Judge approves WaMu bankruptcy plan

By RANDALL CHASE

WILMINGTON, Del. - After a long and contentious legal battle and more than three years in bankruptcy, Washington Mutual Inc. on Friday finally won court approval of a reorganization plan.

"It took three and a half years, but I think the result is remarkable and well worth it," said Judge Mary Walrath, who had twice rejected reorganization plans filed by Washington Mutual before giving her blessing to a revised plan Washington Mutual submitted in December.

"I'm happy to confirm this plan," the judge added. "I thank all the parties for not giving up."

As with its earlier proposals, Washington Mutual's plan is based on WMI, JPMorgan Chase and the Federal Deposit Insurance Corp. settling lawsuits they filed against one another after the collapse of Seattle-based Washington Mutual Bank in 2008 and the sale of its assets to JPMorgan Chase & Co. for $1.9 billion. It was the largest bank failure in U.S. history.

The plan calls for some $7 billion to be distributed to creditors and includes significant recoveries for shareholders, who often are left with nothing in bankruptcy cases.

"This Chapter 11 plan is a tremendous success," said Washington Mutual attorney Brian Rosen.

In denying a previous WaMu plan in September, Walrath granted permission to the official committee of equity holders to pursue claims that hedge funds supporting the plan had engaged in insider trading based on information obtained during the bankruptcy.

Following court-ordered mediation, the hedge funds agreed to provide $75 million in cash to the reorganized Washington Mutual, a small reinsurance company in which current Washington Mutual stockholders will hold 95 percent of the equity. The hedge funds also will provide a $125 million credit facility to the reorganized company. The hedge funds denied the allegations of insider trading.

Walrath agreed with Edgar Sargent, an attorney for the equity committee, that individual shareholders had played an extraordinary role in the case.

"I have never seen a case where the shareholders had been so active and so interested in what is going on, and what their rights are and how they can protect them," she said.

Read More»

Fort Worth Star-Telegram, Texas, Mitchell Schnurman column

By Mitchell Schnurman, Fort Worth Star-Telegram, Texas

Feb. 09--Like it or not, healthcare reform is coming to Texas, and it's dragging health insurance into the modern age.

In this state, lawmakers and businesses embrace the mantra of free markets and low regulation. Regulators don't have the authority to reject increases in health insurance premiums. They didn't even bother with a rate review unless an increase topped 50 percent a year -- a threshold that speaks volumes about the role of limited government here.

Under the new federal healthcare law, a 10 percent increase triggers a rate review. Last week, Aetna disclosed that premiums for four small group plans in Texas would rise 12.5 to 13.1 percent, effective April 1. Together, the plans cover 95,000 people.

Some states publish such information regularly, but not Texas. Now the healthcare law requires that the reviews be posted on a federal website, healthcare.gov. The entries include the insurers' explanation for the increase, a breakdown of how the extra money will be spent (19 percent is slated for doctors, Aetna writes), and the rate changes in the previous three years.

Eventually, Texas regulators will weigh in on whether the increase is reasonable. That may put more heat on insurers, but in this state, none has to reduce the amount.

All this is an early step to bring more transparency to the marketplace, so consumers can become more effective shoppers. The public disclosures won't affect most people who get health insurance from large employers, because big companies don't need much help. The healthcare reform changes are targeted at those who buy insurance through individual and small group plans, which generally have the high price spikes.

One Texas entry, from a Cigna policy based in Arizona that has two Texas members, has a 44 percent increase this year. That follows increases of 35 percent, 29 percent and 24 percent in the previous three years.

Aetna's moves are modest by comparison. The largest plan has increased premiums by a total of 25 percent in the past three years.

People often criticize the federal government for over-reaching on healthcare. But the feds have no power to deny Aetna's or Cigna's price hikes. That decision rests solely with the states.

Read More»

Why Parents Have a Midlife Crisis

   

I’m certainly not a licensed therapist, but I’m pretty sure I’ve figured out the reason why every married couple in their 50’s either bicker with each other for 10 years straight or end up in divorce- it’s due to their children’s failure to launch!

   

Once the kids move out of the house and they start to get used to the awkward stage of only having to consider each other, it’s our duty as children to step up and give them something to distract them from arguing! They should be watching our kids, planning weddings, preparing for the company we’re bringing to Easter dinner. My parents have none of that- just me visiting every 2-3 months!

   

So everyone in your mid-twenties: Save your parents’ marriage and get something on the go already! They’ve done enough bickering and they’re now ready to be distracted until they’re at such an age, that age distracts them!

   

Read More»

The History Of Daylight Savings Time

Why Time Matters

"Spring forward, fall back" is a familiar phrase often used to remind us when to change our clocks an hour ahead or an hour behind. But why do we follow this practice year after year? The simple answer would be to adjust to the lengthening or shortening of daylight which occurs during the summer and winter months. However, there is a history behind why we adjust our clocks yearly, and a controversy surrounding whether it should be done at all.

Even ancient civilizations worked their schedules and routines around the change in daylight. However, modern daylight savings time was first introduced in 1784, with a published paper in France by Benjamin Franklin. He proposed rising earlier to use morning sunlight instead of overusing candles. In 1905, William Willett re-introduced the idea of daylight savings time who felt daylight was being wasted during the summer. He published his own proposal about the subject suggesting the clock be advanced during the summer months. Germany began implementing his idea during the start of World War I as a way to conserve coal, and other European nations, as well as the United States, began following suit.

Today, there are several reasons given to justify the continued use of daylight savings time. One benefit is energy conversation. "Delaying" the times in which the sun rises and sets saves on lighting, which accounts for almost 4\% of electricity use in the United States. There are also effects on the economy because of daylight savings time. Retailers and other businesses can benefit from the extended sunlight, which encourages consumers to shop longer and participate in outdoor sports and hobbies. However, it comes as a cost, as the clock change can mean extra work to support remote meetings and computer applications. A drop in crime and traffic fatalities has also been observed in correlation with using daylight savings time, as the extra daylight gives more time for commutes home and the completion of errands before nighttime. Depending on the location, a reduction of daylight can also effect overexposure to sunlight, as well as more time for outdoor exercise and activities.

Many view daylight savings time as a negative and unnecessary practice. Some say it affects health negatively, disrupting sleep patterns and ruining sleep's efficiency, which can lead to seasonal depression/disorders. Farmers largely dislike daylight savings time, as they must rise with the sun no matter what time it is, and it forces them to change their schedules to sell crops. Many view the practice as just a large inconvenience, disrupting travel, timekeeping, heavy machinery and computer equipment, and schedules.

Daylight savings time has indeed been a controversy since it was first officially used, and despite several government changes to the practice, it will undoubtedly continue to be a controversial practice. Whether you find it beneficial or a huge inconvenience, just remember to "spring forward" or "fall back", or you may find yourself sleeping through an important business meeting or missing out on some extra hours during a lovely summer's morning. So don't forget to change your clocks this weekend!

Read More»

Modern Dating 101

Tips for Dating in a Modern World

The times, they are a'changing, and so are the many complicated rules regarding dating and relationships. Roles have reversed and changed, new boundaries have been drawn, and among all of these changes are still many traditional and universal do's and don'ts that remain in effect today. For any who are confused by the modern dating scene, here are a few tips that can act as a guideline for today’s men and women to keep up with dating's changing rules.

There are a few age-old and universal rules of dating that are just plain courteous to follow. While some of these may seem like common sense to some, you'd be surprised at how often such things are overlooked!

First and foremost, always be attentive to your date. This includes maintaining eye contact while engaging in conversation that makes neither person the sole listener. Show interest in your date, and ask questions, but be sure not to sound like an interrogator. Be sure to plan your date out ahead of time, planning activities that will be enjoyable and interesting for both parties, avoiding large gaps in time that will only serve to provide awkward silences.

With the changes in male and female roles over the years, many men become confused with how they are to behave and wrestle with whether or not to remain chivalrous. While there are women out there who may react negatively to such actions as having their door opened for them or their chair pulled out, the general consensus is that most women find these acts to be gentlemanly and appreciate these little things that show their date is being polite and considerate. Remember not to over-do it. If overdone, chivalry becomes more of a show and less than a genuine and sincere want to show your sweet side.

Internet dating is on the rise, and with this comes the act of meeting for the first time after several interactions via chat rooms or phone calls. With this in mind, always plan to meet your date in a public place. This is a safe practice that can also give inspiration for ice breakers and distractions to fill in any silences and lags in conversation. One-on-one dating and romance should be reserved once you have gotten to know your date a bit better and can feel completely comfortable doing so.

When it comes to paying the bill, there are many arguments over who should pay what and when. In these modern times, one can't always assume the man is going to pay. Rather, many people believe that whomever asked for the date is responsible for paying. It is also common practice to just split the bill unless one offers to pay the entire thing, in which case, the other should graciously accept and then offer to make up the next time.

It is also now widely accepted and even encouraged for women to ask men out on dates without the woman being wrongfully labeled as "too forward" or "desperate." Many find it attractive and a good show of confidence! Both parties should remember, however, that despite the modern world viewing sex as something not taboo and inappropriate, that unwanted physical advances should be avoided. If chemistry is felt, then it's generally accepted that it's okay to test the waters... but carefully, and with clear consent. Being too forward in affection can be a definite turn-off.

With some common sense and a few traditional and well-known tips, the modern dating scene can really be a fun and simple world in which to venture. Just remember to treat your date with courtesy, bring your sense of humor, and use effective communication, and you should be golden!

Read More»

Top 10 Selling Novels of 2010

With the rising popularity of the Sony e-Reader and similar electronic ways to read books, the written word, or the printed word for that matter is still relevant in today's society.

From beach trash to great American novels, books have been around for centuries and have taught us a great deal, and made the authors of bestselling novels plenty of cash. Here is a list of bestsellers that have dominated the charts so far this year.

The Help

By Kathryn Stockett

In her extremely well reviewed debut novel, Stockett explores issues of race and class in Jackson, Mississippi during the civil rights movement. Poignant, authentic and excellently executed, this best seller deserves its spot at the top of the list.

The Girl with the Dragon Tattoo

By Stieg Larsson, translated by Reg Keeland

This expertly paced thriller is the first in a trilogy about a has-been financial journalist who attempts to save his name by agreeing to aid in the research of an unsolved disappearance with the help of a body-molded lady computer hacker. Plot twists keep the reader guessing in this never dull page turner.

Dear John

By Nicholas Sparks

From the popular writer of 'The Notebook' and 'A Walk to Remember', 'Dear John' tells a romantic tale of two early twenty-somethings who prove the adage "opposites attract." But with a title like 'Dear John', can the reader realistically expect a happy ending? This novel has already been adapted to the screen, and the movie starring Amanda Seyfried debuted this year.

The Lost Symbol

By Dan Brown

A conspiracy thriller set in our own backyard, 'The Lost Symbol' explores possible dark elements of America's history. Brown, author of 'The Da Vinci Code', creates a lot of excitement for returning character Robert Langdon, who (in true Dan Brown form) solves riddles, unearths clues, and seeks to defeat the madman villain.

The Shack

By William P. Young

The aftermath of the kidnapping and possible brutal murder of a man's young daughter is the focus of this enthralling novel. When the man finds a bizarre note that supposedly is from God, he follows its directive to visit the shack where his daughter's murder may have taken place. Well written and compelling, this book has been called "transformative" and has been hailed by reviewers.

Breaking Dawn (The Twilight Saga, Book 4)

By Stephanie Meyer

Bella is still torn between the love of her vampire paramour and werewolf suitor. For many, this fourth installment in the Twilight series feels like filler. Nevertheless, 'Breaking Dawn' remains popular with readers both young and old and sales are continually bolstered by the popularity of the movie franchise.

Eclipse (The Twilight Saga, Book 3)

By Stephanie Meyer

Only slightly slower selling than its follow up, the third book in the series follows the love life of high school student Bella Swan, whose potential mates include a vampire and a werewolf.

Let the Great World Spin: A Novel

By Colum McCann

This exquisite novel lets the reader peek in on ten very diverse lives in 1974 New York. It's all precariously connected by the tightrope walking feat of Philippe Petit, who walked between the WTC towers on a cable in late summer of 1974.

The Girl Who Played with Fire

By Stieg Larsson

The follow up to 'The Girl with the Dragon Tattoo' focuses on the Swedish sex trade.

Sarah’s Key

By Tatiana de Rosnay

This riveting historical novel discusses regrettable French behavior regarding the arrest of Jewish families living in France during the Second World War. Alternating between the past and present, de Rosnay revolves the plot around an American writer whose marriage hangs in the balance of her sordid discoveries.

Read More»