Santa Fe Gold Corporation Files for Bankruptcy


Yesterday, August 26, 2015, Santa Fe Gold Corporation and its subsidiaries filed for Chapter 11 Bankruptcy in the Bankruptcy Court for the District of Delaware. The precious metals mining company’s bankruptcy filing comes after the decline of precious metal prices, which resulted in Santa Fe Gold facing cash shortage issues and being unable to explore and develop its mineral resources, thus making the company unmarketable. Following two failed merger attempts since 2013, Santa Fe Gold has ceased operations at its four properties located throughout the southwest United States and claims it has no available cash, no prospects for generating cash, and is facing the threat of litigation related to unpaid royalties and defaults.

The company now hopes to sell all of its assets through a deal with senior lender Waterton Global Value, LP. The proposed deal would provide Santa Fe Gold with fresh liquidity in the form of $1.58 million in bankruptcy financing and would allow Waterton to serve as a lead bidder in an auction for the assets of the company. Santa Fe Gold says the transaction with Waterton, which is already owed at least $12.8 million, is its “best, most feasible, and most value-maximizing financing option available at this time.”


Boomerang Systems, Inc. Files for Bankruptcy

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Yesterday, August 18, 2015, Boomerang Systems, Inc. and three of its subsidiaries filed for Chapter 11 Bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. The Company, which has its corporate offices located in Florham Park, New Jersey, is the developer and sole provider of the patent-pending Boomerang RoboticValet® automated parking system.

Automated robotic parking systems use robots and lifts to store and retrieve vehicles, enabling them to use up to 50% less space (than a ramp garage) to park the same number of cars without the labor, damage and privacy issues that come with valet drivers. According to their website, Boomerang Systems, Inc. has built these automated parking systems in the following locations in the United States: Miami, Florida; Hollywood Beach, Florida; Stuart, Florida; Champaigne, Illinois; Hardyston, New Jersey; and Lawrence, Kansas.

Boomerang Systems, LLC has listed assets estimated between 1 and 10 million dollars, along with estimated liabilities between 10 and 50 million dollars, according to documents filed in Bankruptcy Court yesterday. Currently, the Company is seeking a financial restructuring after one of its significant lenders defaulted, resulting in a lack of adequate working capital for Boomerang Systems, Inc. James Gelly, the Company’s CEO, said in a statement earlier today that, “Boomerang will not be discouraged by this event, and we are grateful for the strong and consistent support from our investor base. While we are obviously disappointed, our management team is highly motivated to develop and execute a plan of reorganization that will allow us to emerge in a stronger state and better able to serve our customers. We deeply regret the uncertainty and short-term impact on customers and employees.”

9 Success Habits of Wealthy People That Cost Nothing


Have you ever you wondered how certain people have gotten so successful? Sure you have. A great idea, motivation, persistence, and a little luck helps, but most successful people share certain habits. Here are nine habits that have helped place them on the top:

1. They meditate.

Ray Dalio, the founder of Bridgewater Associates, told The Huffington Post in 2013 that “Meditation, more than anything in my life was the biggest ingredient of whatever success I’ve had.” Dalio, however, is not alone. Oprah, Rupert Murdoch, Russell Simmons, Arianna Huffington, Bill Ford and Padmasree Warrior have all attributed mediation as a huge component to their success.

Taking care of your body and mind by relaxing, exercising, healthy eating and getting enough sleep are all ways to improve your chances of success.

2. They wake up early.

President Obama, Richard Branson, Jack Dorsey, Larry Schultz, Tim Cook and Xerox CEO Ursula Burns are known to be early risers. How has this attributed to their success? Because early risers are able to start their days ahead of everyone else by responding to others, exercising and finding some personal time, early risers also tend to be happier and are more proactive.

3. They network.

Successful people realize the importance of networking. In fact, research has found that networking can lead to people performing better at work and increases the chance of landing a job. Networking helps our successful people be more innovative. According to Dale Carnegie’s classic “How To Win Friends & influence People,” successful people rarely complain or criticize. They are sincere and try to be empathetic.

4. Keep themselves busy.

Successful people are rarely idle. Achievers like LBJ and Robert Moses were known to work 60-65 hours per work. Elon Musk works a whooping 80-100 hours per week and has said, “That’s the type of work ethic an entrepreneur needs to have.”

5. They know when to say “no.”

“The difference between successful people and really successful people is that really successful people say no to almost everything.” – Warren Buffett

Successful people realize that by saying “no” to negativity, extra work and activities that waste time, they can focus on increasing their productivity. If they say “yes” to everyone or everything, they’ll be too distracted and will not accomplish tasks that have to be done.

6. They don’t watch TV, they read.

According to Thomas Corley, author of “Rich Habits: The Daily Success Habits Of Wealthy Individuals,” 67 percent of rich people only watch TV for one hour or less per day. Corley also found only 6 percent of the wealthy watch reality shows, while 78 percent of the poor do.

Additionally, 86 percent of the wealthy love to read with an impressive 88 percent claiming that they read for self-improvement for 30 minutes or more per day.

7. They write to-do lists the night before.

Successful people are known for writing their to-do-lists the night before so that they are able to set priorities for the following day. They number their lists as well to identify which tasks are the most important.

8. They set goals and visualize.

Joel Brown interviewed a number of high achievers for Entrepreneur and found that “Ninety-five percent of the successful achievers I have interviewed practice writing down their goals, plans, or visions for success on a regular basis.” Successful people do this the night before, or first thing in the morning so that they are prepared to tackle the challenges that await them.”

9. They manage their money.

Successful people have gotten where they are because they were able to manage their finances well. This means that they invest their money wisely, look for new opportunities and set aside emergency funds. They are more generous and willing to donate to those who need help. Here are 101 ways that I’ve put together to save money like well-off people. In addition, I’ve found that my marriage has become 10x better with enough savings in the bank for a year of expenses. That saved us when my last business venture failed.

There is an old saying that luck and preparation always meet opportunity. The most successful people set themselves up for success by preparing all the time. Successful people expect luck will find them, and it usually does.

By John Rampton of

Alpha Natural Resources, Inc. Files for Bankruptcy

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Alpha Natural Resources, Inc. filed for Chapter 11 Bankruptcy protection on Monday, August 3, 2015, in the United States Bankruptcy Court for the Eastern District of Virginia in an attempt to escape from $3.3 billion in debt accumulated over the past several years.

Alpha, based in Bristol, Virginia, was founded in 2002 and quickly grew into one of the biggest companies in the sector that produces and sells coal to power generators, steelmakers, and industrial companies. Currently the company operates about 60 coal mines throughout Virginia, West Virginia, Pennsylvania, Kentucky, and Wyoming. Alpha has approximately 8,800 employees, according to its website, though it has announced the elimination of more than 800 jobs this year.

Alpha has become the fourth major U.S. coal company, among Patriot Coal Corp., Walter Energy Inc. and James River Coal Co., to seek bankruptcy protection in the last 15 months. Coal production has been plunging in the United States in recent years as many utilities are switching to natural gas, which gives power producers a cheaper, less-polluting alternative. In addition to this, many in the electric power sector are increasingly turning to renewable energy sources like wind and solar power as clean-air concerns become more pressing.

“The change and challenges the U.S. coal industry has experienced over the last several years are greater than any in the past three decades,” said Alpha’s chairman and chief executive officer, Kevin Crutchfield, in a press release. “There is no doubt more uncertainty ahead, but also transformational opportunity in the coal sector for those who make proactive, strategic decisions.” Alpha has secured a debtor-in-possession financing package of up to about $692 million that will help it to reorganize. Crutchfield expects the restructuring process to last more than a year, but is seeking protection from creditors so that normal business operations can be allowed to continue uninterrupted.