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Format: 12-25-2014
December 24, 2014
Bankruptcy Judge Mary Walrath yesterday tied up a remaining loose end from the 2008 collapse of Washington Mutual Bank, endorsing a $37 million settlement of the company’s claims against its former leaders, the Wall Street Journal reported today. Regulators seized the troubled subprime lender and...
December 24, 2014
A bankruptcy judge cleared NII Holdings Inc.’s top executives to potentially earn millions of dollars in bonuses, telling a federal watchdog that its objection to the payout plan “completely stunned” her, the Wall Street Journal reported today. Bankruptcy Judge Shelley Chapman yesterday authorized...
December 24, 2014
Hedge-fund managers are putting a new twist on credit-default swaps, using the contracts to fortify bets on troubled companies, the Wall Street Journal reported today. The swaps, which work like insurance policies when companies default on bonds and loans, fell out of favor after Wall Street’s...
December 24, 2014
The state-appointed receiver for a small fire district in Central Coventry, R.I., filed a petition to put the district into chapter 9 protection, Reuters reported yesterday. The Central Coventry Fire District had been negotiating with the firefighters union for about a year and a half. Receiver...
December 24, 2014
Years of contamination at a Southern California lead-acid battery-recycling plant caused severe health problems for local residents, including cancer and kidney failure, according to a new lawsuit, Dow Jones Daily Bankruptcy Review reported today. The suit, brought against directors and officers of...
December 24, 2014
Newton, Mass.-based residential mortgage company 1st New England Mortgage Corp. has filed for chapter 7 bankruptcy, the Boston Business Journal reported today. First New England Mortgage Corp. does business as Aberdeen Mortgage, FNE Mortgage and First New England Mortgage, according to the...
December 24, 2014
GT Advanced Technologies Inc. said that it is pursuing the sale of its sapphire furnaces and will pay former partner, Apple Inc., a portion of the cash it gets from the sale, Reuters reported yesterday. The furnaces were installed to make sapphire glass for Apple, which loaned GT Advanced $439...
December 24, 2014
Debt raters failed to follow their own methodologies, let senior credit officers view market-share data and allowed a trade group to affect criteria changes, according to a U.S. Securities and Exchange Commission report, Bloomberg News reported yesterday. The SEC’s Office of Credit Ratings didn’t...
December 24, 2014
Colorado's Attorney General John Suthers has sued two more law firms in the state for fraud, accusing them of inflating foreclosure costs charged to homeowners, Reuters reported yesterday. As part of an ongoing investigation, Suthers has filed eight civil law enforcement actions against Colorado...
December 24, 2014
The home office of Doral Bank, the San Juan, P.R.-based lender struggling to meet regulatory mandates, was raided by the FBI in a search for evidence related to “several ongoing investigations,” the agency said, Bloomberg News reported yesterday. Federal Bureau of Investigation agents entered the...
December 23, 2014
Some of the country’s top restructuring professionals who contributed to the final report of the ABI Commission to Study the Reform of Chapter 11 released earlier this month made it clear that, aside from strengthening tools for a bankrupt company, they want to make the process cheaper, according...
December 23, 2014
A Michigan board yesterday agreed to send nearly $195 million in state funds to Detroit's two retirement systems on Feb. 9 as part of a pivotal deal that helped to end the city's historic bankruptcy, Reuters reported yesterday. Jeremy Sampson, a spokesman for Michigan's Treasury Department, said...

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