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Reportedly, the owner of the Phoenix Coyotes (Jerry Moyes) put his franchise into bankruptcy without notifying NHL commissioner Gary Bettman in advance. In response, Mr. Bettman removed Mr. Moyes from the day to day oversight of the team.

After losing $30 million last year, Mr. Moyes, the owner of Swift Transportation, had reached a boiling point financially. It has been reported that the goal of the bankruptcy filing is to allow the Coyotes to end their lease with the City of Glendale and sell the team. The lease has a $700 million penalty if the Coyotes break the lease and bankruptcy is likely the only option of accomplishing that goal.

Hoping to buy the Coyotes is James Basillie, a Canadian and owner of a company called Research in Motion. Basillie is a hockey fanatic who has tried to lure other NHL franchises to Canada. There are suggestions that commissioner Bettman and Basillie do not like each other and is a reason why the commissioner will attempt to block the sale. Mr. Basillie has offered to provide $17 million to allow the team to continue operating during the bankruptcy process.

The big loser? Perhaps that would be the City of Glendale. After committing the city to tens of millions to build the taypayer funded stadium it is unclear yet how this situation will affect Glendale. But certainly, after using tax payer money to build a hockey stadium, it would be major black eye to have it sit empty. There have been substantial development around the stadium because of the 40+ days per year the team is in action. If allowed to leave, the city reportedly will not only lose substantial revenue from those missing 40 something days but will also be put into a position of having to manage the stadium and all the events that occur inside. Currently, the Coyotes manage those events (like concerts), according to reports.

One other potential buyer has emerged - Jerry Reinsdorf, owner of the Chicago White Sox. 

The chapter 11bankruptcy trustee likely will make a decision based on who pays the most for the franchise.


Chapter 11 Bankruptcy

Nearly 30% of U.S. homeowners find themselves in a home they owe more on that it is worth. Homeowners who find themselves in financial difficulty are finding it hard to use their home as a way to have access to cash.

One economist offered this statistic - borrowers who owe 30% more than their home is worth is more likely to walk away from their home.

GM reported that car sales in China set a record in April. Sales rose 50% from a year earlier.

China has made incentives so tempting that many of its citizens are buying smaller cars made by manufacturers such as General Motors. For starters, they cut in half the purchase tax on certain smaller vehicles. They also adopted government incentives for rural residents to purchase fuel efficient vehicles.

About 9.4 million vehicles were sold in China in 2008, an increase of over 6% from a year earlier. In the U.S. sales of GM vehicles dropped 33% from a year earlier.

Chrysler has about 3,200 dealers nationwide.

But some of those may be closed. The car manufacturer is evaluating each dealership's location condition of the facility, finances and even sales to determine which locations offer the best future potential. Chrysler has sought permission from the bankruptcy court to pay $753 million to dealers for sales incentives. However, they only want to pay dealerships that are a part of their future.

Their Michigan plant generated upwards of $3.7 Billion in profits at one time manufacturing profitable trucks and sports utility vehicles. Today, Ford is changing gears. The Michigan plant is being converted in order to produce compact cars.

The slippery slope? Small cars have rarely made a big profit for Ford.

Here enters the Ford Focus.

Earlier Focus models lost as much as $1 Billion per year. One key to this proposed transformation is allowing for multiple models to be assembled in the same plant. Since 2006, one driving goal for Ford has been to develop vehicles that use the identical architecture. The Ford Focus is the beginning of this process.

Ford earned an average of $7000 per truck and SUV but barely squeeked out a profit on small cars. Now they have perhaps their biggest hurdle - overcoming the perception that Japanese-made cars are simply a better quality vehicle.

Democratic leaders are considering legislation that would require the securities industry to clearly show fees on investor's statements. Mutual fund companies are concerned that too much additional legislation would only add to the costs of administering plans, which would be passed on to investors.

Another change would establish a program for all workers to be enrolled in employer's retirement plans. Today, employees participating is optional. One idea floated about is the creation of a new plan that would be regulated at the federal level, paid for by the mutual fund industry and have guaranteed lifetime income guarantees - similar to the Federal Deposit Insurance Corp. One question - would Congress raid this money as they have Social Security?

The 401k plan is the investment of choice for about 60% of all workers. One issue that has become central to the 401k discussion are workers who are close to retirement having too much money invested in funds that are too volatile. The idea is to give people a floor as protection so investors have some guarantees.

Bank stocks in general have suffered greatly, as everyone knows.

As of Tuesday's trading investors were bearish on Wells Fargo and JP Morgan Chase, anticipating future declines. Upcoming "stress tests" are believed to show that these two banks may need more government money.

Is that headline a typo? Didn't we just have a housing collapse?

Welcome to the Federal Subprime Lending Program.

Last year banks issued $180 billion of new mortgages insured by the Federal Housing Administration. That means - guaranteed 100% by the American taxpayers.

Currently 1 in 8 FHA loans are in delinquency status, which is triple the rate on conventional loans. FHA allows borrowers to finance closing costs and other fees, which means the buyers equity is close to zero. In its infancy FHA required downpayments equal to 20% of the cost of the home. In the 1960's it was lowered to 10%. Then to 3% in 1978. In 2008 that number was raised to 3.5%, still too low.

There have been studies that consistently show that home buyers, when required to make a downpayment to buy a home, default or fall into foreclosure at far fewer levels. Yet, our White House and Congress continue with a program that is likely headed for disaster.

Consider this question: If a bank or lender has zero at risk for making a loan (because tax payers are 100% on the hook) what makes anyone think they would not make as many loans as they possibly can make without regard for the quality of the loan or the ability of the borrower to meet their new financial obligation?

At a minimum, Congress needs to change the program so banks and lenders have something at risk to force them to make more quality loans.

Consider this: the VA housing program has a default rate 1/2 that of the FHA because the VA program only guarantees 50% taxpayer backing. It does not take a scientist to figure out the correlation.

Loose mortgage underwriting is to blame for our current mortgage crisis. Yet, here we taxpayers sit again, waiting and biding our time until the next housing crisis erupts. It appears not a matter of if, but when.


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