For those of you who have been following this Diarist's battles with Goldman Sachs and Bain Capital, some very important news has broken. For more than a decade now, we've been trying to put a stop to massive frauds by Sachs and Bain - all to little avail - because they are above the law.
That's about to change!
You are getting a pre-public release view of just one of the main stream media stories in the works. This one is by Tom Hals, a reporter over Delaware bankruptcy court for Thomson Reuters. The article is titled "U.S. objects to secret settlement in eToys bankruptcy". Unfortunately, the general public will not be able to see it - yet. this is because it is only upon Reuters/Westlaw. A pay to read subscription service (here).
However, Reuters reporter gave me permission to do a few excerpts and generalize the story - being that I'm the one he came to, in order for Tom Hals to get a better idea of what in the heck is going on. Mr. Hals has never seen such an instance where a bankruptcy case was kept open for 12 years - and neither has the rest of the world.
The whole story is summed up in the picture and explained in detail below the fold....
Thomson Reuters/Westlaw eToys story excerpts;
U.S. objects to secret settlement in eToys bankruptcy
By Tom Hals
WILMINGTON, Del. (Reuters) - A proposal to keep secret a settlement resulting from the dot-com era bankruptcy of eToys Inc has prompted the office of the U.S. Trustee to cry foul.
Steven {"Laser"} Haas, who was hired as a litigation consultant in the bankruptcy and then barred from participating for criticizing the process, said sealing the settlement "will only help people who have engaged in conflicts of interest."
The eToys bankruptcy has its roots in its spectacular stock market debut in May 1999. Goldman Sachs priced the stock at just under $20 per share, and the stock closed the first day trading at around $75.
The eToys saga has also drawn criticism for Bain Capital, whose KB Toys bought some assets at a knockdown price during the bankruptcy.
Laser has cried foul of eToys for a decade
To tell you the truth, I'm surprised that the United States Trustee has said anything. For their Breaching of Fiduciary Duty has been a big part of the problem thus far. Goldman Sachs and Bain Capital both utilize the
MNAT law firm in Delaware. And MNAT has perpetrated massive fraud & perjury in the eToys case. We even have confessions by MNAT that the law firm lied about its connections to Goldman Sachs; when it applied to the Delaware Bankruptcy Court to become the eToys Debtor's counsel.
But the U.S. Trustee won't even dare mention MNAT's name!
In 1999 Goldman Sachs took eToys to the world with an "initial public offering" ("I.P.O.") stock price that skyrocketed to $85; but eToys only received less than $20 per share. The New York Times reported on this classic stock fraud issue in its recent March 2013 article titled "Rigging the I.P.O. Game".
Also in 1999, MNAT merged 'The Learning Company' with Mattel Toys in El Segundo, California. The merger is called one of the worse ones in corporate history as Mattel investors purportedly lost $3 Billion dollars immediately - due to the merger.
It is a well kept secret that Romney & his ilk owned The Learning Company.
Furthermore, as reported by the September 2012 Matt Taibbi Rolling Stone cover story "Greed and Debt: The True Story About Mitt Romney and Bain Capital" - Michael Glazer, the CEO of Kay Bee Toys; paid himself $18 million and Bain Capital $83 million, before filing bankruptcy of Kay Bee in 2004.
MNAT represents Bain Capital in that $83 million issue.
Therefore, you have MNAT connected to Romney, Bain Capital, Goldman Sachs and Mattel. MNAT has confessed lying about Goldman Sachs; because they were caught red-handed at the time. It took a little longer to catch MNAT about Bain Capital issues; but catch them we have.
All of these MNAT undisclosed conflicts of interest are Against the Law!
Goldman Sachs wants to settle with itself and put the deal under SEAL
Crying Foul About Putting Settlement Under Seal
What the picture above details, and is further explained by the picture to the right, is that the relationships in the eToys, Kay Bee, Stage Stores and The Learning Company cases are incestuous.
As a matter of federal case bankruptcy estate law, the Debtor and its counsel and the creditors etc - are all supposed to be "arm's length" from one another. This is to assure no secret/side deals transpire as Congressional Law mandates "good faith" transactions are to transpire by diametrically opposed parties.
In the eToys case - all the attorneys are crooks!
It really is not that hard to understand. After all, Goldman Sachs and Bain Capital are going to be long term lucrative clients; and eToys (by criminal design) - both the public company and bankruptcy estate - are going to be Defunct. Everyone also believed Romney would become POTUS and hand pick the "friendly" U.S. Attorney General that Sheldon Adelson was shelling out $100 million to benefit from.
But Romney Didn't Make It!
Next week this WestLaw story will be released to the public and the hearing about keeping it under seal will transpire. Either justice will come - or justice will be denied.
What say ye?
UPDATE - Mandatory Disqualification
Disingenuous Banter by those Hell Bent To Protect Bankruptcy Fraud
United States Attorney General Alleges Federal Corruption & Organized Crime
This is the words of form U.S. Attorney General John Ashcroft to the Hague Global Forum on Corruption;
"Bankruptcy court corruption is not just a matter of bankruptcy trustees in collusion with corrupt bankruptcy judges. The corruption is supported, and justice is hindered by high ranking officials in the United States Trustee Program.
The corruption has advanced to punishing any and all who mention the criminal acts of trustees and organized crimes operating though the United States Bankruptcy Courts. As though greed is not enough, the trustees, in collusion with others, intentionally go forth to destroy lives. Exemptions provided by law are denied debtors.
Cases are intentionally, and unreasonably kept open for years. Parties in cases are sanct ioned to discourage them from pursuing just ice. Contempt of court powers are misused to coerce litigants into agreeing with extortion demands.
PAY REAL CLOSE ATTENTION TO USAG Aschroft's Conclusion
.
This does not ensure integrity and restore public confidence. The American public, victimized and held hostage by bankruptcy court corruption
HAVE NO WHERE TO TURN!
UCLA Law Professor LoPucki Reports on Delaware Corruption
In his book "
Courting Failure: How Competition for Big Cases is Corrupting Bankruptcy Courts" - UCLA Law Professor Lynn LoPucki details the fact that Delaware is a den of iniquity concerning large fee bankruptcy case.
Both USAG John Ashcroft and Professor LoPucki are forbidden from getting involved in case specifics. Then they could be accused, if they were to work on a glaring case such as eToys - as having a conflict of interest in telling the stories.
Thus this victim is telling you of a case in point (actually cases).
The Learning Company
Stage Stores
Kay Bee Toys
eToys
All of these cases involve what is also known as a "BANKRUPTCY RING" (organized attorneys who nefariously seize bankruptcy estates for themselves). It is a 3rd Circuit Court case (over Delaware) titled In re Arkansas 798 F. 2de 645, that notes;
"in practice, the bankruptcy system operates more for the benefit of attorneys rather than debtor/creditors". and that the Bankruptcy Code was amended to put a stop to this practice where Attorneys (at law) are required to apply to the court for permission. They must disclose all their connections or face the consequences. As it is detrimental to the system as a whole - being a "Bankruptcy Ring".