District Judge Shira Scheindlin in New York ordered Wyly and the estate of his late brother Charles to pay damages of $187.7 million plus interest to the SEC, after a jury found them liable for fraud in May. The SEC has since said the total, including interest, should be $299.4 million, which is one of the largest awards ever sought from individual defendants in a U.S....» Read More
Sept 22- The foreign-owned operator of a northern Indiana toll road filed for bankruptcy on Sunday as traffic fell short of the projections that underpinned the 2006 groundbreaking deal to privatize the highway.
DETROIT, Sept 18- The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday.
TORONTO, Sept 18- United States Steel Corp's Canadian unit had sought a wide ranging set of relief measures from the Ontario government before it filed for creditor protection in Canada earlier this week, according to a source familiar with the matter.
Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.
Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.
DETROIT, Sept 16- An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday.
SAO PAULO, Sept 16- Nextel operator NII Holdings Inc is hanging on to its Brazilian unit even though the welterweight mobile carrier has filed for bankruptcy protection in the United States and sold off other Latin American operations.
Sept 16- Siga Technologies Inc, a supplier of antiviral smallpox drug to the U.S. strategic stockpile, filed for voluntary bankruptcy protection as it seeks time to appeal a court order favoring PharmAthene Inc in a licensing dispute.
Sept 16- Siga Technologies Inc filed for voluntary bankruptcy protection on Tuesday and said the filing was to preserve its ability to supply its antiviral smallpox drug to the U.S. Siga listed total assets of $209.5 million and liabilities of $197.9 million in its Chapter 11 petition with the Southern District of New York.
David Heiman, whose law firm Jones Day represents Detroit, told Rhodes that Syncora and the city "have laid down their swords." In a court filing on Monday, Syncora confirmed a "comprehensive settlement" with the city that was still subject to "definitive documentation and resolution of other terms.
Bankruptcy Judge Steven Rhodes that Syncora and the city "have laid down their swords." In a court filing on Monday, Syncora confirmed a "comprehensive settlement" with the city that was still subject to "definitive documentation and resolution of other terms.
Morgan Stanley Wealth Management vice chairman Gary Kaminsky, discusses the anniversary of Lehman Brothers filing for bankruptcy, what lessons Wall Street has learned from the collapse, and the cultural changes that have taken place in the financial services industry since.
Sept 15- Electronics retailer RadioShack Corp, teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer on Friday, less than eight months after taking up the post.
Sept 15- Struggling electronics retailer RadioShack Corp, which is teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer last week. Advisory firm AlixPartners has been helping RadioShack with its turnaround since July 2013.
RadioShack is evaluating a $585 million financing package led by UBS AG and hedge fund Standard General LP it tries to avert bankruptcy.
Sept 12- RadioShack Corp is evaluating a $585 million financing package led by UBS AG and hedge fund Standard General LP as the U.S. electronics retailer tries to avert bankruptcy, the Wall Street Journal reported, citing people familiar with the matter.
Sept 12- RadioShack Corp confronts an uncomfortable fact as it considers filing for bankruptcy to give it time to overhaul its 4,400 electronics stores: Retailers rarely emerge from bankruptcy.
DETROIT, Sept 11- A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required.
Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy protection if its cash situation worsens, after reporting its tenth straight quarterly loss.
Sept 11- Troubled electronics retailer RadioShack Corp said it may need to file for bankruptcy if its cash situation worsens, after reporting its tenth straight quarterly loss. RadioShack, whose sales have been in a free-fall since 2010, said it was working with its lenders and landlords to restructure its debt and cut costs.