Oil drillers will begin collapsing under the weight of lower crude prices during the second quarter and energy explorers who employ them will shortly follow, according to Conway Mackenzie Inc., the largest U.S. restructuring firm.
Companies that drill wells and manage fields on behalf of oil producers will be the first to fall after the benchmark American crude, West Texas Intermediate, lost 57 percent of its value in seven months, said John T. Young, whose firm led the city of Detroit through its 2013 bankruptcy. (more…)
The initiative’s political target is the powerful pro-gun lobby, including the National Rifle Association, that spends millions of dollars each year to back gun-rights supporters.
Bloomberg’s group, called Everytown for Gun Safety, will focus on state and local lawmakers, “corporate boards, and state and federal elections – fields of play formerly occupied almost solely by the gun lobby,” according to a statement. (more…)
By TOM HAYS and CRISTIAN SALAZAR, Associated Press Writers – 49 mins ago
NEW YORK – New York Mayor Michael Bloomberg says a suspicious vehicle in Times Square “did indeed contain an explosive device.”
Police found the device in the smoking Nissan Pathfinder on Saturday evening. They then cleared the streets of tourists and dismantled it.
The mayor spoke at a news conference early Sunday along with Police Commissioner Raymond Kelly.
Kelly says the car contained three propane tanks, consumer-grade fireworks, two filled 5-gallon gasoline containers, and two clocks with batteries, electrical wire and other components. He says a black metal box resembling a gun locker was also recovered.
Authorities say a Connecticut license plate on the vehicle did not match up. Police are looking for additional surveillance video.