Headlines

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Format: 10-30-2014
October 29, 2014
Detroit has been a client of Gabriel Roeder since 1938, when the city first started offering pensions. Now the city is bankrupt, the pension fund is short, benefits are being cut and one of the system’s roughly 35,000 members, Coletta Estes, is suing the firm, contending it used faulty methods and...
October 29, 2014
A major banking regulator is sounding the alarm about lax car lending standards that are leading to a new round of losses for banks, the Wall Street Journal reported today. There’s been a spike in the average size of car loans that banks and other lenders are writing off as a loss following months...
October 29, 2014
The operator of the Indiana Toll Road, which paid $3.8 billion for a 75-year operating lease, won court approval of a plan to exit bankruptcy protection in just over a month after working with creditors for years, Bloomberg News reported yesterday. Bankruptcy Judge Pamela S. Hollisin Chicago...
October 29, 2014
GT Advanced Technology Inc., which struck an agreement with erstwhile partner Apple Inc. last week that allowed it to proceed with its bankruptcy, said that the iPhone maker had threatened to seek damages of more than $1 billion against the company. Former stock market darling GT Advanced, once set...
October 29, 2014
The Federal Reserve is widely expected to announce on Wednesday the end of its latest bond-buying program, known as quantitative easing (QE), the New York Times reported today. Fed officials say that the purchases served to strengthen job growth, and the economic recovery no longer needs quite so...
October 29, 2014
The U.S. and Securities Exchange Commission on Tuesday added more than a dozen relatives of Texas businessmen Sam and Charles Wyly to a long-running securities fraud lawsuit against the brothers to bolster its efforts to collect some $300 million, Reuters reported yesterday. The amended complaint...
October 29, 2014
A Delaware bankruptcy judge has scheduled a confirmation hearing in the Bondex International bankruptcy settlement agreement, LegalNewsline.com reported yesterday. Bankruptcy Judge Peter J. Walsh filed an Oct. 20 order scheduling a hearing on confirmation of the proposed joint plan and approved...
October 29, 2014
Fertilizer company Mississippi Phosphates Corp. filed for chapter 11 protection on Monday with plans to remain open but eventually sell its assets, Dow Jones Daily Bankruptcy Review reported today. Mississippi Phosphates said in its court filing that it has between $100 million and $500 million in...
October 29, 2014
Clark Appliance, a high-end home appliance retailer in business for more than 100 years, filed an emergency voluntary petition for chapter 11 relief on Friday, the Indianapolis Star reported yesterday. In a letter to customers, owner Bob Clark said that the move was motivated by a number of...
October 29, 2014
Hollywood’s Todd-Soundelux LLC, which until its shutdown provided postproduction sound effects for movies and television shows, is selling a collection of sound effects to the highest bidder at a Nov. 13 auction, the Wall Street Journal reported today. Bids are due Nov. 5 for the company’s...
October 29, 2014
In August 2000 the Securities and Exchange Commission adopted new “fair disclosure” rules, known as Reg FD on Wall Street, aimed at ensuring that all investors have equal access to material financial information, according to a Wall Street Journal commentary yesterday. But in reality fair-...
October 28, 2014
Detroit yesterday wrapped up its historic bankruptcy case, which began with contentious opposition from creditors and ended with eleventh-hour deals enabling the city to shed $7 billion of its $18 billion of debt and obligations, Reuters reported yesterday. In closing arguments, attorneys for the...