Liquidation

John K. Harris, founder of a Goose Creek-based tax resolution business that was driven to bankruptcy by consumer complaints, improperly took millions from the insolvent firm and should return the money, a court-appointed bankruptcy trustee alleges.

Things got more complex in July 2009 when Sherman Properties obtained a $3.7 million loan from Bank of the West, again using the parking lot as collateral, records show. The bank has filed a claim in the bankruptcy case against Tom Martino's ...

Nortel Networks Inc. (NRTLQ), the telecommunications company being liquidated in bankruptcy, may soon settle a fight with its Asian and Latin American units over their share of more than $7 billion Nortel made from asset sales, an attorney said.

Nassau Broadcasting Partners put its 49 stations up for sale to satisfy creditors as part of its Chapter 11 bankruptcy proceeding. Goldman Sachs, a major creditor, made a successful $38.7 million credit bid on 11 stations in New Jersey and Pennsylvania.

is 74 percent owned by the government and owes taxpayers about $12 billion (7 billion pounds). ResCap has been pummelled over the last few years by mortgage problems and has been at the heart of Ally's woes. A ResCap bankruptcy is seen as the ...