Headlines
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June 18, 2013
The House Financial Services Financial Institutions and Consumer Credit Subcommittee will hold a hearing today at 10 a.m. ET entitled "Examining How the Dodd-Frank Act Hampers Home Ownership." To view the witness list and read the prepared witness testimony, please click here:
http://...
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June 18, 2013
A plan to cut pension benefits previously thought sacrosanct for 30,000 workers and retirees may tip Detroit into bankruptcy as Emergency Manager Kevyn Orr negotiates over $17 billion in debt and obligations, Bloomberg News reported yesterday. Getting dispassionate bondholders to take partial...
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June 18, 2013
Jefferson County, Ala.'s plan to emerge from bankruptcy protection hinges in part on the sale of $1.9 billion of new debt this fall to refinance debt tied to its troubled sewer system, but some observers call terms of the new debt onerous, the Wall Street Journal reported today. The proposal for...
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June 18, 2013
OnCure Holdings Inc., which provides equipment and management services to cancer clinics in three states, filed for bankruptcy blaming cuts in federal health-insurance payments, Bloomberg News reported yesterday. OnCure, based in Englewood, Colo., plans to sell itself at auction while under court...
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June 18, 2013
A bankruptcy judge said that a recent “flurry” of court filings by Heller Ehrman LLP may “dramatically” affect the defunct law firm’s quest to chase down unfinished business profits, the Wall Street Journal reported today. Bankruptcy Judge Dennis Montali handed Heller a mild scolding on Saturday as...
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June 18, 2013
Like some shareholders of the American International Group, the Fannie and Freddie shareholders have stooped to lawsuits as a way of trying to garner millions from the same government that rescued the entities, according to a commentary yesterday by Prof. Stephen Lubben in the New York Times...
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June 18, 2013
The trustee winding down Lehman Brothers Holdings Inc.'s brokerage struck a deal that will slash $8.5 million in claims from a Curaçao-based unit and said that he has all but completed his goal of making more than 110,000 brokerage customers whole and now is focusing on returning cash to creditors...
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June 18, 2013
New York State’s top financial regulator is preparing to crack down on the consulting firms that banks hire to navigate legal problems like money laundering and wrongful foreclosures, the New York Times DealBook blog reported yesterday. In an attempt to force change upon a sector that operates with...
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June 18, 2013
Britain’s Serious Fraud Office has charged a former trader with conspiracy to defraud in the rigging of a benchmark interest rate, the Associated Press reported today. The UK’s official financial crimes investigator says that Tom Hayes, a former trader at UBS and Citigroup, was charged today as...
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June 17, 2013
Detroit said on Friday that it would stop making payments on some of its estimated $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history,...
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June 17, 2013
Orchard Supply Hardware Stores Corp. filed for chapter 11 protection, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash, Reuters reported today. Orchard, which was spun off by Sears Holdings Corp in late 2011, said that it was carrying a high debt...
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June 17, 2013
W.R. Grace & Co. heads to court today to defend its chapter 11 workout plan against challenges from investors in its aged bank debt and others whose protests have barred the chemical company from ending its 12-year stay in bankruptcy, Dow Jones Daily Bankruptcy Review reported today. Investors...
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