Headlines

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Format: 12-24-2014
December 10, 2014
The top executive charged in a chemical spill that left 300,000 people without drinking water lied about his role with the company to protect his personal wealth of nearly $8 million from lawsuits, according to an FBI affidavit, the Associated Press reported yesterday. In bankruptcy court hearings...
December 10, 2014
Shuttered Revel Casino Hotel filed an emergency motion yesterday, seeking approval to terminate its deal with Brookfield Property Partners LP and schedule a hearing to approve the sale to backup bidder Polo North Country Club Inc., Reuters reported today. Brookfield won the auction for Atlantic...
December 10, 2014
The remnants of First Mariner Bancorp won bankruptcy court approval of a liquidation plan that promises to pay investors in bank-holding company's debt about 21 cents on the dollar, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge David E. Rice yesterday signed off on the...
December 10, 2014
A bipartisan group of congressional leaders reached a deal yesterday that would for the first time allow the benefits of current retirees to be severely cut, part of an effort to save some of the nation’s most distressed pension plans, the Washington Post reported today. The measure, attached to a...
December 10, 2014
Eight of the largest U.S. banks will need fatter capital cushions as part of U.S. regulators’ latest efforts to make the financial system less risky, the Wall Street Journal reported today. The biggest impact will be felt by JPMorgan Chase & Co., the nation’s largest bank by assets, which is $...
December 10, 2014
Attorney General Eric Holder appointed Andrew R. Vara as Acting U.S. Trustee for Region 3 (Delaware, New Jersey and Pennsylvania) and Daniel J. Casamatta as the Acting U.S. Trustee for Region 13 (Arkansas, Missouri and Nebraska), both effective on Jan. 1, the Executive Office for U.S. Trustees...
December 10, 2014
When the education technology company ConnectEDU Inc. sought chapter 11 protection earlier this year, 20 million student records hung in the balance, Education Week reported yesterday. Ultimately, the sale of ConnectEDU occurred without the company abiding strictly to its privacy policy. The "...
December 9, 2014
ABI’s Commission to Study the Reform of Chapter 11 unveiled hundreds of ideas yesterday for a “substantial modernization” of Chapter 11 of the U.S. Bankruptcy Code, Bloomberg News reported today. The Commission’s report followed more than two years’ research into ways to fix distressed companies,...
December 9, 2014
Mortgage-finance companies Fannie Mae and Freddie Mac yesterday provided details of new low-down-payment mortgage programs that could reduce costs for first-time and lower-income home buyers, providing a boost to a segment largely absent from the housing market for the last few years, the Wall...
December 9, 2014
Victims of Bernard Madoff's Ponzi scheme may recover less money than they had hoped after a federal appeals court limited the ability of the trustee liquidating the swindler's firm to recoup "fictitious profits" and other payments from customers, Reuters reported yesterday. The U.S. Court of...
December 9, 2014
RadioShack is confused by the mixed signals of a lender who flip-flopped to push the troubled retailer into bankruptcy, the New York Times reported today. Salus Capital — who joined Cerberus Capital Management — now claims RadioShack is in default, though the money-losing retailer yesterday made a...
December 9, 2014
Former customers of Peregrine Financial Group Inc., the brokerage firm that collapsed after the exposure of its founder's fraud, are in line to recover more of the $394 million they are owed, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy trustee Ira Bodenstein wants to distribute up...