Headlines

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Format: 09-23-2014
September 23, 2014
Citibank NA asked a U.S. judge to allow it to make payments on Argentine bonds on Sept. 30, saying that they shouldn’t be subject to a 2012 court ruling prohibiting payments on the country’s exchange bonds, Bloomberg News reported yesterday. The company said in a request yesterday to U.S. District...
September 23, 2014
Bankruptcy Judge Steven Rhodes yesterday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again, Reuters reported yesterday. Judge Rhodes is hearing arguments...
September 23, 2014
Three-and-a-half years after Howrey LLP shut its doors, another 31 former partners of the bankrupt law firm have agreed to chip in money to pay back Howrey’s creditors, the Wall Street Journal reported today. In settlement papers filed in bankruptcy court on Friday, Howrey trustee Allan Diamond...
September 23, 2014
RadioShack Corp. has tried — unsuccessfully so far — to convince a major supplier to alter its terms as the struggling electronics retailer works to avoid a bankruptcy filing, the Wall Street Journal reported today. The company, which disclosed the effort in a securities filing yesterday, didn't...
September 23, 2014
The operator of the Indiana Toll Road, owned by affiliates of Macquarie Group Ltd. and Ferrovial SA, sought bankruptcy protection with a creditor-supported restructuring plan after dwindling traffic soured a $3.8 billion bet on a 75-year lease, Bloomberg News reported yesterday. The company listed...
September 23, 2014
MF Global's creditors, who have waited nearly three years to get paid, will have to wait a little longer after a bankruptcy judge yesterday held off approving its bid to repay them $295 million, Dow Jones Daily Bankruptcy Review reported yesterday. Bankruptcy Judge Martin Glenn said that he was...
September 23, 2014
Creditors opposed to Momentive Performance Materials Inc.’s bankruptcy reorganization lost a bid to keep the plan from being implemented while they challenge it, Bloomberg News reported today. U.S. District Judge Vincent Briccetti yesterday denied the creditors’ request for a stay, and also refused...
September 23, 2014
Two Federal Reserve officials who have warned loudly and persistently that the Fed is overreaching in its economic stimulus campaign plan to retire next year after completing terms on the Fed’s policy-making committee, the New York Times reported today. Charles Plosser, president of the Federal...
September 23, 2014
Doral Financial Corp., the holding company for Puerto Rico’s second-largest mortgage lender, pressed its demand before a judge for a $229.9 million tax refund, with testimony from the company’s lawyer, Bloomberg News reported yesterday. Doral and Puerto Rico agreed in 2012 that the company was...
September 23, 2014
The U.S. Securities and Exchange Commission awarded more than $30 million to a whistle-blower in its largest payout from a program started in 2011 to encourage people to come forward with evidence of securities fraud, Bloomberg News reported yesterday. The whistle-blower, who lives outside of the U...
September 22, 2014
A new lawsuit seeks to hold M&I Bank, now owned by BMO Harris Bank, responsible for allegedly enabling Minnesota businessman Tom Petters to orchestrate a Ponzi scheme that cheated investors out of several billion dollars, the Wall Street Journal reported on Saturday. Filed in a Florida...
September 22, 2014
The Detroit City Council on Friday approved the creation of a regional water authority, pushing forward an integral part of the city's plan to exit the biggest-ever municipal bankruptcy, Reuters reported on Friday. A deal Detroit reached last week with Oakland, Wayne and Macomb counties creates a...