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The city consented to a wide variety of bond agreements that have contributed to its increasing debt, but officials say that generous retirement health benefits and the increasing costs of maintaining them also threaten to cripple the city with insolvency.
Beazer delayed its quarterly filing with the SEC, but claims that U.S. Bank has erroneously interpreted the bond agreements to mean that the delay constitutes a breach.
The default notices, sent by the trustee, U.S. Bank National Association, allege that the homebuilder breached the bond agreements because it has failed to file its third quarter 10-Q quarterly earnings report for the period ending June 30 with the SEC and deliver it within 15 days to the trustee.
Beazer wants the court to declare that the delayed filing of the companys 10-Q quarterly earning statement with the Securities and Exchange Commission does not constitute a default under its bond agreements, and that the delay will not allow its creditors, or vulture investors as it called them in its complaint, to demand accelerated repayment of its debts.
OCC policy already bans the dual-track system unless the process is required by mortgage bond agreements, but the OCC is yet to enforce that ban with any sanction against banks that violate it.
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In a statement, the OAG said it had evidence that the management of the 1MDB fund violated Swiss embezzlement laws through a fraudulent bond agreement with the UAE officials, with money routed through Swiss banks.
The two hundred and fifty dollars was written on a signed blank check that Lana's father, Leland Tisdel, had given her to get her hair done, but, because Lana was underage, the bond agreement was actually signed by Thomas Nissen, whom she had met only a few weeks before, and who was already smitten with her and her friends.
Later in the afternoon, when Mr. DaSilva appeared and court officers disclosed that he, too, had a positive reading on the test for cocaine, Magistrate Judge Mark Fox warned Mr. DaSilva, as he had Mr. Davis, that he would be required to undergo drug testing three times a week as part of the bond agreement.
Judge Sullivan said he was not persuaded that the bail terms — a $2.5 million bond agreement reached between the prosecution and defense lawyers — would ensure that Mr. DiPascali, who is 52, would show up for sentencing, which has been tentatively set for next May.
If Murdock's plans don't violate certain restrictions in the bond agreement, there isn't much Dole's bondholders can do.
Beazer denies it is in default under the bond agreement because it believes that the agreement only requires that the company deliver the earnings reports to the trustee within 15 days after they are filed with the SEC.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com