economy as well as the possibility of individual financial ruin.
The fact that the $3.9 billion fraud disclosure was a "record" indicates controversy and drama, no doubt conflict-filled. Because this dollar amount is clearly stated as being a "record" signifies the novelty of this particular incident. That banks could "force" WorldCom into default depicts actual action in the business world. Newsworthiness of this piece increases with the stress on the sullying of the WorldCom name, which is "permanently scarred," and "damaged beyond repair."
Investors are angry, notes the journalist: the issue is personalized, identifiable,...
The mentioning of 20 million customers further drives home the fact that you, the reader, are directly affected. Likewise, the inclusion of the clause that service will continue uninterrupted personalizes an otherwise dry news event.
Photo of Baby Suicide Bomber Called a Joke" is filled with violent imagery that is linked to current, relevant political issues. That the photo is a joke is irrelevant in light of the reality of suicide bombers in Israel. This prank, called "Terror in Diapers," is a concrete event. It is also controversial, deviant, and novel. That a baby was dressed up as a suicide bomber evokes cruelty and hatred. The incident is dramatic and conflict-filled, but it is also personal: most readers will be able to relate to the sense of shock and horror induced by using a baby in this way. The journalist uses this novel incident to lead the reader…
Photo of Baby Suicide Bomber Called a Joke" is filled with violent imagery that is linked to current, relevant political issues. That the photo is a joke is irrelevant in light of the reality of suicide bombers in Israel. This prank, called "Terror in Diapers," is a concrete event. It is also controversial, deviant, and novel. That a baby was dressed up as a suicide bomber evokes cruelty and hatred. The incident is dramatic and conflict-filled, but it is also personal: most readers will be able to relate to the sense of shock and horror induced by using a baby in this way. The journalist uses this novel incident to lead the reader into an analysis of current events in the Middle East. Reminding us of the reality of suicide bombers through this joke, the writer uses the opportunity to present both sides of prevalent political issues.
Xerox Reduces1996-2001 Revenues by 2%" describes the deviant, controversial behavior of a major corporation. Because Xerox is a recognizable name, the issue becomes personalized and relevant to current economic issues. Xerox "improperly recorded more revenue," which is a controversial, conflict-filled, and concrete event. The events of the impropriety are identifiable; the facts listed are dry and verifiable. Attempting to sensationalize the issue, the writer indicates that the company paid the largest levy "against a company for financial-reporting violations." Corporate deviance is as relevant and newsworthy as criminal deviance, especially to investors.
None of these articles contain all the components of newsworthiness. Only the "Photo of baby suicide bomber called 'a joke'" contains elements of violence. Although all three articles indicate some sort of action, none of them are particularly riveting narratives. Nevertheless, the issues are personalized enough to grab the reader's attention. The journalist in each case links the facts to prevalent current events: the business articles through economic issues and the photo article through political issues. All articles list concrete events that are identifiable; the facts are clear. The photo of the baby is of course the most novel and deviant of the three, as well as being the most dramatic. However, the writers of the WorldCom and Xerox pieces attempts to sensationalize their points by emphasizing corporate deviance. All three articles depict some type of controversy and conflict. Attention-grabbers are necessary for newspaper sales; therefore even the driest news must be made as controversial as possible.
Bankruptcy Reform Act of 2005 and Explaining Why Congress Instituted This Act When an individual or a firm comes to a financial situation where its assets are unable to cover the debt or liabilities and there is no capital or asset that can be liquidated to pay the debt the firm or person becomes insolvent. Formerly there were prison sentences for debtors, but the laws from the medieval periods have been
It provided for fast proceedings, encouraged debtors to reschedule their obligations rather than liquidate and helped creditors recover their claims against bankrupt estates. The 1994 Act also created the National Bankruptcy Commission, charged with investigating further modifications of the bankruptcy law. Latter laws, however, disregarded many of the Commission's recommendations. In April 2005, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Many
The same officials that controlled the municipality prior to the filing continue to run it, and the bankruptcy court has no authority to intervene or to deviate from their authority. Note that since the bankruptcy process changes nothing in the locality's political structure. Therefore, the incentives that promoted local spending and caused the bankruptcy to begin with, remain in force. This explains why municipalities that file for Chapter 9 tend
Similarly, establishing payment plans with vendors may help reduce monthly costs and free up extra cash. The benefit of such restructuring is that it would allow the company to avoid the highly invasive Chapter 11 process, where there is a loss of control as creditors and a court get to weigh in on company operations. The downside of debt restructuring is that Interstate would still have to pay its
Bankruptcy of WomenFirst Health Care, Inc. Women First HealthCare, Inc. entered the American business scene in 1996 and its declared mission was to "to help midlife women make informed choices regarding their health care and to provide pharmaceutical products" and, additionally, to provide specific pharmaceutical products to meet the needs of women over forty years. In this sense, the company developed several products, including hormone treatments, meant to improve the life
Bankruptcy may occur when people or businesses that are financially-distressed may have their debt eliminated in part or altogether. The number of bankruptcy filings for the fiscal year ending March 31, 2003 was ~1.6 million in the United States alone (Levy and LaGana). Common types of bankruptcy include filing Chapter 7, 11, 12, or 13. Chapter 7 is the most common type of bankruptcy and may be used by people