Posts Tagged ‘trustee
Nortel trustee says 3rd Circuit’s bankruptcy ruling may harm U.S. abroad
The trustee of the pension plan for employees of Nortel Networks’ British affiliate is asking the U.S. Supreme Court to review a federal appellate panel’s ruling that bankruptcy law bars a United Kingdom regulatory action to get funds from Nortel’s bankrupt U.S. affiliates.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
MF Global trustee reviewing firm’s practice of repledging collateral
The bankruptcy trustee for collapsed U.S. brokerage firm MF Global Inc. is looking into how the firm re-pledged customer collateral as part of its search for $ 1.2 billion of missing customer funds.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
Trustee asks Supreme Court to resolve payment-plan dispute
A U.S. trustee who blocked a bankrupt couple’s initial creditor repayment plan has joined in asking the Supreme Court to resolve a dispute among federal courts over whether bankruptcy laws require a minimum duration for plans under Chapter 13.
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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Dreier trustee wants to settle telecom avoidance claim
The trustee for disgraced lawyer Marc Dreier’s law firm is asking a federal bankruptcy judge to approve a settlement that would reduce by $ 40 million a telecommunications company’s claim to litigation proceeds the firm recovered on its behalf but later allegedly misappropriated.
Thomson Reuters News & Insight: Bankruptcy Law – Insight
Hedge funds must continue to defend against suit by Madoff trustee
Two investment funds that allegedly received over $ 30 million from Bernard Madoff’s firm have lost their bid to overturn a New York bankruptcy court’s refusal to dismiss trustee Irving Picard’s avoidance suit.
Thomson Reuters News & Insight: Bankruptcy Law – Insight