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    News and Articles on Bankruptcy

    Archives: Bankruptcy

    LETTER: Republicans playing same old record  Nov 23, 2009
    They are taking us one more step closer to bankruptcy. Preview of Obama's twenty second State of The Union speech in January. (Mattoon Journal-Gazette, IL)

    Investors tiptoe back into the game of buying hotels  Nov 23, 2009
    -based WCI Communities through bankruptcy proceedings for $7. 1 million. (Washington Business Journal, DC)

    Time and the value of money  Nov 23, 2009
    The same issue of the Globe reminded me of the problems facing Enron, the once powerful energy company that is seeking bankruptcy after losing $618 million during the third quarter of 2001 alone, roughly one/tenth the gross national product of the Republic of Georgia and its five million people. I can recall when Louise Day Hicks (remember her. (Weymouth News, MA)

    online_editor  Nov 23, 2009
    " Byron W. wrote on Nov 18, 2009 1:20 PM:" limerick54 wrote "The folks that say you are like these "people" are wrong, while you are opinionated and unwilling to exhibit empathy for the position of others if it clashes with your ideology, you rarely (if ever) exhibit that kind of hatred.Empathy has cuased a lot of problems whne it comes to law. It has nearly put the US in bankruptcy. ". Byron W. wrote on Nov 18, 2009 1:18 PM:" limerick54 wrote "Byron: The story is accurate saying that they... (Jefferson City News Tribune, MO)

    Enron's Skilling May Report to Federal Prison Today  Nov 23, 2009
    Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)

    Opinion maker: Melinda Stibal  Nov 22, 2009
    " More Facts wrote on Nov 19, 2009 10:22 AM:" I know of very few white citizens rushing to claim their half of this man who is rapidly putting our great country into bankruptcy. His very questionable selection of everything from a tax cheat for Treasury Secretary to a communist as czar to a very questionable character for safe schools czar not to even mention his long time ties to homegrown terrorists,no not many people are rushing to claim this historic mistake. (The Herald-Palladium)

    Bank helped Rothstein in fraud scheme, lawsuit alleges  Nov 22, 2009
    Web Web Search by YAHOO. Sally Kestin, Paula McMahon and Brittany Wallman. (The Palm Beach Post)

    More lower-priced items, deals fill stores  Nov 22, 2009
    Stores already in trouble, including Circuit City, Mervyns and Linens 'n Things, were forced into bankruptcy or liquidation. Signs hint at rebound. (AZCentral -- Business)

    Health reform costs arm and a leg  Nov 22, 2009
    "Everyone understands the extraordinary hardships that are placed on the uninsured, who live every day just one accident or illness away from bankruptcy," Obama told the nation. "But the problem that plagues the health care system is not just a problem for the uninsured . . . there's the problem of rising cost. We spend one-and-a-half times more per person on health care than any other country, but we aren't any healthier for it. This is one of the reasons that insurance premiums have gone up... (Florida Today)

    Program may help some stay in homes  Nov 22, 2009
    Borrower must not be involved in a bankruptcy proceeding or litigation regarding the property or the mortgage. Borrower cannot be more than 12 months behind on mortgage payments. (AZCentral -- Business)

    Doctors warn against reform; protest met with protesters  Nov 22, 2009
    The current system also has driven people into bankruptcy, including insured people whose insurance companies withdraw their coverage, she said. The bills before Congress won't affect those with private insurance, either, Johnson said. (Casper Star-Tribune, WY)

    Plan calls for nonprofit HMC  Nov 21, 2009
    The plan, filed recently in bankruptcy court, calls for canceling the stake held by a for-profit Kansas hospital operator and 132 local physicians that came together to buy the former St. Francis Medical Center hospitals in January 2007 ... The plan, along with one previously filed by Hawaii Medical Center and another expected from former owner St. Francis Healthcare System of Hawaii, is scheduled to be considered in a hearing next month in bankruptcy court ... Hawaii Medical Center filed for... (Honolulu Advertiser)

    New Hampshire AG Seeks Bankruptcy for Mortgage Co.  Nov 21, 2009
    NH AG seeks involuntary bankruptcy for mortgage company that closed suddenly this month ... The New Hampshire attorney general's office wants to force a mortgage company that closed suddenly into bankruptcy ... Attorney General Michael Delaney said Friday that he has filed involuntary bankruptcy petitions against Financial Resources Management and C L and M Inc. He said investors who backed the companies' construction projects have been demanding payment from homeowners and threatening to take... (ABC News -- Wire)

    "The Death of Conservatism": A Premature Burial  Nov 21, 2009
    Most of them used to be Chrysler stockholders, apparently, until they lost their fortunes when the Obama administration raced that company through an extra-legal bankruptcy and turned 55 percent ownership of it over to the UAW.. But speaking of tins, Tanenhaus seems to have a tin ear. (Townhall.com)

    Bossier City man convicted of bank fraud  Nov 21, 2009
    U.S. Attorney Donald W. Washington says William R. Hayes was convicted Thursday of defrauding the First Louisiana Bank and committing bankruptcy fraud by submitting false statements about his income. Hayes was convicted of one count of bank fraud and four counts of bankruptcy fraud ... He faces up to 30 years in prison for bank fraud and five years in prison for each count of bankruptcy fraud and a fine of up to $250,000 on each count. (Nola.com -- Sports)

    GM says improved quarter shows signs of stability  Nov 21, 2009
    2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business. (AP Photo/Paul Sancya) General Motors, its river of red ink stemmed by a trip through bankruptcy court, reported a narrower quarterly loss and said it would start repaying billions of dollars in government loans that helped keep it alive ... The automaker was also helped by having been stripped of many... (Chippewa Falls Chippewa Herald, WI)

    Millions in taxes yet to be paid  Nov 21, 2009
    Some portion will be uncollectable because of bankruptcy filings and insolvencies, or where, because of a lack of interest by the owners, the city has stepped in to raze houses or has tried unsuccessfully to sell the properties on the courthouse steps, Mr. Kendrick said. As for the rest, the clock is ticking. (The Augusta Chronicle)

    Judge Delays Decision on Restitution by Former Monticello Auto Dealer  Nov 21, 2009
    Ultimately, Barton said an agreement was reached with the bank paying $275,000 to settle an action brought by the bankruptcy trustee. A clause in the agreement states that Union Bank will not file a future claim against the trustee for that amount. (Hamburg Ashley County Ledger, AR)

    Credit card Catch-22  Nov 21, 2009
    Good thing I filed for bankruptcy first. AB. (Atlanta Journal-Constitution -- Business)

    $100M Suit: Ex-Firm Leader Peddled Fake Investments in Sex Case  Nov 21, 2009
    Not named in the suit is the law firm, RRA, which will likely keep the suit in state court rather than getting caught up in bankruptcy proceedings ... In the law firm s bankruptcy, the U.S. trustee s office proposed naming Senior Miami-Dade Circuit Judge Herbert Stettin as independent trustee to oversee the firm s evaporation. (Law.com)

    De La Costa Restaurant investor sues former partner for $3M  Nov 21, 2009
    De La Costa, which has since closed, ended up filing for Chapter 11 bankruptcy protection in July 2008, less than two years after its highly touted debut. The restaurant at 465 E. Illinois St. was sold in September 2008 for $1 million, half of its asking price. (Crain's Chicago Business)

    Home builders group files Chapter 11  Nov 21, 2009
    So bad that even the Home Builders Assn. of Greater Chicago has filed for bankruptcy protection ... The Home Builders has about 500 members today, down from 1,500 at the peak, says William Factor, the groups bankruptcy attorney ... The association has assets of $100,001 to $500,000 and liabilities of $1,000,001 to $10 million, according to a Chapter 11 petition filed in U.S. Bankruptcy Court in Chicago. (Crain's Chicago Business)

    Defaulting on Unsecured Lines of Cr...  Nov 21, 2009
    Bankruptcy provides protection for debtors who cannot pay their bills yet live in fear of a creditor lawsuit. The copyright of the article Defaulting on Unsecured Lines of Credit in is owned by. (Suite101.com)

    Salmon Speaks Out on DUI, Finances  Nov 21, 2009
    Again, I also have a handout with some additional verification of my dealing with it, rather than claiming bankruptcy. The next big challenge requiring personal responsibility was in 2004. (WCAX.com, VT)

    Toyota works on car deal  Nov 21, 2009
    But U.S. Bankruptcy Judge Robert Kressel rejected the agreement. Kressel questioned a $750,000 consulting fee Walser had agreed to pay Hecker and the late involvement of a bankruptcy trustee ... He filed for personal bankruptcy protection in June, saying he owed up to $1 billion to up to 1,000 creditors. (Brainerd Daily Dispatch)

    Retail vacancies steady despite weak economy  Nov 21, 2009
    For instance, Ross Dress for Less opened a 30,078-square-foot store last month in a space at Kapolei Commons rejected by Circuit City following its bankruptcy a year ago. In Waikk, fashion retailer Forever 21 leased 42,580 square feet of space at Royal Hawaiian Center abandoned by Hilo Hattie amid its bankruptcy reorganization earlier this year. (Honolulu Advertiser)

    Andersen Will Settle Suit Over WorldCom  Nov 21, 2009
    The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. WorldCom has emerged from bankruptcy protection and now operates as Ashburn, Va. (Yahoo News -- WorldCom/MCI)

    J.P. Morgan Settles WorldCom Suit for $2 Billion  Nov 21, 2009
    J.P. Morgan helped underwrite major WorldCom bond offerings in the two years before the telecommunications firm filed the largest bankruptcy case in U.S. history in 2002. Plaintiffs in the class-action case, lead by New York State Comptroller Alan G. Hevesi, claim J.P. Morgan and other WorldCom advisers and directors should have discovered the company's $11 billion accounting fraud and disclosed it to investors. (Yahoo News -- WorldCom/MCI)

    What's in the Senate Health Bill for You?  Nov 21, 2009
    My question is then: "What is the government going to pay for all these perks when there is no person working in the future? Right now, what's in the Obama & company health care bill for me is higher taxes and future bankruptcy of the economy. I am learning to speak Chinese. So should each of you if this passes. by reveal4 November 20, 2009 7:04 PM EST Reform is sending a message to Wall Street to stop ripping us off. Rich folks will pay for reform, not the average Joe. Rich folks have earned... (CBS News -- Early Show)

    Your 10 questions  Nov 21, 2009
    I once picked up a book Ten Sins of KMart (KMart went into bankruptcy). I had a shock when I realised that Mydin was committing the same sins. (The Star Online, Malaysia -- Business)

    Pence Issues Challenge to Preserve the Real American Revolution  Nov 21, 2009
    Even as Ben Bernanke told me this week, capitalism without bankruptcy is like religion without hell. "When you look at the failed Democratic policies on stimulus, cap and trade and healthcare, it looks like their recovery strategy is, 'the beatings will continue until morale improves.' Democrat policies in Washington D.C. are taking our economy from bad to worse. The unemployment rate in this country reached a 26 year high, 10.2 percent, the worst since 1983 and the national debt reaches 12... (Human Events Online)

    Time running out for comprehensive health care reform  Nov 20, 2009
    They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)

    Enron's Skilling May Report to Federal Prison Today  Nov 20, 2009
    Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)

    Rubashkin plans appeal, but another trial looms  Nov 20, 2009
    The charges against Rubashkin stem from a May 2008 immigration raid on Agriprocessors' plant in Postville, Iowa, which found hundreds of immigration violations and forced the plant into bankruptcy. During the trial, which was moved to South Dakota out of concern that media coverage had tainted the jury pool in Iowa, the former chief financial officer of the company, Mitch Meltzer, testified that he and four other employees were sometimes paid their salaries in cash to avoid taxes. (Cleveland Jewish News, OH)

    Grinney: JeffCo, B'ham should consolidate  Nov 20, 2009
    He offered solutions HealthSouth used to inch away from the brink of bankruptcy and establish itself as a profitable company in 2008, after 12 years of red ink and an accounting fraud scandal. He said internal controls, better communication and accountability are needed in local government. (Birmingham Business Journal, AL)

    Top Eurobank prepares for 'global economic collapse'...  Nov 20, 2009
    Presumably that's still illegal in the US. 'I will declare bankruptcy, wipe out 100% of our remaining debt and continue to hoard gold ... I will declare bankruptcy, wipe out 100% of our remaining debt and continue to hoard gold ... " The reason this is about to turn into a depression is that governments can no longer expand credit markets hence they can no longer induce inflation. Incidentally, even assuming we could induce a further expansion in credit markets, the multiplier effect of each... (The Drudge Report)

    To outcry, Brigham's heads to bankruptcy  Nov 20, 2009
    Iconic ice-cream chain faces bankruptcy, anger - The Boston Globe ... To outcry, Brigham s heads to bankruptcy ... The restaurant chain - once a household name in New England - is expected to file for bankruptcy today, and the 13 locations operated by Cooper s company, Deal Metrics LLC, are closing, Cooper said this week. (Boston Globe)

    San Michele units targeted for foreclosure  Nov 20, 2009
    Lucky Chase II filed for Chapter 11 reorganization in Miami bankruptcy court in April. The resolution of that case is pending. (South Florida Business Journal, FL)

    Controversial Kansas church brings protest to Jefferson City  Nov 20, 2009
    It has nearly put the US in bankruptcy. " Byron W. wrote on Nov 18, 2009 1:18 PM:" limerick54 wrote "Byron: The story is accurate saying that they spread their message of hate. . read the signs; they are full of hate. Simple enough for you? In a moral relativist world, no it isnt simple. It floats their boat. It seems that should be enough for liberals. Oh yeah, but there is that hypocrisy thing. ". (Jefferson City News Tribune, MO)

    Developer aims to restart adult-community project  Nov 20, 2009
    But Engle's parent company, TOUSA Inc., filed for Chapter 11 bankruptcy protection in January 2008. Property records show E/S Property Holdings LLC, managed by JPMorgan Chase Bank, bought Engle's Estrella property at a trustee sale in February. (AZCentral -- Business)

    General Growth restructures debt; 170 entities to emerge  Nov 20, 2009
    9 million in debt, enabling 170 of its corporate entities to emerge from bankruptcy protection by the end of the year ... General Growth included multiple corporate entities in its bankruptcy proceeding ... The Chicago mall owner told U.S. Bankruptcy Court in New York its reached deals to extend its average loan terms on that debt by an average of 6. (Triad Business Journal, NC)

    Simon eyeing General Growth assets  Nov 20, 2009
    Chicago-based General Growth, operating under bankruptcy protection since April, owns or holds a stake in about 200 malls across the country, including the Colony Square Mall in Zanesville, Beachwood Place and Maumee s Shops at Fallen Timbers. General Growth filed for bankruptcy protection under the weight of debt it was unable to refinance when the credit markets froze. (Columbus Business First, OH)

    GSI Group Finalizes Agreement With Noteholders to Significantly Reduce Its Debt  Nov 20, 2009
    - To Implement Pre-Arranged Debt-for-Equity Restructuring, Three Corporate Entities File for Chapter 11 Reorganization - Operations will continue in normal course - Company has ample liquidity. " "We are confident that going into this reorganization process with a pre-agreed upon plan with our noteholders and adequate liquidity will enable us to implement our restructuring in an efficient and timely manner. (Canada Newswire)

    Okla. company buys Friar Tuck for $4.5M  Nov 20, 2009
    From left to right: Mannion; bankruptcy attorney for Friar Tuck Inn Christian Dribusch; Ulster Savings Bank attorney Richard Anthony; and Auction America Realty CEO Marvin Neuman ... 2 million at the time of filing with New York s Northern District U.S. Bankruptcy Court ... There are a total of 30 unsecured creditors listed among bankruptcy court filings. (Catskill Daily Mail, NY)

    Hecker found in contempt of court  Nov 20, 2009
    A U.S. bankruptcy judge held Denny Hecker in contempt of court Wednesday morning for failing to turn over financial documents requested by the trustee, according to media reports. Judge Robert Kressel ordered Hecker to pay $660 in attorney fees and gave him until noon Monday to produce the remaining documents, including bank statements, tax records and credit card bills. (Twin Cities Business Journal, MN)

    Trustee: Temple funds funneled  Nov 20, 2009
    Evidence presented at a bankruptcy hearing Thursday indicated that Annamalai Annamalai, who goes by the title Dr. Commander Selvam, has been funneling profits from his temple on Brook Hollow Parkway in Norcross into other business entities he controls ... Bankruptcy trustee Lloyd Whitaker said he asked a bank to drill open two safety deposit boxes belonging to temple priests ... U.S. Bankruptcy Judge James E. Massey said a restraining order preventing temple employees from accessing funds and... (Atlanta Journal-Constitution -- Metro)

    Magna Entertainment in Dispute Over Gambling Rights at Pimlico Race Track  Nov 20, 2009
    The former owner has asked a judge to rule those rights cant be canceled as part of Magnas bankruptcy case ... U.S. Bankruptcy Judge yesterday agreed to decide part of the dispute in January before Magna, based in Aurora, Ontario, holds an auction for Pimlico, the and a second race track in Maryland ... Since filing for bankruptcy, Magna has been selling its smaller tracks to help it pay creditors. (Bloomberg -- Canada)

    Lead Us Not Into Debt  Nov 20, 2009
    We heard how, during the second half of the 1980s, a young Ramsey built up a multimillion-dollar real-estate empire then lost it all as the bank got nervous and called his loans, ultimately forcing him and his wife into bankruptcy. How, searching for help in his hour of need, he turned to the Bible and discovered Proverbs 22:7: The rich rule over the poor, and the borrower is slave of the lender. (The American Conservative)

    Facebook Common Stock Value Jumps 42% to $9.5 Billion on Private Market  Nov 20, 2009
    The IPO market dried up last year, after Lehman Brothers Holdings Inc. filed for bankruptcy and the global economy fell into recession. Theres a lot of speculation that the IPO market might recover next year, SharesPost CEO Greg Brogger said. (Bloomberg)

    Mall owner hires advisers amid deal talk  Nov 20, 2009
    America s largest shopping center owner, has hired two advisory firms that real estate experts could help it acquire all or part of rival , which is in Chapter 11 bankruptcy reorganization ... General Growth (Pink Sheets: GGWPQ) told a New York U.S. bankruptcy court on Thursday that it expects 170 of its entities to be out of bankruptcy by year-end, after reaching an agreement with creditors to extend the loans, according to Reuters ... Of General Growth s Denver-area properties, Park Meadows... (Denver Business Journal, CO)

    General Growth to restructure debt  Nov 20, 2009
    9 million in debt, enabling 170 of its corporate entities to emerge from bankruptcy protection by the end of the year ... The company notified the U.S. Bankruptcy Court in New York Thursday that it had struck a deal with its lenders to extend the terms of 70 loans ... We are extremely pleased to reach this consensual agreement with lenders representing more than half of the mortgage debt covered by the bankruptcy proceedings, says Thomas Nolan Jr., chief operating officer at General Growth. (Charlotte Business Journal, NC)

    Loss-hit JAL too big to fail  Nov 20, 2009
    TOKYO - A national icon teetering on the brink of bankruptcy, dragged down by huge, underfunded legacy costs, a history of mismanagement and a harsh business climate ... Yet the same day, Maehara, speaking after a parliamentary committee assembled to discuss how to secure JAL's survival, refused to rule out bankruptcy, saying he "had never said that we would exclude the option of legal bankruptcy", TimesOnline reported on Thursday ... After all, many American airlines have used bankruptcy... (Asia Times Online)

    Coudert Estate Pursues Fees Earned From Former Clients  Nov 20, 2009
    By not handing over the fees, Baker & McKenzie breached an agreement signed with Coudert in 2005 that gave Coudert rights to part of the fee, according to an amended complaint filed last week in bankruptcy court by the administrator ... The Southern District Bankruptcy Court approved its plan of liquidation in August 2008 in , 06-12226 ... In a bench ruling in August, U.S. Bankruptcy Court Judge Robert Drain said the Coudert administrator's original complaint did not set forth sufficient facts... (Law.com)

    J.P. Morgan Settles WorldCom Suit for $2 Billion  Nov 19, 2009
    J.P. Morgan helped underwrite major WorldCom bond offerings in the two years before the telecommunications firm filed the largest bankruptcy case in U.S. history in 2002. Plaintiffs in the class-action case, lead by New York State Comptroller Alan G. Hevesi, claim J.P. Morgan and other WorldCom advisers and directors should have discovered the company's $11 billion accounting fraud and disclosed it to investors. (Yahoo News -- WorldCom/MCI)

    Wyoming briefs  Nov 19, 2009
    The hotel filed for Chapter 11 bankruptcy in February. On Monday, a federal bankruptcy judge in New Jersey said HCW Hospitality can transfer the purchase rights to CJM Hospitality, and said CJM hospitality can use $325,000 in nonrefundable deposits to make repairs to the hotel so the business can be reopened. (Casper Star-Tribune, WY)

    Recession-Proof Job? Non-Profit CEO  Nov 19, 2009
    Now, why don't you turn your attention back downtown and look at the people (again) making 7 figure bonuses creating nothing of any societal value, and who have led us to the brink of bankruptcy as a nation. Yes, some non-profit leaders are paid well (although nothing compared to their for-profit counterparts). (CBS News -- Evening News)

    Republic of Marshall Islands -- 2009 Article IV Consultation, Concluding Statement of the IMF Mission  Nov 19, 2009
    The legal framework for collateral and bankruptcy laws inhibits commercial lending and has kept interest rates high. Since the absence of private land ownership hampers private sector development, the government should step up efforts to facilitate land registration. (IMF News)

    GM bailout costs each taxpayer $12,200  Nov 19, 2009
    for free extra services. South Florida Business Journal. (South Florida Business Journal, FL)

    Business briefs  Nov 19, 2009
    Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said ... Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said. (New York Post -- Business)

    US wants to fast-track GM IPO  Nov 19, 2009
    Bloom said the US government, which now holds a nearly 61-percent stake in GM, wanted to "err on the side of getting out a little faster" from the investment it took as part of a policy to restructure the automaker in bankruptcy ... GM is in the process of revaluing its balance sheet to provide what is known as a "fresh start" accounting of the company's assets and liabilities since emerging from bankruptcy in July ... Bloom said US officials could revisit the question of the timing of a share... (India Times)

    Manager blames Cage for cash woes  Nov 19, 2009
    Samuel Levin, responding to a lawsuit Cage filed against him, said he warned the Oscar-winning actor that he could face bankruptcy unless he scaled back his lavish lifestyle ... "Levin described the folly of several other well-known entertainers who compulsively overspent their way into bankruptcy, and warned Coppola 'it could happen to you,' " the filing said. (CNN -- International)

    Pagliuca propelled by corporate mind, personal touch  Nov 19, 2009
    It was the biggest deal of Pagliuca s career, but it would also become the most troublesome: It ultimately led to multiple rounds of layoffs, a bankruptcy, and questions about Bain s tactics ... In August 2002, Dade, still saddled with debt from the Bain payout, filed for Chapter 11 bankruptcy protection, which led to scrutiny of the profits made by Bain and Goldman. (Boston Globe)

    'It's horrifying': Bankruptcies among middle class are rising  Nov 19, 2009
    More members of middle class file for bankruptcy - USATODAY.com ... More members of middle class file for bankruptcy ... Schubert, who had career success and started her own business, filed for bankruptcy. (USA Today -- Money)

    Time running out for comprehensive health care reform  Nov 19, 2009
    They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)

    Andersen Will Settle Suit Over WorldCom  Nov 19, 2009
    The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. WorldCom has emerged from bankruptcy protection and now operates as Ashburn, Va. (Yahoo News -- WorldCom/MCI)

    At-a-glance: Bill-by-bill  Nov 19, 2009
    Provides for disqualification of peers convicted of serious offences or subject to a bankruptcy order. Allows peers to resign peerages. (BBC News -- UK)

    Galleria manager weighs purchase option  Nov 19, 2009
    Chicago-based General Growth, operating under bankruptcy protection since April, was the manager of the Galleria Dallas until Simon Property took over management duties in August. Simon Property has a stake in nearly 400 malls following General Growth's bankruptcy filing. (Dallas Business Journal, TX)

    Stocks Fall After Companies Announce Share Sales, Brokerages Cut Ratings  Nov 18, 2009
    9 percent to 98 yen, the lowest close since its listing in October 2002, after Reuters reported that Japanese Transport Minister said he wouldnt rule out a bankruptcy of the carrier. Maehara told a parliamentary committee that he never said he wouldnt let the Tokyo-based carrier go bankrupt, according to the report. (Bloomberg -- Japan)

    Wayzatas interest in Neenah, Grede and Elyria could presage foundry sector tie-up  Nov 18, 2009
    Of the three situations, Gredes sale through the Bankruptcy Court for the Western District of Wisconsin is the most immediate. Wayzatas stalking horse status was awarded last week after the fund swooped in post-petition and bought out the DIP and pre-petition second lien positions of DDJ Capital. (FT.com -- Markets)

    Nikkei hits six-week closing low  Nov 18, 2009
    stock tumbled to its lowest level since the groups 2002 relisting after the nations transport minister declined to rule out a court-led bankruptcy for the troubled airline. Reuters Limited. (FT.com -- Markets)

    Simon Property Mulls Buying General Growth Mall Assets With Lazard Hiring  Nov 18, 2009
    General Growth filed for bankruptcy protection in April and , chairman and chief executive officer of its biggest rival, acknowledged within days that he had tried to buy some of its properties ... General Growth has until the end of February 2010 to submit a reorganization plan to the bankruptcy court, Sullivan said in a Nov. 4 note to investors ... Between now and the end of February, Simon has no standing in the bankruptcy court and its only when General Growth gets much farther into the... (Bloomberg -- US)

    General Motors Said to Narrow Search for Finance Chief to Two Outsiders  Nov 18, 2009
    The Obama administrations automotive task force faulted the operation of GMs finance department as part of an assessment of the company during its $50 billion government- backed bankruptcy ... who led the auto task force that reorganized GM in a 40-day bankruptcy from June 1 to July 10, said last month in an article on Fortune magazines Web site that GM had perhaps the weakest finance operation any of us had ever seen in a major company ... Henderson needs to build a team to end... (Bloomberg -- US)

    RRA receiver may be replaced  Nov 18, 2009
    The federal office that oversees administration of bankruptcy cases has objected to letting retired judge Herbert Stettin remain as a restructuring officer for the law firm of Rothstein Rosenfeldt Adler ... During a court hearing, the U.S. trustee s office indicated that the convoluted way Stettin arrived as CRO wasn t in accordance with bankruptcy law ... The costs of a CRO will deplete the limited available funds, while a trustee is compensated pursuant to the terms of the bankruptcy code. (South Florida Business Journal, FL)

    U.S. Brands Have Special Luster in Chi00004000na  Nov 18, 2009
    The company faced bankruptcy early this year in the U.S., but it's never been hotter in China, where first-time drivers are still excited to get behind the wheel of a brand new American car. Still, experts caution it's just as hard for U.S. companies to succeed in China as it is back home. (CBS News)

    Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC  Nov 18, 2009
    Japan Airlines Corp., which is seeking a state bailout, fell to a record after a report that Japans transport minister wouldnt rule out bankruptcy for the carrier. The gain in oil didnt translate to Asian energy stocks. (Bloomberg -- Asia)

    Not backing it up can be costly  Nov 18, 2009
    According to the U.S. National Archives, a disaster that leads to lost data for 10 days sends a business to bankruptcy 93 percent of the time. Technology experts urge small businesses to invest in backup systems and devise a plan that would keep the lights on even during a computer catastrophe. (Birmingham Business Journal, AL)

    Business leaders back anti-bankruptcy plan for JeffCo  Nov 18, 2009
    A Birmingham small businessman challenged local political and business leaders on Tuesday to rally around his plan for Jefferson County to avoid bankruptcy ... Blackwell said his plan would pull the county from the brink of bankruptcy without raising taxes by ... Robert Kelly said bankruptcy would cast the county and state in negative light across the globe. (Birmingham Business Journal, AL)

    VOICE OF THE PEOPLE | NOV. 18, 2009  Nov 18, 2009
    Without access to health insurance, he would likely declare bankruptcy each time he needs a pacemaker replacement (as an adult). This act of Congress will ensure he is able to live, work, save and retire with some measure of financial stability. (Herald Online, SC -- Opinion)

    PRS in the spotlight  Nov 18, 2009
    At the crux of the expose was money lawsuits filed against Good News Holdings, the company Kirkpatrick severed ties to, his own bankruptcy years ago, and suits alleging non-payment of bills. There was even an e-mail from Anne Rice, a writer acclaimed for her pornographic, vampire and religious novels, who railed against Kirkpatrick for not paying her for rights to her novel Christ the Lord. (Allston Brighton TAB, MA)

    Bovespa Rises to 17-Month High on Faster Growth Outlook, Mexico Advances  Nov 18, 2009
    World economies have to prepare for an end to government stimulus that helped them recover from the financial crisis sparked by the bankruptcy of Lehman Brothers Holdings Inc. in September 2008, Itau Unibanco Holding SA Chief Executive Officer said yesterday. Fiscal Stimulus. (Bloomberg -- Latin America)

    Lender That Really Does God's Work Is Slowed as Mortgage Funding Dries Up  Nov 18, 2009
    About 145 churches have gone into bankruptcy since the credit crunch accelerated in 2008, an upheaval in a lending niche that bankers once ranked among the safest in real estate ... We dont see any even remote possibility of bankruptcy on the horizon ... Ambassadors International filed for bankruptcy protection in July. (Bloomberg)

    Enron's Skilling May Report to Federal Prison Today  Nov 18, 2009
    Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)

    Time running out for comprehensive health care reform  Nov 18, 2009
    They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)

    Grupo Mexico regains control in Asarco battle  Nov 18, 2009
    HELENA Asarco's ownership battle has come full circle, after a ruling late Friday by a U.S. District Court judge in Texas affirmed a bankruptcy court's reorganization plan to give Grupo Mexico control of the company ... Montana has worked out an arrangement through the bankruptcy court to receive 138 million, which will be put into the Montana Custodial Trust ... As part of the bankruptcy agreement, the trust will gain ownership of the Asarco-owned lands in Montana. (Montana Standard, MT)

    LETTER: Obama dismantling free-market system  Nov 18, 2009
    Two ways we might be driven to our knees: Deliberate bankruptcy by Obama or recognition of our real source of personal and national deliverance. See 2 Chronicles 7:14. (Mattoon Journal-Gazette, IL)

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