Philadelphia Inquirer: How he rescued Boscov's: Al Boscov's work and goodwill saved the stores that bear the family name.:

The odds were against the Reading company when it went bankrupt just weeks before last fall's stock market crash.

There was, conventional wisdom said, no realistic way to rescue its thousands of regional employees, dozens of stores, or century-old legacy. No money. No banks willing to step into the economic meltdown with emergency loans. No hope.

But in crunching the numbers that spelled doom for the nation's largest family-owned department-store chain, the doubters underestimated the power of a pint-sized 79-year-old man.

Had their spreadsheets been able to tabulate big-time heart and brains, they would have predicted a different outcome. Because Al Boscov is no ordinary businessman.

"I can dance, I can sing," Boscov joked later in a Manhattan elevator, tap-dancing in a charcoal suit to an absurd ditty about saving the company. The vaudevillian flash ended as the doors opened. "That's what did it," he said, and hopped out.

It would, indeed, require an extraordinary businessman to pull off a Rocky-worthy win against an economy devouring itself: a savior who was beloved, not feared, but no-nonsense when needed; one with more friends than enemies; who preferred details and long hours over swagger and power lunches.

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Read Todd Wolfson and Hanna Sassaman piece summarizing Philadelphia's important pursuit of stimulus money to expand Philadelphia online access.

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Yes you, Joe Average, Mr Taxpayer, GM could be all yours.
That's the gist of a restructuring plan now on the table.

By the end of next month, GM's share of the Bailout Fund will hit $20 billion.

In the proposed debt for equity swap,
the debt gets reduced for a chunk of the business.
We, in effect, you and me, under the guidance of our guys in DC,
get to own the company.

Good deal, right?
Unless they go bankrupt after that...

There is, after all, that old story about the Mustang Ranch,
where the IRS seized a brothel in Nevada for back taxes,
then couldn't turn a profit by running it.

PS - The Mustang Ranch story is a bit of an urban legend.
While it's true the government did own it for a while,
they never really got to run it.

It's also just as true though, that the IRS had 'planned' to run it,
but the judge presiding over the case wouldn't release
the business license to the appointed trustee.

I am a licensed realtor. Since the crash of the real estate market, my income went from $130k+ to $9K YTD. Each one of my rental properties are in jeopardy of foreclosure. One, I recently lost. This rental property was sold at sheriff sale on October 7th. Prior to the sale, I remained in contact with the servicer. The servicer agreed to give more time to provide financials but, sold the property before I could send the final information to them, without notification. I owed approximately $175K. The property was sold for a substantial low amount of $108K. Also, I am being sued by the tenants for their last month's rent and security deposit. Do I have any rights to redeem the property? Is there a redemption period? Since the property was sold for such a lesser amount, am I subjected to be sued by lender for the shortfall? Since this not my primary residence, is there any legal counsel available for a depleted realtor who is in the process of practically losing everything? Please help.

Inquirer: True melting pot helped save libraries:

Stirred by Mayor Nutter's proposal to close 11 branch libraries, the opponents came tumbling off the shelves of Philadelphia society - rich, poor, black, white, homeschoolers from the Northeast, young anarchists from West Philly.

With President-elect Barack Obama's campaign as both inspiration and field guide, they organized, demonstrated and sued, then packed the courtroom for hearings and showered the mayor with boos at his own news conference.

Then, astoundingly, they won. At least for now.

A judge's ruling Tuesday forced Nutter to get City Council approval or a court order to implement his plan to save $36 million by 2013 through closing the branches. Nutter called the ruling an assault on the City Charter's strong-mayor form of government and said he would appeal.

Others called it a crucial victory for communities, even a model for civic participation in public policy.

Tom Ferrick at It's Our City wonders if the outrage Mayor Nutter has earned over this issue is worth it and offers an alternative:

Here’s an alternative: Back off on the library issue, Develop a comprehensive plan for meet the economic crisis that involves sacrifice by everyone –taxpayers, vendors, city employees, the mayor and his top staff — and use the upcoming budget address (for fiscal 2010) to begin the process of selling it to the public.

If people feel that everyone is feeling some pain, they won’t resent as much swallowing their piece of it. If people think the administration has really, actually listened to them and their concerns – and taken them into account – then maybe they will go along with the plan.

In other words, admit you made a mistake and go back to the drawing board.

Brendan Calling: Saturday Brimstone

It's Our City: City controller Alan Butkovitz says he has a plan to save the city almost half a billion dollars. City officials called his report more of a publicity stunt than a blueprint for success.

Library Journal.com: Philadelphia Judge Stops Mayor’s Plan To Close 11 Libraries:

In response to two lawsuits—filed by three City Council Members, seven library patrons, and the library staff union—Philadelphia Court of Common Pleas Judge Idee Fox today put the brakes on Mayor Michael Nutter’s plan to permanently close 11 branch libraries at the end of the day tomorrow, saying that City Council approval is required.

It's Our City: Tom Ferrick: Fishtown Blues:

To recap: Population growth is good. Reviving neighborhoods is good. Attracting young families is good.
So why is Mayor Nutter picking on Fishtown?

It sure seems that way from the ground level - from the 1200-block of E. Montgomery Ave, in Fishtown. There sits the neighborhood’s library - scheduled to be closed as part of budget cuts ordered by the mayor. Across the street is the neighborhood’s public pool - also scheduled to be shut down. A few blocks up is the fire station for Engine Co. 6, scheduled to be downsized.

“It’s a perfect storm,” said neighborhood activist A.J. Thomson. “Why would you remove something that young families see as an asset from one of the few neighborhoods that is gaining in young family population?”

Good question.

Community Bank Stock Update - how are our local community banks doing in this crisis?

PA in the WSJ - PA features in a number of Wall Street Journal stories - Above Average Jane points you to them.

PhillyIMC: Hannah Jane Sassaman: Hundreds Rally to Save Kingsessing Library