News

The Daily Docket: Court Reverses Tousa Decision - Wall Street Journal

05/16/12

A federal appeals court has reversed a lower court decision involving the bankruptcy of Florida home builder Tousa Inc. in a closely watched court case that could have far-reaching implications for lenders of struggling companies and their creditors.

[more]

Suffolk OTB refiles for bankruptcy - Newsday

05/16/12

Originally published: May 15, 2012 8:56 PM Updated: May 16, 2012 8:56 AM By YANCEY ROY [email protected] Quick ReadAccording to new filings for bankruptcy protection, Suffolk Regional Off-Track Betting Corp. has operating losses of about $ ...

[more]

TOUSA case takes a $421 million twist - The Business Journal

05/16/12

An appeals court has upheld an original bankruptcy court finding that some of Wall ... originally put the bank on the hook in the Hollywood company's bankruptcy court case, but that was overturned by a district judge. Now, the 11th Circuit Court of Appeals ...

[more]

Bankruptcy trustee digs deeper into where Direct Air money went - Worcester Telegram & Gazette

05/16/12

In his motion, Mr. Baldiga said he and his staff have been “investigating the many allegations of fraud raised by interested parties” during the bankruptcy case, and that he “believes that misappropriation and transfers of significant sums ...

[more]

'Octomom' Nadya Suleman's bankruptcy case thrown out of court - Abc Local Web

05/16/12

LA HABRA, Calif. (KABC) -- The bankruptcy case of Octuplets mom Nadya Suleman has been thrown out of court. According to official records, the mother of fourteen failed to complete the necessary paperwork by Monday's deadline to show she can't pay as much ...

[more]

Bankruptcy trustee digs deeper into where Direct Air money went - Worcester Telegram & Gazette

05/16/12

In his motion, Mr. Baldiga said he and his staff have been “investigating the many allegations of fraud raised by interested parties” during the bankruptcy case, and that he “believes that misappropriation and transfers of significant sums ...

[more]

Bankruptcy trustee digs deeper into where Direct Air money went - Worcester Telegram & Gazette

05/16/12

Worcester lawyer Joseph H. Baldiga, the trustee appointed to oversee Direct Air's liquidation, said in a motion filed in U.S. Bankruptcy Court here yesterday that he needs authorization to do so in order to look into potential fraud and ...

[more]

LightSquared Files for Voluntary Chapter 11 - TMCnet

05/16/12

May 16, 2012 (Close-Up Media via COMTEX) -- LightSquared announced that it commenced voluntarily reorganization cases under Chapter 11 of the U.S. Bankruptcy Code to give it time to resolve regulatory issues that have prevented it from building ...

[more]

'Octomom' Nadya Suleman's bankruptcy case dismissed - Real Bollywood

05/16/12

Washington, May 16: Nadya Suleman attempted to file for Chapter seven - the most serious form of bankruptcy on April 30, but her papers have been rejected. According to recently filed documents, the parent of octuplets known as "Octomom", didn't file all ...

[more]

Ally's U.S. auto lending operations not for sale, CEO says - Detroit Free Press

05/16/12

Ally Financial's U.S. auto lending operations are "absolutely not" for sale, the company's CEO, Michael Carpenter, said Tuesday. Carpenter said the decision to place its mortgage arm, Residential Capital, into Chapter 11 bankruptcy, is designed ...

[more]