Posts Tagged ‘Lehman
The Daily Docket: Lehman Blasts Banks’ Deal With Zell
Lehman Brothers Holdings Inc. lashed out at Sam Zell’s deal with banks to extend Zell’s option to buy their remaining stake in Archstone.
Bankruptcy Beat
Lehman investors lose appeal of ‘minibond’ ruling
Investors who purchased “minibonds” linked to a Lehman Bros. affiliate cannot challenge a bankruptcy court’s decision barring their objections to the disbursement of collateral securing the deal, a New York federal judge has ruled.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
The Daily Docket: Lehman Wants to Start Doling Out $10.7 Billion
Lehman Brothers Holdings Inc. said it wants to soon begin distributing about $ 10.7 billion to its creditors, less than two months after a judge approved the failed investment bank’s historic $ 65 billion repayment plan. Read the Daily Bankruptcy Review story here.
Inner City Media Corp.’s parent company is suing its subsidiary’s lenders, including funds managed by billionaire Ron Burkle’s Yucaipa Cos., seeking to protect 13 trademarks from being counted as collateral for a loan that has ballooned to $ 250 million. Read the Daily Bankruptcy Review Small Cap story here.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC click here.)
The government agency charged with protecting corporate pensions is ramping up its fight with the parent company of American Airlines, filing liens against many of the airline’s international assets, The Wall Street Journal reports.
Moody’s Investors Service told a congressional subcommittee that the ratings firm didn’t know about MF Global Holdings Ltd.’s huge bets on European sovereign bonds until three days before the downgrade that helped push the company into bankruptcy, WSJ reports.
The Hungarian government stepped in Monday and rescued Malev, the country’s ailing state-owned national airline, from all-but-certain bankruptcy, report our colleagues at WSJ’s Emerging Europe.
Creditors of Saab Cars North America Inc., the U.S. unit of the bankrupt Swedish automaker, are seeking to force the Saab unit into bankruptcy in the U.S., reports Bloomberg.
The founder and top shareholder of privately-owned South Korean retailer E-Land Group is part of a consortium trying to buy the Los Angeles Dodgers out of bankruptcy, says Reuters.
Jon S. Corzine, MF Global’s former leader, has put his 2,400-square-foot apartment in Hoboken, N.J., up for sale, according to DealBook.
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Lehman bankruptcy judge denies Morgan Stanley customer status
Morgan Stanley fails to qualify as a customer for the “to-be-announced” forward contracts it negotiated with Lehman Bros. Inc. because the investment bank never entrusted any property to the bankrupt brokerage, a New York federal judge has ruled.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
The Daily Docket: Lehman Seeks Approval of $390M Deals
As Lehman Brothers Holdings Inc. prepares to start paying out some $ 65 billion to its creditors, it’s seeking approval of deals to bring more than $ 390 million into its coffers. Read the Daily Bankruptcy Review article here.
The committee of unsecured creditors in Syms Corp.’s Chapter 11 bankruptcy case is objecting to the shuttered retailer’s proposal to terminate the lease on its Fifth Avenue Manhattan property, saying the lease should be auctioned along with its other retail store leases. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
Developments reports on Lehman Brothers Holdings Inc.’s estate’s hiring of Gleacher & Co. to work on Archstone.
Construction-equipment renter Ahern Rental Inc. filed for Chapter 11 protection with more than $ 600 million in debt, the Las Vegas Review-Journal reports.
The Wall Street Journal reports that Eastman Kodak Co. promoted its general counsel to president and prepared to sell its Eastman Gelatine Corp. business.
SB Nation discusses Los Angeles Dodgers owner Frank McCourt’s “letter to Santa.”
The Harrisburg, Pa., City Council appealed a bankruptcy judge’s decision to dismiss the struggling municipality’s bankruptcy case, the Patriot-News reports.
According to WSJ, more than 800 borrowers at Capital One Financial Corp. have sued the company or filed other legal actions.
According to Reuters, the continuing shakeout of the solar-power industry is seeing a lot of companies fail or sell out.
WSJ reports that hedge-fund manager Philip Falcone balked at a Securities and Exchange Commission settlement that would have finished off his career.
A bankruptcy judge allowed Andarko Petroleum Corp. to exclude some evidence from a pollution lawsuit brought by chemical maker Tronox Inc.’s creditors, Bloomberg reports.
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‘Flip’ clause in swap violates U.S. bankruptcy law, Lehman says
Bankrupt Lehman Bros. Special Financing Inc. is seeking a court ruling that a “flip” clause in a complex securities transaction does not terminate its right to a priority claim in a dispute with Bank of New York Mellon.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
The Daily Docket: Lehman Europe Angered By Trustee
Lehman Brothers Holdings Inc.’s European affiliate is angry at a move by the trustee unwinding Lehman’s U.S. brokerage to block European creditors from recovering more than $ 8 billion, a dispute that could augur what’s in store for customers of MF Global Holdings Ltd.’s brokerage. Read the Daily Bankruptcy Review article here.
When a company files for bankruptcy, shareholders seldom have a reason to celebrate. But when discount retailer Syms Corp. launched its liquidation Wednesday, its shares rose by nearly 30%. Click here to read the article in DBR Small Cap.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)
According to The Wall Street Journal, the Securities and Exchange Commission started investigating whether MF Global and its chief executive, Jon S. Corzine, made deceptive statements about the bet that brought down the company.
Also according to WSJ, a judge approved some of MF Global’s customer account to be transferred to other firms.
The Los Angeles Dodgers are headed to auction and will likely sell for more than $ 1 billion, the Associated Press reports.
As Bloomberg notes, Fox Sports might play a part in that auction. Fox Sports is owned by News Corp., which owns The Wall Street Journal. News Corp. owned the Dodgers from 1998 to 2004, after which the Dodgers were sold to Frank McCourt.
According to the AP, Beacon Power Corp. won interim approval to use cash collateral for its loan.
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