Scooter Store Zips Into Bankruptcy
The Scooter Store, which claims it has given 700,000 senior citizens back their mobility, has itself run aground. The company this week filed for Chapter 11 bankruptcy, listing assets of $1 million to $10 million and liabilities of between $50 million and $100 million. Major creditors include the Centers for Medicare and Medicaid Services (CMS), which, according to the filing , is looking to collect $19.5 million--the amount the Scooter Store previously had agreed to repay the U.S. government after an independent audit found that the company had overbilled Medicare and Medicaid by $46.8 million to $87.7 million from 2009 to 2011.
IMF Leaves Egypt After Hearing From Opposition
(CAIRO) — A team from the International Monetary Fund left Egypt without getting broad backing from the opposition for a government economic plan aimed at getting a key $4.8 billion loan, political blocs said Tuesday. Egypt’s main factions say they agree in principle on the need for the loan, seen as a lifeline for the country’s battered economy, but there are concerns over unrest if painful austerity measures linked to it are not backed by political consensus. The IMF said in a statement that its delegation met with a range of political figures and Cabinet officials during the nearly two week-long visit that ended late Monday. In previous, shorter trips, the IMF has only focused on meeting with government officials. The country’s political polarization has further delayed reaching agreement around the deal. Finance Minister El-Morsi Hegazi, who will meet with officials in Washington D.C. this weekend for annual IMF and World Bank meetings, said the government’s meetings with the ...
Canada: Optimism In Canada’s Private Equity & Venture Capital Markets - Heenan Blaikie LLP
The federal government recently announced that it would be injecting $400 million into the venture capital sector in Canada in 2013.
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Why Mark Zuckerberg Is Pushing for Immigration Reform
America has always been a nation of immigrants, but today, there is general agreement that the U.S. immigration system is broken. The southern border remains porous, there are 11 million undocumented immigrants living in the shadows, and tens of thousands of the most promising immigrants are forced to leave the country thanks to outdated visa rules. Now, some of the wealthiest and most successful tech executives and investors in the country — led by Facebook founder Mark Zuckerberg — are calling for immigration reform. “We have a strange immigration policy for a nation of immigrants,” Zuckerberg wrote Thursday in the Washington Post. “And it’s a policy unfit for today’s world.” Zuckerberg has joined forces with top executives and founders from Google, Yahoo and LinkedIn to launch a new organization called FWD.us, with the goal of influencing the current debate. Several top venture capitalists are also participating. “To lead the world in this new economy, we need the most ...
Will the Government Shrink Your IRA?
President Obama's new budget seeks to limit contributions to retirement accounts when their assets reach $3.4 million. Here's what you need to know.