A lender to bankrupt RadioShack said it was prepared to present an offer that was a "significant improvement'' over a rival proposal.» Read More
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.
Years of state and federal neglect have hobbled the nation’s unemployment system just as a brutal recession has doubled the number of jobless Americans seeking aid, the New York Times reported.
A late rally pushed stocks higher Tuesday following better-than-expected earnings from several Dow components. The Dow logged its seventh-straight gain, the Nasdaq, it's tenth.
The Dow advanced Tuesday as a slew of components beat earnings expectations. But there were pockets of weakness throughout the market, including chips, hardware, banks and retail. The Nasdaq was lower.
The Obama administration warned Congress on Tuesday that a House-approved plan to restore shuttered General Motors and Chrysler dealerships would threaten the auto companies' bankruptcies and recovery.
The Dow bolted out of the gate Tuesday as a slew of components beat earnings expectations. But there were pockets of weakness throughout the market, including chips, hardware, banks and retail. The Nasdaq was lower.
Futures indicated a slightly lower open for Wall Street Tuesday ahead of a slew of earnings and Federal Reserve Chairman Ben Bernanke's Capitol Hill testimony.
With bondholders coming to the rescue of troubled commercial lender CIT Group, and not the government, a new reality is setting in for investors. With federal bailouts drying up and the economy still in distress, many more financial firms could face bankruptcy. When they do, it will be major private lenders that will have to decide whether to rescue the companies or allow them to fail.
Commercial lender CIT Group confirmed late Monday that it has secured a $3 billion bailout from its bondholders, saving the company from bankruptcy protection.
Stocks rallied to the finish line Monday after a wobbly morning as a CIT deal to avert bankruptcy and strong earnings gave investors cause for optimism.
A strong start for stocks began to peter out Monday, though CIT continued to rally.
Stocks opened higher Monday as investors were cheered by news of a deal that will avoid bankruptcy for commercial lender CIT Group and a better-than-expected start the earnings season.
Futures indicated a positive open for Wall Street Monday as investors were cheered by news of a deal that will avoid bankruptcy for commercial lender CIT Group.