Headlines

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Format: 09-02-2014
August 15, 2014
The Roman Catholic Diocese of Gallup, N.M., has asked a federal judge for an additional eight months under bankruptcy court protection to continue negotiations with more than 100 individuals who allege they were sexually abused by clergy members, Dow Jones Daily Bankruptcy Review reported today....
August 15, 2014
General unsecured creditors of Lehman Brothers Inc. will receive $4.6 billion in their first distribution, perhaps as soon as next month, the Wall Street Journal reported today. In a notice to creditors filed in bankruptcy court today, trustee James W. Giddens for the first time put a number on the...
August 15, 2014
Revel AC Inc., the bankrupt Atlantic City, New Jersey, casino operator, postponed an asset auction indefinitely, the day after announcing it will close its doors by next month, Bloomberg News reported yesterday. The casino company said in court filings yesterday that it’s still reviewing bids and...
August 15, 2014
Bill Ackman’s Pershing Square Capital Management LP sued the U.S. government claiming revised terms of the 2008 bailout of Fannie Mae and Freddie Mac cheat investors of the profit from the mortgage-financing entities, Bloomberg News reported today. The Federal Housing Finance Agency “purportedly...
August 15, 2014
The federal government has ordered a chain of 31 furniture and appliance stores located near military bases to stop what it claims are misleading and deceptive sales practices, NBC.com reported yesterday. The Consumer Financial Protection Bureau announced yesterday that it had fined USA Discounters...
August 14, 2014
Puerto Rico's cash-strapped electric power authority faces a key deadline today to extend lines of credit with banks or face a possible restructuring of about $9 billion in total debt, the Wall Street Journal reported today. Extensions of the loans would help the Puerto Rico Electric Power...
August 14, 2014
A federal judge yesterday again delayed the start of the key phase of Detroit's historic bankruptcy case, pushing it to Aug. 29 from Aug. 21, Reuters reported yesterday. U.S. Bankruptcy Judge Steven Rhodes on Tuesday had raised the possibility that the confirmation trial, on Detroit's plan to...
August 14, 2014
Since the financial crisis, some steps have been taken to shore up the potentially unstable debt market, known as the repo market, but Eric S. Rosengren, president of the Federal Reserve Bank of Boston, yesterday became the latest prominent regulator to call for a more ambitious overhaul of the...
August 14, 2014
The U.S. is withholding documents that might show the government sued Standard & Poor’s for $5 billion in retaliation for downgrading the country’s debt, the ratings company said, asking a court to compel the records’ production, Bloomberg News reported yesterday. A federal judge in April ruled...
August 14, 2014
The Consumer Financial Protection Bureau took action against Amerisave Mortgage and ordered it to pay $19.3 million for deceiving tens of thousands of mortgage customers with a bait-and-switch loan scheme, Housingwire.com reported yesterday. The charges were against Amerisave, its affiliate, Novo...
August 14, 2014
Junior creditors of Energy Future Holdings can review company financial records, a judge ruled yesterday, as the bankrupt Texas utility trudges through an increasingly complicated bankruptcy, Reuters reported yesterday. Granting a request from second-lien bondholders of Energy Future's TCEH power...
August 14, 2014
As hopes for a settlement between Argentina and holdout creditors fade, efforts by U.S. hedge fund NML Capital Ltd. to seize assets allegedly owned by an associate of Argentine President Cristina Kirchner and her husband and predecessor Néstor Kirchner are gaining traction, the Wall Street Journal...