Midwest acquisition hurts Republic profit Nov 6, 2009
In the future, Republic's branded operations will also include the results of of Denver, which Republic acquired Oct. 1 through a bankruptcy court auction. Republic Airways had $148. (Milwaukee Business Journal, WI)
GM readies Opel plan Nov 6, 2009
The terms of GM's exit from bankruptcy in the United States after taking $50 billion in US government financing also allow GM to send funding directly to Opel if needed, he said. "We are able to run a global business. We certainly need to be prudent about it. We need to be careful about it but we can run a global business," Henderson said. (India Times)
J.P. Morgan Settles WorldCom Suit for $2 Billion Nov 6, 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)
GM's Reversal on Sale of Opel Shows Influence of `Deal Guys' on New Board Nov 6, 2009
Bonderman, Girsky and Carlyle Groups injected Wall Street experience into the board after GM posted $88 billion in losses since 2004 and filed for bankruptcy on June 1 ... Henderson told reporters today that Detroit-based GM is outperforming its post-bankruptcy plan, without giving specifics ... Retaining ownership of Opel marks the second change in GMs post-bankruptcy plan for unloading unprofitable divisions. (Bloomberg -- Canada)
NEC May Raise $1.5 Billion in Share Sale to Pay Off Debt, Fund Expansion Nov 6, 2009
in pursuing sales as equity markets rebound from the rout caused by Lehman Brothers Holdings Inc.s bankruptcy last year. The sale will likely help NEC improve financial strength, but its growth strategy needs to be clearer, said , an analyst at Okasan Securities Co. The size of the deal is within market expectations, he said. (Bloomberg -- Japan)
In brief: Escada | Warehouse closing | General Growth heiress Nov 6, 2009
Escada USA Inc., which last month filed a motion in Bankruptcy Court to reject its lease at 840 N. Michigan Ave., was given more time to strike a deal to keep the store open. A court hearing planned for Thursday on the matter was postponed because Escada and its landlord, a group led by U.S. Equities Realty LLC executives, are in talks to resolve the motion, according to a filing Tuesday in the U.S. Bankruptcy Court in the Southern District of New York. (Crain's Chicago Business)
Bondholders Extract Revenge on Fee-Hungry Bankers Nov 6, 2009
Nov. 6 (Bloomberg) -- Companies in dire straits often roll the dice in a bid to stave off bankruptcy ... Struggling companies, their advisers and lenders should think twice about such strategies after an almost $700 million judgment last month against , , and other lenders, in connection with the bankruptcy of homebuilder ... The Tousa case has caused the legal and bankruptcy communities to sit up and take notice because fraudulent conveyance claims rarely result in a sizeable judgment. (Bloomberg -- Columnists)
Credit unions may recover $82 million Nov 6, 2009
Many of the same Milwaukee-area credit unions faced losses in the CU Fleet case, which started as a bankruptcy in April and was transferred to receivership in Milwaukee County Circuit Court. Credit unions listed as large creditors were: , New Berlin, with $2. (Milwaukee Business Journal, WI)
Grede Foundries wants to sell by year end Nov 6, 2009
said Thursday that it has asked a federal bankruptcy court to approve a timeline for auction of the company that would put Grede under new ownership by the end of the year ... The reorganization efforts we have undertaken in the last five months have strengthened our company and returned it to profitability, which has attracted the interest we have seen," he added. "The agreement with Wayzata and the setting of the auction schedule puts our organization in a strong position to emerge from... (Milwaukee Business Journal, WI)
Judge gives couple a rare bright spot Nov 6, 2009
Gary and Cara Duvall, who are in the midst of a bankruptcy case stemming from tens of thousands of dollars in unpaid medical debt, just wanted Duquesne Light to let them pay the deposit over six months -- $100 at a time ... At a hearing yesterday, U.S. Bankruptcy Judge M. Bruce McCullough ruled that the Whitaker couple would be required to pay only $100 ... While he said that they always lived paycheck to paycheck -- they even filed for bankruptcy before in 2000 -- the Duvalls mostly kept up... (Pittsburgh Post-Gazette, PA)
KKR Financial Triples Quarterly Income as Credit Demand Drives CLO Rally Nov 6, 2009
Leveraged loans are repaid first in bankruptcy, ahead of bonds and equities. The default rate for high-yield companies may peak at 12. (Bloomberg -- US)
Most tax measures being approved Nov 5, 2009
Vallejo, which filed for bankruptcy in 2008, has the highest utility tax in Solano County, but its rate is comparable to those in San Francisco, Oakland and Berkeley. Taxpayer advocates say the tax on texting and other modern telecommunications is too open-ended, especially as technology changes rapidly. (San Francisco Chronicle)
Sick and uninsured Nov 5, 2009
Phillips, 44, a father of three, is thinking about filing for bankruptcy because of the bills. I m about ready to become a statistic, and I don t want to be, he said. (Klamath Falls Herald & News, OR)
LETTER: Government reform, not health reform, needed Nov 5, 2009
Pick-pockets, shop lifters go to jail, but CEOs with risky business practices leading to bankruptcy or loss of billions to shareholders of stockholders continue on in positions of authority or retire with golden parachutes. We have a government that has given out 700 billion in stimulus funds with no accountability, but has done little to create jobs, start new businesses, stopped foreign dumping of all products into our market, lower the foreign trade deficit, our government deficit, etc. (Mattoon Journal-Gazette, IL)
Rick Berman: Health care reforms don't have to cost taxpayers trillions in government option Nov 5, 2009
However, we can all agree on at least a few things: Too many uninsured Americans are forced into bankruptcy by accidents and diseases; too many Americans are unable to purchase individual coverage due to pre-existing conditions; too many children are unfairly denied health care because their parents choose not to pay for insurance or sign up for government coverage; and the cost of health care is rising unsustainably ... That would let workers pool their risks without driving struggling... (The News-Press -- Opinion)
Handbrake turn Nov 5, 2009
GM also noted the role that Ford s European operations had played in helping it avoid bankruptcy. But within a couple of weeks GM changed direction again, swerving towards accepting the Magna bid because it was the only one backed by Angela Merkel, the German chancellor. (The Economist)
Lynch: Better times ahead for Winn-Dixie Nov 5, 2009
1 million in the first quarter of fiscal 2010, which ended Sept. 16, the grocer is maintaining a sharp focus on controlling costs and is still on track with initiatives launched after emerging from Chapter 11 bankruptcy protection in 2007. The challenges we are facing today are largely external, and will not last forever, Lynch said during the meeting. (Jacksonville Business Journal, FL)
Congress must get tough on banks Nov 5, 2009
A change in lending practices can also be advanced by a change in bankruptcy law. The second reform would fix a crack in the bankruptcy system that prevents bankruptcy judges from modifying the mortgage debt on a home to the level of the actual value of that property ... It is not a huge leap to give bankruptcy judges this ability since they currently have the ability to do just that when it comes to commercial real estate, cars, boats and other personal property. (Atlanta Journal-Constitution -- Opinion)
Toyota surprises with profit, boosts forecast Nov 5, 2009
Ford Motor Co. has been riding a wave of positive public sentiment since it steered clear of bankruptcy protection and avoided taking federal bailout money - unlike its crosstown rivals, General Motors Co. and Chrysler LLC.. Worldwide market share is up. (Fresno Bee -- Business)
New rules created for green tax breaks Nov 5, 2009
An Oregonian investigation found that some companies that got the tax credits filed for bankruptcy protection or failed to perform. Records show that 97 percent of applicants have been granted tax credits. (Ontario Argus Observer, OR)
JPMorgan paying $700M to settle SEC charges Nov 5, 2009
Scandal has pushed Alabama county to brink of bankruptcy ... 9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in U.S. history. (MSNBC -- Business)
Redefining America Nov 5, 2009
This corporation is hastily and steadily headed toward bankruptcy ... Medicare, Social Security, and the Postal Service are rocketing toward bankruptcy, and the statists want to run health insurance. (Fresno Bee -- Opinion)
JPMorgan settlement with SEC over 'pay-to-play' in Alabama Nov 5, 2009
9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in U.S. history. The on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March. (USA Today -- Money)
Fury at Opel deal failure Nov 5, 2009
GM, which was struggling with its own bankruptcy, had made a preliminary deal to sell a 55-percent stake in Opel, employing about 50 000 workers in Germany, Britain, Spain, Belgium, Poland and Austria, to Canadian firm Magna and its Russian partner Sberbank ... As GM toiled through its own US government-backed bankruptcy reorganisation, the sale of the European unit turned into a major controversy as governments in Europe fought to save their parts of the automaker ... GM's finances since its... (iAfrica.com)
Cage, Aames' Lifestyles of the Broke & Famous Nov 5, 2009
The documentary is called "Broke and Famous: Willie Aames," and it will show the star of "Eight Is Enough" and "Charles in Charge," who has struggled with a home foreclosure and bankruptcy, working with a financial guru and life coach ... Some have had to put their multimillion-dollar homes on the market, declare bankruptcy or face foreclosure ... the star of films including "Bio-Dome" and "The Usual Suspects," filed for Chapter 11 bankruptcy protection in New York in July. (ABC News -- Business)
Enron's Skilling May Report to Federal Prison Today Nov 5, 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)
Report: AARP To Endorse House Health Bill Nov 5, 2009
Not having insurance can lead to bankruptcy or an early death. by faceofus November 4, 2009 6:09 PM EST. (CBS News)
Amid Tumbling Sales, Chrysler Looks to Future Nov 5, 2009
As he presented the plans, Marchionne said that Chrysler's financial position is now stronger, following its trip through bankruptcy and a dramatic restructuring that cut more than 18,000 salaried jobs ... 7 billion since the company emerged from bankruptcy in June ... By contrast, both the newly profitable Ford Motor Co., and General Motors Corp., which had followed Chrysler into bankruptcy, reported modest sales increases during what was the best month for new cars sales in more than year. (Time.com)
Speedway Motorsports earnings rise Nov 5, 2009
Speedway Motorsports said Wednesday that its third-quarter earnings rose 13 percent, even as it continued to warn that its merchandising arm, Motorsports Authentics, faces a possible bankruptcy filing ... For Motorsports Authentics, a joint venture with International Speedway Corp. that sells racing merchandise, the company warned: Its ability to continue operating could be severely impacted, and (it) could ultimately pursue bankruptcy ... Speedway Motorsports said Wednesday that its... (News & Observer -- Sports)
Nemees sue county for damages Nov 5, 2009
The bank auction of the property, scheduled for Oct. 9, was averted in the 11th hour when the couple filed Chapter 11 bankruptcy. This week s claim follows a complaint for declaratory relief filed in May and a writ of mandate filed in June that also names Strattan and Elliott. (San Andreas Calaveras Enterprise, CA)
$700m settles JPMorgan bond case Nov 5, 2009
9 billion debt has pushed it to the brink of filing what would be the biggest municipal bankruptcy in US history. The Securities and Exchange Commission yesterday outlined the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March. (Boston Globe)
Terra ties up deal in luxe real estate Nov 5, 2009
00004000 On the other side, one of Terra's owners, Kent Swig, has filed court documents saying he may have to declare personal bankruptcy based on tens of millions of dollars in personal loans that he owes related to failed rental-condo conversion projects in the city ... On the other side, one of Terra's owners, Kent Swig, has filed court documents saying he may have to declare personal bankruptcy based on tens of millions of dollars in personal loans that he owes related to failed rental-condo... (New York Post -- Business)
Why did blue-chip Goldman take a walk on subprime's wild side? Nov 5, 2009
22-caliber rifle and not hit a subprime lender in Orange County," recalled a former manager of a company that reviewed subprime loan files before Goldman and other Wall Street firms bought the mortgages.For $100 million in mortgages, New Century could command fees from Wall Street of $4 million to $11 million, ex-employees told McClatchy. The goal was to close loans fast, bundle them into pools and sell them to generate money for the next round.Inside the mortgage company, the former employees... (Anchorage Daily News)
Democratic Deficit Duplicity Nov 4, 2009
Given their current premeditated scheme to spend this nation into bankruptcy, their feint toward fiscal responsibility reveals them as nothing short of cynical, Machiavellian frauds. Mr. Limbaugh is a nationally syndicated columnist and author of , and. (Human Events Online)
Report finds T’s riders at risk Nov 4, 2009
In the unsparing words of the author, if the MBTA were a private firm, it would likely fold or seek bankruptcy. It s fair to say that they are not keeping up with the safety standards that they themselves subscribe to, said David F. D Alessandro, the former John Hancock chairman who led the review. (Boston Globe)
R.H. Donnelley posts $24 million in income Nov 4, 2009
for free extra services. Triangle Business Journal - by. (Raleigh Triangle Business Journal, NC)
Six Flags reports dip in revenue Nov 4, 2009
In June, Six Flags has filed for Chapter 11 bankruptcy reorganization. Six Flags operates 20 parks in the United States, Canada and Mexico, including its Six Flags in Queensbury. (Albany Business Review, NY)
Search for man leads to key area arrest Nov 4, 2009
Meanwhile, in the Gem State, a Meridian man has pleaded guilty in federal court to defrauding creditors and a court-appointed trustee during his 2004 bankruptcy case. Reed J. Bowen Jr., 50, pleaded guilty Monday in U.S. District Court in Boise to one count of bankruptcy fraud ... Prosecutors say Bowen then bought the home after settling his bankruptcy case. (Ontario Argus Observer, OR)
CityCenter hits center stage Nov 4, 2009
And over by the Sahara, the 3,800-room Fontainebleu is a half-finished hulk whose fate awaits the decision of a bankruptcy judge. Like CityCenter, those projects were predicated on two longstanding pillars of Las Vegas development: a 25-year history of near-constant visitor increases (the post-9/11 years being the singular exception) and a steroidal Field of Dreams conviction that if youre going to build it, build it really, really big and people will feel compelled to come. (MSNBC -- Travel)
Brit Hume in No Spin Zone Nov 4, 2009
O'REILLY: So any American is going to go I'm not going to support something that's going to cost a trillion dollars, could put the country in bankruptcy if things don't go well economically if I don't understand it. Would you buy a car you didn't know how to run no matter how long you're in there. (Fox News)
* World Business Quick Take Nov 4, 2009
Delphi, based in Troy, Michigan, is reorganizing under bankruptcy court protection from creditors. The sale includes operations in the US, Poland, France, Britain, Mexico and China that employ about 3,000 people, BeijingWest said. (Taipei Times, Taiwan -- World Business)
Standard Chartered 79% Return Overtakes HSBC With Asian Investment Rebound Nov 4, 2009
VeraSun filed for bankruptcy in 2008 after ethanol prices plunged, and the loan may never be repaid. That deal is a clear candidate for Reess cricket bat. (Bloomberg)
Following the sun Nov 4, 2009
Scienter wrote on Nov 3, 2009 7:01 AM:" We need a boycott of Campbell Scientific. It all starts with name. Don't those Yo Yo's over there realize that this is a faith based community and that we rely on the good lord to provide for our energy needs. Science, as it is used today, is merely a tool to advance the liberal agenda of the global warming hoax.We don't need no stinking solar panels, we need to drill more and what we can't drill we need to buy from the middle east.What Campbell... (Logan Herald Journal, UT)
Michael Moore ignores capitalism's blessings Nov 4, 2009
One example of the change: Harvard Business Review contributor Ricardo Semler saved his manufacturing plant from bankruptcy by replacing middle management with autonomous, employee-run teams. Teams at his plant, Semco, set their own salaries, schedule their own hours, and are offered finance classes so they can understand Semco's transparent record books. (Christian Science Monitor)
Goldman got cozy with loan star that crashed and burned Nov 4, 2009
Michael Missal, a federal bankruptcy examiner who investigated New Century's operations after it sought Chapter 11 protection on April 2, 2007, reported last year that the firm's lax lending and accounting standards "created a ticking time bomb." ... The cash squeeze halted New Century's operations and sent it careering into bankruptcy ... In May, weeks after New Century's bankruptcy filing, Goldman started selling securities backed by New Century mortgages in a secret deal based in the Cayman... (Anchorage Daily News)
Attendance, sales down at Six Flags Nov 4, 2009
the amusement park chain operating under bankruptcy protection and controlled by owner Dan Snyder, saw revenue fall as park attendance dropped and spending by visitors declined ... Six Flags (OTC BB: SIXFQ) filed for bankruptcy protection in June, listing $2. (Washington Business Journal, DC)
Principles And Pettiness In NY-23 Nov 4, 2009
You have to be pretty deeply immersed in the cesspool already to come up with a term like "tea party drag" to describe grass-roots activists who fear that America is descending into bankruptcy and depravity. Yet, that was how New York Times columnist Frank Rich this week described the right's refusal to lie down and play dead as the Democratic Party tries to turn the U.S. into a socialist paradise. (Investors Business Daily)
Citadel loan investors tune in to broadcast industry rebound Nov 4, 2009
Whether those positions pay out depends on two factors: how well newly bullish valuations hold up as the company negotiates a pre-arranged bankruptcy with lenders, and the sustainability of the operational rebound radio broadcasters delivered in recent weeks. Media assets now trade in a broad 6x-8x EBITDA range, up significantly from the 4x-5x ghetto they briefly visited in 2Q09, said three buyside sources. (FT.com -- Markets)
Business briefs Nov 4, 2009
CIT loanCIT Group, the bank rupt 101-year-old com mercial lender, can bor row an immediate $125 million and make inter company loans as it at tempts to exit bank ruptcy on a fast track and keep its customers, a bankruptcy judge ruled. Tribune ESOPTribune Co., the news paper publisher that filed for bankruptcy protec tion in December, said it will replace the em ployee stock-ownership plan it began in Decem ber 2007 with a profit- sharing program ... CIT Group, the bank rupt 101-year-old com... (New York Post -- Business)
Ex-Stock dealers to be based in Green Bay Nov 4, 2009
Stock Building Supply, based in Raleigh, N.C., exited 32 markets and eliminated more than 100 locations after filing for bankruptcy in May. The closures included a location in Delavan. (Milwaukee Business Journal, WI)
Class-action suit targets WaMu securities Nov 4, 2009
It s unclear who is representing the defunct WaMu entities since the bank s holding company is in bankruptcy and its assets were sold last year to & Co. (NYSE: JPM). According to the suit, WaMu issued securities backed by its own single-family residential mortgages whose interest rates adjusted (after an initial fixed rate period) and included a negative amortization feature. (San Jose Business Journal, CA)
Hitachi reaches deal to buy Nortel assets Nov 4, 2009
The proposed sale still must be approved by bankruptcy courts in the United States and Canada, where Nortel is based. The agreement announced Tuesday marks the latest in a series of deals over the past several months by Nortel, which is selling itself off in pieces after filing for bankruptcy protection in January due to sinking sales and a crushing debt load. (Raleigh Triangle Business Journal, NC)
Provinces Lose Bid to Set Deadline for JTI Tobacco Suits on Health Costs Nov 4, 2009
The provinces may challenge the companys plan to exit bankruptcy when it is submitted, the judge said ... JTI-MacDonald, the maker of Export A cigarettes in Canada, entered bankruptcy protection in 2004 after Quebecs Ministry of Revenue demanded a C$1 ... The judge urged the provinces to proceed with a single lawsuit for their health-care claims outside of bankruptcy. (Bloomberg -- Canada)
Sterling hikes loan-loss provisions Nov 4, 2009
The company said it had signed a definitive agreement to sell $19 million in net book value loans related to energy company Semgroup, now under Chapter 11 bankruptcy protection, and had also signed a letter of intent to sell $32 million in commercial real estate loans during the fourth quarter, while revising accounting estimates used to determine loan-loss provisions. In a statement, the company said it made the moves due to the deterioration in the real estate market, and the continuing... (Houston Business Journal, TX)
J.P. Morgan Settles WorldCom Suit for $2 Billion Nov 4, 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)
Economy, overbuilding hurts CP retail center Nov 4, 2009
Just two years after being built, the retail center that has stood almost empty has filed for Chapter 11 bankruptcy protection ... Smoke on Ice wrote on Oct 29, 2009 10:55 AM:" Yet we have a mayor and council who continue to consider retail as Economic Development. A council who ignored our own Towne Center TIRZ to give incentives to 1890 Ranch directly across the street. A council who committed over $70M to the arena, also directly across the street. A council who further gave incentives to the... (Cedar Park Hill Country News Weekender, TX)
Andersen Will Settle Suit Over WorldCom Nov 4, 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)
Ford surprises with net of nearly $1b Nov 3, 2009
- Ford, the only Detroit automaker to dodge direct government aid and Bankruptcy Court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a solidly profitable 2011. The automaker said yesterday earnings were fueled by US market share gains, cost cuts, and the Cash for Clunkers program, which drew flocks of buyers to showrooms this summer. (Boston Globe)
Terminator for Sale Nov 3, 2009
Bankruptcy may force franchise to change hands again. Rumors emerge on the setting of the fifth film. (IGN FilmForce)
Judge clears way for Hindu Temple foreclosure Nov 3, 2009
Creditors changed the locks and sent more than a dozen priests packing Monday aftera federal bankruptcy judge cleared the way for a foreclosure sale of the Hindu Temple of Georgia ... The temple had sought bankruptcy protection in September to stave off foreclosureafter it defaulted on a $2. (Atlanta Journal-Constitution -- Metro)
Reliance Communications Falls for Seventh Day as Profit Misses Estimates Nov 3, 2009
Its the stocks of declines since Lehman Brothers Holdings Inc.s bankruptcy last year. Credit Suisse Group AG cut its share-price estimate on Reliance after the Mumbai-based company on Oct. 31 reported second-quarter tumbled 52 percent to a three-year low. (Bloomberg -- Asia)
Vallejo seeks to expand utility tax to cell phones Nov 3, 2009
Vallejo, which filed for bankruptcy in 2008, is desperate for revenue ... Ford Motor Co. has been riding a wave of positive public sentiment since it steered clear of bankruptcy protection and avoided taking. (San Francisco Chronicle)
Lesser access for babies? Nov 3, 2009
Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a solidly profitable 2011. Other Headlines. (Yahoo News -- Child Welfare)
J.P. Morgan Settles WorldCom Suit for $2 Billion Nov 3, 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)
Andersen Will Settle Suit Over WorldCom Nov 3, 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)
