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  • SEC: Tycoon Wyly's bankruptcy budget 'staggering' Thursday, 23 Oct 2014 | 10:42 AM ET
    Sam Wyly attends a panel on Day 2 of the American Renewable Energy Day Aspen, Colo.

    The SEC claims businessman Sam Wyly's proposed budget in bankruptcy filing will make it harder to collect fraud claims from him.

  • BRASILIA, Oct 22- A Brazilian court has approved a bankruptcy protection petition filed by MMX Sudeste Mineracao SA, an iron-ore mining company controlled by Brazilian tycoon Eike Batista, the company said on Wednesday in a securities filing. The decision was taken by a court in Belo Horizonte in the Minas Gerais state. MMX Sudeste holds nearly all the...

  • Oct 22- Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. Securities and Exchange Commission's collection of a $198.1 million fraud claim against him, the regulator told a U.S. judge on Wednesday. During a hearing in Dallas bankruptcy court, a lawyer for the SEC criticized...

  • DETROIT, Oct 22- Detroit's relatively fast move through municipal bankruptcy has resulted in costly creditor settlements and too little emphasis on fixing the city's broken operations, a restructuring expert testified in U.S. Bankruptcy Court on Wednesday. Still, Martha Kopacz, who was appointed by Judge Steven Rhodes to assess the viability of Detroit's...

  • Oct 21- Apple and GT Advanced Technologies Inc struck an agreement on Tuesday that will let GT begin the shutdown of key Arizona operations, and shed some more light on why the former stock market darling abruptly filed for bankruptcy this month. A lawyer for GT, Apple's erstwhile sapphire supplier, described the deal at a hearing in U.S. Bankruptcy Court in...

  • GT Advanced parting ways with Apple Tuesday, 21 Oct 2014 | 4:47 PM ET

    GT Advanced can start shuttering a plant in Mesa, Arizona, that Apple had helped finance in return for exclusive supply of sapphire.

  • DETROIT, Oct 21- The U.S. judge overseeing Detroit's historic bankruptcy dropped hints on Tuesday on what he wants to hear in the city's closing statements and what he may be scrutinizing in creditor settlements. "We are getting finality and stability going forward," state-appointed Emergency Manager Kevyn Orr told U.S. Bankruptcy Court Judge Steven Rhodes,...

  • Oct 21- A lawyer for GT Advanced Technologies Inc, a specialty glass supplier of Apple Inc, told a bankruptcy court on Tuesday the company was close to a settlement with the iPhone maker over access to information. Scant details have emerged since GT Advanced filed for bankruptcy on Oct. 6, wiping out most of its market value and triggering speculation as to what may...

  • DETROIT, Oct 21- The federal judge overseeing Detroit's historic bankruptcy case wants the city to explain its settlements with creditors and its exit financing in closing arguments next week, he said on Tuesday. Detroit Mayor Mike Duggan had raised concerns about the financing for the city's bankruptcy exit when he testified earlier this month, as well as the...

  • Dallas tycoon Wyly files for bankruptcy protection Tuesday, 21 Oct 2014 | 10:22 AM ET

    Wyly, 80, listed assets of $100 million to $500 million, but his lawyers said he needed to file for bankruptcy protection "due to the massive costs of investigations and then litigation" by the SEC and the collection of the court judgment. The SEC sued the Wylys in 2010. Charles Wyly died the following year in a car crash at age 77. This year, a jury in federal court in...

  • 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....

  • Texas investor Samuel Wyly files for bankruptcy Monday, 20 Oct 2014 | 3:45 PM ET
    Samuel Wyly in 2010

    Samuel Wyly has filed for bankruptcy after an SEC enforcement case.

  • 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.

  • Detroit bankruptcy decision set for early November Monday, 20 Oct 2014 | 9:54 AM ET

    DETROIT— A judge pledged Monday to make a swift decision on Detroit's plan to get out of bankruptcy, signaling that the largest U.S. case of an insolvent local government could close in just a few more weeks. Judge Steven Rhodes said he'll start hearing final arguments on Oct. 27 and announce whether Detroit's plan is fair and feasible no later than Nov. 7.

  • As debt mounts, Caesars in talks with lenders Friday, 17 Oct 2014 | 6:29 PM ET

    LAS VEGAS— Caesars Entertainment said Friday it is prepared to start formal discussions with some of its bank lenders as it works to reduce its debt and stave off what some see as near certain bankruptcy. In recent years the company has spun off multiple divisions in an attempt to shape up its finances, including Caesars Entertainment Resort Properties and...

  • A federal judge has voided the union contract for the Trump Taj Mahal in Atlantic City. CNBC's Morgan Brennan reports the details.

  • Judge voids union contract with Trump Taj Mahal Friday, 17 Oct 2014 | 3:07 PM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    A federal bankruptcy court judge voided a union contract with Atlantic City's Trump Taj Mahal Casino Resort on Friday.

  • Detroit in deal with its biggest holdout creditor Friday, 17 Oct 2014 | 9:52 AM ET

    Detroit reaches a settlement deal with its biggest creditor, reports the New York Times.

  • Crucial ruling due on Taj Mahal casino's future Friday, 17 Oct 2014 | 8:20 AM ET
    The Trump Taj Mahal in Atlantic City, N.J.

    A bankruptcy court judge will issue what the owners of Atlantic City's Trump Taj Mahal Casino Resort consider a life-or-death decision for the casino.

  • iPhone glass maker to cut 727 jobs in Arizona Thursday, 16 Oct 2014 | 9:08 PM ET

    MESA, Ariz.— A manufacturer of sapphire glass that Apple Inc. uses in iPhones plans to eliminate 727 jobs at an Arizona plant. The bankruptcy and ensuing effort to shut down the factory mark was a surprising turn after state, local and business leaders previously bragged that the plant would be a major boost to the Arizona economy. Apple currently uses sapphire...