Tag Archives: effect

The Effect of Chrysler Bankruptcy on NASCAR

With the global economic crisis in full swing, we are starting to see some pretty big players starting to fall.  It’s no surprise that the American auto industry has been facing difficult times. It was just a question of when the ..uuhm..sludge would hit the fan.  Well it has in the auto industry, in spades.  We’re now seeing Chrysler in chapter eleven bankruptcy with GM almost certain to follow shortly.  So what impact will this have on the NASCAR circuit which is dominated by cars provided by the big three?

Currently, Chrysler/Dodge represents seven NASCAR teams, most notably with Kyle Bush driving a Dodge.  While Dodge hasn’t been much of a performer in the last few years, Kyle could have been the light at the end of the tunnel Dodge was looking down.  To understand the impact these bankruptcies could have, we need to look at a couple of factors. Firstly, what is under the hood and secondly, what exactly does it mean to enter bankruptcy?

The cars these guys drive may have the Chrysler, Dodge, GM or Ford labels on them, but these cars didn’t come off the assembly line yesterday.  For the most part, they resemble an assembly line vehicle on the outside, but that is, for the most part, where the resemblance ends.  These cars take the term after market to the extreme.  They are stripped down by expert mechanics and pretty well rebuilt into a new car built entirely for high speed with upmost safety in mind.  From suspension, to engines, to seats and steering wheel, that ain’t your daddy’s Chevrolet so to speak.  Even the tires are made exclusively for NASCAR.  So even if one or all of the big three disappeared tomorrow, as long as someone can provide and aerodynamic shell, they will have a car to drive.  Toyota for example has been a major contender in NASCAR for many years now.

Next we look at the bankruptcy process itself.  Without getting too technical, In the US, there are six type of bankruptcy, chapter eleven being one of the most common, and the type which Chrysler filed for.  In Chapter eleven, the debtor retains ownership.  This type of bankruptcy protects the owner from creditors and allows time to develop a plan, acceptable to creditors, in order to continue on with normal operation once they come out from bankruptcy protection.

The reality is, that there is likely going to be little impact on NASCAR of any of the big three automakers going into bankruptcy. Even while in chapter eleven, the exposure it receives from being associated with NASCAR far outweighs the cost of it.  The relationship is a net gain for automakers so this isn’t something they aren’t going to let go of lightly.  Should one of the three completely disappear, there are plenty of other options for NASCAR teams. There’s just something patriotic and American about dominating the field in car racing tough isn’t there?  No one is going to let that go away.

Robert Collins is publisher of http://www.Newsfromthepit.com website. Bringing you the very latest NASCAR racing news and rumors, these are all brought together in one place, gathered from all the top Sports sources Robert also contributes to http://www.Wii-mii.com – Everything Wii.

The Effect of Chrysler Bankruptcy on NASCAR

With the global economic crisis in full swing, we are starting to see some pretty big players starting to fall.  It’s no surprise that the American auto industry has been facing difficult times. It was just a question of when the ..uuhm..sludge would hit the fan.  Well it has in the auto industry, in spades.  We’re now seeing Chrysler in chapter eleven bankruptcy with GM almost certain to follow shortly.  So what impact will this have on the NASCAR circuit which is dominated by cars provided by the big three?

Currently, Chrysler/Dodge represents seven NASCAR teams, most notably with Kyle Bush driving a Dodge.  While Dodge hasn’t been much of a performer in the last few years, Kyle could have been the light at the end of the tunnel Dodge was looking down.  To understand the impact these bankruptcies could have, we need to look at a couple of factors. Firstly, what is under the hood and secondly, what exactly does it mean to enter bankruptcy?

The cars these guys drive may have the Chrysler, Dodge, GM or Ford labels on them, but these cars didn’t come off the assembly line yesterday.  For the most part, they resemble an assembly line vehicle on the outside, but that is, for the most part, where the resemblance ends.  These cars take the term after market to the extreme.  They are stripped down by expert mechanics and pretty well rebuilt into a new car built entirely for high speed with upmost safety in mind.  From suspension, to engines, to seats and steering wheel, that ain’t your daddy’s Chevrolet so to speak.  Even the tires are made exclusively for NASCAR.  So even if one or all of the big three disappeared tomorrow, as long as someone can provide and aerodynamic shell, they will have a car to drive.  Toyota for example has been a major contender in NASCAR for many years now.

Next we look at the bankruptcy process itself.  Without getting too technical, In the US, there are six type of bankruptcy, chapter eleven being one of the most common, and the type which Chrysler filed for.  In Chapter eleven, the debtor retains ownership.  This type of bankruptcy protects the owner from creditors and allows time to develop a plan, acceptable to creditors, in order to continue on with normal operation once they come out from bankruptcy protection.

The reality is, that there is likely going to be little impact on NASCAR of any of the big three automakers going into bankruptcy. Even while in chapter eleven, the exposure it receives from being associated with NASCAR far outweighs the cost of it.  The relationship is a net gain for automakers so this isn’t something they aren’t going to let go of lightly.  Should one of the three completely disappear, there are plenty of other options for NASCAR teams. There’s just something patriotic and American about dominating the field in car racing tough isn’t there?  No one is going to let that go away.

Robert Collins is publisher of http://www.Newsfromthepit.com website. Bringing you the very latest NASCAR racing news and rumors, these are all brought together in one place, gathered from all the top Sports sources Robert also contributes to http://www.Wii-mii.com – Everything Wii.

The Effect of IRS Announcement on Offshore Voluntary Disclosure Deadline

If you start measuring the tax collection efficiency of Virginia State, you won’t be dissatisfied with their performance. Since 1971, Virginia has a strong legislature and unique judicial system operated under seventh Constitution of Virginia. The department of taxation has also set up a mission of serving to the public with integrity, efficiency and consistency.

After the announcement of 21st September, 2009 by IRS it has got a new feather added. They announced final deadline for tax payers with offshore accounts who want to get benefits out of Special voluntary disclosure program. The extended schedule was from September 23 to 15th of October. Now you must be looking for the response (success or failure) this special program obtained?

Profoundly, the acceptance of this program by most of the tax payers would do many good to the IRS as they can filter the information for next use. In spite of all these efforts there were criticisms too as evidenced from IRS announcements.

We can observe a mix of comments from Tax analysts, VA Tax Lawyer and law firms dealing with IRS tax divisions here.

The analysis in detail:

1) The tax payers, who decided to come forward before the deadline, faced logistical and administrative challenges. Though the extension looked good but it was not long enough as reported by several tax analysts.

2) As per the news reported from IRS criminal investigations, collecting client complaints from past tax liabilities were fine, but getting bank statements to submit a disclosure request was always difficult.

3) There are cases of taxpayers having accounts with Swiss, UBS and Non-UBS just started waking up with the news.  As experts said, the government should leave the disclosure option till the end of the year as long as IRS investigation is ongoing with the other offshore bank accounts.

4) Most of the tax payers seeking legal help were not cheats but again few account holders were still dreaming about better treatments or concessions after the deadline pass.

5) The reason of such overwhelming responses could also be the family security of the immigrants.

Most of them and their children opened accounts in offshore (foreign accounts) before coming to the US.  So, just a fear of criminal prosecution was not the reason for such high level of response and to convince the legal help seeker.

Expert suggestion:

There can be an alternative solution to get more people involved into this program. Had there been any discretion of penalties between 20% and 5% in their foreign bank account, the participation rate would rise up.

Thus IRS was good to its words and their efforts to revive the due taxes were commendable. But few alterations would do better as experts and VA lawyers have to opine. Virginia, the state consistently ranks in top 20% of the states having low tax burden in the country. So we can expect much fair tax paying system prevailing there. VA Tax attorneys and IRS Lawyers can discuss more on the recovery option.

800 Maryland Lawyer directory has gathered the list of all the renowned lawyers and attorneys. Over the time it has become a vast resource of Maryland based lawyers or law firms.

This article is drafted by Ashley Smith. He has more such contributions to his possession where dealing with IRS tax law has been described in detail. To avail genuine legal service on Virginia Tax system he recommends his readers to follow http://www.thorntaxlaw.com/.

UEFA EURO 2012, Medal of Honor Warfighter, Mass Effect 3, The Sims 3 | EA Update 01/06/2012

This week Matt brings you multiplayer mayhem with BioWare’s Mass Effect 3 Rebellion Multiplayer Expansion Pack, The Sims 3 Queen’s Jubilee Parody and a Sweet Treat, exciting new features for EA SPORTS NHL 13, an EA SPORTS prediction for the winner of the UEFA EURO 2012 tournament, and why the Glock 22 and HK 412 are the weapons of choice for Tier One Operators in Medal of Honor Warfighter. Mass Effect 3 Rebellion Multiplayer Expansion Pack Available Now For Xbox 360 and PC www.ea.com The Sims 3 Queen’s Jubilee Parody www.ea.com The Sims 3 Katy Perry’s Sweet Treats www.ea.com EA SPORTS NHL13 Every Stride Matters www.ea.com EA SPORTS Predicts Germany Will Win UEFA EURO 2012 www.ea.com Medal Of Honor Warfighter Ask A TIER 1 One: Questions Answered www.ea.com
Video Rating: 4 / 5

Sat, Jan 19: The first NHL games kicked off again today after a 113 day lockout. Christina Stevens has more on the excited fans and business owners. For more info, please go to www.globalnews.ca
Video Rating: 0 / 5

Recruiting effect of mission rule change

basketball
Basketball
Image by jacobwolman
Michael Coakley holds the new official NBA basketball, left, and the old one, at right. outside the Winstanley offices in Lenox. Tue June 27 2006 (Bonnivier)

From this story.

Recruiting effect of mission rule change
For a men's basketball coach, that means that high school seniors who in the past went to BYU for a year — either playing or as a redshirt — and then went on a mission if they chose can now defer admission and go on the two-year mission first. The …
Read more on ESPN (blog)