Headlines
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May 24, 2012
U.S. Trustee Roberta A. DeAngelis objected to Solyndra LLC's motion to increase its debtor-in-possession (DIP) financing, saying that the solar panel maker has not shown significant progress with its plans to emerge from bankruptcy protection, Reuters reported today. Solyndra, which received $535...
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May 24, 2012
The Senate Banking Committee will hold a hearing today at 10 a.m. ET to examine "The Responsible Homeowner Refinancing Act of 2012." Click here to view the witnesses and prepared testimony for the hearing. http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&H...
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May 24, 2012
Bankruptcy Judge Martin Glenn yesterday approved Residential Capital LLC's request to stop funding home-equity lines of credit as the subprime lender looks to preserve value for creditors, Dow Jones Newswires reported. The approval gives ResCap, a subsidiary of government-owned auto lender Ally...
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May 24, 2012
American International Group Inc. was blocked from pursuing some claims against Bank of America Corp.'s Countrywide unit that are part of a lawsuit over $10 billion in losses related to residential mortgage-backed securities, Bloomberg News reported today. U.S. District Judge Mariana Pfaelzer...
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May 24, 2012
Bank of America Corp. and Mortgage Electronic Registration Systems Inc. lost a bid to dismiss a lawsuit claiming they shortchanged Texas counties out of uncollected mortgage filing fees, Bloomberg News reported yesterday. "The plaintiffs have brought sufficient evidence to allow the case to go...
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May 24, 2012
Thirteen months after entering chapter 11 protection, the Philadelphia Orchestra Association yesterday filed its plan for exiting bankruptcy, the Philadelphia Enquirer reported today. With consent now in place from key creditors, the orchestra's blueprint for recovery will be considered by the...
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May 24, 2012
Syms Corp.'s shareholders say they have reached a deal to propose a chapter 11 plan alongside the defunct retailer but still do not want to extend the company's control of its case, Dow Jones DBR Small Cap reported today. Syms and subsidiary Filene's Basement LLC liquidated their merchandise, shut...
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May 24, 2012
MasterCard Inc. lost a court challenge that sought to overturn a European Union decision that the company's cross-border card fees violated antitrust rules, Bloomberg News reported today. The EU's General Court backed the European Commission’s decision that MasterCard unfairly inflated the...
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May 24, 2012
Nearly 20 months after completing their $3.2 billion merger, United and Continental are grappling with the messy business of stitching together two sprawling operations, the Wall Street Journal reported today. The process has left many longtime customers fuming, bewildered many of the company's...
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May 23, 2012
County legislators for Alabama's bankrupt Jefferson County voted unanimously yesterday to skip a $15 million payment due Oct. 1 on about $200 million of Jefferson County general obligation warrants, Reuters reported. The cash-strapped county declared bankruptcy in November with slightly more than $...
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May 23, 2012
New data indicates that distressed investors last month bought up the smallest amount of debt from ongoing bankruptcies in more than a year, Dow Jones Daily Bankruptcy Review reported today. SecondMarket Inc., which operates a market for buyers and sellers of claims filed in bankruptcy cases, said...
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May 23, 2012
The Consumer Financial Protection Bureau (CFPB) is preparing restrictions on prepaid debit cards, a largely unregulated product that is flourishing even amid concerns about high fees and poor disclosures, the New York Times' DealBook blog reported today. While the consumer bureau’s new effort would...
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