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  • Lenny Dykstra, Attorney at Law? Thursday, 1 Oct 2009 | 1:32 PM ET

    Tomorrow, Heritage Auctions will be selling Lenny Dykstra's World Series ring, his trophy, and other items he pawned a few months ago but never reclaimed.

  • Does Malone Have the Right Stuff for the Right Start? Tuesday, 29 Sep 2009 | 5:00 PM ET

    The Right Start chain has gone wrong again and again. It has been in bankruptcy three times since 2003, most famously after it went on an acquisition spree, including the purchase of FAO Schwarz, even changing its name to FAO Inc.

  • Simmons Plans to File for Bankruptcy Protection Friday, 25 Sep 2009 | 9:00 AM ET

    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.

  • A Dykstra Twist You Won't Believe Monday, 14 Sep 2009 | 4:54 PM ET

    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.

  • Pawn Shop to Auction off Dykstra World Series Ring Monday, 14 Sep 2009 | 1:50 PM ET
    1986 Lenny Dykstra New York Mets World Championship Trophy

    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.

  • Judge Turns Tables on Unresponsive Mortgage Lender Friday, 4 Sep 2009 | 4:17 PM ET

    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.

  • Jon Henes: The Four Questions of Distressed Investing Wednesday, 2 Sep 2009 | 11:48 AM ET

    In the Great Recession and today’s era of de-leveraging, much is being made of the so-called “fulcrum security”.

  • Lenny Dykstra Strikes Out Tuesday, 1 Sep 2009 | 8:08 PM ET

    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 Back Michael Vick Bankruptcy Plan Thursday, 27 Aug 2009 | 8:40 AM ET
    Michael Vick

    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 Files for Bankruptcy Protection Wednesday, 26 Aug 2009 | 9:52 AM ET

    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.

  • Tax Bills Put Pressure on Struggling Homeowners Tuesday, 18 Aug 2009 | 11:59 AM ET
    Property Tax

    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.

  • 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.

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