Headlines

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Format: 09-30-2014
September 30, 2014
U.S. District Judge Thomas Griesa yesterday held Argentina in contempt of court, saying that the republic was trying to find ways to circumvent a prior order requiring it pay holdout bondholders at the same time as other creditors who restructured their debt in recent years, Reuters reported...
September 30, 2014
Bankruptcy Judge Steven Rhodes ruled yesterday that Detroit can continue shutting off water service to non-paying customers, saying his court does not have jurisdiction over the issue and that suspending disconnections for six months could hurt the city's finances, Reuters reported yesterday. "...
September 30, 2014
The Roman Catholic Diocese of Gallup, N.M., which filed for bankruptcy protection late last year as a result of mounting litigation tied to sexual-abuse claims, has chosen a mediator to oversee negotiations with more than 100 claimants, Dow Jones Daily Bankruptcy Review reported today. At a...
September 30, 2014
The Consumer Financial Protection Bureau said yesterday that Michigan-based Flagstar Bank will be required to pay $37.5 million in restitution and fines over regulatory allegations it blocked struggling homeowners from receiving foreclosure relief, CollectionsCreditRisk.com reported yesterday. In a...
September 30, 2014
Sweden's Ericsson is preparing to take over Massachusetts-based Ambient Corp., which struggled to sell its "smart grid" technology to power companies, after a bankruptcy judge approved Ericsson's $7.5 million purchase offer last week, the Wall Street Journal reported today. Bankruptcy Judge Kevin...
September 30, 2014
Bank of America has agreed to pay $7.65 million to settle federal charges that it violated record keeping and internal rules in overstating its capital levels, the New York Times DealBook blog reported yesterday. The Securities and Exchange Commission said that the bank had failed for years to...
September 30, 2014
A group of Maine-based creditors has asked a Delaware court to move the bankruptcy case of Great Northern Paper Co. to Maine, where an attorney said 56 percent of the 1,159 creditors are located, the Bangor (Maine) Daily News reported yesterday. But Charles Stanziale, the trustee appointed in the...
September 30, 2014
The Florida developer who entered the first bid in an auction for Atlantic City, New Jersey's Revel Casino Hotel, which closed its doors this month, said yesterday that he plans to challenge the results if he loses, because the process lacked transparency, Reuters reported yesterday. The comments,...
September 30, 2014
As Crumbs Bake Shop Inc. began its final descent into bankruptcy late last year, the cupcake maker’s newly appointed chief executive, Ed Slezak, implemented a new strategy to help boost the company’s revenue: Sell Crumbs-branded products at everyday stores like Target and BJ’s Wholesale Club, the...
September 30, 2014
Graduates of Chicago law schools who claimed administrators duped them with exaggerated job-placement statistics have found no relief from an Illinois appeals court, the National Law Journal reported today. A three-judge panel of the Illinois Appellate Court’s First District has affirmed the...
September 29, 2014
A Michigan state panel on Friday approved four bond deals worth up to $1.1 billion which are needed for the city of Detroit to emerge from bankruptcy, plus the sale of city-owned land parcels needed for a new public bridge to Canada, the Lansing State Journal reported on Saturday. The Detroit City...
September 29, 2014
Aiming to restrict lenders who prey on members of the military, the Obama administration on Friday moved to close legal loopholes that have placed hundreds of thousands of service members at risk of excessive payday and other short-term loan fees, the Associated Press reported. The Defense...