Headlines

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Format: 09-22-2014
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...
September 22, 2014
Power-plant owner Entegra Power Group LLC won swift confirmation Friday of a Chapter 11 plan that chops $750 million worth of debt from its $1.5 billion balance sheet, the Wall Street Journal reported on Saturday. Entegra already had the votes in hand to get its plan before a judge when it filed...
September 22, 2014
U.S. District Judge Jesse Furman on Friday ordered discovery to begin for some cases filed against General Motors Co. in connection with its recall of millions of cars for a faulty ignition switch, Reuters reported on Friday. Judge Furman said that plaintiffs could begin requesting documents from...
September 22, 2014
The bidding is now open on Energy Future Holdings Corp.'s rights to Oncor, a Texas transmission business that's going up for grabs in bankruptcy, the Wall Street Journal reported on Saturday. While Oncor itself isn't caught up in the chapter 11 proceeding, the financial woes that sent Energy Future...
September 22, 2014
A lawsuit filed by the Catholic Diocese of Spokane against the lawyers who led it through a 2004 bankruptcy related to sex abuse lawsuits is set for a February trial, the Associated Press reported on Saturday. Bishop Blase Cupich stopped using the legal team at the Paine Hamblen law firm after he...
September 22, 2014
Payment processor Phoenix Payment Systems Inc. canceled its auction and declared an affiliate of North American Bancard LLC as the winner of its assets, Dow Jones Daily Bankruptcy Review reported today. In a Wednesday court filing, Phoenix Payment Systems said that it didn't receive any qualified...
September 22, 2014
Rasmus Auctions has begun selling off desks, chairs, coffeemakers, televisions, bookcases, conference tables and other items from Truland Group’s corporate headquarters and warehouses, the Washington Post reported on Friday. The online auction for the office furniture, part of the liquidation of...
September 22, 2014
Regulators are poised to require that accounting firms identify exactly who is in charge of each audit they perform at thousands of publicly traded companies, but just where that disclosure will happen is still up for debate, the Wall Street Journal reported today. The Public Company Accounting...
September 19, 2014
U.S. banks may get another year to shift some swaps trading from their government-insured units as regulators respond to demands to give them more time, Bloomberg News reported today. A delay until July 2016 in applying the Dodd-Frank Act separation requirement is being weighed in discussions...
September 19, 2014
The nation's largest mortgage servicers are desperate to put the robo-signing scandal behind them, American Banker reported today. At least two of the servicers say that they are close to being released from consent orders dating back to 2011, when the Office of the Comptroller of the Currency...
September 19, 2014
The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told the bankruptcy court yesterday, Reuters reported. When Detroit filed for the largest-ever U.S. municipal...