Facebook Common Stock Value Jumps 42% to $9.5 Billion on Private Market Nov 20, 2009
The IPO market dried up last year, after Lehman Brothers Holdings Inc. filed for bankruptcy and the global economy fell into recession. Theres a lot of speculation that the IPO market might recover next year, SharesPost CEO Greg Brogger said. (Bloomberg)
Trustee: Temple funds funneled Nov 20, 2009
Evidence presented at a bankruptcy hearing Thursday indicated that Annamalai Annamalai, who goes by the title Dr. Commander Selvam, has been funneling profits from his temple on Brook Hollow Parkway in Norcross into other business entities he controls ... Bankruptcy trustee Lloyd Whitaker said he asked a bank to drill open two safety deposit boxes belonging to temple priests ... U.S. Bankruptcy Judge James E. Massey said a restraining order preventing temple employees from accessing funds and... (Atlanta Journal-Constitution -- Metro)
GSI Group Finalizes Agreement With Noteholders to Significantly Reduce Its Debt Nov 20, 2009
- To Implement Pre-Arranged Debt-for-Equity Restructuring, Three Corporate Entities File for Chapter 11 Reorganization - Operations will continue in normal course - Company has ample liquidity. " "We are confident that going into this reorganization process with a pre-agreed upon plan with our noteholders and adequate liquidity will enable us to implement our restructuring in an efficient and timely manner. (Canada Newswire)
Loss-hit JAL too big to fail Nov 20, 2009
TOKYO - A national icon teetering on the brink of bankruptcy, dragged down by huge, underfunded legacy costs, a history of mismanagement and a harsh business climate ... Yet the same day, Maehara, speaking after a parliamentary committee assembled to discuss how to secure JAL's survival, refused to rule out bankruptcy, saying he "had never said that we would exclude the option of legal bankruptcy", TimesOnline reported on Thursday ... After all, many American airlines have used bankruptcy... (Asia Times Online)
Enron's Skilling May Report to Federal Prison Today Nov 20, 2009
Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)
San Michele units targeted for foreclosure Nov 20, 2009
Lucky Chase II filed for Chapter 11 reorganization in Miami bankruptcy court in April. The resolution of that case is pending. (South Florida Business Journal, FL)
General Growth to restructure debt Nov 20, 2009
9 million in debt, enabling 170 of its corporate entities to emerge from bankruptcy protection by the end of the year ... The company notified the U.S. Bankruptcy Court in New York Thursday that it had struck a deal with its lenders to extend the terms of 70 loans ... We are extremely pleased to reach this consensual agreement with lenders representing more than half of the mortgage debt covered by the bankruptcy proceedings, says Thomas Nolan Jr., chief operating officer at General Growth. (Charlotte Business Journal, NC)
Time running out for comprehensive health care reform Nov 20, 2009
They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)
Simon eyeing General Growth assets Nov 20, 2009
Chicago-based General Growth, operating under bankruptcy protection since April, owns or holds a stake in about 200 malls across the country, including the Colony Square Mall in Zanesville, Beachwood Place and Maumee s Shops at Fallen Timbers. General Growth filed for bankruptcy protection under the weight of debt it was unable to refinance when the credit markets froze. (Columbus Business First, OH)
Grinney: JeffCo, B'ham should consolidate Nov 20, 2009
He offered solutions HealthSouth used to inch away from the brink of bankruptcy and establish itself as a profitable company in 2008, after 12 years of red ink and an accounting fraud scandal. He said internal controls, better communication and accountability are needed in local government. (Birmingham Business Journal, AL)
GM bailout costs each taxpayer $12,200 Nov 19, 2009
for free extra services. South Florida Business Journal. (South Florida Business Journal, FL)
Andersen Will Settle Suit Over WorldCom Nov 19, 2009
The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. WorldCom has emerged from bankruptcy protection and now operates as Ashburn, Va. (Yahoo News -- WorldCom/MCI)
Pagliuca propelled by corporate mind, personal touch Nov 19, 2009
It was the biggest deal of Pagliuca s career, but it would also become the most troublesome: It ultimately led to multiple rounds of layoffs, a bankruptcy, and questions about Bain s tactics ... In August 2002, Dade, still saddled with debt from the Bain payout, filed for Chapter 11 bankruptcy protection, which led to scrutiny of the profits made by Bain and Goldman. (Boston Globe)
Galleria manager weighs purchase option Nov 19, 2009
Chicago-based General Growth, operating under bankruptcy protection since April, was the manager of the Galleria Dallas until Simon Property took over management duties in August. Simon Property has a stake in nearly 400 malls following General Growth's bankruptcy filing. (Dallas Business Journal, TX)
J.P. Morgan Settles WorldCom Suit for $2 Billion Nov 19, 2009
J.P. Morgan helped underwrite major WorldCom bond offerings in the two years before the telecommunications firm filed the largest bankruptcy case in U.S. history in 2002. Plaintiffs in the class-action case, lead by New York State Comptroller Alan G. Hevesi, claim J.P. Morgan and other WorldCom advisers and directors should have discovered the company's $11 billion accounting fraud and disclosed it to investors. (Yahoo News -- WorldCom/MCI)
At-a-glance: Bill-by-bill Nov 19, 2009
Provides for disqualification of peers convicted of serious offences or subject to a bankruptcy order. Allows peers to resign peerages. (BBC News -- UK)
Wyoming briefs Nov 19, 2009
The hotel filed for Chapter 11 bankruptcy in February. On Monday, a federal bankruptcy judge in New Jersey said HCW Hospitality can transfer the purchase rights to CJM Hospitality, and said CJM hospitality can use $325,000 in nonrefundable deposits to make repairs to the hotel so the business can be reopened. (Casper Star-Tribune, WY)
Time running out for comprehensive health care reform Nov 19, 2009
They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)
Republic of Marshall Islands -- 2009 Article IV Consultation, Concluding Statement of the IMF Mission Nov 19, 2009
The legal framework for collateral and bankruptcy laws inhibits commercial lending and has kept interest rates high. Since the absence of private land ownership hampers private sector development, the government should step up efforts to facilitate land registration. (IMF News)
Recession-Proof Job? Non-Profit CEO Nov 19, 2009
Now, why don't you turn your attention back downtown and look at the people (again) making 7 figure bonuses creating nothing of any societal value, and who have led us to the brink of bankruptcy as a nation. Yes, some non-profit leaders are paid well (although nothing compared to their for-profit counterparts). (CBS News -- Evening News)
Manager blames Cage for cash woes Nov 19, 2009
Samuel Levin, responding to a lawsuit Cage filed against him, said he warned the Oscar-winning actor that he could face bankruptcy unless he scaled back his lavish lifestyle ... "Levin described the folly of several other well-known entertainers who compulsively overspent their way into bankruptcy, and warned Coppola 'it could happen to you,' " the filing said. (CNN -- International)
Business briefs Nov 19, 2009
Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said ... Lehman Brothers creditors filed $824 billion in bankruptcy claims against the collapsed investment bank, and the total may reach $1 trillion, CEO Bryan Marsal said. (New York Post -- Business)
US wants to fast-track GM IPO Nov 19, 2009
Bloom said the US government, which now holds a nearly 61-percent stake in GM, wanted to "err on the side of getting out a little faster" from the investment it took as part of a policy to restructure the automaker in bankruptcy ... GM is in the process of revaluing its balance sheet to provide what is known as a "fresh start" accounting of the company's assets and liabilities since emerging from bankruptcy in July ... Bloom said US officials could revisit the question of the timing of a share... (India Times)
'It's horrifying': Bankruptcies among middle class are rising Nov 19, 2009
More members of middle class file for bankruptcy - USATODAY.com ... More members of middle class file for bankruptcy ... Schubert, who had career success and started her own business, filed for bankruptcy. (USA Today -- Money)
Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC Nov 18, 2009
Japan Airlines Corp., which is seeking a state bailout, fell to a record after a report that Japans transport minister wouldnt rule out bankruptcy for the carrier. The gain in oil didnt translate to Asian energy stocks. (Bloomberg -- Asia)
Grupo Mexico regains control in Asarco battle Nov 18, 2009
HELENA Asarco's ownership battle has come full circle, after a ruling late Friday by a U.S. District Court judge in Texas affirmed a bankruptcy court's reorganization plan to give Grupo Mexico control of the company ... Montana has worked out an arrangement through the bankruptcy court to receive 138 million, which will be put into the Montana Custodial Trust ... As part of the bankruptcy agreement, the trust will gain ownership of the Asarco-owned lands in Montana. (Montana Standard, MT)
PRS in the spotlight Nov 18, 2009
At the crux of the expose was money lawsuits filed against Good News Holdings, the company Kirkpatrick severed ties to, his own bankruptcy years ago, and suits alleging non-payment of bills. There was even an e-mail from Anne Rice, a writer acclaimed for her pornographic, vampire and religious novels, who railed against Kirkpatrick for not paying her for rights to her novel Christ the Lord. (Allston Brighton TAB, MA)
LETTER: Obama dismantling free-market system Nov 18, 2009
Two ways we might be driven to our knees: Deliberate bankruptcy by Obama or recognition of our real source of personal and national deliverance. See 2 Chronicles 7:14. (Mattoon Journal-Gazette, IL)
Cushman & Wakefield May Boost Japan Assets by Up to 100 Billion Yen a Year Nov 18, 2009
Japanese real estate asset managers, including Creed Corp. and Urban Corp., filed for bankruptcy after the U.S. subprime crisis led investors to pull back from Japans property market, leaving some property holders unable to refinance debt. Equity investment in Japans private real estate fund market declined 24 percent to 3. (Bloomberg -- Japan)
Stocks Fall After Companies Announce Share Sales, Brokerages Cut Ratings Nov 18, 2009
9 percent to 98 yen, the lowest close since its listing in October 2002, after Reuters reported that Japanese Transport Minister said he wouldnt rule out a bankruptcy of the carrier. Maehara told a parliamentary committee that he never said he wouldnt let the Tokyo-based carrier go bankrupt, according to the report. (Bloomberg -- Japan)
Bovespa Rises to 17-Month High on Faster Growth Outlook, Mexico Advances Nov 18, 2009
World economies have to prepare for an end to government stimulus that helped them recover from the financial crisis sparked by the bankruptcy of Lehman Brothers Holdings Inc. in September 2008, Itau Unibanco Holding SA Chief Executive Officer said yesterday. Fiscal Stimulus. (Bloomberg -- Latin America)
U.S. Brands Have Special Luster in Chi00004000na Nov 18, 2009
The company faced bankruptcy early this year in the U.S., but it's never been hotter in China, where first-time drivers are still excited to get behind the wheel of a brand new American car. Still, experts caution it's just as hard for U.S. companies to succeed in China as it is back home. (CBS News)
Not backing it up can be costly Nov 18, 2009
According to the U.S. National Archives, a disaster that leads to lost data for 10 days sends a business to bankruptcy 93 percent of the time. Technology experts urge small businesses to invest in backup systems and devise a plan that would keep the lights on even during a computer catastrophe. (Birmingham Business Journal, AL)
Time running out for comprehensive health care reform Nov 18, 2009
They will not force starving health insurance companies (exempt from anti-trust action unless House provisions changing that pass) into bankruptcy. For those who fear socialism, neither bill provides universal health care. (Grants Cibola County Beacon, NM)
Business leaders back anti-bankruptcy plan for JeffCo Nov 18, 2009
A Birmingham small businessman challenged local political and business leaders on Tuesday to rally around his plan for Jefferson County to avoid bankruptcy ... Blackwell said his plan would pull the county from the brink of bankruptcy without raising taxes by ... Robert Kelly said bankruptcy would cast the county and state in negative light across the globe. (Birmingham Business Journal, AL)
Enron's Skilling May Report to Federal Prison Today Nov 18, 2009
Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)
Lender That Really Does God's Work Is Slowed as Mortgage Funding Dries Up Nov 18, 2009
About 145 churches have gone into bankruptcy since the credit crunch accelerated in 2008, an upheaval in a lending niche that bankers once ranked among the safest in real estate ... We dont see any even remote possibility of bankruptcy on the horizon ... Ambassadors International filed for bankruptcy protection in July. (Bloomberg)
At GM, down looks like up, at least for now Nov 18, 2009
The federal bankruptcy court GM spent two months in over the summer did approve a massive transformation ... But it's absurd to expect GM to jump solidly back into the black in the months after bankruptcy, analysts like Lache warn. (MSNBC -- Business)
Wayzatas interest in Neenah, Grede and Elyria could presage foundry sector tie-up Nov 18, 2009
Of the three situations, Gredes sale through the Bankruptcy Court for the Western District of Wisconsin is the most immediate. Wayzatas stalking horse status was awarded last week after the fund swooped in post-petition and bought out the DIP and pre-petition second lien positions of DDJ Capital. (FT.com -- Markets)
Nikkei hits six-week closing low Nov 18, 2009
stock tumbled to its lowest level since the groups 2002 relisting after the nations transport minister declined to rule out a court-led bankruptcy for the troubled airline. Reuters Limited. (FT.com -- Markets)
RRA receiver may be replaced Nov 18, 2009
The federal office that oversees administration of bankruptcy cases has objected to letting retired judge Herbert Stettin remain as a restructuring officer for the law firm of Rothstein Rosenfeldt Adler ... During a court hearing, the U.S. trustee s office indicated that the convoluted way Stettin arrived as CRO wasn t in accordance with bankruptcy law ... The costs of a CRO will deplete the limited available funds, while a trustee is compensated pursuant to the terms of the bankruptcy code. (South Florida Business Journal, FL)
VOICE OF THE PEOPLE | NOV. 18, 2009 Nov 18, 2009
Without access to health insurance, he would likely declare bankruptcy each time he needs a pacemaker replacement (as an adult). This act of Congress will ensure he is able to live, work, save and retire with some measure of financial stability. (Herald Online, SC -- Opinion)
General Motors Said to Narrow Search for Finance Chief to Two Outsiders Nov 18, 2009
The Obama administrations automotive task force faulted the operation of GMs finance department as part of an assessment of the company during its $50 billion government- backed bankruptcy ... who led the auto task force that reorganized GM in a 40-day bankruptcy from June 1 to July 10, said last month in an article on Fortune magazines Web site that GM had perhaps the weakest finance operation any of us had ever seen in a major company ... Henderson needs to build a team to end... (Bloomberg -- US)
Simon Property Mulls Buying General Growth Mall Assets With Lazard Hiring Nov 18, 2009
General Growth filed for bankruptcy protection in April and , chairman and chief executive officer of its biggest rival, acknowledged within days that he had tried to buy some of its properties ... General Growth has until the end of February 2010 to submit a reorganization plan to the bankruptcy court, Sullivan said in a Nov. 4 note to investors ... Between now and the end of February, Simon has no standing in the bankruptcy court and its only when General Growth gets much farther into the... (Bloomberg -- US)
General Growth eyed by Simon Property: report Nov 18, 2009
General Growth, which filed for Chapter 11 bankruptcy protection in April, may reach such a deal within a week, according to the report ... Big corporate failures are slowing nationwide, but in Chicago, the bankruptcy courts are busier than they've been in years. (Crain's Chicago Business)
* Grupo Mexico wins back Asarco mining unit Nov 17, 2009
The deal was previously recommended for approval by US Bankruptcy Court Judge Richard Schmidt ... The outcome involves Asarcos three Arizona mining operations and a Texas refinery placed in bankruptcy in August 2005 when the company ran out of cash and faced hefty environmental liability and potential asbestos-related claims ... Grupo Mexico lost control of Asarco shortly after the company filed for bankruptcy protection when independent directors were placed on the board. (Taipei Times, Taiwan -- World)
Stock index futures signal dip after rally Nov 17, 2009
Nortel Networks Corp () posted a 508 million third-quarter loss on Monday as its finances were hit by customer uncertainty over its bankruptcy protection proceedings and the tough economy ... 07 billion loss for the third quarter, the last full three-month period prior to its Chapter 11 bankruptcy protection filing. (Yahoo News -- Press Releases)
GM reports $1.2 billion third-quarter loss Nov 17, 2009
DETROIT - General Motors, its river of red ink stemmed by a trip through bankruptcy court, reported a narrower quarterly loss and said it would start repaying billions of dollars in government loans that helped keep it alive ... 2 billion for the third quarter far less than the $6 billion it lost in the first three months of the year, before GM was transformed by a stay in bankruptcy protection ... The automaker was also helped by having been stripped of many of its debt obligations in... (MSNBC -- Business)
GM says it's ready to start repaying government Nov 17, 2009
The automaker is paying the loans out of its government escrow account, money it's had available since the company emerged from bankruptcy ... GM entered bankruptcy court June 1 and emerged June 10 as a new company ... The loss does appear to be smaller than in recent pre-bankruptcy periods, though the automaker warned that the accounting for the new figures doesn't line up with that of past figures and shouldn't be compared. (USA Today -- Autos)
14 Max & Ermas being closed as firm reorganizes Nov 17, 2009
Columbus-based has closed four restaurants since the company was put into Chapter 11 bankruptcy reorganization Oct. 23, including one in the city. Ten more are to close by Nov. 16. (Columbus Business First, OH)
MY VIEW: Widewaters why them and not us? Nov 17, 2009
This past spring, General Growth Properties, the second largest mall operators in the country, filed for bankruptcy, suffering what some call the biggest commercial real estate collapse in US history. It s not just our homes that are dropping in value, mall vacancies are at their highest in over a decade. (Hudson Register Star, NY)
GM sees improvement despite 3Q loss Nov 17, 2009
The disclosure is the first comprehensive look at the GM s finances since emerging in July from bankruptcy with about $50 billion in federal aid. The managerial net loss was for the period of July 10, the day the automaker exited 39 days of bankruptcy court protection, through Sept. 30. (Pittsburgh Business Times, PA)
GM losses not as bad as feared Nov 17, 2009
15 billion loss in its first financial report since exiting bankruptcy, a far better report compared to previous quarters and a sign that the automaker is making progress ... 9 billion compared to the revenue reported by the company prior to its bankruptcy filing in the second quarter of 2009 ... However, GM revealed that its earnings numbers cover only part of the quarter since GM left Chapter 11 bankruptcy protection on July 10, and the number doesn't comply with U.S. accounting standards. (Triangle Business Journal)
9th Circuit Panel Rebukes Calif. Federal Judge Over Marcos Millions Nov 17, 2009
Real was the subject of a reprimand from the 9th Circuit in 2006 for improperly seizing control of a bankruptcy case of a woman whose probation he was supervising. A House Judiciary Subcommittee considered his impeachment but he survived the case. (Law.com)
GM Gains, But Weaknesses Remain Nov 17, 2009
And CEO Frederick A. "Fritz" Henderson had similar news on Monday, Nov. 16, when GM released its first earnings statement since emerging from bankruptcy in July ... That's the big problem has yet to fix: While bankruptcy helped slash costs and cut plants, GM still needs prove it can hold sales gains against its competition, if not start showing some market-share growth ... The bankruptcy reduced GM's debt from almost $95 billion to $17. (BusinessWeek)
Money-losing GM to repay aid early, sees 2010 share offering Nov 17, 2009
" GM owes 6.7 billion dollars to the US Treasury and 1.4 billion US dollars to Canada for loans to help the company emerge from bankruptcy as a new entity. In releasing preliminary financial results, GM said it would come up with 1.2 billion dollars for loan repayment in December followed by quarterly payments. Henderson said the company plans to repay the US and Canadian loans within two years, and possibly by June 2010 if conditions warrant. "If the business is in reasonable condition and the... (Channelnewsasia.com)
GM reports loss, will step up repayments of aid Nov 17, 2009
2 billion loss from the time it left bankruptcy protection through to September 30 ... 23 billion) since emerging from bankruptcy, but said improving market conditions would allow the vehicle maker to repay state aid ahead of schedule ... "The business has performed better than we had expected going into bankruptcy," chief executive Fritz Henderson told a conference call. (Sydney Morning Herald -- Business)
10 Secrets to Raising More Than $15,000 for College Nov 17, 2009
Many parents don't realize that even declaring bankruptcy doesn't wipe out education loans, so some parent borrowers may be setting themselves up for financial crises in a few years. 9. (Yahoo News -- Top Stories)
Judge Delays Decision on Restitution by Former Monticello Auto Dealer Nov 17, 2009
Ultimately, Barton said an agreement was reached with the bank paying $275,000 to settle an action brought by the bankruptcy trustee. A clause in the agreement states that Union Bank will not file a future claim against the trustee for that amount. (Hamburg Ashley County Ledger, AR)
Months after new owner takes over, cabinet maker files for bankruptcy Nov 17, 2009
filed for bankruptcy protection on Nov. 11, citing $2 million in debts ... Court papers filed at U.S. Bankruptcy Court in Albany indicate Millbrook had $2 million in debts, including a $350,000 mortgage and $32,000 in back taxes. (Albany Business Review, NY)
Homestead Naturals offers best of organic Nov 17, 2009
Then World Com filed for bankruptcy and the telecommunications industry bubble burst. The next thing the couple knew, they had lost their house, jobs and most of their belongings. (Park Hills Daily Journal, MO)
U.S. Trustee Objects to Third-Party Releases in LandAmerica's Reorganization Plan Nov 17, 2009
The U.S. trustee in LandAmerica Financial Group Inc.'s Chapter 11 bankruptcy proceeding is objecting to the company's reorganization plan because it releases nearly everyone involved, including lawyers, from liability for negligent actions. In the Nov. 12 objection, filed in in the Eastern District of Virginia, U.S. Trustee W. Clarkson McDow Jr. stated that the releases do not comply with the bankruptcy code or case law ... The company's reorganization plan, filed on Oct. 24, would release... (Law.com)
Stocks surge as retail sales rebound and dollar declines Nov 17, 2009
2 billion in the period since emerging from bankruptcy and the end of the third quarter on Sept. 30. Despite the loss, GM said it will begin to repay $6. (USA Today -- Money)
GM To Begin Repaying $6.7B in U.S. Loans Nov 17, 2009
General Motors, its river of red ink stemmed by a trip through bankruptcy court, reported a narrower quarterly loss and said it would start repaying billions of dollars in government loans that helped keep it alive ... The automaker was also helped by having been stripped of many of its debt obligations in bankruptcy court. (CBS News)
Bankruptcy process to be sped up Nov 17, 2009
A plan to speed up the bankruptcy process in England and Wales has been published by the government ... "Many people delay making a petition for bankruptcy because they do not want to appear in court - meaning they can sink further into debt," said Business Minister Ian Lucas ... FORMS OF INSOLVENCY Bankruptcy: The traditional way of escaping overwhelming debt. (BBC News -- Business)
