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Format: 12-20-2014
December 19, 2014
The trust representing creditors of the bankruptcy General Motors Corp. estate asked a federal judge to reject efforts by “new GM” to pay ignition switch claims using funds set aside for creditors of the “old” Detroit automaker that filed for bankruptcy in 2009, the Detroit News reported today. “...
December 19, 2014
LightSquared, the bankrupt wireless venture owned by Phil Falcone's Harbinger Capital Partners, on Thursday submitted a new restructuring plan under which Harbinger would hold onto a sizable stake in the company, Reuters reported yesterday. The plan is the latest in a string of so far unsuccessful...
December 19, 2014
Assistant U.S. Attorney Richard Elias was leafing through a pile of JPMorgan Chase & Co. documents in 2012 when he found a memo in which one JPMorgan employee warned her bosses they were putting bad loans into securities being created before the financial crisis hit, according to a Wall Street...
December 19, 2014
A $1 billion pact between Nortel Networks Corp.'s U.S. unit and bondholders won court approval Thursday over the protests of the one-time Canadian technology giant, the Wall Street Journal reported today. The ruling from Bankruptcy Judge Kevin Gross means distressed-debt investors could stand to...
December 19, 2014
Binder & Binder, one of the largest social security disability firms in the U.S., filed yesterday for chapter 11 protection, Reuters reported today. The firm listed assets and liabilities of between $10 million and $50 million in its bankruptcy filing. Binder & Binder, founded by brothers...
December 19, 2014
Filing for bankruptcy was supposed to protect Aereo Inc. from broadcasters that killed the TV-streaming company's business after years of litigation. Instead, it has only intensified the fighting, Dow Jones Daily Bankruptcy Review reported today. Aereo, which allowed users to watch and record...
December 19, 2014
Nearly $600 million worth of settlements to benefit victims of Bernard Madoff ’s massive Ponzi scheme on Wednesday won the blessing of a bankruptcy judge, the Wall Street Journal reported yesterday. The settlements, approved by Judge Stuart Bernstein, include a $95 million deal struck with Senator...
December 19, 2014
Billionaire investor Carl Icahn offered $20 million in financing on Thursday to keep the Trump Taj Mahal from becoming the fifth casino to close this year in New Jersey's troubled Atlantic City, once the only major destination for gamblers on the U.S. East Coast, Reuters reported yesterday. The Taj...
December 19, 2014
East Millinocket, Maine, will receive six months of wastewater treatment from a bankrupt paper mill, after a federal judge on Thursday allowed the mill’s estate to loan as much as $250,000 to the town to cover treatment plant operations, the Bangor Daily News reported today. U.S. District Court...
December 19, 2014
The U.S. Department of Justice has begun a criminal investigation into the foreign exchange trading website Secureinvestment.com, which vanished last May 1 with as much as $1 billion from investors around the world, Bloomberg News reported yesterday. The Financial and Capital Market Commission in...
December 19, 2014
Dutch carmaker Spyker has filed for bankruptcy due to insufficient funds from a bridge loan, Automobile Magazine reported yesterday. Spyker Companies, which also includes subsidiaries Spyker Automobielen and Spyker Events & Branding, had been losing money ever since its deal to purchase Saab...
December 19, 2014
The chapter 11 trustee in the Creative Recycling Systems' bankruptcy case has filed a notice for voluntary conversion to chapter 7 bankruptcy liquidation, the Tampa Bay Business Journal reported yesterday. The Tampa e-waste recycler filed for chapter 11 bankruptcy protection in late August, after...

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