News

LightSquared Files Chapter 11 - Forbes

05/14/12

LightSquared, the troubled wireless communications venture backed by hedge-fund manager Philip Falcone, today filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code. The filing was made in Federal court in lower Manhattan.

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Ally aims to end mortgage woes with ResCap filing - Chicago Tribune

05/14/12

Ally still owes the government about $12 billion, counting dividend payments by the lender and sale of some securities by the Treasury. The bankruptcy comes as pressure increases on Ally to repay that money and problems at ResCap become ...

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Ally aims to end mortgage woes with ResCap filing - msnbc.com

05/14/12

(Reuters) - Ally Financial Inc's mortgage unit filed for bankruptcy protection on Monday, and the former in-house financing arm for General Motors Co also said it will sell some international operations to help set it on a path to repaying $12 billion in U ...

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Music labels force pioneering MP3tunes into bankruptcy - Ars Technica

05/14/12

MP3tunes, a music locker service that has spent years locked in litigation with major record labels ... "four and a half years of legal torment" forced his company to file for bankruptcy on April 27. The filing is only the latest development in a decade ...

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Ally's ResCap Unit Files For Chapter 11 - FOXBusiness

05/14/12

WASHINGTON – Ally Financial Inc.'s Residential Capital unit, or ResCap, announced Monday that its board of directors voted over the weekend to enter Chapter 11 bankruptcy. ResCap is Ally's troubled mortgage subsidiary. Ally is the former ...

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Ally aims to end mortgage woes with ResCap filing - Reuters

05/14/12

(Reuters) - Ally Financial Inc's mortgage unit filed for bankruptcy protection on Monday, and the former in-house financing arm for General Motors Co also said it will sell some international operations to help set it on a path to repaying $12 ...

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Ally aims to end mortgage woes with ResCap filing - Reuters UK

05/14/12

(Reuters) - Ally Financial Inc's mortgage unit filed for bankruptcy protection on Monday, and the former in-house financing arm for General Motors Co also said it will sell some international operations to help set it on a path to repaying $12 ...

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LightSquared Files for Chapter 11 Bankruptcy Protection - FOXBusiness

05/14/12

LightSquared Inc. filed for Chapter 11 bankruptcy protection Monday, hours ahead of the expiration of a deal to keep hedge fund manager Philip Falcone's venture from defaulting on its debt. LightSquared reported assets and debts each exceeding $ ...

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Not So Fast – 363 Sales May Not Be Free and Clear of Future Claims - jdsupra.com

05/14/12

In recent years, section 363 sales have increased in prominence. According to the UCLA-LoPucki Bankruptcy Research Database, less than 4 percent of all large, public company bankruptcies were resolved by sales of all or substantially all of a debtor’s ...

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LightSquared files for Chapter 11 bankruptcy protection - FierceWireless

05/14/12

LightSquared filed for Chapter 11 bankruptcy protection after reports had indicated that the company would do so amid disagreements with its creditors. The company, which has been backed by hedge fund Harbinger Capital Partners, had until 5 p.m ...

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