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Towers Financial Corporation
Towers Financial Corporation was a debt collection agency based in Manhattan.Allan Sloan (February 16, 1993)"THE SEC VS. STEVEN HOFFENBERG: A CASE OF LEANING FORTUNES AT TOWERS FINANCIAL?,"''The Washington Post''. Between 1988 and 1993, Towers Financial ran a Ponzi scheme that was the largest financial fraud in American history prior to Bernie Madoff's being uncovered. History The company, founded in the early 1970s in downtown Manhattan and incorporated in Delaware, was a debt collection agency that paid a penny on the dollar for loans that sellers viewed as worthless, focusing on debts that people owed to hospitals, banks, and phone companies. Steven Hoffenberg was its founder, CEO, President, and Chairman.Steven Jude Hoffenberg"GUARANTEED COLLECTION CORPORATION'S JOINT VENTURE WITH SOME THREE HUNDRED (300) SMALL COLLECTION AGENCIES; INTRODUCTION INTO THE MR. HOFFENBERG PAST OWNERSHIP OF TOWERS FINANCIAL CORPORATION HEREINAFTER, TFC, WHICH WAS DEPOSITING lk BILLION DOLLARS PER YEA ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Collection
Debt collection is the process of pursuing payments of debts owed by individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. History Debt collection has been around as long as there has been debt and is older than the history of money itself, as it existed within earlier systems based on bartering. Debt collection goes back to the ancient civilizations, starting in Sumer in 3000 BC. In these civilizations if a debt was owed that could not be paid back, the debtor and the debtor's spouse, children or servants were forced into "debt slavery" until the creditor recouped losses via their physical labor. Under Babylonian Law, strict guidelines governed the repayment of debts, including several basic debtor protections. In some societies debts would be carried over into subsequent generat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan Am Flight 103
Pan Am Flight 103 was a regularly scheduled Pan Am transatlantic flight from Frankfurt to Detroit via a stopover in London and another in New York City. The transatlantic leg of the route was operated by ''Clipper Maid of the Seas'', a Boeing 747-121 registered N739PA. Shortly after 19:00 on 21 December 1988, while the aircraft was in flight over the Scottish town of Lockerbie, it was destroyed by a bomb that had been planted on board, killing all 243 passengers and 16 crew in what became known as the Lockerbie bombing. Large sections of the aircraft crashed in a residential street in Lockerbie, killing 11 residents. With a total of 270 fatalities, it is the deadliest terrorist attack in the history of the United Kingdom, as well as its deadliest aviation disaster. Following a three-year joint investigation by Dumfries and Galloway Constabulary and the US Federal Bureau of Investigation (FBI), arrest warrants were issued for two Libyan nationals in November 1991. In 1999, Lib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Associated Press
The Associated Press (AP) is an American non-profit news agency headquartered in New York City. Founded in 1846, it operates as a cooperative, unincorporated association. It produces news reports that are distributed to its members, U.S. newspapers and broadcasters. The AP has earned 56 Pulitzer Prizes, including 34 for photography, since the award was established in 1917. It is also known for publishing the widely used '' AP Stylebook''. By 2016, news collected by the AP was published and republished by more than 1,300 newspapers and broadcasters, English, Spanish, and Arabic. The AP operates 248 news bureaus in 99 countries. It also operates the AP Radio Network, which provides newscasts twice hourly for broadcast and satellite radio and television stations. Many newspapers and broadcasters outside the United States are AP subscribers, paying a fee to use AP material without being contributing members of the cooperative. As part of their cooperative agreement with the AP, most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act). Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sutton Place, Manhattan
York Avenue and Sutton Place are the names of a relatively short north-south thoroughfare in the Yorkville, Lenox Hill, and Sutton Place neighborhoods of the East Side of Manhattan, in New York City. York Avenue runs from 59th to 92nd Streets through eastern Lenox Hill and Yorkville on the Upper East Side. Sutton Place and its southern extension runs through their namesake neighborhood along the East River and south of the Queensboro Bridge, with Sutton Place South running from 53rd to 57th Streets and Sutton Place from 57th to 59th Streets. The street is considered among the city's most affluent, and both portions are known for upscale apartments, much like the rest of the Upper East Side. Addresses on York Avenue are continuous with that of Avenue A in the Alphabet City neighborhood, starting in the 1100 series and rising to the 1700 series. Addresses on Sutton Place vary. The greater Sutton Place neighborhood, which sits north of the neighborhood of Turtle Bay, runs fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long Island
Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United States and the List of islands by population, 18th-most populous in the world. The island begins at New York Harbor approximately east of Manhattan Island and extends eastward about into the Atlantic Ocean and 23 miles wide at its most distant points. The island comprises four List of counties in New York, counties: Kings and Queens counties (the New York City Borough (New York City), boroughs of Brooklyn and Queens, respectively) and Nassau County, New York, Nassau County share the western third of the island, while Suffolk County, New York, Suffolk County occupies the eastern two thirds of the island. More than half of New York City's residents (58.4%) lived on Long Island as of 2020, in Brooklyn and in Queens. Culturally, many people in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Locust Valley
Locust Valley is a hamlet and census-designated place (CDP) located in the Town of Oyster Bay in Nassau County, on the North Shore of Long Island, in New York, United States. The population was 3,406 at the 2010 census. History The rolling hills of the North Shore of Long Island were laid down as terminal moraines by the receding glaciers of the last ice age roughly 10,000 years ago. The Algonquian tribe that settled the area, spanning from Flushing to Setauket, called the area "hilly ground" or Matinecock and as a result the Algonquian Indians who settled there became known as the Matinecock Indians. In 1667, Captain John Underhill negotiated with the Matinecock Indians to purchase land for a settlement that he and his fellow colonists would call Buckram.''If You're Thinking Of Living In: Locust Valley'' By Todd Purdum ''The New York Times'' January 15, 1984 The town name lasted for nearly 200 years, until in 1856 the name was changed to Locust Valley based on the number o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daily Mirror
The ''Daily Mirror'' is a British national daily tabloid. Founded in 1903, it is owned by parent company Reach plc. From 1985 to 1987, and from 1997 to 2002, the title on its masthead was simply ''The Mirror''. It had an average daily print circulation of 716,923 in December 2016, dropping to 587,803 the following year. Its Sunday sister paper is the '' Sunday Mirror''. Unlike other major British tabloids such as '' The Sun'' and the '' Daily Mail'', the ''Mirror'' has no separate Scottish edition; this function is performed by the '' Daily Record'' and the '' Sunday Mail'', which incorporate certain stories from the ''Mirror'' that are of Scottish significance. Originally pitched to the middle-class reader, it was converted into a working-class newspaper after 1934, in order to reach a larger audience. It was founded by Alfred Harmsworth, who sold it to his brother Harold Harmsworth (from 1914 Lord Rothermere) in 1913. In 1963 a restructuring of the media interests of the Ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Statement
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement—or profit and loss report (P&L report), or statement of comprehensive income, or statement of revenue & expense—reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity or statement of equity, or statement of retained earnings, reports on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promissory Note
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of money to the other (the ''payee''), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions. Overview The terms of a note usually include the principal amount, the interest rate if any, the parties, the date, the terms of repayment (which could include interest) and the maturity date. Sometimes, provisions are included concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets. In foreclosures and contract breaches, promissory notes under CPLR 5001 allow creditors to recover prejudgement interest from the date interest is due until liability is established. For loans between individuals, writing and signing a promissory note are often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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