US Court Approves Sharia Bankruptcy Plan....No Separation of Mosque & State

Longtime readers of this site know that I’ve been on the case of Arcapita, formerly known as First Islamic Investment Bank, for over a decade. Last year, when the company–owned by Jew-hating Gulf State sheiks (including the family that owns Al-Jazeera, the Qatari royal family)–filed for bankruptcy, I cheered. But my jaw dropped when I learned that the company had the gall to submit a sharia-compliant bankruptcy plan.That’ll never fly, I thought, because it’s unconstitutional. But I was wrong. As I’ve noted many times before, there truly is no Establishment Clause for Muslims in America or separation between mosque and state. These things apparently only apply to Christians and Jews. Yesterday, federal Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan, gushing how “fascinating” he found sharia, approved the sharia bankruptcy. Disgusting. It’s just the latest instance in which a U.S. Court recognizes Islamic law. Look for more and more of that. When an American bankruptcy court recognizes Islamic law, it opens the door for other American courts and institutions to recognize Islamic law.


Judge Sean Lane “Fascinated” By Sharia Bankruptcy, Which He Granted/Approved




Arcapita CEO Atif Abdulmalik Gets Dhimmi Judge to Grant His Company ShariaBankruptcy

In 2002, Arcapita, the former owner of Caribou Coffee, appointed Muslim Brotherhood cleric and America-hating, Jew-hating scumbag Yusuf Al-Qaradawi as one of its top executives, to make sure that all of its products and services–at Caribou and its other businesses–were sharia-complaint. When I exposed this in a 2002 New York Post column (a longer version of which appears here) and appearances on FOX News’ “O’Reilly Factor” and MSNBC’s “Hardball with Chris Matthews,” the bank claimed to fire Qaradawi, but it didn’t matter. Caribou (which is now owned by a German company, which is closing or renaming most Caribou stores) had its worst sales quarter ever, and the bank fired its then-CEO, replacing him with a far-left Jewish yes-man who flashed his Jewish credentials to try to get people to patronize Caribou. A few years ago, a friend of mine repeated my work in a newsletter he sent out to the Jewish community and found himself on the receiving end of lawsuit threats from Arcapita. I represented my friend and told Arcapita’s retained Jewish lawyer that we would be looking forward to deposing the sheik shareholders who own Arcapita and looking over their finances, including donations to Islamic terrorists. That shut them up.

You should note that, per usual, the extremist Arcapita–whose board members and shareholders included a cleric with ties to Al-Qaeda and a sheikh who apparently donated money to a Palestinian terrorist telethon–had a Jewish lawyer in the bankruptcy. Yup, they hate the Jews, but they always hire them as legal counsel. Clearly, lawyer Michael Rosenthal of Gibson, Dunn & Crutcher law firm wasn’t bothered by the fact that Arcapita’s hand-picked exec, Qaradawi, urged Muslims to give up their dowries and instead spend the money to fund Palestinian homicide bombers and spill “Zionist blood” or that he urged Muslims to blow up U.S. soldiers in Iraq as a religious duty.

Bahrain investment firm Arcapita Bank received approval from a U.S.Bankruptcy Court on Tuesday for its plan to repay creditors, thought to be the first that is compliant with sharia, Islamic law. “I’m happy to confirm the plan,” said Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan. “This has been a fascinating case for me.”

Under the plan of reorganization, Arcapita will repay its only secured creditor, Standard Chartered Plc, in full. Arcapita will transfer its assets to a new holding company which will dispose of its investments over time, in an attempt to avoid a firesale liquidation.

The company’s unsecured creditors will receive the equity in the new holding company as well as their pro rata share in a sharia-compliant loan. General unsecured creditors are expected to receive around 7.7 percent of the $1.9 billion they are owed, according to court documents. The largest unsecured creditor is the Central Bank of Bahrain, which was owed $255.1 million.

The company provided alternative investment opportunities for rich families, institutions and sovereign wealth funds in the Gulf region, but sought bankruptcy last year as a $1.1 billion loan came due. The fund’s investment were sharia-compliant, as is the $350 million loan that Arcapita arranged to fund its wind-down operations after its exits bankruptcy.

Sharia prohibits borrowing money with interest. Instead, the so-called murabahah structure effectively treats the arrangement as a sale, incorporating a profit margin and fees instead of interest.

Arcapita filed for bankruptcy protection in March 2012 with about $7.4 billion in assets under management. . . . Arcapita was represented by Michael Rosenthal of Gibson, Dunn & Crutcher. The case is In Re: Arcapita Bank BSC et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-11076.

Say good-bye, America. Today, Manhattan’s U.S. Bankruptcy Court submits to sharia. Tomorrow, it will be your town.

Exit Question: Do you think a U.S. federal bankruptcy court would approve a Christianity-compliant or Jewish-compliant bankruptcy plan (whatever that might be)? Think again.

Debbie schlussel

Trigonometry and Hyperspaces - Chuck Missler

Think at Your Own Risk

Russia to Fast-Track New Online Censorship Bill

MOSCOW, June 12 (RIA Novosti) – A Russian parliamentary committee approved for review a new controversial anti-piracy law dubbed “the Russian SOPA” by critics after a similar US bill.

The bill will undergo on Friday the first of three required readings in the State Duma, the lower house of the Russian parliament, and may be passed by mid-July, lawmaker Robert Shlegel said Tuesday, Vedomosti daily reported Tuesday.

Duma’s legislation committee approved the bill on Tuesday despite outcry from Russian internet companies and advocates of internet freedom.

The bill is unofficially endorsed by the Kremlin, Vedomosti said, citing unnamed governmental sources.

The bill would allow copyright holders to have access to allegedly pirated content online blocked on a court order. Whole websites can be blacklisted under the law, which appoints a single court in Moscow to handle all copyright-related complaints nationwide.

Yandex, Russia’s biggest online search engine, slammed the bill in its corporate blog last week, saying it is ridden with technical flaws that could allow to indefinitely ban almost any website.

The bill protects the interests of copyright holders at the expense of web users and the internet industry, whose representatives were not consulted by the authors, Yandex said. The legislation was co-penned by an actress, an opera singer and a film director, all of them federal lawmakers.

Prominent anti-censorship website Rublacklist.net compared the bill to US SOPA (Stop Online Piracy Act), a draconian anti-piracy legislation introduced in the US Congress in 2011, but mothballed after a wave of protests, including by the English Wikipedia.

Ironically, bill co-author Yelena Drapeko, a former actress, admitted on Vesti.ru to downloading films on torrents.

“I don’t quite understand whether it is legal or not,” she said about the torrents she was using.

Russia introduced last November an internet blacklist that allows for extrajudicial ban of websites accused of promoting child abuse, suicide and illegal drug use. More than 6,600 websites are currently blacklisted, 97 percent of them blocked by mistake over technicalities, according to Rublacklist.net.

RIANovosti

Regulation is what keeps bankers out of prison

Full Throttle baby

We as a nation are already off of the cliff and in mid air towards our national doom. We are free falling at present with our foot to the floor with fatal impact moments away, but yet scoffers and kool-aid drinkers abound, the low info crowd stays..."low info'd...,  conservatives trust that there still is a chance to save our nation which is saturated with lawlessness, moderates trust that compromise with lawlessness will fix our nation and the progressive Left believe and trust that America's utopia is just around the corner. 

All these groups have one thing in common, they all are oblivious to REALITY, deceived and subjective in their thinking (Rom. 1:18-24). All these groups REFUSE to believe what Almighty God's Word states ever so clearly about ETERNAL salvation, mankind's fall, the Day of the Lord, Almighty God the Son's glorious return, His 1000 year Kingdom reign in RIGHTEOUSNESS and ETERNITY in a new heavens and earth (Acts 4:12, Rom. 1:18-32, 10:2-4, 2 Peter 3:3, Isa 2:1-4, 11:1-10, Mic 4:1-4, Zech.14:16-21, Rev 19:11-21,20:11-15, 21-22:1-5). Thus all these groups are ETERNALLY doomed unless they wake up to REALITY and receive the mercy and grace of Almighty God which He has provided for the world in His precious Son (John 3:16-17).

You see my dear friends... the Bible is not a "religious" book, its spiritual and moral absolutes, precepts and word are RIGHTEOUS, REALITY and TRUTH which transcends time and ETERNITY.

You see my dear friends... the Bible is not a "religious" book, its spiritual and moral absolutes, precepts and word are ABSOLUTE, RIGHTEOUS, REAL and TRUE and transcends the temporal confines of time and ETERNITY(Psalm 138:2, John 17:17, Rev. 21-22:15). You see my dear friend, the Lord Jesus was not a weak frail failure, a "victim" of the powers that be, a "good" man or teacher, a social engineer, a moral relativist or your homeboy. He is Almighty God the Son who holds ETERNITY in His nail pierced hands (Isa. 9:6-7, Mic 5:2, Rev. 1:11). He is the Creator of the Heavens (the billions of galaxy's and Universe) and the earth (John 1:1-3, Heb. 1:2-3). He is the King of ETERNAL glory who left Heaven's ETERNAL glorious throne in Divine Love to be the Savior of the world and to be the RIGHTEOUS propitiation (John 1:14, Phil. 2:5-10, John 3:16-17, 1 John 2:2, 4:10) for a big old godless world that absolutely hates and despises His guts and RIGHTEOUSNESS (John 1:10-12, Rom. 1:18-32, Eph. 2:1-10, 1 Peter 3:18).

You see my dear friend, Jesus was not a weak, frail failure, a "victim" of the powers that be, a "good" man and teacher, a social engineer, a moral relativist or your homeboy. He is Almighty God the Son who holds ETERNITY in His nail pierced hands.

Christ arose FOREVER VICTORIOUS from the grave and crushed death's reign, who's shackles since the fall have bound the sons and daughters of Adam (Rom. 5:12-21, ! Cor. 15:58, Heb. 2:14-15). He has liberated the souls of men who have placed their trust in His saving work (John 1:12, Rom. 7:24-25, 1 Cor. 15:55-58, Gal. 1:4, Eph. 2:1-12, Heb. 2:14-15) and has proclaimed the certain ETERNAL doom of lawless and godless men and women as well(John 3:36, 8:24). HE then ascended to the Right Hand of Almighty God the Father and WILL come again in glory to crush Lucifer's angelic rebellion and mankind's as well (Psalm 110:1, Zech. 14:3-9, Heb. 1:2-3, Rev. 19:11-21, 20:1-3,10). He WILL then establish His Kingdom reign which will NEVER end and He will rule with RIGHTEOUSNESS, MERCY and GRACE for a thousand years (Isa. 11:1-10, Dan. 2:44-45, 7:13-14, Zech. 14:3-21, Rev. 19:15, 20:5-6). He WILL then judge the sons and daughters of Adam in RIGHTEOUSNESS (Rev. 20:11-15, 21:8, 22:11) and then dissolve time and commence the ETERNAL estate of the redeemed in which they WILL reign with Him FOREVERMORE in RIGHTEOUSNESS, JOY and PEACE (John 14:1-4, 1 Cor. 2:9, Rev. 21-22:1-5).

...but yet these WILL continue to refuse and reject the WONDROUS redeeming LOVE of Almighty God and WILL hold unto their godless delusion unto the end and WILL call TRUE REALITY a delusion and tyrannical and those who believe Almighty God bigots and crazy.

My dear friends, this is REALITY and this is what all human beings throughout the world today need to receive, but yet these WILL continue to refuse and reject the WONDROUS redeeming LOVE of Almighty God and WILL hold onto their godless delusion unto the end and WILL call TRUE REALITY a delusion and tyrannical and those who believe Almighty God bigots and crazy (Isa. 5:20, John 3:19-21, Rom. 1:18-32, 1 Cor. 1:18-31, Rev. 9:20-21).

My dear friends, Almighty God cries out to you today and this fallen and godless world to repent and be saved from the wrath which is to come, for it IS coming (John 3:36, Rev. 6-19). There can NEVER be any place for lawlessness in Almighty God's RIGHTEOUS ETERNITY for then it would be no different than here on the doomed and fallen planet of earth (1 Cor. 6:9-10, 15:50, Rev. 21:27, 22:11).

My dear friends, Almighty God cry's out to you today and this fallen and godless world to repent and be saved from the wrath which is to come, for it IS coming.

Today, even if you are a scoffer but want to truly know, call out to Him and ask Him to bring you and show you the TRUTH (John 4:24, 14:6) and He most surely will. Believe me, I know my friends. Before I came to ChristI had my lists of justifications for my godless life and God knows I beat my drum but in the end Almighty God showed me in His mercy and grace how right He was and how doomed and wrong I was(Eph. 2:1-2). Oh my dear friends DO NOT be a fool! Almighty God does very much care for you and has not forsaken you but you have forsaken Him and His RIGHTEOUSNESS (Rom. 5:6-8, 8:32). The whole world has forsaken God - John 1:10) and those who have Almighty God's pardon through receiving His precious Son can testify that ONLY Jesus saves and sets one free from the bondage of this fallen world and its oppressors and from the ETERNAL consequences of a lawless and godless life (Eph. 2:1-10, Rev. 20:11-15).

May you see the ETERNAL picture of what this life (existence - born -die) is TRULY about. The Son and TRUTH will set you FREE and you will be liberated (FREE) indeed (John 8:32,36)!

The Kingdom of Heaven is at hand!

DJP I.F.
The Ignorant Fisherman Blog

Crisis And Chaos Return To Greece Following National TV Shutdown

A week ago we joked that Greece was rapidly sliding into the "fourth world" (and had the photos to prove it). Well, today Equity Index provider MSCI took our joke and made it into something way too serious when overnight it made Greece the first developed nation ever to be downgraded into "emerging market" status. Not quite fourth world, but that too will come. However, what's worse for Greece is that as we reported yesterday, the majority of Greeks have no way of learning about this following the governmental "temporary" shutdown of its one national TV prodier, ERT. Kathimerini followed up with news that ERT would be renamed to NERIT, the New Hellenic Radio Internet and Television - a state company owned by the public sector and regulated by the state, and relaunched by the end of August, however what matters to the public is that the vast majority of employees would likely be let go permanently.

However, the biggest news out of Greece is that the events in the 24 hours have pushed the depressed country right back into crisis mode, with political bickering front and center (the opposition leader called the uncoordinated move "a coup" even as coalition partners blasted the broadcaster shutdown while Europe washed it hands), while the economic contraction is set to accelerate once more following what is certain to be another escalation in daily protests and riots. And who can blame them - with that last civilizational "premium" - free TV for all - gone, what else is there to do?

From Reuters:

Greece's fragile government faced an internal revolt and fierce public protest on Wednesday over the sudden closure of state broadcaster ERT, hours after the humiliation of seeing its bourse downgraded to emerging market status. The twin setbacks, coupled with the derailing of a troubled privatization program, blew a hole in rising investor confidence that had prompted Prime Minister Antonis Samaras to declare the risk of a "Grexit" from the euro was dead and a "Greekovery" was under way.

Yields on Greece's 10-year benchmark bond crept back above 10 percent after Athens failed to sell state gas firm DEPA on Monday, leaving it short of cash to meet its international bailout targets.

The stock market traded at two-month lows after Greece became the first developed nation ever to be lowered to emerging market by equity index provider MSCI.

Prime Minister Antonis Samaras's government declined comment on the market reclassification as it tried to fend off a growing media backlash against ERT's dramatic closure. The public broadcaster was yanked off air just hours after the shutdown was announced in what the government said was a temporary measure to staunch an "incredible waste" of taxpayers' money prior to relaunching a slimmed-down station.

Labor unions called a 24-hour national work stoppage for Thursday and journalists went on an open-ended strike, forcing a news blackout on privately owned television and newspapers. "The strike will only end when the government takes back this coup d'etat which gags information," the journalists' union said.

Some ERT journalists were occupying the broadcaster's building in defiance of police orders and broadcasting over the Internet. Hundreds of employees and protesters gathered outside.

Ah, the smell of Greek chaos in the morning - it smells like normalcy. In retrospect, it appears only the Greeks did not see this coming. When the country handed over its sovereignty to the European Commission, all of the subsequent events were perfectly clear for all to see.

Perhaps the biggest irony is that the state broadcaster was one of the more fervent supporters of the regime, gladly ignoring the flaws in the administration and focusing on what little positives there was. It will no longer have this chance:

Many Greeks have little love for ERT journalists and the state broadcaster is often cited as an example of inefficiency, overspending and jobs given in return for political favors.

But the speed and suddenness of the shutdown - ERT screens abruptly went black just before midnight - stunned Greeks long used to the slow pace of public sector restructuring.

"This government's ways are dictatorial: they decide and they order," said 45-year old Panagiotis, who declined to give his full name for fear of losing his own public sector job.

"It was a wrong move. Yes, the public sector needs to be downsized and we all knew that ERT was being used for political favors but they did not need to fire them all."

Coming back full circle, once more the biggest threat to Greece, to Europe and the Euro, is coming from Greece, where the events in the 24 hours may have destabilized the government enough to hand over power to the anti-bailout party, Syriza:

Many Greeks have little love for ERT journalists and the state broadcaster is often cited as an example of inefficiency, overspending and jobs given in return for political favors.

But the speed and suddenness of the shutdown - ERT screens abruptly went black just before midnight - stunned Greeks long used to the slow pace of public sector restructuring.

"This government's ways are dictatorial: they decide and they order," said 45-year old Panagiotis, who declined to give his full name for fear of losing his own public sector job.

"It was a wrong move. Yes, the public sector needs to be downsized and we all knew that ERT was being used for political favors but they did not need to fire them all."

The closure opened cracks in Samaras's fragile three-party coalition. Samaras's two junior partners, the Socialist PASOK and the Democratic Left said they would oppose the decision.

Both parties said they had not been consulted but stopped short of saying the row could bring the government down.

So-called experts are appalled by the possibility of early elections:

"It's anyone's guess what would happen in elections now and what impact it would have on the economy at a time when a so-called Greekovery is visible on the distant horizon." The decision was taken by ministerial decree, meaning that it can be implemented without immediate reference to parliament. But the communist opposition said it would put a legislative amendment to parliament on Wednesday to annul the decision. Opposition leader Alexis Tsipras was to meet State President Karolos Papoulias to protest against the decision. On Tuesday, he called the closure "a coup, not only against ERT workers but against the Greek people", and accused the government of the "historic responsibility of gagging state TV".

Wait, Greekovery? That's a new (if idiotic) one. Is that abbreviated to "reek"? And in what nation is your GDP crashing to Year 2000 levels indicative of even the faintest "recovery"?

Oh yes, Greece.

Zero Hedge