Overseas Shipholding Group Inc. Monday said it may owe $460 million or more to the Internal Revenue Service, a finding that is likely to upset its Chapter 11 bankruptcy case. Read the Daily Bankruptcy Review article here.
A fundraiser for convicted Ponzi-scheme operator Tom Petters says his lack of knowledge of the multibillion-dollar fraud entitle him to a reduced prison sentence, as do his long history of charitable work, “fragile health” and cooperation with prosecutors.
Lehman Brothers Holdings Inc. is suing two entities controlled by German entrepreneur Klaus Tschira in a bid to recover 100 million euros Lehman says was transferred to one of his investment vehicles one business day before Lehman’s 2008 bankruptcy filing. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, Patrick Dempsey sued his business partner, and Sinbad spoke out about his latest bankruptcy filing. Also, DMX got arrested.
National Envelope is seeking bankruptcy-court approval to sell its business to rival Cenveo Inc. for $25 million, while other buyers are stepping in to grab the envelope maker’s leftover assets. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, “Real Housewives of New Hersey” stars Teresa and Joe Giudice pleaded not guilty to fraud charges. And a day after film financier David Bergstein lost a lawsuit, his former partner dropped an appeal of a similar suit.
Against criticism from the U.S. government’s executive-bonus watchdog, attorneys for American Airlines’ parent company defended the $20 million severance payment promised to departing Chief Executive Tom Horton, arguing the bill would be paid once the company merges with US Airways Group Inc. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, Detroit’s problems are hitting the small screen, and “Real Housewives of New Jersey” stars Teresa and Joe Giudice were released on bond. Also, rapper DMX is getting a movie part.
