Headlines
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June 7, 2013
A company that owns the world's largest pool of plastic shipping pallets embedded with real-time tracking technology has filed for bankruptcy, in part because it lost 1.5 million of its pallets, Reuters reported yesterday. The company, iGPS Co LLC, filed for bankruptcy on Wednesday and plans to...
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June 6, 2013
Total bankruptcy filings in the United States decreased 12 percent in May over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 96,430 in May 2013, down from the May 2012 total of 109,538. Consumer filings declined 11 percent to 92,413 from the May 2012...
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June 6, 2013
The U.S. Trustee Program (USTP) announced today that the independent auditor appointed under a nationwide settlement between the USTP and Capital One Bank N.A. has filed her final report, bringing the settlement to a successful conclusion, according to a USTP release yesterday. The auditor reported...
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June 6, 2013
Alabama's bankrupt Jefferson County aims to sell $1.89 billion of municipal debt in late 2013 as part of a bankruptcy-exit plan that will hand historic losses to Wall Street banks and other investors, Reuters reported today. "The buying should start December 2013," said Kenneth Klee, a bankruptcy...
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June 6, 2013
The federal judge overseeing the bankruptcy of the city of San Bernardino, California, moved yesterday to end disputes over the disclosure of financial information and begin resolving the initial issues in the case by late summer, Reuters reported yesterday. Bankruptcy Judge Meredith Jury set two...
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June 6, 2013
The breakdown in Detroit's infrastructure is a major reason why the self-insured city is sued more than 700 times a year and has to pay out roughly $26 million to plaintiffs, according to a Reuters analysis yesterday. A significant portion of the legal tab—about $22 million a year—has resulted from...
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June 6, 2013
The Treasury Department said yesterday that it planned to sell 30 million shares of General Motors in an offering tied to the company’s reinsertion into the Standard & Poor’s 500-stock index, the New York Times DealBook blog reported yesterday. The sale is part of the agency’s previously...
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June 6, 2013
MF Global Inc.’s former customers should get 94 cents on the dollar as disputes including a lawsuit against directors and officers delay the potential for full recovery, the failed brokerage’s trustee said, Bloomberg News reported yesterday. Most customers have already recovered 89 percent of what...
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June 6, 2013
Ahern Rentals Inc. won bankruptcy court approval to exit chapter 11 protection under a plan that keeps the construction equipment rental company in the hands of the family that founded it 60 years ago, Dow Jones Daily Bankruptcy Review reported today. Ahern will use $745 million in recently secured...
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June 6, 2013
Former SAC Capital Advisors LP portfolio manager Mathew Martoma will go on trial Nov. 4 on charges he helped the hedge fund founded by Steven A. Cohen make $276 million using illegal tips about an Alzheimer’s drug, Reuters reported yesterday. U.S. District Judge Paul Gardephe set the jury trial...
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June 6, 2013
Bloomberg News Editor-At-Large Bill Rochelle talks with Sarah Kopit about the judicial misconduct complaint against Texas federal appeals judge Edith Hollan Jones, the bankruptcies of Jefferson County, Alabama, Residential Capital and LightSquared. To watch the video, please click here: http://www....
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June 5, 2013
A bipartisan group of U.S. senators is putting the final touches on a bill that would liquidate Fannie Mae and Freddie Mac and replace them with a government reinsurer of mortgage securities behind private capital, Bloomberg News report yesterday. The legislation, written by Sens. Bob Corker (R-...
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