Headlines

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Format: 07-30-2014
July 29, 2014
After California and New York courts in June and July tossed out “unfinished business” claims by trustees of failed firms against former partners and the firms they fled to, all eyes are now fixed on the outcome of a hearing today in the one remaining large firm bankruptcy where such claims are...
July 29, 2014
One of the biggest hold-out creditors in Detroit's bankruptcy will argue next month for a dismissal of the historic case to bring about more equitable treatment of all the city's creditors, Reuters reported yesterday. Detroit's plan to adjust $18 billion of debt has been approved by most, but not...
July 29, 2014
Detroit was insolvent when it filed its record $18 billion municipal bankruptcy last year, with a deficit of $130 million, according to a financial report released by the city, Bloomberg News reported yesterday. City auditor KPMG LLP verified the accuracy of the so-called comprehensive annual...
July 29, 2014
Fisker Automotive Holdings Inc., the defunct maker of luxury plug-in cars, won bankruptcy court approval of a liquidation plan that will distribute proceeds from a $149.2 million asset sale, Bloomberg News reported yesterday. Fisker, now known as FAH Liquidating Corp., sought creditor protection in...
July 29, 2014
Ambient Corp., which sells "smart grid" technology to power companies, filed for bankruptcy yesterday with a $7.5 million offer from an affiliate of Sweden's Ericsson, Dow Jones Daily Bankruptcy Review reported today. Massachusetts-based Ambient filed for chapter 11 protection saying that the...
July 29, 2014
Federal bankruptcy officials asked a federal judge to dismiss the chapter 11 application for protection from creditors filed by Sherman Industry Inc., a geothermal heating and cooling installation company that lost licenses to operate on Long Island after dozens of consumer complaints, Newsday...
July 29, 2014
Negotiations between Bank of America Corp. and the Justice Department have hit a snag over whether the firm should pay a cash penalty for the dealings of Countrywide Financial Corp. and Merrill Lynch & Co., the Wall Street Journal reported today. Bank of America has offered $13 billion to end...
July 29, 2014
The U.S. Treasury Department should use immediate stopgap regulations to make offshore transactions known as corporate inversions less lucrative, said the department’s former top international tax lawyer, Bloomberg News reported yesterday. The administration can unilaterally limit inverted...
July 29, 2014
The Lloyds Banking Group agreed yesterday to pay more than $380 million to British and U.S. authorities to resolve investigations into the manipulation of rates, including one used to determine fees paid by Lloyds for taxpayer-backed funding during the financial crisis, the New York Times DealBook...
July 28, 2014
Detroit released a revised debt adjustment plan on Friday that details the role of a post-bankruptcy monitor and sets up a reserve fund to possibly enhance recoveries for certain creditors, Reuters reported on Friday. The fifth revision of the plan filed in bankruptcy court creates a litigation...
July 28, 2014
Ambac Assurance Corp. said that its final settlement in Detroit's bankruptcy case over the treatment of limited-tax general obligation bonds that it insured for the city would result in a 34 percent recovery, plus another possible 19 percent from a litigation reserve, Reuters reported on Friday....
July 28, 2014
While private equity firms often operate like such broker-dealer firms as Morgan Stanley or Goldman Sachs, they are not uniformly subject to the same Securities and Exchange Commission regulations aimed at reining in excesses and requiring that the advice they provide is appropriate, according to a...