Headlines

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Format: 10-23-2014
October 7, 2014
Detroit has recruited top municipal and corporate executives from New York to Kentucky to run the city once it leaves bankruptcy, Mayor Mike Duggan testified as the final witness in favor of a plan to cut $7 billion in liabilities, Bloomberg News reported yesterday. The mayor described the city’s...
October 7, 2014
Trump Entertainment Resorts Inc. Monday failed to persuade a bankruptcy judge to sign off on an agreement with Carl Icahn that would have allowed the beleaguered gambling company to use its scarce cash as it attempts to survive in chapter 11, the Wall Street Journal reported today. The ruling from...
October 7, 2014
Revel AC Inc. should reopen bidding for its Atlantic City casino, which Brookfield Property Partners LP won at auction last week, according to a Florida investor who claimed that he was cheated of a chance to make a higher offer, Bloomberg News reported yesterday. Revel, which cost $2.4 billion to...
October 7, 2014
The Justice Department is preparing a fresh round of attacks on the world’s biggest banks, again questioning Wall Street’s role in a broad array of financial markets, the New York Times reported today. With evidence mounting that a number of foreign and American banks colluded to alter the price of...
October 7, 2014
Former Treasury Secretary Henry Paulson’s testimony that American International Group Inc. received harsher terms than other institutions getting government bailouts in the financial crisis sets the stage for today’s examination of a second architect of the rescue, Bloomberg News reported today....
October 7, 2014
Comcast Corp. took its fight against the sale of the Texas television channel that broadcasts Major League Baseball's Houston Astros and the National Basketball Association's Houston Rockets to the courtroom, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Marvin Isgur began...
October 6, 2014
Out of office and six years after the events unfolded, former Federal Reserve Chairman Ben S. Bernanke and other architects of the U.S. government’s response to the financial crisis are likely to get their toughest grilling yet this week, the Wall Street Journal reported today. The questions will...
October 6, 2014
The Trump Taj Mahal casino failed on Friday to get immediate court approval to end its union pension obligations, a key condition for a $100 million rescue plan backed by billionaire investor Carl Icahn, Reuters reported yesterday. The setback may be only temporary for Trump Entertainment Resorts...
October 6, 2014
Revel Casino Hotel in Atlantic City, N.J., will ask a bankruptcy court judge on Tuesday to approve a $110 million sale to Brookfield Property Partners, the Wall Street Journal reported on Saturday. Brookfield Property Partners was declared winning bidder on Wednesday at the end of a three-day...
October 6, 2014
Energy Future Holdings (EFH), the bankrupt Texas power giant, is warning that its restructuring plans could be put on hold if the IRS decides to pursue a more than $7 billion tax bill against the company, the Dallas Morning News reported on Friday. Dallas-based EFH is planning to sell off the...
October 6, 2014
Kevyn Orr, Detroit's state-appointed emergency manager, defended a decision to keep valuable art off the auction block, telling a judge on Friday that it would greatly harm a city museum and cause turmoil in the community, especially among powerful, wealthy patrons, the Associated Press reported on...
October 6, 2014
A bankruptcy judge in Delaware on Friday granted a motion to move the pending bankruptcy of Great Northern Paper Co.’s East Millinocket operation to Maine, the Bangor (Maine) Daily News reported on Saturday. More than 20 creditors, including the towns of Millinocket and East Millinocket and the...