The Atlantic Club Casino Hotel filed for Chapter 11 bankruptcy protection Wednesday, a move that is part of a plan to put its Atlantic City gambling business up for auction, according to sources familiar with the
PricewaterhouseCoopers LLP is asking a federal judge to trim back the Federal Deposit Insurance Corp.’s $1 billion lawsuit that alleges the accounting firm failed to catch the massive fraud that brought down Colonial Bank, in one of the largest bank collapses in U.S. history. Read the Daily Bankruptcy Review article here.
Creditors of Lehman Brothers Holdings Inc.’s Australian unit have approved a $48 million settlement with a group of insurers over claims the investment bank misled a group of towns, charities and churches into buying risky securities backed by U.S. mortgages. Read the Daily Bankruptcy Review article via MoneyBeat.
LightSquared lost $55.5 million in September, bringing the wireless satellite company’s losses since filing for bankruptcy to more than $934 million. Read the Daily Bankruptcy Review article here.
The holding company for trendy Los Angeles nightclub Exchange LA has filed for Chapter 11 bankruptcy as it fights the city of Los Angeles and its embattled landlord to keep the party pumping at its historic venue.
This week on The Broke and the Beautiful, jeweler Harry Winston sued ad agency Lipman, which has filed for bankruptcy. Also, the Clinton Foundation returned fraud money, and rapper DMX spoke to Dr. Phil.
