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Bankruptcy

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  • After time away from the world of chapter 11 and distressed investing, hedge funds are back in town searching bankruptcies for debt to trade.

  • Henes: The DIP Loan - The New “It” Investment Wednesday, 12 Aug 2009 | 4:38 PM ET

    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.

  • Dykstra Gets Extra Innings Tuesday, 11 Aug 2009 | 4:28 PM ET

    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."

  • Dykstra Bankruptcy: Ex-Met Gives His Side of Story Tuesday, 11 Aug 2009 | 3:17 AM ET
    Lenny Dykstra's $24 million mansion in Sherwood Country Club.

    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 Great Dykstra Could Face Liquidation Friday, 7 Aug 2009 | 8:22 PM ET
    Lenny Dykstra's $24 million mansion in Sherwood Country Club.

    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.

  • Another Hurdle for the Jobless: Credit Inquiries Friday, 7 Aug 2009 | 11:05 AM ET
    Credit Report

    Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects, says the NYT.

  • New York Seeks Millions in Tax From Lehman Wednesday, 5 Aug 2009 | 10:42 AM ET
    Dick Fuld

    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. 

  • A specialist is surrounded by screens as he works at his post on the floor of the New York Stock Exchange, Tuesday, June 5, 2007. Stocks dipped Tuesday after comments from Federal Reserve Chairman Ben Bernanke and a strong reading on the U.S. service sector suggested the central bank has little reason to lower interest rates.

    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.

  • Customer Asset Protection Company

    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.

  • GM Ends 50-Year Run as Sponsor of Buick Open Tuesday, 28 Jul 2009 | 11:20 AM ET
    Tiger Woods & GM

    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.

  • Dow Logs 7th Straight Gain; Apple Slides Tuesday, 21 Jul 2009 | 4:29 PM ET

    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.

  • Stocks Turn Lower as Bernanke Testifies Tuesday, 21 Jul 2009 | 2:18 PM ET

    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.

  • Obama Auto Task Force Warns Against Dealer Plan Tuesday, 21 Jul 2009 | 12:59 PM ET
    GM auto dealership with sign.

    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.

  • Strong Earnings Boost Dow; CIT Skids Tuesday, 21 Jul 2009 | 10:09 AM ET

    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 Turn Higher on Earnings Strength Tuesday, 21 Jul 2009 | 8:45 AM ET

    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.

  • Private Rescue of CIT Marks Shift in Crisis Tuesday, 21 Jul 2009 | 4:45 AM ET

    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.

  • CIT Group Confirms $3 Billion Financing Deal Monday, 20 Jul 2009 | 8:27 PM ET
    CIT Group entrance

    Commercial lender CIT Group  confirmed late Monday that it has secured a $3 billion bailout from its bondholders, saving the company from bankruptcy protection.

  • S&P Hits 8-Month High Amid Earnings Optimism Monday, 20 Jul 2009 | 4:24 PM ET

    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.