News

Unit of Ally, ResCap, Said to Plan Bankruptcy - New York Times

05/13/12

ResCap’s board was met late Sunday to authorize the move. Once the bankruptcy case begins, the Fortress Investment Group is expected to bid $2.4 billion for a majority of the unit’s assets, while Ally is expected to bid for the rest ...

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LightSquared Moves Toward Bankruptcy - Wall Street Journal

05/13/12

Hedge-fund manager Philip Falcone's LightSquared Inc. venture was preparing Sunday to file for bankruptcy protection after negotiations with lenders to avoid a potential debt default faltered, said people familiar with the matter. LightSquared ...

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ResCap Set to File for Bankruptcy - Wall Street Journal

05/13/12

A ResCap bankruptcy could pave the way for Ally to revive plans ... opening bid for ResCap assets in a court-supervised auction as part of the unit's filing, The Wall Street Journal reported last week. Ally is also likely to make a roughly ...

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Judge weighs bankruptcy linked to Rarity Pointe - Knoxville News Sentinel

05/13/12

That effort is being opposed by parties that want to see the bankruptcy case dismissed, including his estranged business partner, Robert Stooksbury; the current mortgage holder on the Rarity Pointe property, which had tried to foreclose on the ...

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Blog: AA flight attendants presenting case in bankruptcy hearing - WFAA

05/13/12

WFAA reporter Jason Whitely is in New York City this week to cover the American Airlines bankruptcy hearing. He is live tweeting from the courtroom from his Twitter account, @ JasonWhitely. We are compiling his tweets into this ongoing blog.

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Report: LightSquared Chapter 11 Bankruptcy Filing Looms After Failed Debt Talks - PhoneNews.com

05/13/12

The latest problem for the company comes as both Falcone and LightSquared face litigation regarding the viability of the venture after the FCC rejected the network launch due to concerns that the network as currently constructed and developed had been ...

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Bruce Bennett to Leave Dewey for Jones Day - Wall Street Journal

05/13/12

Mr. Bennett represented the Los Angeles Dodgers in the baseball team’s recent $2 billion bankruptcy sale to a group of investors including Magic Johnson. He said the core of a group that practiced for Dewey in Los Angeles and came to the firm ...

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Washington area bankruptcy filings for the week of May 14 - Washington Post

05/13/12

These firms recently filed with the U.S. Bankruptcy Court’s local court clerk’s offices. Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a ...

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LightSquared Close To Bankruptcy Filing [Report] - The Inquisitr

05/13/12

LightSquared, Philip Falcone’s telecom start-up company, is reportedly close to bankruptcy, unless they can reach an agreement with creditors on a defaulted $1.6  billion loan. The Chicago Tribune reports that the hedge fund manager is having ...

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Filing bankruptcy to lift a wage garnishment - Examiner

05/13/12

A wage garnishment can be one of the most burdensome type of debt collection a creditor can take against someone.  Wage garnishments are also often embarassing as employers are made aware of yor personal finance struggles.  The wage ...

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