Highlights
A collection of news and information related to Financially Distressed Companies published by this site and its partners.
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Justice Department opposes AMR's $20 million severance for CEO Horton
Reuters(Reuters) - A plan by American Airlines' parent to exit bankruptcy and merge with US Airways Group is coming under fire from the U.S. Department of Justice over nearly $20 million in severance pay earmarked for outgoing boss Tom Horton. In court papers...Tags: U.S. Airways, Manhattan (New York City), Restructuring and Recapitalization, U.S. Department of Justice, Air Transportation Industry
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U.S. Justice Dept opposes AMR's $20 mln severance for CEO Horton
Reuters* Says severance payment violates bankruptcy law * Horton's proposed severance has been controversial By Nick Brown May 24 (Reuters) - A plan by American Airlines' parent to exit bankruptcy and merge with US Airways Group is coming under fire from...Tags: U.S. Airways, Manhattan (New York City), Restructuring and Recapitalization, U.S. Department of Justice, Air Transportation Industry
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RPT-Henrik Fisker joins Hong Kong tycoon to salvage Fisker -sources
Reuters* One of two competing offers in play * Fisker cofounder teams up with investors trying to buy U.S. loan * Group may offer between $25 mln and $30 mln for loan * Sources caution figures are changing, on the rise * DOE considering ramifications of...Tags: Vehicles, Companies and Corporations, Hong Kong, Automotive Equipment, Hybrid Vehicles
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Henrik Fisker joins Hong Kong tycoon to salvage Fisker: sources
ReutersDETROIT/BEIJING (Reuters) - Henrik Fisker is working with an investor group to salvage Fisker Automotive, the "green" car company he co-founded nearly six years ago that is now struggling to stave off bankruptcy, people familiar with the matter said...Tags: Vehicles, Companies and Corporations, Automotive Equipment, Hong Kong, Hybrid Vehicles
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Battling a Motion to Strip or Motion to Value in Bankruptcy Court
Blog Sponsored by Taylor & Carls, P.A. The association has finally obtained its foreclosure judgment for nonpayment of assessments. A sale date has been set. Then, the owner files bankruptcy. What does the association then do? Historically, and...Tags: St. Petersburg (Pinellas, Florida), Tampa, Orlando, Financial and Business Services, Bankruptcy
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Christian Brothers settle suit with 400 sex abuse victims
The Roman Catholic religious order that runs Brother Rice High School in Chicago and St. Laurence High School in Burbank didn't want Brother Edward Chrysostom Courtney in Chicago any longer. So in the early 1970s, the Irish Christian Brothers shipped...Tags: Abusive Behavior, Religion and Belief, Laws, Cook County Government, Justice System
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Ally to pay $2.1 billion to settle claims tied to ResCap
Reuters(Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the...Tags: Insurance, Warren Buffett, Manhattan (New York City), Automotive Equipment, Assured Guaranty Limited
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Judge rules gifts cards from belly-up Borders bookstores worthless
Those clinging hopefully to the old Borders books gift cards stashed in their drawers or wallets are out of luck, a Manhattan federal judge ruled Wednesday. According to Reuters, there are about $210.5 million worth of such cards that had not been used by...
Tags: The New York Times, Companies and Corporations, Manhattan (New York City), Books and Magazines, Trials
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Borders gift card holders deserve nothing, judge rules
Reuters* About 17.7 million cards outstanding when chain closed * Tens of millions of dollars of potential claims rejected By Jonathan Stempel May 22 (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by...Tags: Borders Group Incorporated (MI), Manhattan (New York City), Justice System, Judges, Crime, Law and Justice
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CME vows not to sway membership prices after MF Global sales
ReutersBy Tom Polansek CHICAGO, May 22 (Reuters) - CME Group Inc will never influence the price of its memberships, Executive Chairman Terry Duffy said on Wednesday after seats formerly owned by bankrupt broker MF Global Holdings Ltd were sold cheaply....Tags: MF Global, CME Group Inc., Bankruptcy
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Fisker fields $20 million offer from Bob Lutz, Wanxiang: sources
ReutersDETROIT/TOKYO (Reuters) - A team including former General Motors Co executive Bob Lutz and China's largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the "green" car company's estimated worth almost a year and a half...Tags: Hybrid Vehicles, U.S. Department of Energy, Fuel-efficient Vehicles, General Motors Corp., Chevrolet
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Elpida seeks U.S. court approval for sale to Micron
ReutersBy Tom Hals May 22 (Reuters) - Japan's Elpida Memory Inc asked U.S. Bankruptcy Court in Delaware on Wednesday to enforce its reorganization plan sale to Micron Technologies Inc, a final step to creating the world's second-largest maker of memory chips....Tags: Mutual Funds, Computing and Information Technology Industry, Companies and Corporations, Trials, Semiconductors and Active Components
May 24, 2013
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May 24, 2013
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May 24, 2013
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May 24, 2013
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May 24, 2013
|Story| Orlando Sentinel
May 23, 2013
|Story| Chicago Tribune
May 23, 2013
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May 23, 2013
|Story| Los Angeles Times
May 23, 2013
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May 22, 2013
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May 22, 2013
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May 22, 2013
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