A trust representing “old” General Motors’ unsecured creditors agreed to stop trying to reclaim funds that GM had paid to a group of hedge funds, among them
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.
GateHouse Media Inc. started voluntary Chapter 11 bankruptcy proceedings in a federal court in Delaware, moving forward with its prepackaged plan to reorganize. Read the article in Daily Bankruptcy Review.
A judge on Tuesday forced LightSquared to remove an independent director named to help oversee the sale of the Philip Falcone-controlled wireless satellite company, agreeing with lenders that her sour relationship with would-be buyer Dish Network Corp. could be interpreted as a conflict of interest. Read the Daily Bankruptcy Review article via The Wall Street Journal.
This week on The Broke and the Beautiful, rapper DMX is down to his last $50 in cash. Also, Robin Williams is in some financial distress, and Young Buck’s bankruptcy plan was cleared by a federal watchdog.
