WILMINGTON, Del, Sept 2- Gun maker Colt Defense and its creditors are close to a deal on a plan to bring the company out of bankruptcy, but if it fails, the business will go on the auction block next month, a company lawyer told a judge on Thursday. "It's fair to say the parties are very close to a deal," Colt lawyer John Rapisardi told the U.S. Bankruptcy Court in Wilmington,...» Read More
Simmons, the maker of Beautyrest mattresses and other bedding products, said Friday that it plans to file for Chapter 11 bankruptcy protection and implement a restructuring plan that will help significantly lower its debt.
Turns out that on the very day Dykstra walked into the South Wilshire Beverly Jewelry and Loan, a news crew from TV Tokyo just happened to be there doing a story on the suffering local economy. I kid you not.
Lenny Dykstra could use some cash right now, but an upcoming auction of his World Series trophy and ring will apparently not help him. Instead, auction proceeds will go to the Beverly Hills pawn shop which claims Dykstra pawned the items but never reclaimed them.
Bobbi Giguere had no luck in securing a loan modification fromWells Fargo, even though she had sent the bank the financial documents it requested. Then, something happened. She questioned a Wells Fargo official about the bank’s lack of response — under oath.
In the Great Recession and today’s era of de-leveraging, much is being made of the so-called “fulcrum security”.
A bankruptcy judge today ordered that former baseball player Lenny Dykstra lose control of his Chapter 11 bankruptcy, and that management of his financial affairs be handed over to a court appointed trustee.
Creditors who are owed a total of more than $20 million have endorsed Michael Vick's plan to pay them back and emerge from bankruptcy, according to a court filing.
Colonial BancGroup, the Montgomery-based real estate lender whose banking unit was shut down by the government and sold to BB&T earlier this month, has filed for Chapter 11 bankruptcy protection.
Hard times are causing more homeowners to fall behind on their property taxes. But in thousands of cases, they are not responsible to their local governments, but to private companies that charge double-digit interest and thousands of dollars in service fees.
After time away from the world of chapter 11 and distressed investing, hedge funds are back in town searching bankruptcies for debt to trade.
Today, loans to debtors-in-possession — i.e., DIP loans — are all the rage....As investors are looking for ways to put money to work, they are setting their sights on the DIP loan market as a way to realize meaningful returns.
The judge in the Lenny Dykstra bankruptcy case put off until Sept. 1st a decision on whether to take control of the Chapter 11 bankruptcy away from Dykstra, or perhaps convert it to a Chapter 7 liquidation. Judge Geraldine Mund told the baseball legend's attorney, "He's gotta show me where some money's going to come from."
An attorney for baseball legend and investor Lenny Dykstra has filed a motion refuting claims made against him by the U.S. Trustee's office of federal bankruptcy court, prior to a Tuesday hearing which threatens to turn the ex-New York Met's Chapter 11 reorganization into a Chapter 7 liquidation.
Baseball legend and investor Lenny Dykstra is being accused of "dishonest conduct" by the US Trustee's office of federal bankruptcy court. As a result, the trustee is asking the judge to consider converting Dykstra's Chapter 11 reorganization to a Chapter 7 liquidation.
Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects, says the NYT.
The Bloomberg administration has accused Lehman of shortchanging the city of $627 million in corporate and other taxes, beginning in 1996. It is now trying to convince federal bankruptcy court in Manhattan that the city should jump closer to the front of Lehman’s long line of creditors.
“Conduct may be founded on the hard rock or the wet marshes” - The Great Gatsby. Conduct may be founded in the course of a massive corporate restructuring. The conduct of the CEO of one of my clients was founded in the Bronx, where he grew up one of 10 brothers and sisters, with strong family values taught to him by the words and actions of this mother and father - Irish immigrants - and a desire to achieve while always focusing on what’s important — people.
Private equity funds are structured to purchase and own companies; hedge funds, CLOs and banks are not. Yet, as many of today’s distressed companies binged on leverage loans from 2003 through the summer of 2007 and now need to restructure their balance sheets, hedge funds, CLOs and banks — who bought these loans as they were originated and syndicated – are, in fact, finding themselves owning reorganized companies as they emerge from the restructuring process.
Next to a Chinese restaurant in Burlington, Vt., lurks a quiet guardian of Wall Street — an obscure insurance company that is supposed to protect big-money investors in the event of a catastrophic failure of a major brokerage firm. A failure, for instance, like the one that brought down Lehman Brothers nearly 11 months ago. Now, after years in the shadows, the insurer, the Customer Asset Protection Company, could finally be put to the test, and questions are starting to swirl.
General Motors will end its half-century run as sponsor of the Buick Open golf tournament as it tries to focus scarce marketing dollars on its cars and trucks, a person briefed on the decision said Tuesday.