Beyond Bankruptcy

After its liquidation proposal was rejected, Corus Bankshares Inc., an Illinois holding company that had its primary asset–its bank–stripped from it nearly two years ago, reversed course and is poised to pitch creditors on a plan to emerge from bankruptcy. Read the Daily Bankruptcy Review story here.

Federal prosecutors say Lee Farkas should spend the rest of his life behind bars because the former chairman of mortgage lender Taylor, Bean & Whitaker Mortgage Corp. continues to deny responsibility for the devastation he wrought as the mastermind of a multibillion-dollar “fraud of staggering proportions.” Read the Daily Bankruptcy Review story here.

A judge on Wednesday gave Borders Group Inc. the go-ahead on an aggressive schedule that the bookseller hopes will result in a bidder for its remaining assets emerging by July 1 and a transaction closing by the end of July, as the bookseller looks to keep at least some of its remaining locations in business. Read the Daily Bankruptcy Review story here.